$260 billion ‘cryptocalypse’ as cryptos plunge 30 per cent amid fresh China, South Korea fears

THE cryptocurrency market has lost $US206 billion overnight in what traders are describing as a “cryptocalypse”, with bitcoin heading back towards its $US10,000 milestone first reached last November.

But it was smaller currencies including ripple, ethereum and bitcoin cash that were the hardest hit in the latest sell-off, which was sparked by fresh fears of a crackdown on virtual currencies by governments in South Korea and China.

At the time of writing, ripple was down nearly 50 per cent on the previous day, ethereum had lost nearly 34 per cent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 per cent to just under $US10,200.

The market capitalisation of more than 1300 cryptocurrencies has dropped by around 30 per cent over the past 24 hours, down from $US702 billion to $US496 billion, according to Coinmarketcap.

“I have no sympathy for idiots that do santa clause or bit coin. I am very familiar with this scam and I want to assure you that it is bull $hit and tulip bulbs. The human mind is so easily duped into insane stupidity as when they voted for obama but here it takes their money and future and grinds it into nothingness, If you have bit coin do your best to get some of your money out . It is very difficult but hang in there until actual money is retrieved. This illusion is going to zero value quickly.”

I don’t know. People have been saying this exact same thing for a long, long time. Bitcoin has been eulogized over and over again for years. As somebody who bought in at 780 and sold at around 14000, no need to feel sorry for me. I’m not saying that it will go up forever, but when it goes down it will not be “vindication” for people who repeat this same obituary every time it drops, because even a broken clock will be correct when that hour rolls around. If you constantly say “it’s crashing to zero” every time there is a dip, and you’re wrong every time except the last time, you didn’t “predict” anything.

Just my 2 cents.

“I appreciate that and for your sake I hope you are right.”

Thanks. I’m under no illusion. I didn’t invest much, and I mostly did it just because I’m a curious guy, wanted to understand what it was about and how it worked.

I’ve since taken out well over my original investment, so I’m just playing with house money at this point. I bought into a few more cryptos as well, 10 bucks here, 20 bucks there. The funny part is, I have tens of thousands of some coins that are worth tiny fractions of a penny, so like 20 bucks worth is oodles of them. Can you imagine if one of them took off suddenly even went up even to just a couple bucks? I doubt it, but it’s fun to think about. It’s all in fun, I s’pose.

*cheers*

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