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Mohamed El-Erian says volatility in the price of cryptocurrency is here to stay

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Large swings in the price of bitcoin and other digital coins aren't going anywhere, according to Allianz chief economic adviser Mohamed El-Erian.

"I think the volatility will continue," El-Erian said Monday on CNBC's "Squawk Box." "The roller coaster, the up and down. We've traded in the 30,000 to 44,000 price range in a week, that's enormous."

The price of cryptocurrencies tanked last week, with bitcoin losing roughly a third of its value in a matter of hours. By Monday, bitcoin had yet to recover all of those losses, trading near $37,000.

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