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Old 12-22-2017, 01:58 PM   #1
The Voight-Kampff
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Join Date: Feb 2005
Location: The Garden State
Posts: 30,658
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Bitcoin crashed hard today, almost every other cryptocurrency suffers as well

Yahoo! Finance has the story.

Bitcoin has been on a tear this past year with the value of the cryptocurrency jumping from $8,000 to nearly $20,000. Well that run hit an abrupt end today as the price crashed as much as 23 percent on Coinbase. The price briefly dipped below $12,000 on some exchanges at around 7:30 am London time.

The drop -- which wiped more than $4,000 from the value of bitcoin at one point -- was the highest percentage loss of value that bitcoin has seen this year. The cryptocurrency was valued at just $998 on January 1 2017 and it soared to a record high of nearly $20,000 on some exchanges earlier this week.
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Old 12-22-2017, 03:59 PM   #2
Michael Bay Fanboi
Join Date: Oct 2005
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It was a pretty gross drop but ratio-wise it isn't unprecedented. Remember a few years ago it went from $400 to $1200 in a 30-ish day period (actually about this time of the year too) before crashing down.

What is unique is the skyrocketing value doubling->doubling->doubling we saw since August.

And where bitcoin goes the whole crypto-market goes. However it's stabilizing and has been flirting with $15-$16k as people are snapping up "cheap" coins on a pretty active market.

Last weekend I thought it was going to drop over the weekend from $17k but it soared to over $19k. We'll see if that happens this weekend.

It's a fun game but the thing about Crypto, at least IMO, is it is a game to watch at the macro level.
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