Bitcoin Plunges Into Bear Market

UPDATE: BTC has rallied 26% off its lows in the last 55 minutes - with extreme volumes

 

From it's gold-matching highs at $1242 on Thursday night, the price of Bitcoin has collapsed over $400 (32%) to $840 on heavy volume. Of course, this is only a one-week low for the exuberant digital currency but still a significant plunge (as its smaller brethren Litecoin has collapsed 51% from its highs). Interestingly, this drops the price of Bitcoin in USD below the 'arb'-based price of Bitcoin in China ($965). It seems, all coincidence aside, that the BIS infamous plunge-protection-team has been re-trained...

 

 

and as BTC collapsed, Gold rallied...

 

 

Chart: Bitcoinwisdom