Bitcoin’s rollercoaster value continues

Digital currency Bitcoin reached its highest value yesterday (Wednesday) before plunging more than US$160, as the increasingly popular unit continues to fluctuate.


At its peak on Wednesday it reached around US$266 per Bitcoin, its highest ever value, but it later dropped to US$130.

It has been suggested the cause of the dramatic slide was delays on the popular Mt Gox Bitcoin exchange site.

In a statement, Mt Gox said: “As expected in such a situation, people started to panic, started to sell Bitcoin in mass (panic sale), resulting in an increase of trade that ultimately froze the trade engine.”

HumanIPO were unable to log on to the Mt Gox site at the time of publishing.

HumanIPO reported earlier this month Bitcoin’s sharp rise in value had been a reaction to the ongoing Euro crisis in Cyprus and mainland Europe.

Other suggestions for the crash have been panic surrounding the possibility of another attack on Bitcoin sites such as Mt Gox and Instawallet, the victim of a hack last week.

Posted in: Internet

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