Posted on 11/19/2018 9:27:22 AM PST by NRx
The world’s largest cryptocurrency dropped to its lowest level in more than a year on Monday.
Bitcoin hit a low of $4,951.47, bringing its losses to more than 21 percent in the past seven days and more than 62 percent this year, according to data from CoinDesk.
The digital currency began stumbling last week after months of relative calm. Bitcoin had been trading in the $6,400 range, a break from its volatility earlier this year, for the majority of October as the rest of global markets sold off. The cryptocurrency is now down more than 30 percent since last Thanksgiving.
Its epic rise started right after the American holiday last year, as the cryptocurrency gained its status as a household name and became a common topic around dinner tables. Bitcoin first topped $10,000 at the end of November last year and was worth almost $20,000 ahead of Christmas, mostly driven by retail investors.
The rapid run-up also coincided with the introduction of a bitcoin futures market in December. Peak prices lined up with the day the Chicago Mercantile Exchange, or CME, introduced bitcoin futures trading on Dec. 17. The Chicago Board Options exchange, or CBOE, opened a futures market a week earlier. Until futures existed it was extremely difficult, if not impossible, to bet on the decline of bitcoin prices.
On Monday, both of those bitcoin futures hit their lowest level since they were introduced. Bitcoin CME futures fell as low as $5,015 while bitcoin contracts on the CBOE dropped to $4,990.
(Excerpt) Read more at cnbc.com ...
Buy tulips.
I did not know it was still a thing.
Blockchain is awesome, but it can be applied to normal, government backed fiat currency. Bitcoin is worse even than that.
Bitcoin hit a low of $4,951.47, bringing its losses to more than 21 percent in the past seven days and more than 62 percent this year, according to data from CoinDesk.
That reminds me, I'm almost out of aerosol cheese.
That reminds me, I have to throw some $20 bills out the car window as I drive into town today, just to green up the drab autumn landscape a bit.
lol
At least tulips could be pretty flowers.
Bitcoin has people consuming resources while producing neither goods nor services and tries to insure its “value” by making late comers consume even MORE resources unproductively.
For years I’ve said I wished I’d been smart enough to buy stocks in paper companies when they first started touting the paperless office. Now I find myself thinking that the people behind Bitcoin were hopefully smart enough to invest in power companies and others like ATI which make the cards used. If they did they’re sneaky manipulative geniuses, Otherwise they missed the boat.
“Squeezy Cheese, the almost, but not quite, food in a tube.” — Animaniacs, from memory
The technical chart is awful with a break under the ~6000 "floor" that resulted from the exponential decay. Now down 74%, but still well under the 411 day prior correction from ~1000. So there's plenty of time left to drop some more. And no worries if you are nervous about missing the bottom.
It’s only a matter of time before they start calling it “Shitcoin”, and rightly so.
How many times I have heard over the past decades on how this or that stock or investment is going to crash and that everybody involved will get their comeuppance?
Many times as a matter of fact.
I wonder how those who bailed on Apple in the mid 1990s feel?
I was just doing my b-day shopping for a family member, and she had an Animaniacs disk set on her wish list.
In this context, it would be appropriate if you drove a Fiat while you did it.
Depends on when they bailed. :^) Apple is not a stock for buy-and-holders, in fact, I'm not sure there are any like that. It's $47.49 off its 52 week high, and probably has some more to go before it bottoms and heads higher, again.
The Wheel of Morality equipped with random politically correct “lessons” would summarize the Left these days nicely.
Trouble with a Fiat is I might not even make it to town!
Stocks in companies are at least nominally something. Yes, an investor can lose their whole investment. But what they invest in should at least have a pretense for producing some good or service so that they hope to receive a return ...otherwise the SEC should probably get interested. BitCoin is just asserting that it has value and getting enough folks to buy into the scheme. It was bad enough when governments did that. It was bad enough when it was just vaporware for the Amigas or NeXT. This is over the top.
That’s just French autoworkers striking by proxy.
Sorry, Italians.
Boy am I red faced right now...
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