NEW YORK (CNNMoney)
The price of Bitcoins has plunged more than 70% in the past two days, sparking a rush of activity that overwhelmed trading platforms and suggested the bubble in the virtual currency has burst.
Bitcoins were down to $77.56 as of 3 p.m. ET Friday. Prices reached as high as $266 per Bitcoin around 7:30 a.m. ET Wednesday. But the price started to fall through the rest of day and Thursday morning.
Thank you for the post, Michael. Impressive volatility not for the faint of heart (or for fiduciary investment, e.g. LPSF, in my opinion). The best part of the article, however, was the quote "Even assets that have no underlying value have people willing to trade in it." Interestingly, the speaker was referring to Bitcoin not U.S. dollars.
Marcy