August 18, 2014
Bitcoin prices have declined $100 in the past week, about 17%, to $488, according to CoinDesk.
The news comes despite announcements last week that Overstock.com was now averaging $15,000 a day in Bitcoin sales, and that DISH Network had officially begun accepting the cryptocurrency.
Some analysts are blaming the plunge on a “margin call” at Hong Kong exchange Bitfinex, which is one of the only platforms that allowed users to borrow funds from peer liquidity providers to trade bitcoins. As prices fell through $530, a “cascade” of calls appears to have occurred, according to Raffael Dannielli of MatLabTrading.
This article was posted: Monday, August 18, 2014 at 3:39 am