Today was not a good day to own Bitcoin

The price of Bitcoin is always fluctuating and it’s by no means uncommon to see some hefty price drops, but it’s been a while since we’ve seen one this bad. Earlier today, the price of Bitcoin fell well below the $200 mark and has stayed there, which is very bad news for the cryptocurrency because it becomes increasingly difficult to mine Bitcoin when its price drops, which in turn makes its price drop more. 

Bitcoin is falling and falling fast. Very early this morning the coin’s price fell below the $200 mark to $179.13, before somewhat rebounding. As of this writing the coin is worth $194.29. Yesterday, the value of Bitcoin started descending quickly. Its value depreciated from its opening price of $267 to a low of $224 by 4 a.m. PT, according to Coindesk’s chart. Those who watch the market have long said that a fall below $250 could be dangerous for the Bitcoin ecosystem. As Bitcoin continues to lose value, more and more Bitcoin owners head to the exchanges to sell their lot, which is causing the value to fall further. What’s more, as Bitcoin’s value moves south, Bitcoin miners begin to suffer. One Bitcoin exchange, CEX.IO, has already halted its cloud mining service due to the price drop.