Bitcoin Tumbles 25% In Hours

Tyler Durden's picture

The dramamine ride aboard the BTC rollercoaster continues. After crossing $200 yesterday and hitting $260 this morning, Bitcoin has since tumbled to $200, or a 25% drop in hours, on surprisingly light volume. Only adults should be on board this particular rollercoaster because if the mysterious buyer(s) decide to offload their amassed positions, there will be no stops protecting on the downside. As usual, and as we warned earlier today when BTC hit its record high, "those who absolutely must chase this runaway chart should not "invest" one penny more than they are comfortable losing." In fact, at this point it is perhaps only the most habitual of momentum chasing gamblers that should be involved in the name, especially if shorting BTC is indeed as reported earlier, about to become a possibility.

And some amusing insights into the virtual currency from dpa-AFX' Scott Solano, including a "technical" perspective:

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JeremyWS's picture

BTFD, surely its a bargain at $200 (!)

Spider's picture

Forget bitcoin - its an accident waiting to happen.  Gold is getting pretty attractive - anybody know any Cypriots to buy from??

krispkritter's picture

No one saw this coming...really, no one...


Killtruck's picture

'Tis I, Killtruck, the semi-professional falling-knife-catcher...come to me, my digi-precious. I will catch you.

...or maybe I'll just wait until payday and buy something fucking tangible. And shiny. Must have the shiny.

Stackers's picture

Come on lucky number - baby needs a new pair of shoes

Divided States of America's picture

Ha, thats what going to happen to the DOW one day also...

SafelyGraze's picture

Curious why every bank and their grandmother, and most recently Goldman today, has been lining up to push the price of bitcoin as low as possible? Here's why:


What happened: was the deposit outflow discovered to have been even greater than the worst case scenario and thus Cyprus needed even more cash? As for the buyers? We will venture a guess: central banks buying at the lows.

Atlas_shrugging's picture

Damn - I was going to exchange some of mine for Dutch tulips

Badabing's picture

Time to sell BTC and buy PMs



Abraxas's picture

My jonson is a living testament to that.

HoofHearted's picture

Some of us suggested getting out this morning and trading in for the shiny. Apparently someone saw the wisdom in that, saw what Cyprus was doing, and hey....someone's old lady is gonna love all the bling around the house now.

Bitchcoins. Put them in the stack with the sock dog.

Dr. Richard Head's picture

Must go MOAR least according to the Bernankio's world.

MillionDollarBonus_'s picture

HAHAHAHAHA!!! This serves Bitcoinbugs right for 'investing' in this ponzi scheme of invisible coins. Seriously, who actually thought this would work? Libertardians are so weird ...

mick_richfield's picture

MDB, could you please not comment on BitCoin ?

It makes me very uncomfortable when I agree with half of what you say.

MillionDollarBonus_'s picture

Here are some major concerns that many reasonable open minded people have about bitcoin:

1. If all computers in the world shut down at the same time, what will happen to my bitcoins?

2. If the internet gets shut down across the entire planet, what happens to my bitcoins?

3. If somebody breaks the code, what happens to my bitcoins?

4. If somebidy hacks into bitcoin, what happens to my bitcoins?

LOL, seriously this idea is so retarded. I can't actually believe anyone actually buys these invisible ponzi coins. These nerdy anarchist freaks trust computers more than their own government. What a bunch of creeps.

Vince Clortho's picture

If only bitcoins were as safe as the Digital money created by the Fed. 

Citxmech's picture

Seems to me this rise and fall could have been completely orchistrated.  Since "faith" is the key componant to a digital currancy - and with such a small market, TPTB could just bid it up to the moon and then sell it out, thereby shaking any faith anybody could have in it as a store of wealth.  In fact, if you had enough juice, you could just keep buying low and selling high, yo-yoing yourself to quite a stack of fiat while you were at it.

Blythe, is that you?

trembo slice's picture

Governments are the most untrustworthy of all.  Other than that, MDB nailed it... FTW

Bearwagon's picture

What have these people done to you? What do you have against them? They did you no harm, in contrast to the Bernank, Supermario and all these really bad people. Why does it serve them right, to lose money, for which they probably have worked as hard as you, if not harder? What is wrong with thinking bitcoins could work, in a "market" where nothing works anymore?

Put up! These aren't rhetorical Questions!

BigJim's picture

Yes, all this gloating over bitcoin's crash by PM holders who missed the boat is as unseemly as the gloating of the paperbugs after silver's post-$50 slump.

And no, I didn't buy silver anywhere near $50, and never owned a BTC (at any price). Just think y'all could show a little more grace... and BTCbugs might still win the war despite losing this battles.

PS - you're still a dickwad, 'Fonestar' 

edit: is anyone else tiring of the 'Bad Idea T-Shirt' girl and her stupid grin? Get your tits out of my face, trollop. 

hairball48's picture

" is anyone else tiring of the 'Bad Idea T-Shirt' girl and her stupid grin? Get your tits out of my face, trollop"

Hey, be fucking glad you have a chick to look at. The ad currently on my screen is some fucking GUY in his underwear

mick_richfield's picture

They're SOL PDQ, IMHO.

