In early September, one Bitcoin was worth almost $5,000. Then the Chinese government cracked down on cryptocurrency investments, and Bitcoin’s value plunged 40 percent in a matter of days, reaching a low below $3,000.
But Bitcoin bounced back. By early November, one Bitcoin was worth almost $8,000. Then last week, a controversial effort to expand the Bitcoin network’s capacity failed. Within days, Bitcoin’s price had plunged 25 percent, while the value of a rival network called Bitcoin Cash doubled.
Today, Bitcoin has recovered all of last week’s losses—one Bitcoin is now worth more than $7,800.