Bitcoin falls suddenly puts it in bear market territory

Bitcoin has yet to redefine the global payments system. But it could raise questions about how to define a bear market.

Stock strategists — and financial journalists — typically use a 20 per cent tumble from a high as the trigger for calling a bear market. Bitcoin at one point on Wednesday met that description, according to Bloomberg’s composite price. The low for the day was 20 per cent below the record, set way back on Monday.

It marks the first time for bitcoin to slide into bear-market territory since last month. There have now been three bear-market dips for bitcoin just