Bitcoin Flash-Crashes To $8,500, Then Rebounds As Biggest US Exchange Breaks

Chaos: Bitcoin bounced back $1500 from the lows, rising as high as $10,400 from nearly $2000 lower just an hour earlier, before trading in a range around $10,000.

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Update: The crash is continuing with Bitcoin now collapsing below $9000...

Ethereum and Litecoin are also under pressure.

Numerous exchanges and trading platforms are suffering outages.

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Having soared in the last 24-48 hours to as high as $11,395 this moring, Bitcoin has just tumbled back below $10,000...

While a notable pump and dump, this drop is a mere 13% (following an 8% drop overnight after initially breaking $10,000).

There is some chatter than Bitcoin flash-crashed to as low as $9130 on Coinbase...

Remember on November 8th to 10th, Bitcoin crashed 30% amid rumors of its death.

image courtesy of CoinTelegraph

And as we noted previously, Bitcoin crashes at least once every quarter...


Amid a record day for traffic, Coinbase website is down once again...


Zero_Ledge Hugh_Jorgan Thu, 11/30/2017 - 00:58 Permalink

I wonder if this has anything to do with it???  (via Bloomberg):U.S. Magistrate Judge Jacqueline Scott Corley in San Francisco ruled that the tax agency’s demand for information isn’t overly intrusive. The price of bitcoin has been soaring and crossed $10,000 Tuesday.With just 800 to 900 taxpayers reporting bitcoin gains from 2013 through 2015 in a period when more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin, “many Coinbase users may not be reporting their bitcoin gains,” she wrote. “The IRS has a legitimate interest in investigating these taxpayers.”BEND OVER, BITCHEZZZ !!!!!!!  HAHAHAHA! 

In reply to by Hugh_Jorgan

Bokkenrijder greenskeeper carl Thu, 11/30/2017 - 05:34 Permalink

Yes, that’s why I’m also in for a few thousand bucks: pure speculation.

I’m sure the technology BEHIND bitcoin is very interesting, but as a currency I don’t see many differences compared to the current fiat system.

By the way, just watch how the mysterious powers that created BTC are trying to make it look like gold; the media always portrays BTC as a golden coin with a big B on it, the people/machines that create BTC are called “miners,” and they also harp on about its finite/limited characteristics. Good as gold ey? Well, that’s certainly the image that ‘somebody’ is trying to create, and everybody (not just the alternative but also the mainstream media) seems to be playing ball.

Okay, call me a tin foil hat, but what if this BTC was just created in order to fuck over/pull the rug from underneath every goldbug and libertarian?

Just look at the polarisation it has already caused here on ZH, this strategy seems to be working...

In reply to by greenskeeper carl

TheReplacement Gap Admirer Wed, 11/29/2017 - 16:57 Permalink

Just got back from the LCS.  The owner told me a story of a local kid (millenial) who bought into bitcoin big at $100.  The reason the owner knew this is the kid had brought in a couple sleeves of gold maples to have them authenticated.  Apparently he bought them with just a couple of bitcoins to cover his expenses and take a little profit.  The kid told the owner he has a LOT more bitcoins just waiting for bigger paydays.What a dumbass... Am I right Gap?

In reply to by Gap Admirer

MagicHandPuppet ParkAveFlasher Wed, 11/29/2017 - 15:00 Permalink

There are clearly some very nefarious agents working hard to undo the amazing gift Satoshi Nakamoto gave to use through his divinely coded real money.It's times like these that test the very fiber of our loyalty to Satoshi Nakamoto's one, true store of wealth and ticket to infinite buying power that he gave us through his glorious blockchain invention. Selling before McAfee's GUARANTEED million dollar price point is for the weak hands of those unworthy of possesing digital wallets of freedom and infinite wealth.How can you doubt the tangible, inherent value?  It's already IN THE CODE! ;)

In reply to by ParkAveFlasher

jaxville HardAssets Wed, 11/29/2017 - 16:25 Permalink

  Just too much BS to buy into the BTC cult thing.  It is all contrived.  Even the limited quantity so often hyped is a contrived feature of this nonsense.  It is not as private nor safe from confiscation as adherents proclaim. It is horrendously slow for making transactions.  Tell me again how easy it is to turn large amounts into cash...I will call BS because the nature of my business puts me into contact with those doing just that.  So FACTA or FINTRAC don't apply to BTC transactions....?  The worst of it is the believers always fall back on attacking those with common sense as Luddites or worse.  Consider that we do not even know where or through whom this "so called" currency originated.   This is not going to end well for a lot of people. 

In reply to by HardAssets

blentus tmosley Thu, 11/30/2017 - 07:55 Permalink

Censorship? Do you even understand what that word means? And you are applying it in context of Reddit sub? Holy fuck, haha. I guess you never lived in a communist country if you think banning monkeys from /r/bitcoin is censorship.Fact that you have something to say doesn't mean that I have to listen to it.Just ask my wife.But holy fuck. If you feel that your human rights are violated by not being able to yell at everyone's face...Are you a millenial?

In reply to by tmosley

toknormal jaxville Wed, 11/29/2017 - 17:11 Permalink

at $18..."this is not going to end well for a lot of people" (2012)at $30..."this is not going to end well for a lot of people" (2013)at $90..."this is not going to end well for a lot of people" (2013)at $266..."this is not going to end well for a lot of people" (2013)at $1000..."this is not going to end well for a lot of people" (2014)....true. But story $200..."this is not going to end well for a lot of people" (2015)at $1000..."this is not going to end well for a lot of people" (2016)at $10000..."this is not going to end well for a lot of people" (2017)Looks to me like the only people for whom it "didn't end well" are those who bought gold instead of bitcoin.Two words: Genie. Bottle ;)

In reply to by jaxville

greenskeeper carl Billy the Poet Thu, 11/30/2017 - 00:16 Permalink

Ya, this still can end badly for s lot of people, but I'd imagine anyone that bought in at under 1000 has already cashed in their gains. They'd be crazy not to at this point. At least that way all that's left on the gambling table is your winnins'. I do think a lot of the spite and hate on here are people that have been mocking this type of shit in here for the last 5 years and can't stop thinking about what they would have if they had spent the money they spent on an ounce of gold on bitcoin. I know I've certainly thought that a lot over the past few months, but no reason to get bent out of shape about it.

In reply to by Billy the Poet

BallAndChained toknormal Thu, 11/30/2017 - 04:40 Permalink

Quick, sell your house and use your life savings to buy as much chains of Nothingness (Bitcon) while you still can. If you don't buy NOW, you will be sorry. When you are the only one left, you will by crying and begging to get a chain of Nothingness. You can't live without a chain of Nothingness. You will be in the middle of the street with your hands out begging for a chain of Nothingness but nobody will give you any.

In reply to by toknormal