Bitcoin’s Berserker Run Resumes After Exchange Breaks; Novogratz Says “Not Close To The End"

Tyler Durden's picture

Bitcoin is extending its gains after the 25-minute shutdown on GDAX...

*  *  *

Mike Novogratz - self-described as the "Forrest Gump of Bitcoin" - is on the wires calling Bitcoin a "cultural revolution."

"The world is in blockchain speculative phase... not close to the end of the speculative phase"


Novo added that Bitcoin futures will give rise to ETFs and even broader adoption and a "sell-off after the speculative phase is complete."


"Cryptokitties will be a fad"


"It's hard to mitigate volatility risk in Bitcoin"


Novogratz says "banks will be slow to move into the industry and doesn't see quick adoption of Bitcoin as a currency"


For now he has 25% of his net worth invested in Bitcoin/Blockchain and warns investors to "be careful" in non-Bitcoin tokens.

GDAX is back up after a 25 minute 'glitch'... and Bitcoin is rebounding

*  *  *

GDAX just broke...

Additionally, Bitfinex says it is under a significant denial of service attack.

As Bitcoin tumbled $4,500 from its highs...


And now the giveback...Bitcoin is down $3000 from its $19,600 highs...but is still up 30% on the day


Bwuahahaha... $19k...on GDAX

After tagging $19,697, Bitcoin prices tumbled to $17,900...

Prices are varying dramatically across exchanges with $2000 differences.

For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:

  • $0000 - $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days
  • $8000- $9000: 9 days
  • $9000-$10000: 2 days
  • $10000-$11000: 1 day
  • $11000-$12000: 6 days
  • $12000-$13000: 17 hours
  • $13000-$14000: 4 hours
  • $14000-$15000: 10 hours
  • $15000-$16000: 5 hours
  • $16000-$17000: 2 hours
  • $17000-$18000: 10 minutes
  • $18000-$19000: 3 minutes

Coinbase is struggling to keep up...

*  *  *


Update: $18,000, that is all!

*  *  *

Update: WTF! $17,000...

We do note that GDAX pricing appears to be at a significant premium to several other exchanges.

*  *  *

Update: Bitcoin just surpased $16,000... speechless...

*  *  *

In the last 36 hours, Bitcoin has blasted through $12,000, $13,000, $14,000, and now $15,000 levels in an unprecedented 28% surge...

With a market cap of around $250 billion, Bitcoin is bigger than Proctor & Gamble and approaching the size of Wal-Mart as the 12 biggest 'company' in the S&P 500.

As CoinTelegraqph reports, the price is likely being driven by news of the imminent launch of Bitcoin futures trading. CBOE will be launching their futures market this coming Sunday, December 10, with CME Group following on December 18. Nasdaq plans to launch futures trading in the summer of 2018 and Japan’s Tokyo Financial Exchange is preparing to launch futures trading as well.

Bloomberg has announced that brokerage firms TD Ameritrade and Ally Invest will be offering Bitcoin futures trades to their clients. Even J.P. Morgan Chase may follow suit, despite CEO Jamie Dimon’s infamous views on the digital currency.

GDAX, Coinbase’s digital currency exchange, has been leading the rally all day. The price on GDAX is currently about $500 ahead of other Western Bitcoin exchanges. The likeliest - and most bullish - explanation is that Coinbase is the easiest way for new Bitcoin investors to get involved. Consequently, when GDAX leads the charge as it has today, it probably means new “retail” investors are fueling the rally.

Meanwhile, as CoinDesk reports, Ron Paul wants to know: would you take $10,000 in bitcoin, cash or something else?

The former U.S. Congressman from Texas is currently holding a poll on his official Twitter account that asks in which form they would take $10,000 from a "wealthy person". The catch: you can't get rid of it for 10 years.

Paul – who earlier this year called for the U.S. government to "stay out" of bitcoin – put the question to his more than 650,000 followers, asking if they would take $10,000 in the form of bitcoin, dollars, gold or 10-year U.S. Treasury Bonds. The result thus far – one hour remains in the poll at press time – indicate that of the more than 70,000 responses, 54 percent expressed support for bitcoin.

Gold took the second-highest amount with 36 percent, followed by a mere 8 percent for the 10-year bonds. Just 2 percent indicated that they would take the Federal Reserve Notes if offered.

Speaking with TheStreet in October, Paul conceded that he's no expert on cryptocurrencies (back in 2014, he argued that bitcoin wasn't "true money"). That said, he voiced his support for cryptocurrency in the most recent interview, arguing that it lends credence to the emergence of alternative currencies against the U.S. dollar.

