Bitcoin enthusiasts, by now, are accustomed to the sometimes extreme variations in price of this emerging digital currency. For some, they’re panic-inducing. Others find them a thrill.
But over the past couple of weeks, the price of bitcoin has –surprisingly enough — remained somewhat stable.
This, despite that fact that we’ve been hearing positive news items are nearly a day-to-day basis, would surely be enough to make the price rise, but alas, the opposite has happened.
In an unpredictable fashion, the price of bitcoin has slumped a bit this week.
Our last measure at the Bitstamp exchange pegged the price at under $600 — $599, specifically. Over the past seven days, that’s roughly a 4.90 percent drop, down from a high of $633.
That period of stability we mentioned saw the price hovering in the $620-$635 range, leading many to ask, “why is the price not moving?”
It’s moved now, but perhaps not in the direction most had hoped for (that is unless you’re looking to buy in at a cheaper rate).
So what’s the reason behind the apparent sell-off that triggered the drop?
Uncomfortably enough, it’s somewhat unclear (we don’t really have a stand-out reason such as the times when rumors circulated about China’s central bank banning bitcoin), though there’s no shortage of speculation floating around on the web, particular social media channels like Reddit.com.
And while stability may be a good thing, there’s excitement brewing over just how the price will react in the coming days.
What do you think: are we in for a further drop, period of stability, or rise in price?