Bitcoin Crashes Below $9,000 - Lowest Since Thanksgiving

Bitcoin is now down 50% from its record highs in mid-December, plunging to an $8000 handle this morning following headlines from India (which appear to have been misunderstood)...

Bitcoin is at its lowest level since Nov 26th 2017...

Specific catalysts for the latest leg lowere are unclear but perhaps there is some anxiety ahead of next week's US regulatory hearings. As CoinTelegraph reports, the US’s two major financial regulatory authorities have announced that they will hold a dedicated hearing on virtual currencies on February 6, 2018.

 

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will meet to discuss what an advance notice describes as their “oversight role”, as the industry becomes an increasingly prioritized focus of lawmakers around the world.

SEC chairman Jay Clayton will join CFTC chairman J. Christopher Giancarlo as chief witnesses.

Bitcoin and other cryptocurrencies entered the public spotlight anew during last week’s World Economic Forum (WEF) 2018, with senior politicians from various major economies stating their intention to heighten legislative interaction.

Calls for an international effort on crypto regulation have received support from France, Germany and others, the stage likely to be set for a major discussion during the G20 Summit in Argentina in March 2018.

Clayton and Giancarlo have both also been vocal on the topic of cryptocurrency, discussing at length what they consider is the “task” of regulators in a co-authored article published in the Wall Street Journal during the WEF event.

“The CFTC and SEC, along with other federal and state regulators and criminal authorities, will continue to work together to bring transparency and integrity to these markets and, importantly, to deter and prosecute fraud and abuse,” they concluded in the article, adding:

“These markets are new, evolving and international. As such they require us to be nimble and forward-looking[.]”

Earlier this month, the SEC told Wall Street trade groups it had “outstanding questions” about how their Bitcoin-based ETFs and mutual funds were regulation-compliant, and asked the sponsors to withdraw registration statements.

While all cryptos are tumbling today, we note that Bitcoin is down 36% YTD and Ethereum is up 38% YTD...

And finally, one more reminder, while Bitcoin's drop is large, it fits the seasonal norm...

Comments

ThinkerNotEmoter Shitonya Serfs Thu, 02/01/2018 - 12:10 Permalink

No, no, no...  EVERYBODY knows that the rare, valuable, maff will run this disruptive technology that the anti-science, flat-earther, stoooopid, peanutz people don't understand to the moon.  It is not possible for it to go down as tmosley used to say when he was a world premiere bitcoin pump-n-dumper.  So the transaction times take minutes or longer, the fees are outrageously high, the exchanges keep getting hacked - losing millions of fiat worth of bitcoins, and sometimes you simply can't exchange your 1s and 0s for fiat.  No biggie.  Bitcoin is stable, valuable, maff backed money, not a Ponzi scheme speculation vehicle.

buy, Buy, BUY!!!

(I hope none of you mortgaged your homes to buy the big dip at $15K. If so, this is obviously another buying opportunity for you.)

In reply to by Shitonya Serfs

nope-1004 ThinkerNotEmoter Thu, 02/01/2018 - 12:14 Permalink

One word:  Futures.

Bankers control the USD and its dominance.  That's why nothing will be allowed to take a foot hold and circumvent the banking establishment and Fed until the USD shows international strain and is re monetized.  And haven't we been through this before a number of times?  But for some reason when a computer token is involved, it's 'legitimate'.

Truly naive to think the Fed would rollover and allow another currency, regardless of form, to accelerate in value and compete with the MIC dollar.

 

In reply to by ThinkerNotEmoter

SDShack nope-1004 Thu, 02/01/2018 - 13:06 Permalink

Must...protect...Petro$....at...all...costs...

EVERYTHING will be sacrificed before the Petro$ goes down. Yen, Euro, Yuan/Ruble, etc. The USSA will use not only all it's financial might, but also it's trade and military might to protect this... all the way to starting WWIII. The NWO Oligarchs plan has to be to destroy paper fiat one at a time, so they can eventually install their own Crypto Currency (and it won't be BitCoin unless they co-opt it) and move to a NWO Cashless Society to allow them to seize all REAL assets. The ultimate control of the Elites over the Serfs will be an all powerful Security State controlling the digitized debt slaves. Everything that has happened over the last 20 years is bearing this out.

In reply to by nope-1004

Thought Processor BullyDog Thu, 02/01/2018 - 11:51 Permalink

 

 

Oh, the humanity.

 

Seriously this is gonna be the greatest parabolic implosion man has ever created.  And boy it sure was nice that they got the futures market up and running for all of this with two months testing time to work all the bugs out.  Downside captured.

 

This too will be fun to watch.

 

In reply to by BullyDog

Golden Phoenix tmosley Fri, 02/02/2018 - 01:49 Permalink

On the all time BTC weekly chart 9 of the past 10 declines were halted on the 20 period moving average accompanied by extremely oversold RSI. BTC is at a similar juncture now. Odds of the decline being about done are currently 90% with a 10% chance it has only just begun. 

Try looking at charts and telling us what you see instead of posting the imaginary shit you see inside your head.

In reply to by tmosley

clade7 Badsamm Thu, 02/01/2018 - 11:47 Permalink

I suppose you could buy and back up a new Dodge truck with your bitcoins if you have a FarmWorld account, and an imaginary computer cabbage crop ready for harvest?  I mean hey...somebody has got to work the internet fields?

 

I have a buddy over at United Fruit, you can start out picking strawberries and work you way up to bananas..Bend and scoop!  Like the Mexicans.!

In reply to by Badsamm