Published via G: 2013-12-20 16:35:03
A series of anti-bitcoin actions by the People’s Bank of China (PBOC) over the past two weeks sent bitcoin’s price on a wild ride, with the most violent swings coming over the last 48 hours. It reached a 30-day-low of $422 yesterday, down 43 percent from its Tuesday high of $746 preceding the PBOC news and 63 percent from its all-time high of $1,147 just 12 days prior, according to the CoinDesk Bitcoin Price Index. The currency has rebounded to $681 at the time of writing, up nearly 31 percent for the day. It’s easy to get vertigo from all that bouncing around.
My Two Cents
I love seeing any example of a freely traded Chinese currency. Not quite the same but can't wait to see the Yuan ride the currency roller coaster some day. Second, the ups and downs of a highly successful startup (in this case Bitcoin) are dramatic. Imagine if Twitter was freely traded in its early years. Every time the fail whale went up...
