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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Spaced Out's picture

Ah, playing the victim now snowflake?

CRETIN!

tmosley's picture

>He thinks the goyim are the victims, and not his butchers

Hahaha. Gonna enjoy making you and your kind into soap.

D.r. Funk's picture

Do you really not think this is a joke? That you're not a joke? That the CB hierarchy isn't involved whatsoever with an emerging threat to establishment power which is now currently tracing cliche parabolic-collapse? And laughing at the "nobodys" along the way as useful idiot jokes?

quadraspleen's picture

I actually couldn't give a shit to be honest. They don't have control over either my BTC (and ETH, XRP, VTC and MIOTA) or my PMs. They can do what the fuck they like. I have made my profits as I said. If that makes me an idiot, well, then I'm a richer idiot than I was, as I paid off a big chunk of debt and bought some more gold.

Idiot me up some more, fool

D.r. Funk's picture

It doesnt matter. It's clearly general endgame. You think making 50k or 5k or whatever on this stupefyingly moronic cliche trend frenzy bubble is gonna matter when societal breakdown and systemic spiral is starting to happen? Can't believe how fucking-stupid you are retaining normalcy bias when this is clearly both a reflection and indicator that the financial bullshit of the last few-to-several years is at or coming to a convergence

"Oh, you better take some of the table"

Gtfo with your trading cliches it's Fucking endgame dude

You're really gonna look cool in the recording of history with your little blockchain ranges

Haus-Targaryen's picture

Until this spreads to PMs it isn't the endgame. 

I own no cryptos. 

D.r. Funk's picture

My endgame is referring to the bigger picture (as I stated)

Qe, boj, fed, ecb, zirp nirp, forced vix, brexit, trump, nk, cornered establishment

I think (ok: Imo) they tacked this on in this nearing breaking point sort of as a what-the-hell-let's-fuck-with-it

dark fiber's picture

The US will go to war even at the slightest hint of gold rising like that.

ShorTed's picture

I been hearing societal breakdown, fourth turning, etc since '09.  The trading cliche you qualify for is:

"There's no difference between being too early for a trade and just being wrong".  Blow it out your ass noob.

3rdWorldTrillionaire's picture

Fuck it, I went long ETH... and WTI.

The_merovingian's picture

Here is the plan: https://ftalphaville.ft.com/2017/12/07/2196554/the-smartest-bitcoin-trad...

Have your investment secured before the first expiration date. This big splash is them loading the cannons.

War is comming. Don't be collateral damage, you've been warned.

 

HRClinton's picture

Re "If you're not seeing this price action and taking some/most money off the table youre nuts. At least cover your initial investment."

Like I've been telling the ZH kiddies...

As a HODLer from 2013 (thanks to Simon Black, of all people), I've been converting some BTC into AU. Not cash, AU. So far I've converted ~3x of initial cash investment into BTC into AU. Plan to make it 10x by end of 2019. All private transactions, in this or that law office. BTC for assayed AU.

China, keep smacking that PM. More for my BTCs to buy AU. LOL.

MaxThrust's picture

I'd say sell enough to double you intitial investment and if there is a day when the exchanges crash you can always say you made 100% profit.

HRClinton's picture

2013 HODLer here.

The Swiss will welcome me with open arms and much friendlier taxes, when I leave the US (((Plantation))) for Whiggers.

My XX,000 investment is now worth XX,000,000. 

I'd say, that having bought 5x of my 2013 figures in AU and planning on 10x, is a good return on AU. Everything else is gravy. What you got to say for yourselves now, Schiff, Sprott and Rickards? Still trying to rope working stiffs into buying your PM with their shitty paychecks, that haven't seen a raise in >10 years?

And after you have AU from BTC -- another untraceable and decentrelized asset -- you can get... Anything

YUNOSELL's picture

The shampoo I buy from Proctor & Gamble also creates bubbles

Mementoil's picture

You should get a bot to write such articles, because apparently you need to issue them once an hour.

Txpl9421's picture

The crash will be epic.

HRClinton's picture

Yes, the crash of FIAT.

Inflation 2018.

Restorative_Ally's picture

I'm sure this will end well.

AUD's picture

CoinTelegraph is full of shit. The price is being driven by people jumping on the get rich quick bandwagon.

Good luck with that

kochevnik's picture

Price driven by Chinese moving from fiat yuan into hard assets to keep value.  Do keep up

The Divided Stoopids of DuhMerica's picture

I'm a BTC millionare, and I do agree...

There will be a massive correction...

But when is the question.

The rocket ride to outer space will continue for a while.

 

I_rikey_lice's picture

I'm a Bre-x millionaire. I have the share certificates to prove it!

Memedada's picture

I know you’re not a BTC-millionaire (you don’t have a million BTC). You might be a FIAT-millionaire. There’s a huge difference. BTC priced in FIAT is irrelevant and just another way for the banksters to make a quick profit/dividend. The relevant questions towards BTC is:

  1. Who/how many own and use BTC? My take is, that we’re not seeing the multitudes adapting to BTC but instead we see the banksters hedging their FIAT-Ponzi by taking over the BTC-community (by simply printing FIAT and buying BTC). Saxo Bank is one actor I know is heavily involved in BTC – they’re making billions. Should I celebrate that?

 

  1. How many uses BTC as money (to store value and/or to transfer value) vs. how many uses BTC as speculation (a way to get a profit/get rich without working/making value)?

