Rally over? Bitcoin price drops back below $400
That bitcoin rally everyone's been going on about may have been short-lived: having smashed through the $500 mark on Wednesday, it's since fallen back, dropping more than three per cent today to $374.
Earlier this week, the currency surged 50 per cent in five days thanks to factors including tightening capital controls in China, a shift in sentiment towards the currency and growing interesting in applications for blockchain, the transferable ledger technology which underpins the currency.
In the past month, the currency has grown more than 100 per cent, which some analysts suggested indicated long-lasting growth.
The currency has been notoriously volatile since it reached its peak of $1,147 in November 2013. Since then, it has fallen as low as $177.
Not everyone's convinced by it, though. Earlier this week, JPMorgan boss Jamie Dimon said investors are "wasting [their] time with bitcoin" – although he added that blockchain may have longer-term value.
