20 Apr '13, 12am

Bitcoin price crashes in one day

Bitcoin price crashes in one day

Bitcoin - the virtual currency that has exploded in value over the past few months - went through a major correction Wednesday. Peaking at $266, it abruptly dropped in value down to a low of $105, according to the largest Bitcoin exchange, Mt. Gox. Later in the day the price was slowing rising again. What caused this 50% drop? Skeptics and supporters of Bitcoin will point to many different factors, but there are two they could likely agree on: Substantial speculation. With all the recent media attention, and the steady rise in value, many new investors (both small and large) have joined the Bitcoin market recently, speculating that the virtual currency would continue to rise. As soon as the price began to drop, many of these newcomers panicked and sold as quickly as they could. Mt. Gox lag. The largest Bitcoin exchange, Mt. Gox., has become notorious recently for their ser...

Full article: http://vr-zone.com/articles/bitcoin-price-crashes-in-one-...

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