[2014-08-16] Bitcoin Falls Out Of Its Trading Range

[erono]

http://techcrunch.com/2014/08/14/bitcoin-falls-out-of-its-trading-range/

The recent narrative around bitcoin has been roughly zilch, as the cryptocurrency picked up a few new large vendors’ support, but otherwise settled into something approaching a summer malaise. The price of bitcoin, which is correlated to media and public interest, has bounced between around the high $500s and the low $600s for some time. Now, it has dropped to $517 and its downturn isn’t letting up.

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[oceans]

I am thinking that people are getting nervous about the predicted double digit increase in difficulty. We have bee spoiled for what a month or more with very small increases and next increase people will see a hit to their mining income. For me 500 is pretty scary stuff because now the coin is sitting at the value you spend on electric to mine 1BTC. I will continue to hold.. thru thick and thin because i'm in, it to win it

[counter]

Yeah I'm personally leaning towards people just spending their money on other things this time of the year.  I'm actually this didn't happen sooner.  I think the fact the Bitcoin is holding strong in the five hundred range is a good sign at the moment.  I'm very interested to see what the next couple weeks in the Bitcoin markets will look like.

[Rampton]

I'd love to know why it's happening. All I know is it's disheartening that we seem to be on the up with adoption and popularity, yet the price does this. It's baffling.

[Chavez]

I think we should be fine as long as it doesn't go any lower. We need some big news to send it climbing back the other way.