Bitcoin Explodes Above $7000.. Then Crashes $600

Tyler Durden's picture

If you like your volatile cryptocurrency, you can keep your cryptocurrency...

image courtesy of CoinTelegraph

Following a seemingly endless stream of 'good news' - Bitcoin futures, Amazon rumors, Fork dividends, multiple nations moving towards adoption - Bitcoin exploded this mornng to a new record high $7354... up 29% for the week.

Then it crashed $650 to $6700...

 

Once again it seems Ether is being sold to fund the Bitcoin buys..


As CoinTelegraph notes,
with Bitcoin’s increasing acceptance by Wall Street financiers and traders, the sky is quite literally the limit for the digital currency. While Bitcoin’s $116 bln market capitalization is large by the cryptocurrency world’s standards, it’s minuscule in comparison to the $639 tln derivatives market. If even the tiniest fraction of those funds were to enter Bitcoin, its value would be inconceivable.

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Volkodav's picture

       Irkutsk beginning center of trade on main route.

       known for gold trading..also furs, lumber. china goods, silk, herbals, teas, other

       very resourceful live there...

HockeyFool's picture

You'll never guess what is on sale at Tractor Supply ... TULIP BULBS!

I bought a ton of them. These babys are gonna make me rich!

AND the manager said they only had a limited supply. Yahoo !!!!!!!!!!!!!!!!

losses mount's picture

I took out a bitcoin home loan three years ago, now I owe three hundred million dollars.

Love this bitcoin stuff.

tmosley's picture

Nobody lends bitcoin. It's money, not debtmoney.

BaBaBouy's picture

7.1 K ... This is Crazy Shit ...

Im Buying with both fists ~ Not ...

My Calc says Bitcoinz market Cap in GOLD is 115 Million Ozs !!!

Thats 3260 Tonnes GOLD or almost half of USA (Alleged) Reserves ~

Abitcoinbrain's picture

7k Isn't crazy Just wait! Bitcoin to mars!

Got The Wrong No's picture

Funny you said Mars. I was just thinking that next we will be told that Bitcoin was used by God to fund building the Universe. 

marysimmons's picture

BTC mooning and the alts getting crushed, all expexted before the upcoming fork, but total cryptocurrency market cap coninues to hit all time highs.  

https://coinmarketcap.com/charts/

Wait til the pension funds get in on the action - maybe could save Illinois.  Good time to get into alts right before the fork, which will be on block height 494,784, estimated to be around 11/16, but could be a little earlier.

losses mount's picture

Therefore in a bitcoin world there is no debt. If you can't afford it, you can't have it.

Guess I'll never have a girlfriend then.

1stepcloser's picture

Girls are just trouble anyways...  

tmosley's picture

You would be surprised at how the purchasing power of your salary will grow over time with a worldwide system of honest money.

losses mount's picture

So presumably in your world there is no debt, salaries only go up, there are no taxes or pensions, and Jesus needn't bother coming back.

kochevnik's picture

Only Jew who can come again is Ron Jeremy

tmosley's picture

Free markets are magic.

And all that is without AGI.

Raffie's picture

There is SALT (https://www.saltlending.com/) but it just released.

An yes, you barrow against your cryptos FOR REAL MONEY.

losses mount's picture

How stupid do you take the people here to be. It is patently obvious you up voted yourself as you down voted me. Childish.

Raffie's picture

STFU kid and go back to cramming crayons up your nose.

Also I never upvoted myself, but YES I down vote idiots like you 24/7.

If you look there is no up/down votes on my reply u was QQing about. 

tmosley's picture

That is a child's response to a downvote, FYI.

The correct response is not to care, because a downvote is not an argument.

Your response wasn't an argument either, but you can choose to work on that.

chuckymcgee's picture

Huh good think Bitcoin doesn't have a manager.

secretargentman's picture

Alright, you ZH commenters. The main reason I come to ZH is to read the comments. But when it comes to Bitcoin I keep seeing the same old tired arguments every time. You've got to step up your game, folks. Find something new to say. Be clever! Thank you, that is all. 

Number 9's picture

well fvk.. excuse us for not keeping you entertained..

Raffie's picture

They put no effort into their lies about cryptos.

Yet, every day there is more crypto adoption globally. 

 

 

FreeMoney's picture

Bitcoin seems like a way to keep the Government fiat press at bay, that is until it becomes so wide spread that everyone would use bitcoin over fiat.

They cant allow that to happen.

Success, in the form of utilization, will be the downfall of private blockchain.

tdag's picture

Well, it worked. I got a good laugh out of your comment.

Took Red Pill's picture

"same old tired arguments every time"

I thought heating your home with Bitcoin was a new reason to get it!

Number 9's picture

you hold him, I'll hit him

tmosley's picture

To be honest, it is a good idea, especially if you are using electric heat already.

mtl4's picture

Purely from a price action study Bitcoin definitely getting overheated now, should pull back to around 4000-5000 range before going higher again.

secretargentman's picture

Yeah, that was a good one. It snuck in while I was crafting my admonishment. 

Blue Dog's picture

I get sick of all the stupid comments too!

DUH! Pump and dump!

DUH! Tulip bulbs!

DUH! Ponzi scheme! 

DUH! People use Bitcoin to buy drugs!

DUH! Hackers!

DUH! In the event a supernova destroys all life on earth Bitcoin will be worthless!

DUH! It's all ones and zeroes!

 

 

maxblockm's picture

He changed it to "supernova destroys all life on earth."

Son of Captain Nemo's picture

Add you one

DUH! IT'S NOT REGULATED by an international sanctioned task force as a "medium of exchange" which means it has NO integrity!

DUH! IT HAS NO FUCKING "STORE OF VALUE" BECAUSE IT'S BACKED BY ONLY A digital "1" and "0"!

Fixed it!!!

tmosley's picture

Peanutz LOOOOOOOOOOOVE NGO's.

Son of Captain Nemo's picture

Nah tm... In fact just the opposite.

NGOs are so George Soros.

If you want to make "Buttcoin" viable then give it to the Nation(s) that have real money that is worth something like Russia, China, Iran...

Once crypto(s) have standards that get backed by those currencies I'm on board!

Until then it's owned and operated by the U.S. Department of Treasury and regulated by the NSA!!!

tmosley's picture

They can buy it and conduct trade with it like everyone else.

Raffie's picture

You forgot EMP and when the 10mile wide iron asteroid destroys the Earth, cryptos will be worthless.

rodeobri's picture

I am laughing all the way to the bank on Bitcoin and other Cryptos.  Hilarious reading these same tulip comments that they have been making since Bitcoin broke 1000 early this year.

rodeobri's picture

I am laughing all the way to the bank on Bitcoin and other Cryptos.  Hilarious reading these same tulip comments that they have been making since Bitcoin broke 1000 early this year.

Bumpo's picture

Bitcoin is now $7100 7:00 AM PST. Wild fluctuations are fine. The Hodlers are sleeping well.

Raffie's picture

Make that VERY WELL......

phatfawzi's picture

but but but what about  my gold and silver