What goes up, must come down. Today, Bitcoin has a 30% difference in spread for day highs to day lows. It shouldn’t surprise most that a made up currency, with no tangible asset backing as protection, would have such serious intra-day swings.
The true test of BTC as a viable currency will be the test of time. The market will dictate the true market value.
So while this may not be “The Bitcoin crash”, it will surely scare away many investors who depend on consistent gains.
Altcoins are not escaping todays correction either, with LTC back down well under $30.
It doesn’t help matters that Bitcointalk has been down all morning.
Bitcointalk is one of the most trafficked Bitcoin sites where anyone from newbies to experts share anything from how-to mine Bitcoins to advanced Altcoin mining configurations.