And while Bitcoin's eye-popping price movements have some observers saying the market is in bubble territory, Naval Ravikant, the co-founder of AngelList, while he's not ruling it out entirely, holds a less alarmist view.

"Money is a bubble that never pops," he said at yesterday's Token Summit II in San Francisco.

He told attendees:

"It's a consensus hallucination."

And speaking to the newfound attention to bitcoin, Ravikant said people are interested in growing the wealth that they have. With most savings accounts returning zero these days – as central banks conduct what Ravikant called their "grand money printing experiment" – the general public is looking for alternative places to store their money and watch it grow.

Bitcoin and other protocols seem to offer that, as even the less-developed cryptocurrencies are showing substantial returns.

"I think people are looking to solve their money problems," he said.

Additionally, Coindesk notes that the former chairman of the U.S. Federal Reserve, Alan Greenspan, has joined the many financial luminaries to recently criticize bitcoin's value.

Speaking to CNBCGreenspan compared bitcoin to that of an early American form of money called "Continental currency" that came into use in 1775 and had become worthless by 1782. The paper-based legal tender was used at the time of the American Revolution and was not backed by a commodity such as gold.

Noting that bitcoin will likely suffer similar fate, Greenspan said that a "significant share" of  Continental currency was still used to create "real goods and services," even though it had no ultimate worth.

He continued:

"Bitcoin is really a fascinating example of how human beings create value, and is not always rational ... It is not a rational currency in that case."

Greenspan's comments come as the value of a bitcoin is soaring beyond most expectations, having gained thousands of dollars in value in the last two days.

And in response to that...

And finally, for those calling this a "bubble" - we would humbly suggest you ain't seen nothing yet...


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quadraspleen's picture

Maybe Walmart will recapitalise in BTC (or start accepting it in payment for their shoddy, imported, Chinese goods)

Arnold's picture

I was there for Bit Coin Mania.
T shirt order placed.

Escrava Isaura's picture

Bitcoin going to a $1 million dollars is fine because Bitcoin has no resemblance to the real economy.

The next problem is when the oil goes to $150 dollars a barrel like it did in 2008.

Speculating in oil is a problem for the real economy.

Speculating in Bitcoin is just another financial fraud.


Arnold's picture

My solio bitcoin will surpass my whole portfolio shortly?
My best t shirt yet.

WTFRLY's picture

It won't matter, JooCoin is the goal

shitshitshit's picture

exponential: whales are offloading and noobs are buying.

mind the step...

BennyBoy's picture


Buy more Bulbcoins!

The price of tulips can only go up!

bluez's picture

Put your Bitcoin in the new DPRK Exchange. Li'l Kim always keeps his word!

Killtruck's picture

This is just the start. BTC is global. 

corsair's picture

Can someone explain to me what is stopping the usual suspects from manipulating bitcoin price, the way they are manipulating everything else?

Serious question.

MonetaryApostate's picture

Fake money, fake debt, fake value, fake news, fake investments, fake markets, fake history, fake everything!

jbvtme's picture

i'm guessing passage on the mothership will require something more substantial than digits. gold no doubt will get you first class. the annunaki have been mining it for centuries. bitcoin??? have you ever had a skinny guy in a tight fitting grey suit with eyes the size of avocados and a head the size of a watermelon call you an idiot without saying a fucking word?  bitcoing gets you steerage and protein for the ET's next meal.

svayambhu108's picture

Bitcoin is the perfect Ponzi Scheme, no paper-trail no trace of fraud or stealing. Bernie Madoff had his ass burned becuase of the papertrail.


man from glad's picture

How does one make change in Bitcoin?  Isn't it like a $14,000 bill? Please don't flame me I know little about Bitcoin and it is a genuine question. 

in4mayshun's picture

Stop asking rational questions and just BUY BUY BUY! In fact you may wanna get a second mortgage on your house and max out your credit cards to buy more bitcoin.

Lambo here I come!

eforce's picture

Bitcoin has its own Federal Reserve aka. Bitfinex/Tether, that's allegedly pumping it up.

Gaius Frakkin' Baltar's picture

USD and other currencies created by jewish monopolies aren't rational.

They only work with positive popluation growth.

BennyBoy's picture


I am waiting for the drama when it goes back below $10K then $5K...maybe $2.5K

Gaius Frakkin' Baltar's picture

I'm waiting for the drama when the USD bubble finally burts.

overbet's picture

Even the btc bulls dont like this velocity. 

