In Stunning Crash, Bitcoin Wipes Out December Gains Then Rebounds $2,000 In 7 Minutes
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 actual
Heisy, this is awesome. A market driven purely by psychology, a case study in behavioral finance.
I’m amazed it hasn’t dropped lower yet. Only possible explanation is that many people who bought >$10,000 don’t even know they’re getting crushed yet, it’s happening so quickly. I mean, who the hell is buying right now? Going into the end of the tax year with BTC still up a bazillion for the year? This is only the beginning.
I had thought the fun would begin in earnest at 12:00:01AM ET, but clearly people are getting in their sales early in anticipation of just this crush. I now am willing to bet that the new year brings in a whole new round of buying, at least beginning a few days into the new year.
Glad some speculators are getting flushed out here. Or maybe I should say “short term” speculators, since this is definitely not investing!
I was just wondering if you thought the fuck you speech that Nikki Haley gave at the U N Assembly yesterday would have any impact on the market?
Murphy,
Thanks for recognizing Haley’s great speech. Surprised you liked it. Good for you. Maybe we can get together and start a 2020 Haley for President PAC? Let me know.
Ed