We’ve talked about it for a few weeks now, the stupendous rise of Bitcoin’s value as Chinese investors jumped on board the gravy train and started buying up the digital currency in huge quantities and they’re still doing it, but that doesn’t mean the price is going to continue to rise. In-fact, late last night the value of individual coins began to fall and it looks like it’s going to continue to do so if the latest trades are anything to go by.
In the last 12 hours, the average value of each Bitcoin has fallen almost $100, from a high over over $700 to a current average of around $625 (Blockchain) or $600 (MtGox) depending on which exchange you turn to. However looking closer at the latter of those two, you also get information on some of the other sales going on, like the last sale price for example. While the average might be hovering around the 600 mark, the last trade at the time of writing went for $507 (Update: make that $500) with the lowest in the past few hours going for just $475.
A month ago, that lowest price would still have been a great sale, but today that represents a 20 per cent drop in Bitcoin value in less than a day. It’s too early to say if this crash will be as catastophic (per centage wise) as the original Bitcoin bubble burst, but it’s already fallen as much in value as the coins did back in April this year.
KitGuru Says: While I’d never go so far as to offer financial advice, if you’re sitting on a stockpile waiting for it to peak, you should keep a close eye on these numbers as they don’t look favourable.