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Crypto-Carnage: Bitcoin Rebounds Sharply After Crashing to $10,000

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By Tyler Durden  /  ZeroHedge

Update 1045ET: Andrew Left of Citron Research has covered his GBTC (Bitcoin Trust) short.. as the arbitrage spread to futures has roundtripped…

*  *  *

Update 1025ET: Bitcoin Futures have resumed trading and the BTFD’ers are in control – ramping Bitcoin back above $13,000 from near $10,000 lows…

*  *  *

Update: 0950ET – CME’s Bitcoin Futures Contract was halted limit-down (down 20%) at $12,265 at 0945ET…

*  *  *

Following the most aggressive drop in Bitcoin in almost three years (plunging 37% from its highs in 5 days)… Bitcoin is now down over $9000 from its highs…

Back to a $10,000 handle…

And then it was suddenly ripped $2000 higher…

Every bounce is sold…

However, today’s collapse isn’t even particularly eye-catching on a logarithmic scale, used to compare relative percentage-point sizes of moves.

At least three times since 2010, the first year for which Bloomberg prices are available, bitcoin has retreated more than 70 percent from record highs. Caveat emptor.

Surveying the damage this morning is nothing short of a bloodbath…

Source

If one looks carefully, one can find a few glints of green – Tether, NXT, Komodo, Bitcoin Dark, and SmartCash but they are all microcap.

Futures and spot fell together with various circuit-breakers kicking in…

Some have argued that this was a key technical breakdown of the exponential uptrend…

These kind of drops are not entirely unusual, Bitcoin has crashed by over 30% in every quarter since its inception…

 

In fact, drawdowns are very much business as usual…

As Reuters notes, for the week, it was down around a third – its worst performance since April 2013.

Ethereum is also getting crushed…

Interestingly, Ripple, the third-biggest, has more than quadrupled in price since Monday.

But it’s not just the underlying cryptocurrencies that are bloodbathing. Various companies that have changed their names in recent days/weeks to try and capitalize on crypto’s rise are in trouble this morning…

Riot Blockchain, Long Island Iced Tea (Blockchain), Net Element, and LongFin are all crashing in pre-market…

…Meanwhile, the newly christened Long Blockchain revealed in an SEC filing on Friday that it had secured a new loan agreement with Court Cavendish, a lender trying to expand its technology portfolio, according to the filing. The company received a $2 million loan, with the option of increasing it to $4 million with the consent of the lender.

The loan is secured with warrants…

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Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, said that there have also been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency. Oanda does not handle trading in bitcoin.

Finally, many are noting the recoupling ion the relationship between Bitcoin and Gold…

Which comes first? Bitcoin $10k or Gold $1300?

http://www.zerohedge.com/news/2017-12-22/cryptocurrency-heatmap-sea-red

Read more great articles here: http://zerohedge.com



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    • Don - 1

      Bitcoin is in its death throes. Its now only a matter of time until BC is worth 5 cents.

    • nath

      What happens next is the suckers want to save face so they pump it up again only to be fleeced again.Let’s ask Cliff High how his precious Bitcoin goes down when Gold (actual value) goes up? Bitcoin seems to be the establishments attempt to hold gold down.

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