Yesterday, Bitcoin hit an all-time high of $266. Then, it crashed as much as 61 per cent before rebounding back to levels around $150 late last night.
The low of the day yesterday was $105. This morning already, the market is getting close to those lows again. Bitcoin is now trading at $120.
Mt. Gox, the world’s biggest Bitcoin exchange, blamed yesterday’s sell-off on a trading lag that was caused by the rush of new users to the system in recent days.
It will be interesting to see if prices continue to head lower today.