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Bitcoin Plummets Below $3,000 on Rising China Worries (ft.com)

Posted by msmash on from the changing-market dept.

Bitcoin dropped below $3,000 on Friday as the cryptocurrency extended a brutal eight-day sell-off that has reduced its value against the dollar by a third. Financial Times reports: The currency traded as low as $2,972, marking a 36 per cent fall from bitcoin's close on September 7, and a collapse of 40 per cent from the highs struck earlier this month. The latest bout of selling came after BTCChina, one of the country's biggest bitcoin exchanges, said it would halt trading at the end of the month. Focus has now shifted to the communist country's other two big exchanges: OKCoin and Huobi. Alternative source.

10 of 221 comments (clear)

  1. Also... by Luthair · · Score: 4, Informative

    JP Morgan's CEO referred to bitcoin as a fraud, and made reference to tulips (the first recorded bubble).

    1. Re:Also... by DontBeAMoran · · Score: 3, Insightful

      "JP Morgan Chase & Co. is a U.S. multinational banking and financial services holding company headquartered in New York City." - Wikipedia

      Yeah, let's trust the guy trying to push a competing product. Let's also forget the bank bailouts where they squandered billions and were saved by the government anyway (i.e. with your taxes).

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      #DeleteFacebook
    2. Re:Also... by Luthair · · Score: 5, Insightful

      Exactly what do you think is competing here? If the banking industry thought these were viable, they'd be trading them and they'd be operating exchanges.

  2. Bitcoin's value is still up by DontBeAMoran · · Score: 5, Informative

    Not only is Coindesk showing a rebound above USD$3400 but let's not forget that Bitcoin's value was only around USD$1000 at the beginning of january 2017. So it's still up 200% right now. That USD$5000 value was a bubble and it had to burst.

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    #DeleteFacebook
    1. Re:Bitcoin's value is still up by DNS-and-BIND · · Score: 4, Insightful

      Yes, because what I want from a currency is wild swings and the ability to speculate instead of hold value long-term. Honestly that sounds like a commodity, not a currency.

      --
      Shutting down free speech with violence isn't fighting fascism. It IS fascism!
    2. Re:Bitcoin's value is still up by WrongMonkey · · Score: 4, Insightful

      Worse... its a commodity that has no utility. I buy pork bellies, I can at least make bacon.

    3. Re:Bitcoin's value is still up by PhoenixFlare · · Score: 3, Insightful

      Bingo. If there's anything missing from my current economic experience, surely it must be having to check before I buy anything to see what my currency is actually worth today.

  3. Re:"percent" by mysidia · · Score: 4, Informative

    "percent" and "per cent" aren't the same thing, and this is especially grievous when talking about money.

    False. "Percent" literally means per 100 ( a fraction), and "Per cent" literally means per 100 ( a fraction). It is your "Per US cent" which is completely different, because now you are suddenly comparing it to units of a different currency.

  4. Ob by Hognoxious · · Score: 3, Funny

    1) Become member of Chinese equivalent of Politburo.
    2) Short bitcoin
    3) ????
    4) Profit!!!!!

    --
    Confucius say, "Find worm in apple - bad. Find half a worm - worse."
  5. Re:Eventually governments are going to crack down by thechemic · · Score: 3, Interesting

    You can get a shift card, a bitpay card, and dozens of other debit style cards tied to your bitcoin. I mine bitcoin at home, and then I spend it EVERYWHERE AND ANYWHERE THAT VISA/MASTERCARD ARE ACCEPTED. I just bought lunch with bitcoin today. A couple days ago I bought a headset from best buy using bitcoin. I also paid my $1300 electric bill with bitcoin. I pay my car insurance with bitcoin.

    Because mining produces FAR MORE money that the electricity costs, everything I bought with bitcoin was essentially free. If you truly believe that bitcoin is only for illegal things, you've got your head in the sand or otherwise somewhere where the sun don't shine.

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    Let's make like a bird... and get the flock outta here.