The bitcoin price was once soaring on the back of bad news coming from Greece and China. Greece once again was faced with a debt crisis and China faced stock market collapse.
The Greek crisis caused some in the bitcoin community to think that the next recession will give Bitcoin the opportunity to spread its wings; however the actual picture may not be so. The digital currency will have the same problems for the country that the euro does. The strong capital controls in Greece makes the ability to purchase Bitcoins almost nonexistent.
BTC/USD touched a high of 285.88 earlier this month; however, with the People's Bank of China's "one-off depreciation" of the yuan, the bitcoin price has been going south. BTC/USD hit a fresh daily high at 271.50 levels (Aug 11) post the PBOC's decision but has ever since moved downwards, breaking below major support at $248 last week.
As to how much further the price will fall, it's difficult to anticipate. However, it seems the recent pessimism is going to dwell longer and the price may break below $200.
