12 million dollars – down the drain.
And that’s at today’s depressed price of $7,100, or so.
Imagine cashing out at $19,000.
A slew of scammers pour into the crypto industry
Any ideas what prompted it, Clint?
This article is the only one I’ve read regarding the spike in price.
It talks about the spike, but doesn’t really explain the cause.
Guys, don’t give up on Bitcoin, this pullback and consolidation is a gift for the patient investor. Bitcoin back to 20,000 before years end
Watched an episode of BBC’s “Click” technology programme yesterday. It had a couple of features on mining cryptocurrencies and cryptojacking, one at the beginning and one at the end.
Thanks for sharing that, eddieb. The portion on security/hackers and the guy typing his username and password while the other guy reads the same info on his phone in real time gets me thinking about my overall computer security, and how a hack of my own computer would be devastating, especially if they installed a keylogger to track my keyboard usage. Yikes, scary thought!
That crypto mining data center was also insane! Can’t imagine the power bill there. But apparently, crypto mining is a drain on overall power usage in Iceland, making locals wonder if it will run out!
Crypto news from Britain, China, Australia, and Taiwan –
I just updated my Buy Weekly Strategy and had you bought $100 each of Bitcoin, Ether and Litecoin , you would have a total of $1800 invested in each coin and you would be up YTD as of time of this post $500 and well position for the next move higher
I see in today’s Times that the US Department of Justice is investigating British bitcoin traders as part of an inquiry into criminal price manipulation of digital currency markets
Bitcoin drops to lowest since February
by Fawad Razaqzada
The price of Bitcoin has fallen below $6500 to reach its lowest level since February 6. That was a day when it found significant support from around the $6000 mark which led to an eventual recovery to almost $12000 later on in the month. But it doesn’t feel like such a sudden rally will be on the cards again this time. Bitcoin has been trending lower along with other crypto currencies since early March and no end to the bear trend appears to be in sight. Sentiment on digital currencies turned sour after the bubble burst late last year, leading to significant price drops. A clamp down on crypto exchanges, ICO advertising ban, and threats of regulation undermined investor confidence. Sentiment hasn’t been helped by a series of hacks either, the latest victim of which being South Korean exchange Coinrail which affected a number of lesser-known coins such as Pundi X. Other factors that may have undermined crytos include diminished geopolitical risks, reducing the appeal of safe haven assets across the board.
It is said that success breeds success. Well, the opposite is also true. The sustained fall in the price of Bitcoin and other cryptos has caused sentiment to turn bearish on digital currencies with many would-be buyers put off by the downward-trending prices. Most participants in this group are unlikely to step in unless they are confident that the downward trend has ended. Support from this source is therefore missing for the time being. The fear of missing out (FOMO) has no longer been there to justify buying at ridiculously high levels. Also helping to exacerbate the sell-off is long-side liquidation, causing further selling pressure. Undoubtedly many long-term investors missed out on the opportunity to close at or near the highs and some are now forced to get out with whatever profit is available to them.
Bitcoin will bottom out eventually, but it could go down a lot or a little further in the meantime. No one will be able to predict precisely when and at what level the bottom might occur due to the almost unlimited number of variables that affect prices of cryptos. But when prices do bottom out, we will see a big rally and a break in market structure of lower lows and lower highs. Once that structure is broken only then can long-term investors have legitimate reason to step back in.
The focus for shorter-term minded speculators is clearly looking for bearish setups than bullish as things stand. Participation on the short-side is undoubtedly growing as more and more support levels break down. With BTC/USD being below the 21, 50 and 200 day moving averages, this is objectively telling us that the trend is indeed bearish. We have included a few potential support and resistance levels on the chart.
Source: TradingView and FOREX.com
John McAfee’s dilemma
In order for John McAfee to save his male appendage and his dignity, the price of bitcoin must reach one-million dollars by December 31, 2020. That means that, starting today, bitcoin must gain more than one-half of one percent per day for the next 932 days. The actual percentage is 0.5444905% per day, for the next 932 days.
Otherwise, John McAfee is going to need a venue for his live-television stunt. Then he’ll need to decide which t.v. networks to invite to his performance. And finally, he’ll probably need a big bottle of ketchup.
Let’s run the numbers.
John says the price of bitcoin will hit $1M by the end of the year 2020, or else …
In order for John to avoid the “or else”, the price must rise by $993,700 from today’s price of $6,300 (rounded off).
If the price were to rise linearly – which prices never do – bitcoin would have to gain a bit more than $1,066 every day from now until December 31, 2020.
But, prices (especially bubble prices) don’t rise linearly – they rise exponentially, with sharp retracements along the way. If we ignore the sharp retracements, and just assume a relentless, uninterupted, exponential rise starting today and ending at a price of $1M on New Year’s Eve 2020, then beginning today the bitcoin price will have to rise at a rate of 0.5444905% every day, on average, for the next 2 years, 6 months and 17 days.
If that were to happen, here’s what the bitcoin price would look like on the last day of each month, from now until December 31, 2020 –
If all that were to happen, I say we give ol’ John a 2-day grace period
(so he can put the ketchup away).
Is it time for some bottom-fishing?
If you are long-term bullish on bitcoin, now may be the time to begin some bottom-fishing.
On the 4-hour chart below, we don’t even have to draw the major support line at 6000.
The price-line shows the support level perfectly.
$100-worth of bitcoin per week, accumulated while bitcoin is cheap, could turn into a retirement nest-egg (especially if John McAfee manages to avoid the fate worse than death).
I may start nibbling at these levels.
Is Coinbase playing fast-and-loose with customer funds?
Or – Is Coinbase simply experiencing some growing pains?
Or – Are a few disgruntled customers just “blaming the broker”?
I’ve read some crazy Coinbase user stories (frozen account, missing funds, etc). And also saw how they’d usually get resolved if they’re posted on social media.