Bitcoin Is Already Making A Big Comeback
At midnight, Bitcoin was trading around $234. By 8:30 AM ET, the virtual currency had surged to an intraday high of $266 – before subsequently crashing 60 percent to a low around $105. That was earlier this afternoon. Amazingly, it's already staged a big comeback, erasing more than half of its intraday losses. Now, it's trading just below $200. The chart below shows the big move upward in just the last hour or so. bitcoin.clarkmoody.com (Note: There is no x-axis on this chart, but it goes back to April 9.) The biggest question everyone has had about Bitcoin in recent weeks – aside from how it works – is whether or not it's in a bubble . After all, the virtual currency has seen a remarkable rise since January, when it was trading below $15. When the plunge started this afternoon, we saw some interesting defenses of the virtual currency popping up on the Internet. A Reddit u...