Bitcoin Falls Below The $400 Mark, Down More Than 60% From Its All-Time High
Bitcoin reached another milestone today, with the cryptocurrency falling below the $400 per-coin mark. Bitcoin sold for over $1,100 inside of the last 52 weeks.
The price correction was driven by news from China, as it often has been. Fresh rumors of a government crackdown on the currency in the country, which could blunt demand and adoption, and therefore impair its value, sent the price of bitcoin down a quick 10 percent. It has since continued to slip.
According to Bitcoin Average, the average price of bitcoin is currently around $388, down from a 52-week high of roughly $1,132. Coinbase has the current price of bitcoin at around $394, down from a peak of $1,126.
As we’ve discussed ad nausem, bitcoin’s network is the key to its value. However, it could be that the network’s activity has not grown quickly enough to support declining speculative interest in bitcoin. That’s my best guess, at least.
See the full story here: http://techcrunch.com/2014/04/10/bitcoin-falls-below-the-400-mark-down-more-than-60-from-its-all-time-high/?ncid=tcdaily