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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?
Jorj_X_McKie 
Hellen Losti 
I think it is becoming more obvious that Bitcoin has political problems and a very scant underfunded technical core team. On the positive front, there are finally some useful looking multisig wallets that might allow regular folks to secure their bitcoins once they feel brave enough to invest. Bitcoin really needs secure and simple ways to secure funds. Printing paper wallets on non-Internet PCs and printers is absolutely a non-starter for the average Joe. IMO Bitcoin really needs to shore up its tech weaknesses while we’re in this pre-adoption trough, and this means that 51% biz too, whether or not it is an existential problem, it’s scary perception certainly is. Once we do that needed work, when the next inevitable financial crisis hits. Bitcoin’s sails will fill and we’ll run with the wind. I don’t think merchants are going to drive Bitcoin home… it will be fear of mainstream finance collapse with a rush to protect assets.
The price is stable until other serious players will come on scene. And they are already here – lots of new technologies and algorithms and approaches, eventually Bitcoin will worth much less than now, while other cryptocurrencies will rise in price. As for me, i am watching Bitcoin chameleonic market, and now i can say there is one serious competitor with fun fronted – duckNote – XDN – market cap is slightly above 200K$, but double since last week and with only upward trend