This week in bitcoin: Price falls below $400 as market plunges

Gigaom

This week’s bitcoin review focuses on bitcoin’s latest price drop.

Another flash crash for bitcoin

Bitcoin is plunging again — and this time, it’s pretty ugly. According to figures from CoinDesk, the market “closed” yesterday at $421.46 (around 5pm PT). By 9 a.m., the price had dropped from $420 to $380 and then back up to $400. It was another flash crash, sending bitcoin fans scurrying into talk forums to make sense of it and leaving a lot of people scratching their heads.

While the flash crash itself is a worry, it’s not an isolated incident for bitcoin and the cryptocurrency rebounds from these quite often. However, it’s more worrisome that the price on Monday for a bitcoin was around $470. A $90 swing between Monday and Friday means bitcoin is down nearly 19 percent for the week.

Why? Last time the bitcoin price was this low was in April

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