The price of bitcoin plunged $120 over the past week, and one analyst told CNBC the crypto currency will fall further as it becomes less sensitive to ‘good news.’
Bitcoin dropped to $451 in early Asian trade on Tuesday from $571 a week ago, according to CoinDesk. On Monday, the price briefly plummeted to $309 on Bulgarian bitcoin trading platform BTC-e before recovering to $460, the New York Times(NYT) reported, in what some analysts described as a ‘flash crash.’
The move has gone largely unnoticed. A few months ago volatility was the focus of myriad bitcoin headlines after prices rose around 8,092 percent from the start of 2013 to early December and halved two weeks afterwards. The crypto currency has since fallen out of the spotlight, but as regulation efforts and speculation continue there’s no dearth of opinions on what’s next.