Bitcoin value continues to plummet

$300, it’s the new $400. Sunday’s selloff managed to push the price of bitcoin below the $300 mark this morning, around two weeks after the cryptocurrency fell below its prior $400 floor. The next question is whether the $300 price level will represent a new floor for bitcoin. That’s to say it’s will be interesting to see if $300 is the price point under which bitcoin will not sink, but may bounce off of a few times. Or, on the bear side, if bitcoin’s recent, steep price declines will continue.

The price of Bitcoin fell nearly 20 percent this weekend to its lowest level of the year, prompting worries of a crash. “As the price is going down, some of us are under immense psychological stress,” one user posted on Reddit on Sunday. “Please share how you cope with it.” On Sunday afternoon, Bitcoin was trading at about $300, up from a low of $286, according to CoinDesk, a virtual currency website. Some contend that Bitcoin’s price is irrelevant and that it does not reflect the virtual currency’s true value. Bitcoin is still most popular among speculators and technology enthusiasts and has yet to find a general use that will push it into the mainstream and help stabilize its price, they say.