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John Authers

It's Too Soon to Say Bitcoin's Bubble Has Burst

There were tells that a top was near, from the Coinbase IPO to Elon Musk on Saturday Night Live. But the cryptocurrency has risen from the dead before.

Sinking or swimming?

Sinking or swimming?

Photographer: Dan Kitwood/Getty Images

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Fiat currencies are never this exciting. Bitcoin set its most recent high, of just under $65,000, on April 14. After that it had steadily given ground, and that became a headlong crash in the early hours of Wednesday morning. By 9 a.m. New York time, bitcoin hit $30,016 — a fall of almost 54% in five weeks. Over the next four hours, it rallied almost 36%. At the time of writing, the price is $39,000.  It was quite a ride: