Bitcoin Explodes Above $7000.. Then Crashes $600

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.

Comments

marysimmons BaBaBouy Thu, 11/02/2017 - 10:23 Permalink

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.

In reply to by BaBaBouy

Son of Captain Nemo tmosley Thu, 11/02/2017 - 10:52 Permalink

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!!!

In reply to by tmosley