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Bitcoin Is Crashing (businessinsider.com)

Posted by msmash on from the what's-happening dept.

An anonymous reader writes: Bitcoin is getting smashed. The cryptocurrency was down 18% to about $892 per coin as of 8:17 a.m. ET on Thursday. It is the biggest drop in two years. Earlier this week, on its first trading day of the new year, Bitcoin crossed above the $1,000 mark for the first time since 2013, but it has now tumbled below that level.

8 of 296 comments (clear)

  1. Previous article by buchner.johannes · · Score: 5, Insightful

    https://news.slashdot.org/stor...
    Probably a lot of people took the news of a 1000$ high as a chance to sell now?

    --
    NB: The message above might reflect my opinion right now, but not necessarily tomorrow or next year.
    1. Re:Previous article by aaarrrgggh · · Score: 4, Insightful

      More like a pump and dump scheme I would guess.

  2. Maybe just profit taking? by DigitalSorceress · · Score: 4, Insightful

    I really think that a lot of folks had just said "oh 1k maybe time to "cash in"...

    I bet it rebounds and will go through some oscillations every time it crosses 1k until folks get used to the idea that it can go to /higher than 1k then it will creep up and probably take a dip at 1.5k and/or 2k

    --

    The Digital Sorceress
  3. Bitcoin is dead by vvaduva · · Score: 4, Insightful

    This is it...Bitoin is dead!! It's up 300% over the last 12 months but down 18% over the last 24 hours. It's fucked! Bitcoin is dead!! What idiots use this crap??

  4. Re:Rebounding already by MightyYar · · Score: 5, Funny

    Wait, it's back at $950, so the comment is back in date.

    --
    W..w..W - Willy Waterloo washes Warren Wiggins who is washing Waldo Woo.
  5. Paper currency is too dull by T.E.D. · · Score: 4, Funny

    You know what traditional currency like the Dollar was really missing? All the excitement of the random wild value fluctuations inherent in a dot-com stock! I for one find it tedious and boring to walk up to the checkout line in a retailer or grocery store already knowing that I have sufficient funds to pay for my purchase. Yawn.

  6. Re:Up by houstonbofh · · Score: 4, Informative

    Almost like people have never seen speculative corrections before...

  7. Inverse relationship to Yuan by NotARealUser · · Score: 4, Insightful

    Welcome to currency trading. The reason your grandparents did not bet the farm on currency is because of the wild swings. Somebody gains big and somebody loses big here. These sort of swings in currency are exactly how George Soros made his fortunes. I do not think the current swing indicates good or bad days ahead for BitCoin. It only indicates that it is being used for huge profits by some.

    Here is a little explanation of what just happened:
    One of the biggest emerging Bitcoin markets is in China. China's Yuan has been weak and even a small percentage of investors moving their Yuan investments in and out of Bitcoin can cause the market to fluctuate greatly. China's Yuan is much bigger than Bitcoin, so relatively small waves in China really rock the boats in the Bitcoin world. There was a spike in Yuan value, and some investors assumed better days ahead for China and cashed out bitcoins for Yuan. As you can see from the current charts, investors now saw cheap Bitcoin and are buying those again.