Bitcoin registers a 22 percent fall

Thursday 15 January 2015 00:43 CET | News

Following a 15% drop, the price of Bitcoin has taken another fall, reaching a total plunge of 22%.

Bitcoin, which saw levels above USD 400 in November 2014 and topped out at USD 1,150 in 2013, briefly fell as low as USD 170 in trading. Bitcoin is known to be volatile, and its swings are often linked to news about the technological ecosystem that supports it.

Since the beginning of 2015, Bitcoin has lost more than 40% of its value, going from around USD 320 per Bitcoin on January 1st 2015 to around USD 185 on January 14th 2015.

The low prices may be forcing volunteers who ‘mine’ new Bitcoins to cut their losses. If the price falls below the electricity and hardware costs of ‘mining’ Bitcoins, a process that involves solving highly complex mathematical algorithms, then the enterprise becomes unprofitable, and some miners will be forced to sell their holdings and give up.

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Keywords: Bitcoin, online payments, digital payments, cryptocurrencies, mining
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3

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