Yes, some small fishes are getting rich (in FIAT) on this but how is that changing the power structures of our society? As long as BTC is priced in FIAT the money-masters are still in control. Your comment is an illustration of this.

 

Crazy Or Not's picture

>The relevant questions towards BTC ...

3. If or when BTC is able to fully connect/integrate to the fiat economy.....what happens to inflation when all the "BTC to infinity" Gazillionaires start buying shit with $$$'s that started out as 000's?

QE on Olympian Supercharged Steriods - perhaps???

EDIT:
(BTC as some say is NOT a parallel economy, it possibly is becoming a new currency that is a buyer of "Fiat world" goods & services with alien currency. So its like a spaceship landed that starts buying world resources - with a currency that has exponential growth. - If true and continues to infinity - buy seeds, chickens & lead)

3rdWorldTrillionaire's picture

Wait until CBOE shorts the shit out of it next week, while dumping all of their long gainz... going to be a bloodbath. What $$ will support the massive dump and manipulation? Yikes...

The Divided Stoopids of DuhMerica's picture

Whatever dude... 

I have posted here for months....

I have bought a LOT of Au and AG this year...

I have cashed out a LOT...

I'm buying a castle in Europe................

Life is good...

You?

11b40's picture

It is priced in whatever you want to exchange it for.  Dollars, Pounds Lira, Rubles, Yen, Gold, or even 1965 Shelby Ford Cobras, if the seller will take BTC.

HRClinton's picture

To answer your #1...

I do not have a million BTC. No one does.

To answer your second #1...

I like to convert a fraction of my BTC into AU bullion and IGDs (Investment Grade Diamonds). Both are decentralized and untrackable. 

You'd be amazed what these will get you: ANYTHING.

tion's picture

I've been mentally prepared for an up to 40% correction at about 20k.  That 19,700 on GDAX might be the trigger but we will see, it came a couple weeks earlier than I was expecting, but things being cray cray are pretty much to be expected. 

My seat belt is fastened and IDGAF. My bitcoin got lost on the bottom of a lake, so I started a play wallet that I can keep adding a little to every month, so that I can start doing online purchases in bitcoin when I need something.  My kid got a couple hundred bucks in a wallet at $9500 too.

 

My like of the Overstock CEO even exceeds my dislike of Bezos.  

Does anyone remember this gem? http://www.zerohedge.com/news/2015-10-24/overstock-holds-3-months-food-10-million-gold-employees-preparation-next-collapse

Heck, Mr. Byrne may even be a ZHer (/wave), but even if not, he's still 'one of us' in a way.  

surf2liv's picture

 

who' doing the happy dance?

Who's still in mom's basement nay saying bitcoin?

Mementoil's picture

My advice to you is - don't waste time dancing.
Get out while you are ahead...

ZH Snob's picture

the trouble with that is you see the dollar as superior to all currencies and don't recognize BTC as an alternative currency.

but what matters is that those who've pushed up the price don't think like that.

East Indian's picture

"It is a consensus hallucination"

Absolutely.

And so is the fiat paper "money".

AUD's picture

Fiat paper money at least has its roots in a system of exchange based in reality, & also a thousand odd years of history.

 

iconoclast63's picture

1000 odd years of fraud entrenched in the most powerful institutions that govern humanity. The idea, however desperately needed, that these instutitions could be usurped within the current paradigm, has always been fleeting at best. Technological advances will simply render the status quo obsolete. Bitcoin in currency, 3D printing in manufacturing, automated cars, blockchains in contracts and law. I could go on. Like it or not the future is coming and you can either be part of it or be left behind. 

AUD's picture

Fuck yeah, this is CRYPTO!

HRClinton's picture

You know NOTHING.

Modern paper money got its Orbital energy, with the BOE going from Tally Sticks to Paper in the 1600s

It was the birth of a new Monetary System, and the death (creative destruction) of another. 

 

Mr Toad's picture

A tune for the times..."Click go the shears boys".

A catchy tune about shearing sheep sung by a convicted pedophile (died in prison) and friend of the royal family!

https://www.youtube.com/watch?v=ag8Yqvs8h54

Sky flyer's picture

This bubble is no different than the central bank controlled fake equity markets. I don’t see one being riskier than the other or am I missing something?

FakeNewsBandit's picture

The bitterness of those that missed out around here is palpable. You've all been singing the same song since btc = $1k (its a bubble, its gonna burst etc etc). At this point I am just embarassed for you all, how many oppurtunities to buy in have you missed? 

It's natural to distrust something you don't understand, and clearly most of the people round here wouldn't know what a blockchain was if it jizzed in their face

Yellow_Snow's picture

Actually you can go back to when BTC was $20... A lot of those same 'no-coiner' ZH posters are still 'bashing' it - after being 75000% wrong !!!

reginald's picture

So in the next minute a BTC will be worth 1.5M?

Memedada's picture

BTC is not the blockchain. The blockchain will be there after BTC is not.

aurum4040's picture

Lol, exactly. Those that call crypto a fiat are especially jizzed. The same people who couldnt tell you why GPUs are extremely important nowadays.  

pascal bets's picture

palpable  is that in your sixth grade word for the day?

FakeNewsBandit's picture

Pascal bets.. First he was mad because he didn't understand what a blockchain was and missed a great investment.. Now he is angry because he doesn't understand what the word palpable means. All in all, just a bad day for pascal! 

Free_Market_Mafia's picture

Please explain it so I understand! What gives Bitcin its value?