The price of Bitcoin is down 9.15% this morning and is trading at $477.88. There has been no news development behind the collapse, though it does appear there is at least one major seller in the market.
In the last week there have been sell orders of more than 1000 bitcoins at a time pushing the Bitcoin price downwards, according to CryptoCoinNews.
As recently as August 10, Bitcoin traded at $590, that's a 20% drop over the last 8 days. The all time high for Bitcoin was around $1,220.00. The current price is decline of 60.8% from that peak.
Over time, I expect a further collapse in the e-currency. The number of people interested in Bitcoin has likely peaked. Peak buying has likely been exhausted. Technical upticks will occur from time to time that will suck in dumb money (It happens in any collapsing asset), but the major trend will be down.
Bitcoin is not a libertarian currency and it is not a good investment.
There was a fun trade in Bitcoin, but that was it. In the EPJ Daily Alert, I advised a buy at aprox. $40 and a sell at aprox. $700. Now, I woudn't go near the thing, even for a short-term trade.
-RW
(ht Joris De Donder)
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