Bitcoin Update: Down then Up.

Bitcoin continues to chug along quietly, steadily rising in value as the closure of Silk Road, which many speculated to be the end of Bitcoin, appears increasingly irrelevant. Shenanigans in Washington alongside China’s recent comments on the dollar and the decision of web services company Baidu to accept Bitcoin as payment have all likely played a role in the steady climb of the virtual currency.

Highs near $235 were reached last night before a sudden collapse to $175. Why did the price collapse? I don’t know why. Bitcoin is volatile and as-yet very unpredictable. By the present time, however, Bitcoin has climbed once again to a price of $210.

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