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…
— erkan (@erkanertoren) November 29, 2017