Econintersect: Bitcoin has continued its descent back into the hole it came out of over the past couple of months, but the route has not been direct. After hitting a high 
above $266 last week Thursday, the internet currency has been moving up and down with dazzling rapidity, but most down. At the time this was written (1:12 am NY time 16 April) the previous hour of trading reported by Mt. Gox, which handles 80% of the global volume of Bitcoin exchanges, saw a low price of $55. That is only $0.75 above the low hit last Friday in the noon hour. But the rebound from the $55 level was strong and over the next several minutes the value went as high as $74. The latest trade was at $64.14. See last chart in article below.
While the world marveled over the precipitous drop in gold over the past several days, the Bitcoin has made the gold move look like one baby step compared to a large number of giant steps. The sequence of giant steps is shown in the 3-day price chart below from bitcoin charts.
Click on chart for larger picture.
The following chart shows the most recent 72 hours of trading from Bitcoin Bull Bear.
Click on the chart to go to the current live chart.
As fast as this thing is going down maybe Bitcoin owners should insist on a metallic receipt for their holdings. That way it could always be used as sinker at the ol’ fishing hole.
