Bitcoin on a downswing, hits lowest since May
Analysts say new regulations are hampering growth while industry insiders say wild swings are normal
Add BT as a preferred source[NEW YORK] Bitcoin's price has been known to surge, but lately it has been in a bit of a slump. On Monday, the price of bitcoin dropped nearly 12 per cent, to US$435.60 from US$492.95, according to the virtual currency website CoinDesk, its lowest value since May and far below its peak of about US$1,150 last year.
Also on Monday, the price briefly plummeted to US$309 on BTC-e, an exchange with shadowy backing, in what some in the industry called bitcoin's version of a "flash crash". That collapse, however, was short-lived, and the price quickly recovered to where it was trading before. The virtual currency also regained some of its lost ground to return to trading around US$460 late on Monday.
Yet, despite the latest one-day swing, bitcoin's price has been steadily falling in recent weeks, a trend that follows a period of relative stability since February when the bitcoin exchange Mt Gox collapsed.
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