BITCOIN PRICE TESTING NEW LOWS FOR THE YEAR

NEW YORK (InsideBitcoins) – Bitcoin volatility is up 30% this morning as the price of the cryptocurrency continues to sag. As of 7 a.m. in New York, the Inside Bitcoins Price Tracker reports the price of bitcoin near $320, and testing lows even beyond that. This is the lowest price for bitcoin since October 5th of this year.
News that Time Inc, the venerable American publisher, is now accepting bitcoin payments for subscriptions did not positively affect the price Tuesday. Bitcoin had been trading near $340 a week ago when news broke that Microsoft was accepting bitcoin in its user accounts for the purchase of digital content. The cryptocurrency saw an immediate boost in its price to $360 but the momentum was short-lived. Within 24 hours, bitcoin began giving back its gains and by Monday it was sliding below $340 to further lows.

This post was published at Inside Bitcoins on Dec 17, 2014.