Update: 1005ET: The carnage across cyrptocurrencies has escalated with Bitcoin back to a $13K handle, Ethereum back below $700, and Bitcoin Cash below $2,600…
Bitcoin is now almost $6,000 off its record high…
For those who are keeping track…
- $0000 – $1000: 1789 days
- $1000- $2000: 1271 days
- $2000- $3000: 23 days
- $3000- $4000: 62 days
- $4000- $5000: 61 days
- $5000- $6000: 8 days
- $6000- $7000: 13 days
- $7000- $8000: 14 days
- $8000- $9000: 9 days
- $9000-$10000: 2 days
- $10000-$11000: 1 day
- $11000-$12000: 6 days
- $12000-$13000: 17 hours
- $13000-$14000: 4 hours
- $14000-$15000: 10 hours
- $15000-$16000: 5 hours
- $16000-$17000: 2 hours
- $17000-$18000: 10 minutes
- $18000-$19000: 3 minutes
- $19666-$14000: 4 days
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ETH and BCH in trouble too…
In fact almost the entire crypto space is collapsing with Ripple the only gainer for now…
There continues to be no obvious catalyst for the run.
Volume is heavy in futures tonight too…
The question is – which happens first – Bitcoin $10,000 or Gold $1,300?
* * *
After an exuberant few days following Coinbase’s adoption of Bitcoin Cash, the forked currency has collapsed back below $3,000...
For the 4th night in the last 5, someone has started slamming Bitcoin at around 8pmET, pushing the biggest cryptocurrency back below $15,000 for the first time in two weeks…
Catalysts for the drop are unclear other than systematic selling pressure as Asia opens. There was chatter about the lack of security in South Korean local exchanges, but it is unlikely that is the cause for now.
Since CME launched its futures contract, Bitcoin has been under pressure and renowned market watcher Peter Schiff is pretty clear where he thinks this ends up…
As CoinTelegraph reports, speaking to RT this week, renowned analyst Peter Schiff, credited for predicting the 2008 housing market collapse, issued a foreboding warning to investors buying Bitcoin at current prices.
Even with a shaky week, Bitcoin is hovering around the $15,000 mark, after a two-month bull run that saw the price rise by more than 200 percent.
Schiff says those trying to ride the bubble are too late:
“People who got it years ago, even people who got it at the beginning of the year have the opportunity to cash out and make a lot of money. But people who are buying it at these prices or higher prices are going to lose practically everything.”
The old adage, “buy on the rumor and sell on the news,” seems to be the perfect way to sum up Schiff’s sentiments on the current attitude of green investors trying to make a quick buck out of Bitcoin:
“These currencies are going to trade to zero or pretty close to it when the bubble pops. Right now, the only reason why people are buying Bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason.”
He also voiced by now common criticism of Bitcoin Core’s transaction functionality, noting the low speed and high cost of transactions on the network:
“There is no value in Bitcoin, you can’t use it as money. It’s too slow, too expensive and too vulnerable.”
Still with gold’s recent weakness, we are sure Peter has more than a small ax to grind on this one.
OTOH, the CryptoKitties market is thundering ahead.
Wikileaks has gifted CryptoKitties to Trump and Hillary, named Tender Tabby and Console Kitty.
This is Tender Tabby:
Zero-coin-hedge
Hourly Bitcoin and doom porn stories for the masses!
Coincidence???
Wall Street enters the picture and………
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They’re doing God’s work. A river without banks is a flood plain. Bitcoin mania will be tamed, the prices will be normalized as Wall Street skims off the vig.
EC
Never let it be said that there aren’t enough zipperheads out there to get their financial asses handed to them during some new market mania. It happens. Every. Single. F**king. Time.
At least the losers 400 years ago got to plant their fall tulips. The current crop of bitcoin bozos will have nothing to show but the smoking ruin of the computer they smashed in frustration and despair.
https://www.ccn.com/bitcoin-price/
Smoke ’em if you got ’em ’cause we’re goin’ to the bottom …
I hate the downstream effects crypto will inevitably produce, thats why I know its going to win. This will just be another dip, another opportunity for the Cryptocrazies to gloat about obscene profits, yes Wall Street wants in, further proof the shit has legs. God only knows how much pump and dump is qued up now.
22mag- the articles will only exponentially increase going forward, had a Grendel P30 back in the day in .22 winmag, loved it, I see Kel tec has a very similar one out now. I think that Grendal was inspirational for FN and their 5 7. I have heard stories of deer being taken with the .22 winmag, just stories of course.
My son has a 22 mag with a scope. I think you could take a deer with a well aimed shot.
Someone noted that if the dollar was a cryptocurrency, it’d be readily seen as a scam. Yet, Bitcoin with its limited supply and potential to usurp the dollar scam, is seen as the scam.
Note also that we gold and silver hodlers wait and wait for the downfall of the dollar and what do we get? Another day older and deeper in debt as the song goes. Instead of waiting for Armageddon, might it not be better to get behind Bitcoin and solve the problems of inflation and big government corruption while sending the banksters and the Wall Street manipulators to hell? All this without mayhem in the streets because there is now an alterative to the dollars scam.
But instead of seeing the nose on your face, you go after Bitcoin, claiming it to be like tulips and something to laugh at, even as the thing leaves you in the dust, financially, and psychologically as well.
Maybe you have not noticed yet, but as I am writing this BTC is right at $15k again. My port is looking just fine. And thanks to the sellers, I was able to buy more LTC today, which is up $20/coin already today.
This is not the madness of crowds. It is real honest-to-goodness change. Support it.