Did the Bitcoin Bubble Burst Already?

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Bitcoin Bubble

Bitcoin Bubble May Be Over

Wow, the Bitcoin bubble blew up fast.

Bitcoins were trading for as high as $266 earlier this week and as low as $77 today.

Trading activity overwhelmed exchanges like Mt. Gox and trading was halted twice, as shown in the chart below from CNN Money.

Bitcoin Bubble Burst

“The rather astonishing amount of new accounts opened in the last few days…made a huge impact on the overall system that started to lag,” said Mt. Gox. “As expected in such situations, people started to panic, started to sell Bitcoin in mass…resulting in an increase of trade that ultimately froze the trade engine.”

This comes on the heels of Bitcoin theft and DDoS attacks on the exchange.


Bubble photo by Visual Artist Frank Bonilla used under Creative Commons license.

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One Response to Did the Bitcoin Bubble Burst Already?

  1. […] Read: Did the Bitcoin Bubble Burst Already? (April 12, 2013) […]

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