Bitcoins opened today at $226.04. As I write this, they are now trading at about $178. So they have lost about 25% of their value today, and its only 1PM EST.
Here’s a chart of what’s happened today.
Over the last month, bitcoins have lost nearly half their value. Bitcoins were trading at about $350 on December 15.
Here’s a chart of what’s happened over the last month.
Last April, I wrote a post asking why bitcoins aren’t a bubble. Some people, including me, didn’t take that post too seriously, but I still don’t understand why bitcoins are worth anything. I seem to have more company now.
PS I have been spending a lot of time over the last 10 days thinking about the 1920-21 depression. I hope to post something later today or tomorrow on that topic.