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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 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:
When I tweeted a version of this chart, with the accompanying comments that it was too soon to say that a bubble had burst, and that nobody in their right mind would denominate a transaction in bitcoin while it was this volatile (one of the less controversial things I’ve ever said), I attracted a fresh flood of righteous anger. You can see it all here. Bitcoin is still blessed, or plagued, with believers…