The prices of bitcoin, ether, and other cryptocurrencies found some respite on Thursday, following a selloff that delivered a sharp blow to investors swept up in a rally since late last year.Bitcoin recovered more than 4% to $40,077.40 on Thursday. It had plummeted more than 11% by 5 pm. ET on Wednesday, after earlier, plummeting to almost 30%. Dogecoin, the cryptocurrency that started as a joke, increased 14.5% on Thursday after falling 27% the previous day, while ether was up almost 9% after dropping 26%.This weekâs crypto crash has helped erase almost 40% of bitcoinâs price from a peak of almost $65,000 in mid-April. Some are concerned that the worst is far from over. That 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 coins have been in retreat for weeks before Wednesdayâs meltdown, which was sparked by regulatory restrictions in China. But investors pointed to the buildup of highly unstable borrowing that has shackled together the prices of various digital assets.
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