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Bitcoin selling off as Baidu halts Bitcoin payments

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Bitcoin being sold off as Baidu halts payments due to 'value fluctuation' - another ding in the credibility of the new digital crypto currency.

Bitcoin is being sold aggressively on heavy volume as this headline hits:

  • *BAIDU SUSPENDS BITCOIN PAYMENT ACCEPTANCE ON VALUE FLUCTUATION

And the official, google-translated announcement from the BIDU website [4]:

 [5]

This is one of the reasons Citi and BofAML noted as 'disadvantages' [6]and it seems Baidu agrees (for now).

and as a reminder...

 [7]

It appears Mt.Gox has crashed trying to handle a very large sell order... and the resulting algo mess is as follows...

Chart: Bitcoinwisdom

Further Reading:

Bitcoin - A Cost-Benefit Analysis | Zero Hedge

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