Bitcoin Wreck
January 6th, 2017Warning: Nothing that appears on Cryptogon should be considered advice to buy, sell or hold any financial instrument.
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Someone wondered why I mentioned Bitcoin a couple of days before it crashed, after not mentioning it for a long time.
Did I know something?
Nope.
But I don’t mess with potential double tops. So when I saw it trying to test the record high, I checked my address and found some coin in there. I sold them off as soon as they showed up in my wallet. Man oh man, that slow blockchain sync on Bitcoin Core nearly wrecked me.
*phew*
Electrum from now on.
I have no idea where Bitcoin prices are headed. It could have just as easily ignored the previous top and kept running higher.
Via: Reuters:
Bitcoin plunged by as much as 12 percent on Friday after China’s central bank urged investors to take a rational and cautious approach to investing in the digital currency, which is on track for its heaviest two-day drop in two years.
Bitcoin had been on a tear until Wednesday, gaining more than 40 percent in two weeks to hit around $1,139 on the Europe-based Bitstamp exchange, just shy of its all-time record of $1,163.
But the web-based digital currency, which has shown an intriguing inverse correlation to the Chinese yuan in recent months, plunged as the yuan soared on Thursday, falling as much as 20 percent at one point.
It continued that fall on Friday, with its losses accelerating after the central bank’s warning.
It fell as low as $871, down almost a quarter from its peak on Wednesday, before recovering to about $900 by 1455 GMT (9:55 a.m. ET). That still left it down 10 percent on the day and on track for its worst two-day performance since January 2015.
