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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.
Chart showing the Bitcoin crash Wednesday afternoon. (Image: Mt.Gox via ZeroHedge)
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:
Chart showing the Bitcoin crash. (Image: Imgur via Reddit)
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.
Ars Technica reported the Redditor anotherblog calling it "just the market venting some pressure."
"If it recovers, it will demonstrate resilience in the market and give confidence to future buyers and current holders that they don't need to panic sell, reduce the chances of a crash in the future," anotherblog wrote.
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Related:
- Confused by Digital Currency? This 3-Minute Video Has the Basics About What You Need to Know About 'Bitcoins'
- What Are Bitcoins and Could They Endanger the Global Economy?
- There’s Now a Currency That’s Up 152% – $1 Billion Total Value – And You Should Know About It
- Property for Sale in Canada But There’s a Techie Catch for How Exactly It Can Be Bought
Featured image via Shutterstock.com
