Is The Crypto Selloff A Spectator Sport For You? Here’s The Mood On Twitter
After spiking to more than $19,500 last Sunday, bitcoin’s price has dropped steadily this week. Overnight, the cryptocurrency’s downward momentum took it to less than $13,000.
It’s part of a bigger, broader cryptocurrency selloff, Arstechnica reported. As of Friday morning, every major cryptocurrency was posting double-digit 24-hour losses. Ethereum is down 28 percent over the last 24 hours, Litecoin is down 32 percent, and Bitcoin Cash is down 37 percent
“To be fair, all of these currencies—like bitcoin—have seen massive gains in recent weeks. They’re all well above their value at the start of December, to say nothing of values earlier in the year,” Arstechnica reported. “But the broad-based blockchain slide comes as a growing chorus of experts warn that cryptocurrency valuations could be an unsustainable bubble. Yesterday, a beverage company called the Long Island Iced Tea Company renamed itself ‘Long Blockchain’ and was rewarded somewhat hysterically with a nearly three-fold increase in its stock price. This story, and others like it, has convinced some observers that we’re seeing a repeat of the 1990s technology boom.”
Here are some of the responses on Twitter, ranging from calls to keep calm and hold, to unadulterated panic:
— Yahoo Finance (@YahooFinance) December 22, 2017
It’s interesting to see people criticize Bitcoin and cryptocurrencies as a scam. I’ve met smarter people in this industry than almost anywhere in any other sector. It’s not just about price people.
— brian hoffman (@brianchoffman) December 21, 2017
— Ars Technica (@arstechnica) December 22, 2017
12th of November: $5,827
26th of November: $9,326
6th December: $13,786
12th December: $17,384
17th December: $19,628
— The Spectator Index (@spectatorindex) December 22, 2017
For everyone that's worried about Bitcoin. The price of Bitcoin will go back up again. It seems to be correcting still. Just hold your coins! Have patience! #HOLD
— The Signal (@__signals__) December 22, 2017
— RANsquawk (@RANsquawk) December 22, 2017
"one anonymous trader bought $1 million in options that will only pay off if the price of a single bitcoin surges above $50,000 next year"https://t.co/rc3D0EdjEr
— CryptoYoda (@CryptoYoda1338) December 22, 2017
— CoinDesk (@coindesk) December 22, 2017
After a $20k print just days ago, $11,500 prints overnight!
Got Volatility? pic.twitter.com/Ag3IhFLc32
— Jeff Kilburg (@jeffkilburg) December 22, 2017
Well, it looks like the math doesn't lie. Last two times we saw this, the price stabilized at 2.4X (around 12k-13k USD) for a few weeks, then went back to the mean of 1.4X. Time will tell if we see that too. https://t.co/osjmKOlU9k #Bitcoin @TraceMayer https://t.co/Rvt8mVS0UF
— Preston Pysh (@PrestonPysh) December 22, 2017
The goal of Bitcoin (cash is bitcoin) is an electronic payment system. A secure cash platform.
We seek this as an end.
Those who are chasing gold (speculators) have a part, but I am not interested in that.
The way price comes from value is use. I am interested in merchants.
— Dr Craig S Wright (@ProfFaustus) December 22, 2017
Bitcoin is dead. It’s crashed I lost 10k in value.. every time i try to sell the price drops even more.. I lost everything my house, my car, my wife all becuase of this bitcoin…
— BitcoinBags (@GG89429159) December 22, 2017
If the price of #Bitcoin seems so high that you believe it must be a bubble, shift the decimal point over to the left in your head and pretend it's a penny stock.
— Eric Lombrozo (@eric_lombrozo) December 22, 2017
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