The UpTake: One after another bitcoin’s price against the dollar is passing milestones in the negative direction. But in other economies, there’s evidence of surprising new traction.
Bitcoin fell to its lowest price since May yesterday, after suffering a massive 12 percent drop. And that was just the most recent in a weeks-long descent of the currency. It’s no big surprise, though, bitcoin loyalists still see a silver lining in the crypto-asset they believe could be the next gold standard.
When Mt. Gox collapsed in February many saw it as the beginning of the end of the cryptocurrency, and perhaps, cryptocurrencies generally speaking. Instead though, the the price of bitcoin remained relatively stable, causing others to believe the currency was finally reaching maturity. But then the air started slowly seeping from the balloon.