Bitcoin carnage: It is too soon to say cryptocurrency bubble has burst

There were signs 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

Bitcoin goes a bit crazy

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 am New York time, bitcoin hit $30,016 — a fall of almost 54 per cent in five weeks. Over the next four hours, it rallied almost 36 per cent. At the time of writing, the price is $39,000. It was quite a ride.

Bitcoin is still blessed, or plagued, with believers rather than investors. There are