is in a bubble. A mixture of tangible and emotional catalysts appear to be responsible for a good portion of cryptocurrency gains this year. Blockchain has also gotten a boost from the willingness of some brand-name businesses to test out the technology in small-scale and pilot projects. Image source: Getty Images.
Bitcoin has gone through multiple crashes before : in spring 2011, in November 2013, and in January 2017. Bitcoin is the dominating crypto currency. The recent crash only managed to get its price back to where it was last December, which means it is still profitable compared to a few years ago. Bitcoin has been on a tear this past with the value of the cryptocurrency jumping from 8,000 to nearly 20,000.
Well that run hit an abrupt end today as the price crashed as much as 23 percent on Coinbase.
The price briefly dipped below 12,000 on some exchanges at around 7:30 am London time.
In Case You Missed It, Bitcoin, has, now, crashed 3 Times in the Past 5 Months Things don t look to get any easier for the world s most popular virtual currency in the months ahead.
Dec 11, 2017 Follow the topics within this article.
If we as investors looks back 10, 20, 50, or even forex market watch online 100 years, we'd have a hard time finding an asset with a more consistent long-term return than stocks. Virtual currencies like bitcoin and Ethereum have stolen all the glory, and with good reason. DividerCCN/divider CCN hosts a summarized Economic Calendar showing the weeks main data releases. There have been comparisons to the dotcom bubble of the early 2000s which saw technology stocks lose billions in value and even the alleged. It is evident from the chart, above, that the market top and ensuing decline preceded news out of China by five days.
CME Group should be a winner either way, but I can't say the same thing for bitcoin's investors. The all-time price high is accompanied by a decisive instance of divergence in the macd (and RSI) indicator a technical sell-signal that market traders act on, without question, whenever it manifests in a price chart. Bitcoin Cash, which is a clone that shares its name and many key features, might be to blame.