Bitcoin’s rise was meteoric this week—and its decline has been just as swift.
It’s easy come, easy go in the crypto world, where a frenzy over Bitcoin pushed its price to nearly $14,000 on Wednesday, its highest level since January 2018. The largest digital asset then reversed course in a matter of minutes after a prominent cryptocurrency exchange reported an outage. The retreat accelerated Thursday and put the coin’s price back to nearly the same level as just five days ago.
The jump in prices brought back memories of the crypto bubble that burst at the end of 2017, when Bitcoin and other cryptocurrencies—beset by regulatory setbacks and fraud-related issues—fell from grace. Bitcoin’s price, for instance, languished around $3,600 just six months ago, down from almost $20,500 in December 2017.
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Bitcoin can be exchanged with other digital currencies or fiat currencies. Bitcoin is used as a means of payment by over 100,000 vendors and merchants. Bitcoin is the world’s first cryptocurrency which works on a completely decentralized network known as the blockchain.
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