Bitcoin takes a dive
Bitcoin’s is taking investors on another wild ride: The biggest cryptocurrency plunged more than 30% at one point Wednesday and 50% from an all-time high of $64,870 reached in April before rebounding rapidly in the afternoon. Helping drive the declines, which wiped $500 billion in market value, were recent moves by China barring use of cryptocurrencies. Another blow, according to Bloomberg, was “cryptic” statements by Elon Musk, whose earlier embrace helped fuel its rise. The Tesla CEO recently suspended its use to buy cars. As one trading executive put it, “The history of these assets has been littered with aggressive rallies and sickening selloffs.”
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