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Price Of Bitcoin Rises 27%, While Price of Bitcoin Cash Triples (bloomberg.com)
A Bloomberg columnist asks whether this week's rise in bitcoin's price is a turning point -- or just a "dead cat bounce"?
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week. Short-sellers are closing their positions, while fans smell fresh opportunity. Even more eye-watering market moves are happening elsewhere in the digital currency's ecosystem. Bitcoin Cash, a spin-off intended to be more usable as a payments mechanism, has almost tripled this week from about $80 to $225. That this is happening at the same time as a U.S. stock-market selloff will no doubt warm the hearts of crypto-evangelists, who believe their currencies offer genuine alternatives for where to put money in times of trouble....
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
Oh so the groups likely manipulating this scam are now moving it back "up in value" (value for a product that you can't do anything with).
Yes, folks should invest their life savings in something that can move 80% in a week. I am sure it's completely legitimate and safe long term investment!
https://www.youtube.com/watch?...
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