An interesting trend has emerged from Bitcoin users as of late. It appears that more and more Bitcoins are being sold, although that has managed to drive the price to new depths. The price dropped to US$184 earlier today, but has managed to crawl back up to US$196 as of this writing.
The price of Bitcoin in early 2015 stands as a stark contrast to the remarkable optimism people had for the cryptocurrency at the same time last year. In January 2014, Bitcoin was being traded for over US$800 per 1 BTC and many people began to hop on the bandwagon hoping to make a profit.
The number of stores and shops that accept Bitcoin has also been increasing with Dell and Xbox joining the crowd. All this contributes to the increasing number of transactions using Bitcoin, which is at an all time high.
Nobody is sure why the price has crashed despite how widespread it is. Some have speculated that the sustained mining operations have been increasing the supply of Bitcoin, which would lead to reduced scarcity and drive prices down. This would be the natural state of things as economics would suggest that there was no way Bitcoin could have maintained its high prices while more of the cryptocurrency is being mined.
Whatever it is, the current price crash is being received with good humour from the Bitcoin community.
[Source: Techcrunch]
Follow us on Instagram, Facebook, Twitter or Telegram for more updates and breaking news.
