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Bitcoin Drops Below $6,000, An 8-Month Low (reuters.com)
An anonymous reader quotes Reuters:
Bitcoin's value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals. Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year's frenzied interest fizzled. Recent hacks and the "cyber intrusion" of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit.
Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12... So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak... The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.
Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that "None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished."
Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12... So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak... The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.
Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that "None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished."
"BitCoin defies logic by remaining just under $6000 over priced."
"Fratboys across the country pissed as their 'sure thing' trust fund investment continues to fall"
"Drug dealers pleased to inform customers of lower bitcoin prices to increase sales"
It's actually up 8% since yesterday. That's an awesome return for 1 day. This is more proof of why investment analysts do worse the the market as a whole.... They are either lying or don't know what they are talking about. I'll assume the later.
And the last time I played Black Jack, I got a 100% payout. Now that's an even more awesome return for 1 day.
If you don't understand statistics and stochastics, don't come crying once you've lost.
Time to call them what they are.
Actually it possibly is. If Bitcoin is slowly inflating, rather than violently oscillating between extremes, it might start to be possible to take it seriously as a "currency".
Your hypothesis might be correct, but for the fact that bitcoin by no reasonable definition is "slowly" inflating.
Hopefully it will drop down to zero where its actual value is.
- Vincit qui patitur.