Over the weekend of Oct. 4-5, Bitcoin value dipped to $290 – its lowest figure in a year. On Monday, Oct. 13, it escalated to about $380. Bitcoin volatility is obvious, particularly when looking at an hourly graph charting its value. One theory says that cryptocurrency enthusiasts and advocates have underrated the constant peaks and valleys of Bitcoin.
Another theory says Russia’s downright refusal to recognize Bitcoin – as well as the recent news that it will fine individuals and companies for trading in it – is a blow to its value. Russia is supposedly one of the world’s emerging markets, but its government tends to frown upon what it cannot control.
Are the lingering effects of Mt. Gox and Silk Road still impacting Bitcoin? Without a doubt. Mt. Gox was the largest Bitcoin exchange in the world and had 774,000 Bitcoins hacked from its computers – about $409 million. The Silk Road scandal magnified fraudsters and criminals’ affinity for Bitcoin, as well as the need for some form of regulation.
Another theory, reported by Lucy England on PaymentEye.com, was a recent sale of 31,000 Bitcoin which could be interpreted two ways: Was it sold out of panic or to encourage investors to buy while the value is low.
Despite Bitcoin Volatility, Companies Pile On
Acromobile, a mobile engagement software outfit based in Singapore, announced a partnership with Bitnet earlier this week. Acromobile is the latest in a long line of high end companies to accept Bitcoin as payment. In September, eBay and Dell announced each would recognize it. Bitcoin volatility is no secret, but with the likes of eBay, Dell, Amazon and Virgin Galactic on board, that kind of backing signals potential.
Invest In Bitcoin
As of Monday, Bitcoin value hovered around $380. The time to invest is now. Instabill recently announced it can provide Bitcoin merchant accounts and banking options for cryptocurrency advocates. Speak one-on-one with a merchant account manager at 1-800-318-2713 or by selecting the live chat option below to find out more.