( Just FYI. )

fonestar's picture

correction... time to buy more BTC and PM's

DaddyO's picture

Time to buy anything other than BTC!! Let's see if all the Bitcoiners who have been touting this as the end-all, be-all of magic investments are willing to step up and shout down all us PM bugs now.

Gumby likes Gold, Dammit!


PS: DaddyO likes the BTC concept, just doesn't buy into hype of any sort, PM's or othewise...

fonestar's picture

I am a PM investor dipshit.  The difference is, unlike youself I am not a proud luddite.

DaddyO's picture

How old are you basement boy, 12...

If you want to follow the hype have it, I don't invest in PM's that's a fool's game. My view is they are strictly a hedge against fiat manipulation and inflation nothing more and when they have served that purpose, move into something that will provide the next wave of protection period.


Melin's picture

+1 for Luddite reference.

BigJim's picture

Luddites were people who believed in the 'lump of labour fallacy' and broke up the machines competing with their labour.

Not people who worried that an unbacked, trackable currency without a government to enforce its use (through taxation) was a smoke-and-mirrors ponzi.

smlbizman's picture

an honest observation...the largest portion of the  u.s.a populace has no idea how our monetary system works or i really dont see but a handful of regular folk into btc....overseas i have no what group of gamblers run, control or use btc? ...

i would like to accept this award given to... "people to stupid"... to understand btc, but yet smart enough to stay away....

thank you   

ejmoosa's picture

that's what is going to happen with the DOW in minutes one day....

Ahmeexnal's picture

BTC at $165.  Where are all those buttcoin shills?  I have some buttcoins for them at only $250.  They should buy them now before it's too late!  Only 21 million of them will ever be made! Their value can only go up!  The algorithm says so!


There is some problems with bitcoin market services at the moment. Data will may not display properly. Huge amount of people are currently loading their servers. Bitstamp and Mt. Gox are responding slowly. is down.   Completely predictable.

And now is also down:


Always Online

The website that you are trying to access is in Offline Mode, which means the server is not currently responding.
To browse the site from cache, click the button below.

And from


We're always on. Buy and sell Bitcoin 24/7/365 with the world's most sophisticated trading platform.

Somehow I expect them to suddenly turn off within the next few hours.

Mt.Gox still lists BTC at $266 USD.

fonestar's picture

I don't know who is selling but they are morons!  These are some knives I will gladly catch and add to my collection!!!

phalfa5's picture

I up arrowed you as you obvioulsy enjoy a cold one from time to time     /sarc off

francis_sawyer's picture

Did you BTFD at $200?... Cause it's now at $133...


Oh wait... You'll wait until it finally settles, then 2 days later tell everybody where you bought it... Unless it goes to 0, whereby, you were just 'mining' coins all along...

fonestar's picture

I would LOVE BTC to correct to $50 and I will buy the shit out of it...

francis_sawyer's picture

If you believe anything about fibonacci numbers & golden ratios... You'd wait for $26...


Anyway ~ as I predicted yesterday... There are already several comments here of bitcoiners 'cashing out' [& trading the channels]... What happened to all the high falutin animosity towards FIAT, when all you do is TRADE it back & forth for FIAT within a price channel, hoping to fatten your wallet?

DaddyO's picture

You're not a true "libretarian" under fonestar's definition are you...


Popo's picture

I wonder how many broke tulip-sellers said the same thing?

You've got nothing but digital vapor.   Tomorrow someone will launch ByteCoin, and the next day eCoin,  and then iCoin,  and then DigiCoin,  and then WebCoinz.   Etc. Etc. Etc.

Making it even more absurd is that BitCoin is open-source.  Anyone who wants to launch their own version is welcome to.   Yeah, sure each version is limited to 20 million coins.    But who cares?  It's all just bytes.



akak's picture

I think somebody today launched BiteMeCoin.

Sudden Debt's picture

as a non ICT proffesional...
who's to stupid to understand why bitcoin is the new gold... because I don't know how the holly grail of ICT works...
can somebody explain...

if this...

is a good thing or a bad thing..

in the land of ICT...

I'm confused...

LuckoftheIrish's picture

Oh, ha ha regarding mt.gox. I attempted to open an account at 11:00 a.m. for shits and giggles - have not yet received the "activation email".

ParkAveFlasher's picture

I was thinking "Never Say Never Again", this smacks of a James Bond vs. Largo game of billionaires in some French villa.  "Ahhh, I see you have met my wife Domino, Mr Bond." "Why yes, I just tapped that fine white ass in your danger room, if you must know."

Although it could just as easily be a crappy Timothy Dalton Bond, short guy in a members only jacket getting angry or something.

Bizaro World's picture

Is this latest info alluding that this rock solid, unpossible to manipulate, yet digital currency is being toyed with?  I don't believe it!  The guy that I know real well is sticking to PMs in hand. I unfortunately lost mine sailing the high seas.