Bitcoin rallied 25 percent in April after crashing 70 percent from late last year. REUTERS/Benoit Tessier/Illustration
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Cryptocurrency advertisements are disappearing from top internet pages, and bitcoin no longer dominates Google searches.As investors try to figure out what bitcoin wants to be when it grows up, the best-known cryptocurrency is going through somewhat of an existential crisis.Bitcoin rallied 25 percent in April after crashing 70 percent from a high near $20,000 late last year.Mom-and-pop investors who drove bitcoin's skyrocket rise in 2017 have been pushed aside by government bans on trading, and replaced by cryptocurrency funds, wealthy individuals and established financial firms.Digital exchange Gemini's new block trading product allows high-volume trades that will be invisible to all other traders until the orders are filled.In the meantime, the price of bitcoin may be stabilizing, at least on paper. The futures market BTCc1 shows bitcoin remaining nearly flat – between $8,900 and $9,050 – until September.One issue is that although many of the big institutions are curious about how bitcoin's underlying blockchain technology could revolutionize the financial sector, bitcoin isn't widely accepted as currency and has no intrinsic value.
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