BITCOIN PRICE SUFFERS SHARP DECLINE: SUB $300 TRIGGERS NEW CONCERN – WHERE’S THE BOTTOM?

NEW YORK (InsideBitcoins) – Shortly after 9 p.m. EST Friday night, bitcoin began a price erosion that grew more severe as the hours passed. On increasing volume, traders sold the price from its recent comfort level of the mid $300-teens to near $265, its lowest level since the digital currency began its historic and meteoric rise in November 2013. That marks a more than 16% loss, just in in the first three days of the new year.
By early Monday morning, bitcoin had mounted a bit of a recovery. Just after 7 a.m. EST the price was clinging to the $270s, according to the Inside Bitcoins Price Tracker. However, the impact of developments regarding security issues at Bitstamp, the second-largest USD-Bitcoin exchange, could likely cause further near-term pressure on the price.

This post was published at Inside Bitcoins on Jan 4, 2015.