Yesterday, Bitcoin hit an all-time high of $266. Then, it crashed as much as 61 percent before rebounding back to levels around $150 late last night.

The low of the day yesterday was $105. This morning already, the market is getting close to those lows again. Bitcoin is now trading at $120.

As the volume panel at the bottom of the chart shows, there was a large spike in selling activity this morning, sending the the virtual currencty on its latest leg lower.

bitcoin.clarkmoody.com

Note: There is no x-axis on this chart, but it shows prices from April 9 through today.

Mt. Gox, the world's biggest Bitcoin exchange, blamed yesterday's sell-off on a trading lag that was caused by the rush of new users to the system in recent days.

It will be interesting to see if prices continue to head lower today.