The recent drop in Bitcoin's value has been partially attributed to a sell off following a post made on the BitStamp exchange requesting an order to sell 30,000 Bitcoins worth about $9 million. It was later taken down.
Mt. Gox, at times one of the world's largest bitcoin exchanges, experienced a prolonged outage in February. Users were unable to withdraw their bitcoins. Mt. Gox filed for bankruptcy Feb. 28. Uncertainty surrounding Mt. Gox contributed to bitcoin's decline in Q1 2014.
Mt. Gox suspends Bitcoin withdrawals, causes price to plunge
Bitcoin rapidly increased in value in the final months of 2013, going from around $100 in October 2013 to more than $1,200 in November 2013. The value of a single bitcoin briefly surpassed the value of gold on Nov. 29, 2013, reaching $1,242 to a single ounce of gold's $1,241.98.