The saying goes "beware the ides of March", however the middle of February is just as dangerous for Bitcoin.
Unfortunately, Bitcoin appears to be going through a difficult patch right now. Here are some of the current issues facing the digital currency market as a whole...not just Bitcoin.
- There is excessive pressure to regulate the currency, even by the Canadian government.
- Programming exploit found on Mt Gox, the largest Bitcoin exchange.
- Multiple Bitcoin exchanges hit with denial of service attacks.
- Exchange Bitstamp halts fiat currency withdrawals as it is attacked.
As a result of these concerted efforts, the confidence in Bitcoin is beginning to show weakness. This is reflected in the current pricing over the past week.
However, there are bright spots within this current situation, the currency algorithm itself continues to prevail despite these attacks. Additionally, the community support behind Bitcoin and Alt Coins continues to build.