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Bitcoin value drops to just $290 over the weekend, as investors cringe

Bitcoins remain highly volatile, as the value of a single bitcoin dropped down to $290 over the weekend
By: Michael Hatamoto | Business, Financial & Legal News | Posted: Oct 6, 2014 6:10 pm

The lack of central-backing of bitcoin, among other long-term concerns, has left investors worried about bitcoin - and the value of the most popular cryptocurrency dropped to just $290.83 over the weekend. The sudden decrease was a shocking 18 percent drop in less than 24 hours, though have increased at the start of the week back up to $330.




"It's actually a lot harder to get bitcoins than it is to spend them and there have been some suggestions that that's caused a supply/demand imbalance... PayPal integration would also improve that onboarding process," said Hugh Madden, bitcoin exchange ANX co-founder.


It's true that a growing number of companies are accepting bitcoin payments from customers, but the cryptocurrency's volatility, related to speculative trading, will remain a problem that won't go away anytime soon.


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