At the moment, the bitcoin price isn’t experiencing much change. It’s currently hovering at around the $220 range, and for some this is good news. While there hasn’t really been a rise, there also hasn’t really been a drop.
But there are those that are heavily disconcerted with the recent news regarding MyCoin and its latest bankruptcy filing. Nearly $400 million of investors’ funds have gone kaput; likely to never be seen again, and many are wondering if this will add to the recent drop we’ve been witnessing.
Major attacks and problems take their toll on the price of digital currency. The price of bitcoin suffered following the Bitstamp hacking that saw to nearly $5 million in the exchange’s bitcoin funds being taken by alleged thieves, and with a massive loss of $390 million, many are looking at MyCoin and labeling it the next Mt. Gox. The amount is almost the same.
This is certainly scary when you think about it, and if I had to guess I would assume that the price is indeed going to suffer a bit more following this crisis, but I can’t imagine it being hurt too much, as after all, faith in Bitcoin technology (in other words the blockchain) is being restored. Recently, Russia’s Ministry of Finance, which has long had a shallow relationship with bitcoin and its digital currency cousins, has made it clear that it is now looking into open regulation regarding bitcoin, and using the blockchain to enhance the country’s technological aspects. A country like Russia using the blockchain? This should certainly do something for bitcoin’s reputation…
So let’s wait and see. For every negative occurrence, there is always something positive to make an attempt at balance, and while nerve-racking, it will also be interesting to see which side is able to triumph over the other.