Bitcoin Crashes Below $150 Mark, Loses 100$, Massive Selloff Today
Since the beginning of the month, you may read articles suggesting a “bubble” around a virtual currency called “Bitcoin”, which is valued explosively past two months. Six weeks ago, Bitcoin was trading at $35. Since then, the price has continued to cross all time highs. Just this morning, Bitcoin passed through $250 barrier but with in 6 hours it was trading below $190. Bitcoin is now 30 percent off its intraday high of $266. Todays massacre reminds bitcoin crash in 2011 when a media-fueled bubble created huge gains and then it crashed.
On why Bitcoin continues to rise, however, one could argue for a long time: some believe that the recent events in Cyprus have triggered a run on this new safe haven, others that it is a natural evolution, and still others that this new wealth is too tied to trafficking. Last but not least, we have to consider the mainstream media attention. Probably all these factors contribute.
Via /Business Insider/