In a major sell-off that started last night, Mt. Gox, the largest US dollar bitcoin exchange, saw a low price today of $800 from a recent high of $1,230, a 35% decrease before bouncing back up a bit. Almost 52,000 bitcoins have been traded on Gox over the past 24 hours.
CoinDesk’s Bitcoin Price Index, which is an aggregate calculation of top exchange prices, has seen a 24-hour drop of $185 since the day’s open, or 18%, at the time of writing.
The number of negative news articles being produced about bitcoin and virtual currencies in general has probably contributed to a decline in pricing over the short term.
Earlier this week, China’s central bank along with four government ministries released a statement effectively outlawing banks to use bitcoin, which could cause problems for any business that might exchange BTC for the Chinese Yuan.
And Baidu, which is considered the Google of China, had decided to halt accepting bitcoin after its Jiasule service started accepting it in October.
After the statement was released, a price drop was seen on China’s (and the world’s) largest bitcoin exchange, BTC China, where over 73,000 bitcoins have been traded in the past 24 hours.
From Coindesk
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