Bitcoin approached record highs and then fell sharply into a bear market—all in one morning. Even for the volatile eight-year-old currency, Thursday hasn’t been just another day.

The digital currency plummeted as China’s yuan strengthened. Bitcoin, after coming within a hair of a record high on some exchanges, fell more than 20% in a matter of hours, then recovered a bit in U.S. trading to $962.

According to Coindesk, the news and research website, the price fell from about $1150 at 2 a.m. Eastern time to $887 around 8 a.m., a drop of 23% in six hours. At one point, the currency had fallen by more than $200 in one hour.

In the wake of the move, many were pointing to China, a key source of bitcoin demand. After weakening for months, the Chinese yuan surged to its highest level against the dollar since mid-November, after the People’s Bank of China sought to squeeze liquidity in the market and drive the yuan higher.

The move affected other currencies -- the U.S. dollar dropped against the yuan, for instance.