Earlier on Wednesday we reported about Bitcoin’s all-time high with an exchange rate at more than $250, but by the afternoon it had crashed.
Tyler Durden for Zerohedge dubbed it “BitCrash.”
Around 3:45 p.m. Bitcoins were down to $150. It was as low as $105 at one point.
Bitcoin fans on Reddit are saying that it was a healthy crash. The Redditor jaynemesis (via Business Insider) wrote that it was not only something Bitcoin miners “should have seen coming” but that it was trading far too high previously and “190-220 would be reasonable.”
jaynemesis included this chart (below) with a red line indicating how the crash should not be a major concern to users:
Business Insider prophetically published a story about six things that could cause the digital currency that has seen a recent boom in the last two months to crash. Some speculation as to what could cause a crash included any drop in price to cause people to want to offload, hacking and government crackdown, among others.