Bitcoin Tumbles 25% In Hours
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: