It certainly has been an interesting weekend when it comes to the price of bitcoin. Late last week, following an advisory that financial institutions in China steer clear of bitcoin, and the news that Baidu was no longer accepting bitcoin, the price took an absolute tumble.
Today, the price has come up, with things overall looking more positive. Over 15 percent gains have been observed in the last 24 hours, effectively bringing the price at a hover in the mid-$900USD range at the time of this writing at Bitstamp. Mt.Gox is looking higher per usual, at about $975USD.
The general theory is that as funds clear into trading accounts, investors are taking advantage of the lower prices before they get out of control again. The only question is whether we can maintain the current price range, or if we are bound to take yet another tumble.
It’s surely interesting to watch, don’t you think?