Bitcoin Price Crashes Below $400 to Lowest Level Since April

Bitcoin has fallen to its lowest price since April 2014 following a turbulent 24 hours for the world’s most valuable cryptocurrency.
According to CoinDesk’s price index, the price of one bitcoin dropped to as low as $390 (238, 303). At the time of publication bitcoin’s price remains hovering at around the $400 mark.
The price crash has been blamed on a variety of factors, with some analysts citing market traders setting their lowest bound exit point at $450. When the price dipped to this point, it would have therefore sparked a mass sell-off.
Other speculation centres on the idea that wider bitcoin adoption from retailers has meant that bitcoin is constantly being exchanged for traditional fiat currencies as soon as a transaction takes place.

This post was published at International Business Times on September 19, 2014.