HowdyDoody's picture

You may not be able to afford a fake Leonardo but you can still afford BTC. Just remember they are both kosher investments.

overbet's picture


Has there ever been a move like $BTC ? OH YEA!!! In early 1920s German Mark went from 4.2 DM per $1 USD to 4.5 billion DM per $1 USD. $BTC would need to go to $12.5 mil for equiv move

toady's picture

Starting to wish I hadn't sold at 10k....

Spaced Out's picture

Profit is profit. Hope you didn't sell all of it tho. Never go all-in buddy.

toady's picture

I only bought 2 at a little over $800.... I'm officially out of the bitcoin business.... unless it falls below $800 again!

Spaced Out's picture

Same amount as my brother :D

Nice profit tho, eh?

toady's picture

I'm happy with it.... unless it tops 20k before a crash.... then I'll be cursing myself for leaving too much money on the table!

U4 eee aaa's picture

The idea is to sell enough to make your investment back plus a profit. At that point you are playing with 'house' money so you can't lose

Yogizuna's picture

Classic parabolic action, which is nothing new at all for human beings. Basic human nature never really changes.

tmosley's picture

If it survives the next MAJOR crash, I will be surprised.

The value of a coin with a non-functioning network is zero. BTC currently has a non-functioning network, with no prospects of fixing it any time soon.

Mine Is Bigger's picture

I disagree.

If you see what is coming for stocks, bonds and real estate, bitcon as digital gold makes a very good sense. There are so many ways to transfer money easily, but not many assets are easy to own and transport. Better yet, bitcoin is higly unrelated to the movements of other financial assets.

I guess we will see who is right soon enough.

Eager Beaver's picture

I loves me some tulip shitoin...

Spaced Out's picture

Get ready to be surprised. Again.

tmosley's picture

I haven't been surprised by anything in this market, and have called it every step of the way, idiot. This is/was dumb money pouring in, and the network is clogged and unusable. Those who took my advice and kept their bitcoins on the exchange were able to sell to them at these insane prices while you were stuck with coins in your wallet and thumb up your ass.

tmosley's picture

Pointing out that my arguments have been correct is not an argument?


Spaced Out's picture

"I called it every step of the way"

You are forgetting that you "called" the fall of BTC and rise of BCH, you idiot.

A few days later you were surprised to find that BCH wasn't "it" and "called" that you were out of BCH and into IOTA, the new big thing.

A few days later you were surprised to discover that the IOTA wallet didn't work and even more surprised to learn that the exchanges had "melted" (despite you saying "the more people use it the faster it gets" LOL!).

Yeah, you have "called it" alright and you haven't been surprised by anything that's happened. At all. No siree bob.




tmosley's picture

My calls were spot on. All you can do is pretend that they weren't made when they were and throw in some innuendo.

You are a loser.

Spaced Out's picture

Only if you ignore the calls that weren't, fool.

I trust you'll be making a donation to the Bitfinex'ed legal defence fund with some of your profits as you are such a big fanboy?

Oh a potential co-defendant, you might need it all yourself!

"Steptoe & Johnson is the company tasked with tracking down anyone perceived to have libeled the Hong Kong-based exchange"

Might be advisable to go back and delete all your libellous comments before someone takes screenshots!

Stay poor idiot.

tmosley's picture

^--This is what a kikepost looks like

"You're gonna get sued if you don't shut up, goy!"

"You're poor goy!"

Spaced Out's picture

And this is what a retard's post looks like :D

He can't possibly know who he's actually conversing with but makes wild assumptions based on zero evidence and sticks to them come what may. Just like he does with the crypto market. Hahahahahahahahah

Edit: Bwahahahahahahahahahahahha

nmewn's picture

Sorry to step on this lovely exchange with you & T but I just find it hysterically funny that the techno-geeks that tout electronic "money" have markets that keep breaking can't get out!

tmosley's picture

Don't you wish your chosen investment had so much interest in it that the COMEX would break?

I bet you do.

nmewn's picture

So it's an "investment" not some new paradigm of global money? I don't know if it's possible for you pumpers to be anymore conflicted. 

tmosley's picture

The so tell followed by an absurd absolute.

Can anyone in the class tell me what this indicates about nmewn's state of mind?

Spaced Out's picture

You DID say "investment" Mosely. Remember? Think ahead if you want to be taken seriously ffs.

You're more of a drafts payer than a chess player, amirite?

malek's picture

Waiting for your ultimate retard defense:
"Half of what I write is only meant satirically - but I won't tell you which half, until after the fact!"

And by the way your tears are delicious.