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.

Published Mon, Oct 6 2014 1:10 PM CDT   |   Updated Tue, Nov 3 2020 12:14 PM CST

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.

Bitcoin value drops to just $290 over the weekend, as investors cringe | TweakTown.com

"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.

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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