Not sure if it’s the end…but if we make it through and start to get back up in the 200-300 range, people will have to start taking the Bitcoin a little bit more serious…turning point?
It may be the beginning of the end for the Bitcoin bubble. The price of the virtual currency, which has increased almost 20-fold this year, plunged 60% Wednesday in the span of just five hours.
Bitcoin prices hit a high of $266 earlier in the day before dropping as low as $105 in choppy afternoon trading. It later bounced back to about $145, but that’s still about 45% below the high.
The currency, which was created by an anonymous hacker just four years ago, has gained particular attention this year in the wake of a mini-bank run in Cyprus that raised concerns about the health of government-backed paper currencies like the euro and the U.S. dollar.
Jesse Colombo, an independent financial analyst and investor who keeps close tabs on bubbles at TheBubbleBubble.com, said the vertical jump in prices…
View original post 42 more words