Clickbait? Someone wanted to speculate more and the market was starting to settle down a bit so they decided to stir the pot a bit? Every time you see a "major" news outlet put one of these pieces out, either talking about how ridiculously overvalued bitcoin is, or else how the bottom is dropping out of the bitcoin market and it's a blood bath, it always results in the price swinging wildly up and down for a little while.
bloomberg is a broken record repeating "x end is near" until the conditions are right and can come out telling "told you so"
it has been foretelling the doom of the chinese market for a decade and an half now, of course it will happen at some point but that won't make it useful, like all other predictions without a date they do.
You're complaining about the headline, not the article.
A commodity that is trading 30% below a peak it set just one month ago is absolutely newsworthy, are you serious? If the SP500 did this we'd be posting in a 5000-comment thread and asking how long the recession would last.
I've noticed that it seems to fall on weekends and then go up on Monday or Tuesday. Wondering if I should put in some cash on an exchange to see if I can make money from this observation ...
I tried to calculate when the big buyer/seller "whales" go to sleep to figure out what their time zone was. It pointed to the middle of the Atlantic Ocean :/
The real reason of declining of cryptocurrency is due to the shut down of AlphaBay. Alpha Bay was basically the replacement for Silk Road after that site was also shut down.
Is there any reason for the Bitcoin being worth anything? Even in North Korea or Cuba it is easier to hold USD than Bitcoin. I'm sorry for the late investors, but people was warned since long ago.
Same reason gold is worth something, it's a limited resource that's fungible and a large enough people are willing to trade in to make it useful for acquiring goods.
Because the information it provides is very precise, relative to gold it's quickly (therefore cheaply) transmitted (and stored), and relative to fiat currencies it's very hard ("virtually impossible?") to forge or devalue.
[+] [-] oldstrangers|8 years ago|reply
[+] [-] orclev|8 years ago|reply
[+] [-] LoSboccacc|8 years ago|reply
it has been foretelling the doom of the chinese market for a decade and an half now, of course it will happen at some point but that won't make it useful, like all other predictions without a date they do.
[+] [-] unknown|8 years ago|reply
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[+] [-] ajross|8 years ago|reply
A commodity that is trading 30% below a peak it set just one month ago is absolutely newsworthy, are you serious? If the SP500 did this we'd be posting in a 5000-comment thread and asking how long the recession would last.
[+] [-] patrickg_zill|8 years ago|reply
[+] [-] andirk|8 years ago|reply
[+] [-] fiatjaf|8 years ago|reply
[+] [-] irresolute|8 years ago|reply
[+] [-] faragon|8 years ago|reply
[+] [-] orclev|8 years ago|reply
[+] [-] PKop|8 years ago|reply
[+] [-] desireco42|8 years ago|reply
Other commenter explained benefits of bitcoin, so ...
[+] [-] pmoriarty|8 years ago|reply
[+] [-] midnitewarrior|8 years ago|reply
[+] [-] nickster|8 years ago|reply
[+] [-] 7ewis|8 years ago|reply
[+] [-] bdcravens|8 years ago|reply
[+] [-] NationLider|8 years ago|reply
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[+] [-] DeerSpotter|8 years ago|reply
hype, hyyyype, HYYYpe, HYPE, HYYYYYYYYYYYPE, short sell, PANIC
[+] [-] mikeschmatz|8 years ago|reply