Bitcoin Valuation Plummets 18 Percent To 11-Month Low
Bitcoin’s price is dropping, and no one has a clear explanation for why. After dropping to an all-time low of about $181 over the weekend, the value of Bitcoin has improved to about $330 – still well below the highs the digital currency once enjoyed. Theories for the recent drop abound, but few experts are finding an explanation on which they can agree.
If you are a long-time bitcoin investor, you’ve been on quite a ride. The digital currency reached a peak of $1,150 in December of last year and retailers like Dell have been rushing to accept it. But Bitcoin has had a volatile several months since. The most recent drop puts it at an 11-month low. Speculative trading is being blamed by some, while others are concerned that the new bitcoins being rewarded to bitcoin miners are affecting the value of the digital currency. And, of course, some bitcoin users see the news of bitcoin’s recent woes as a blip that should be ignored by long-term investors. Where one stands on the issue often seems to depend on when they became involved in bitcoins: people who bought into bitcoin in recent months are feeling the pinch.
Bitcoin enthusiast Roger Ver is defending the digital currency.
If you are a long-time bitcoin investor, you’ve been on quite a ride. The digital currency reached a peak of $1,150 in December of last year and retailers like Dell have been rushing to accept it. But Bitcoin has had a volatile several months since. The most recent drop puts it at an 11-month low. Speculative trading is being blamed by some, while others are concerned that the new bitcoins being rewarded to bitcoin miners are affecting the value of the digital currency. And, of course, some bitcoin users see the news of bitcoin’s recent woes as a blip that should be ignored by long-term investors. Where one stands on the issue often seems to depend on when they became involved in bitcoins: people who bought into bitcoin in recent months are feeling the pinch.
