Bitcoin bubble bursting?

This seemed inevitable, it was just a matter of when, and how many speculators get burned. Some people can make money for nothing, most don’t.

Bitcoin Tumbles More than 25% as Sharks ‘Beginning to Circle’

Bitcoin’s plunge extended to almost 30 percent Friday as the frenzy surrounding digital currencies faced one of its biggest tests yet.
The world’s largest cryptocurrency approached $10,000 as this week’s selloff entered a fourth day with increasing momentum. It touched a record high $19,511 on Monday. Other cryptocurrencies also tumbled, ethereum dropped as much as 36 percent and litecoin slumped as much as 43 percent, according to composite prices on Bloomberg.

This week’s losses represent a major test for the cryptocurrency industry and the blockchain technology that underpins it, which have rapidly entered the mainstream in recent weeks. Bears cast doubt on the value of the virtual assets, with UBS Group AG this week calling bitcoin the “biggest speculative bubble in history.” Bulls argue the technology is a game changer for the world of investment and finance. Both will be closely watching the outcome of the current selloff.

“The sharks are beginning to circle here, and the futures markets may give them a venue to strike,” said Ross Norman, chief executive officer of London-based bullion dealer Sharps Pixley Ltd., which offers gold in exchange for bitcoin. “Bitcoin’s been heavily driven by retail investors, but there’ll be some aggressive funds looking for the right opportunity to hammer this thing lower.”

Bitcoin has crashed before, so it could recover.

Or not.

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21 Comments

  1. Conspiratoor

     /  December 23, 2017

    A good time to buy. There will only ever be 21,000,000 bitcoins and currently 40% are owned by only 1,000 investors. The reason bitcoin dropped is because of price manipulation by supporters of bitcoin cash who have very large stockpiles of bitcoin

    • Gezza

       /  December 23, 2017

      Bitcoin competitors seem to be arising. Are we going to start seeing various virtual currencies having to set exchange rates.

    • David

       /  December 23, 2017

      No it’s not. At a Christmas party I was at early this week, everyone seemed to be investing in Bitcoins. When all that dumb money is flooding in, it’s time to get out.

      • Kitty Catkin

         /  December 23, 2017

        Yes-the secret is knowing when to sell-even if it keeps going up for a while, the bubble will soon burst…

        • Kitty Catkin

           /  December 23, 2017

          I only know one billionaire and don’t know him well, but I bet that if I asked him if he was investing in Bitcoins, he’d say that he wasn’t. Not that I would ask, I don’t know him well enough for that.

      • Alan Wilkinson

         /  December 23, 2017

        As soon as I saw it being advertised everywhere I knew it was doomed.

        • Gezza

           /  December 23, 2017

          Stuff.co is advertising Bitcoins at the same time as it’s running articles saying don’t buy them.

        • Pickled Possum

           /  December 23, 2017

          Heya Al howzit hanging bro?
          my keri connection brought 50 dolleros of bitcoin when no one knew what they were about, well I didn’t and recently went to Aucks to swap it for 8 thousand bloody dollars.

          Have a great one for kristmas bro and don’t bogart that joint … of mutton.

          • Alan Wilkinson

             /  December 23, 2017

            Thanks Possum, hope you have a lovely one with your folk too. Keri was on the ball and bailed out at the right time. Not so, whoever bought it.

  2. Kevin

     /  December 23, 2017

    Great news. If it keeps tumbling then bitcoin might be able to be used for what it was created for. Currently it can’t be used as an online currency as the fees are too high and the transaction times too long.

    • NOEL

       /  December 23, 2017

      Agree Kevin. Latest is it is so slooooow because of this current speculation.
      It’s interesting to note that the “Bitcoin Whales” may be shedding to invest in other cryptocurrencies where the current rates are in the thousands of percent.