April 18, 2013

Bitcoin Bubble Burst

Bitcoins are a virtual currency based on computer algorithms.   Recently their exchange rate for US dollars hit a high of $266 per bitcoin on April 9th.   But just a month ago in mid March the rate was under $50 at around $47-48.   As I write this today their value is now worth $87. 

Here is a chart of the past 60 days :

Data source : http://bitcoincharts.com/,
This chart is licensed under a
Creative Commons Attribution-ShareAlike 3.0 Unported License.


If that isn't a bubble bursting then I don't know what is.   It was a quick one too.   In just 3 weeks the value shot up over +400% and then a week later it had plummeted -67%.


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3 comments:

  1. You know, I've been thinking about a Bitcoin calculator. Here's my issue: the inflation code I wrote is daily. However, with 50% swings intra-day, how useful could a bitcoin calculator even be? Haha.

    ReplyDelete
  2. PK, Yeah that probably wouldn't work out too well. I guess you could use a monthly average or something. But Bitcoins haven't then even been around long enough for an inflation calculator to be of much use.

    Jim

    ReplyDelete
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