Bitcoin prices fell from a high of $1,240 to a low of $870 this morning. This is according to data from Bitcoin exchange Mt. Gox.
That $370 drop can by characterized as a 30% crash.
Earlier today, the People's Bank of China warned that the controversial electronic currency carried risk. It also instructed financial institutions not to trade it.
"Is this a bubble in Bitcoin?" asked former Federal Reserve Chairman Alan Greenspan on Bloomberg on Wednesday. "Yeah it's a bubble."
"This is worse than the tulip mania," said Nout Wellink, former president of the Dutch Central Bank. "At least then you got a tulip [at the end], now you get nothing."
Bitcoin has bounced back a bit and it's currently straddling the $1,000 level, which means it's down by around 20% from its high.
Here's a look at the chart from Clark Moody.
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