Bitcoin Price Shaky after Sudden Drop, MyCoin News Likely Rattling Traders

Bitcoin prices took a sudden turn lower during the past four hours, losing 4% to reach as low as $213 on

Bitcoin prices took a sudden turn lower during the past four hours, losing 4% to reach as low as $213 on BTC-e.

They have since recovered slightly to $216 but appear to be treading on shaky ground. While a move of 4% in such a period is commonplace, it is out of place for what has been a tight trading range around $220 during the past 72 hours.

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Volume surged to over 1,000 BTC/hour as the price hit its lowest point in 72 hours.

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It is possible that traders just waking up to the MyCoin news have reacted defensively, with the extent and duration of unease perhaps to be determined by developments in the story. MyCoin, a Hong Kong-based bitcoin exchange, has reportedly disappeared with millions in client funds.

Thus far, price declines have yet to show definite signs of snowballing.

The cruel irony may be that the market is growing used to such events and no longer reacts in a fashion as it did during the MtGox collapse. Conversely, the market may also be optimistic that the industry will pull through such events, as it has in the past.

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