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Bitcoin crashed over 18% on Wednesday.

The cryptocurrency fell over 18% from a record high of $11,388.33 reached on Wednesday, according to CoinDesk.

The price has since bounced off its lows, but was moving lower over 1% to about $9,800. Earlier on Wednesday, analysts at Fundstrat Global Advisors warned investors that Bitcoin is susceptible to wild swings of as high as 30% to 40%.

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"As we noted in our update of our bitcoin model, we specifically forecast a serious deceleration of growth rates to arrive at our $11,500 mid-2018 value (Bitcoin was $7,800 at the time). But as noted above and given the growth in users (Coinbase etc), growth is not slowing. Hence, we consider our $11,500 value as a conservative base case," Fundstrat said in a note Wednesday.

The sudden drop in Bitcoin followed reports on Wednesday that the Nasdaq would launch Bitcoin futures in the first half of 2018.

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