Bitcoin Drama

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Bitcoin volatility and price declines continue to to rock the cryptocurrency markets as the second full week of January closed with a bang. Bitcoin has recently traded below $200 (now $260), a level long thought to have been left behind after hitting over $1,000 per coin not too long ago. The weak hands are cashing out, selling is begetting more selling, and sentiment is at a marked low for the golden cryptocoin.

Bitcoins Future Existence

Couple the wild price action with the kickoff of the Ross Ulbricht trial and you have the makings of a daytime soap opera that the best script writer couldn’t contrive. It came out at the Ulbricht trial, being held to convict Ulbricht of being the Dread Pirate Roberts of the former Silk Road online bazaar that Mt. Gox CEO Mark Karpeles was formerly being investigated by the Feds for being the Pirate Roberts as well. This bombshell development rocked cyberspace and added another chapter into Bitcoin’s wild nascent existence.

With all of this happening, Bitcoin is certainly getting a lot of press. Yes, the price is plunging, And the mysterious CEO of the formerly largest Bitcoin exchange just got indirectly implicated in being the kingpin of the formerly largest free market bazaar / shady website, the Silk Road. All press is good press though, and more and more awareness is popping up with all this news slowing around.

What does this mean for the future price? Who knows. It could very well go to zero. Nevertheless, a rational mind would venture to think that the weak hands are being shaken out in preparation for the next price run up. The ecosystem is growing and bitcoin likely won’t die. Therefore is there a better time to buy than when prices are at historic lows?

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