First thing this morning, we documented the drama unfolding across the cryptoverse where virtually everything is in free fall.
Specifically, Bitcoin had fallen some 30% from the highs hit last weekend ahead of the CME futures launch and is on pace for its worst week since 2013, while bitcoin cash, ethereum, and litecoin are all under extreme pressure as well.
Here’s a fun heatmap:
Well, I hate to tell you this, but since this morning the bottom has fallen out.
There for a minute, it actually looked like Bitcoin was going to break below $10,000 on Coinbase after a sudden sharp move to the downside:
Do note that this morning’s action had, at one point, nearly wiped out the entirety of December’s gains:
And have a look at what it’s doing now:
That’s a $2,000 swing in 7 minutes.
This, folks, is not how “a currency” acts. At least not one issued by a developed country.
Of course Twitter is lovin’ it:
— noahharlan (@noahharlan) December 22, 2017
— TrashPanda 🐼 (@TrashPandaCoin) December 22, 2017
— Dr. ⚡️ (@djjawed5) December 22, 2017
— Crypto Picsou (@crypto_picsou) December 22, 2017