Been a bad weekend for bitcoin as the masses are selling and driving the prices down. The price of bitcoin is hovering at around $300 by most indices (check out the PYMNTS Bitcoin Price Index ) after briefly falling below $300 before ettling at around $296, according to TechCrunch.
That price rebounded, and climbed back over $300 shortly thereafter. At 5:30 AM East Coast Monday (Oct. 6), about three hours before trading opened in New York, the price of bitcoin on the PYMNTS Index was just under $327 and had been trending up after opening Monday (Oct. 6) at $307.
Some analysts are now projecting that $300 is the new floor for bitcoin–but analysts were predicting a similar floor of $400 for bitcoin as recently as two weeks ago. This is a staggering drop in bitcoin value. With this weekend’s selloff, bitcoin has essentially given up all the gains in price it has made since November 2013. This comes as bitcoin has seen wider mainstream acceptance and even some limited acceptance by PayPal.