And there you go folks. The bottom just fell out.
Just hours after blowing through $10,000 on its way to $11,500, Bitcoin is in free fall:
Hilariously, the declines accelerated just ten minutes after this headline hit:
- BITCOIN 2018 PT BOOSTED TO $20,000 FROM $14,000 AT STANDPOINT
Remember what we said about that just last week? Here’s a reminder:
coming later today:
"Standpoint raises Bitcoin target after price blows through previous target hours after it was issued"
— Heisenberg Report (@heisenbergrpt) November 20, 2017
Just to drive the point home here, Bitcoin has now fallen nearly 25% since 10:00 New York time on Wednesday and although it’s rebounding a bit now, at one point it had fallen 16% in the space of just 20 minutes.
From high to low, it looks like at least $25 billion in market cap was wiped away and probably more:
This is why Bitcoin is not “a currency” folks.
“The volatile price-action isn’t new, but the amounts at stake are growing all the time,” Bloomberg’s Mark Cudmore wrote earlier this month, in a note that’s worth revisiting in light of recent events. “The wealth impact of  Bitcoin moves is soon going to become large enough to have the potential to spill over to other markets,” Cudmore went on to warn, adding that “in January this year, you may not have batted an eye-lid at a 30% drop in your Bitcoin investment from $10,000 to $7,000, but if you held your investment until now, you may think differently about seeing your investment fall 30% from $80,000 to $56,000.”
Hopefully you can see why that is becoming an increasingly relevant point.
Here come the tweets…
https://twitter.com/BondsFx/status/935959221518118912
bitcoin pic.twitter.com/XS9UzvHlEn
— erkan (@erkanertoren) November 29, 2017
Me scrambling to cash out while watching bitcoin fall pic.twitter.com/KGgaZGFmNu
— Elias (@Elias_ynwa04) November 29, 2017
and it is back to 10K in less time 🙂
30% declines are mere ‘dips’ to the cypto crowd. which begs the question….when might a cryptohead turn coin into legal tender?
Crashes happen all the time. It’s never gotten close to ATL, and always rebounds higher than it was pre-crash. You can’t think of it like fiat. It’s a currency in the same way that gold can be currency, the price of which can also change dramatically.
yawn
yeah, and see these kinds of comments are disingenuous, because if you had any kind of position in this at all, that move from the HOD to LOD would have meant you lost tens of thousands of dollars in a matter of a few hours, so either you are wealthy and didn’t care, your position is laughably small, or you’re fibbing a little with the whole *yawn* thing.
one of those three things has to be true. and I know which one I’m betting on.
>so either you are wealthy and didn’t care
I like cash
Statements by the governor of the NY FED this morning clearly stated that Bitcoin is not legal tender – and he made it pretty evident that the FED may soon analyze the legality of Bitcoin.
This is a good example of how fast you can get trapped in BitCoin when there is serious news. It’s also an example of how much the faithful will not accept early warning signs of monetary authorities becoming more and more likely move against private cryptocurrencies.