The fact that bitcoin is endowed with a somewhat volatile nature does not come as a surprise to cryptocurrency enthusiasts, who saw it soar beyond $1,000 in late 2013, only to see it diminish in value again throughout 2014, and drop a further 40% at the beginning of this year.

What happened in the early hours of yesterday, however, caused shockwaves far beyond the bitcoin community. The price crashed from $224 at midnight to around $175 (a drop of almost 22%) in just a matter of hours, before rebounding again.

Unsurprisingly, the drop in value has set off a whirlwind of conversation about the future of bitcoin, both from within and outside the community.

Twitter was awash with comments throughout the whole of yesterday, as bitcoiners and commentators pondered the causes and potential ramifications of the drop.

The mainstream media has also reacted, acknowledging the extreme price movements and predicting the potential effect on the cryptocurrency's future with varying degrees of level-headedness or hysteria.