Bitcoin Freefall: Prices Drop Nearly $200 in 1 Hour
Bitcoin prices tumbled sharply this morning. According to data from CoinDesk's Bitcoin Price Index (BPI), markets averages dropped abruptly only days after passing the $1,000 mark on 1st January. This morning's decline came after prices reached a high of $1,153.02 in early morning trading. Still, despite coming within reach of all-time highs, prices fell more than 20% across global exchanges before recovering. Markets were fluctuating near $1,071 before reaching a brief low of $887.47, the lowest figure observed on the BPI since 25th December. At press time, the average price of bitcoin....
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There has been a great deal of speculation in the Bitcoin community about the sinking prices of Bitcoin and what its causes. There are people saying that margin trading is the culprit while others are putting the blame on mining difficulty or large corporations accepting Bitcoin and then converting it immediately for fiat currency. Because Bitcoin has the same traits as both money and commodities, CoinTelegraph decided to ask an expert on the subject of money, Edmund Moy, former Director of the United States Mint. Moy was in charge of the Mint for several years during the Bush....