The value of bitcoin has descended over thirty percent over the past month, reaching a 2014 low of $322 USD at the Bitstamp exchange on Saturday.
The price has descended nearly 8 percent in the past twenty-four hours (dropping about $30), leading many to ask: what in the world is going on?
Social media is littered with discussion on the matter, and you can sense the overwhelming feeling of fear, uncertainty, and doubt. Lots of speculation, theories, and even an anti-suicide public service announcement.
Here’s a visual of the price over the past six months:
Certainly not a pretty sight, particularly for those with significant amounts invested in the digital currency.
Not everyone has lost hope, though. Many users are holding on tight to their digital money regardless of how far down the price goes. Some see the value climbing up again, others simply believe in the concept of bitcoin and what it stands for.
I won’t speculate about what the driving force here is for the down trend, so instead I open the floor to you. What do you think is causing the price to sink down so low? Further, what do you expect from the markets in the weeks ahead?
Chime in. I’m always interested in reading what you folks have to say.