Bitcoin’s Twitterati React to Price Decline
The bitcoin price crashed below $200 on the CoinDesk USD Bitcoin Price Index earlier today, dropping to $179.13 before rebounding.
Unsurprisingly, the price collapse has set off a whirlwind of conversation about the future of the bitcoin network, both within and outside the community.
Regular bitcoiners have been reeling at what the news means for their digital currency holdings, while traders have welcomed the return to volatility and exchange volumes have surged to their highest levels since November 2014.
At press time the price stood at $184.
While the $200 mark is likely a significant mental threshold for many bitcoin investors, the lower price is also notable, as it comes in just under 1,000 Chinese yuan – the currency credited with being involved in over half of the total bitcoin trade.
Acknowledging the extreme price movements, prominent figures from within the bitcoin community took to Twitter to share their thoughts.
With prices dropping but difficulty still high, many miners are at crisis point.
Author and advocate Andreas Antonopoulos sent out the following prophetic tweet two days ago.
This post was published at Coin Desk on January 14, 2015.