$300, it’s the new $400.
Yesterday’s selloff managed to push the price of bitcoin below the $300 mark this morning, around two weeks after the cryptocurrency fell below its prior $400 floor.
Here’s a screenshot from BitcoinAverage from earlier today:
A chart of the decline:
(In the ensuing bit, bitcoin has managed to re-crest the $300 level, a price range that it has largely kept to. Current price: $300.51, but a minute ago it was less. Keep your eyes on this.)
The next question is whether the $300 price level will represent a new floor for bitcoin. That’s to say it’s will be interesting to see if $300 is the price point under which bitcoin will not sink, but may bounce off of a few times. Or, on the bear side, if bitcoin’s recent, steep price declines will continue.
There is a certain irony to the negative price momentum that bitcoin is currently enduring: It has seen increasing support from retailers, precisely the sort of network growth that its acolytes have hoped it could muster. However, such support — PayPal, and the like — are not driving its price upward. This could be an argument that potential short-term increases in the volume of bitcoin transactions do not drive up its per-unit price.
IMAGE BY Jason Benjamin UNDER Public Domain LICENSEThis post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.
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