But crypto is the future of money! Just accept it, because its the future... of money.. which means it should be $100,000 in ten years, because math.
GBTC seems to have leveled out. On a personal level, I would've been panicked had I not gotten out a few days ago. But, technically, no, probably not a panic on a professional level. Might even take another ride on the uptick.
Still not seeing panic in the comments on r/bitcoin, just more of the usual "hold, its going back up soon". Bubbles are not done until the mood swings 180 in the other direction, this could take months.
Man I put no credence into the zoo that is reddit. They're a minority voice who will chant HODL til the day the die - but you don't know what they're really doing.
GBTC up about 10% as I write. -------------- 12 Stocks Getting Crushed By Bitcoin's Rout 1:38 pm ET December 22, 2017 (Benzinga) Print For bitcoin investors, the long holiday weekend can’t come fast enough. The price of bitcoin plummeted another 14 percent Friday, dipping as low as $11,622 before bouncing back to $13,390 in mid-day trading. At one point, the price of the cryptocurency was down more than 40 percent from its Sunday high of $19,856. Extreme Volatility There’s no obvious explanation for the extreme sell-off, which may simply be attributed to the exceptional volatility of the bitcoin market. The recently-launched bitcoin futures contracts hit their “limit down” circuit breaker on Friday after losing 20 percent of their value. Trading of the contracts was temporarily halted. Coinbase, one of the world’s largest bitcoin exchanges, temporarily disabled bitcoin trading on Friday morning due to the extreme volatility as well. Troubles Abroad CNBC reported that cryptocurrency demand from South Korean and Japanese investors dropped sharply this week. Much of the global demand that has driven bitcoin prices higher in recent weeks has come from those two nations. South Korean cryptocurrency exchange Youbit filed for bankruptcy this week after a major security breach at the exchange. Bank of Japan Governor Haruhiko Kuroda also referred to bitcoin’s huge 2017 gains as “abnormal” this week in a media conference. Price Action The horrible week for bitcoin extends beyond currency owners. A number of cryptocurrency and blockchain-related stocks and ETFs are taking a pounding on Friday as well: Bitcoin Investment Trust (OTC: GBTC) is down 4.6 percent. Future Fintech Group Inc (NASDAQ: FTFT) is down 11.6 percent. Metropolitan Bank Holding Corp (NYSE: MCB) is down 5.4 percent. ChinaCache International Holdings Ltd (NASDAQ: CCIH) is down 21.2 percent. Nova Lifestyle Inc (NASDAQ: NVFY) is down 10.2 percent. Seven Stars Cloud Group Inc (NASDAQ: SSC) is down 15.0 percent. Net Element International Inc (NASDAQ: NETE) is down 27.9 percent. Riot Blockchain Inc (NASDAQ: RIOT) is down 16.3 percent. On Track Innovations Ltd (USA) (NASDAQ: OTIV) is down 14.2 percent. Social Reality Inc (NASDAQ: SRAX) is down 13.3 percent. Advanced Micro Devices, Inc (NASDAQ: AMD) is down 3.6 percent. NVIDIA Corporation (NASDAQ: NVDA) is down 1.0 percent. Related Links: Here Are All The Ways You Can Buy, Trade, And Invest In Bitcoin Does Bitcoin Actually Hold Any Value At All? © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Sure you do. They're putting their entire life savings of $212 into a penny stock and telling everyone it's going to the moon.
Hahahahaha. I love those guys - they're overconfident experts in the future of currency, but they only invested couch money. Too many people trying to become millionaires from chicken scratch.
I felt the same way. Finally a close below the 20 ma, and bounced right off the 50 ma. This was a chance for some to get in. I think this will bounce right back up even higher. And then it'll crash.
I bought 300 BTC back in 2015. Easiest 6 million I've ever made... if only that were true.. I remember thinking around 2014 this is too difficult (despite being a tech guy) - and not worth my time to mine bitcoin as it won't last. Shrug. Anyway, been a good couple days for those who day trade.
I've heard some wild stories too about mining hardware not showing up for months after you order it. Then when you get it it's already obsolete.
The exuberance, volatility, and sudden change of character is stunning on the $100-box by 3-box-reversal point & figure......obviously many weak hands own this now, many who bought during a short period of vertical distribution I think.
RIOT and GBTC charts are quite similar. For that matter, my guess is all Bitcoin related stock charts are running the same pattern. Point is, if you can't afford GBTC ($2300) go with RIOT ($28.21).
