New York (CNN Business) Bitcoin could be headed for another meteoric rise, but it's clear the cryptocurrency hasn't shaken the curse of volatility.

Its value surged on Wednesday, passing the $13,000 mark, before it shed about $1,000 within minutes. Around 6 pm ET, the currency was back to a $12,400-plus valuation.

The reason for the sudden midday sell off wasn't immediately clear. But cryptocurrencies are known for price swings . A previous bitcoin craze hit a fever pitch in 2017. Bitcoin soared from just a few hundred dollars apiece in January 2017 to more than $20,000. But it came crashing down again . BItcoin's value was still hovering around the $3,000 mark four months ago.

Experts say a weakening US dollar and fresh discussions about regulating digital currencies are fueling the latest spike in demand.

Facebook FB BItcoin reached a $10,000 value on Friday for the first time in more than a year. It was likely helped by an announcement fromlast month that the social network planned to debut its own digital currency , called Libra, introducing its 2 billion users to crypto.

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