The prices of ether and other cryptocurrencies found some respite Thursday, following a frenzied selloff that delivered a sharp blow to investors swept up in a euphoric rally since late last year.
Bitcoin recovered more than 9% to $42,124.26 on Thursday before later falling back somewhat to about $40,450. It had dropped more than 11% by 5 p.m. ET on Wednesday, after earlier plunging almost 30%. Dogecoin, the cryptocurrency that began as a joke, rose more than 19% Thursday after dropping 27% the previous day, while ether was up 16% after falling 26%.
This week’s crypto crash has helped erase almost 40% from bitcoin’s price from a peak of almost $65,000 in mid-April. Some are worried that the worst is far from over. The rapid drop has forced many investors to unwind bets made with borrowed money, adding to the pressure on prices for a swath of cryptocurrencies.
The highly volatile digital…