Bitcoin value drops 12% down to $435.60, lowest rate since May

The value of bitcoins dropped on Monday, sending alarm bells throughout the bitcoin community - while others urge patience.

Published Tue, Aug 19 2014 11:30 PM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

The bitcoin cryptocurrency has surged among consumers and businesses, but volatility has concerned many investors - and with values dropping almost 12 percent, from $492.95 down to $435.60 on Monday, there might be rightful concern.

Bitcoin value drops 12% down to $435.60, lowest rate since May | TweakTown.com

What happened on Monday was considered highly unusual, as values started at almost $500 on Monday morning. However, the BTC-e platform bitcoin value slump trended downward, there were three trades that occurred at $309, but there were more than a thousand transactions valued from $309 to $400.

"We have seen crashes like this before and they follow a certain pattern, namely a sharp drop followed by a swift rebound to about a bit less than the previous level," said Raffael Danielli, Matlab Trading margin trading critic, in a statement to CoinDesk.

Unfortunately, when bitcoin prices drop on a single bitcoin exchange, it has an impact on the overall value of bitcoins.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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