Bitcoin Flash Crashes, Drops By 80% In Seconds

Now that Bitcoin exchange Mt.Gox has terminally discredited itself following the latest, and likely last, withdrawal halt announced late last week which sent the value of Bitcoin tumbling by 25%, Bitcoin traders are left with just two exchange options on which to transact: BTC-e and Bitstamp. And for those using the former to buy and sell the virtual digital currency, things went from bad to worse a few short hours ago, when Bitcoin had its very own “Waddell and Reed” moment, when the price of Bitcoin cratered by over 80% in the span of seconds, after a modest block of just under 6000 Bitcoins sent the price plunging from over $600 to $102.

However, market gymnastics may just be the tip of the iceberg – a far bigger issue, one we have been warning about since the last March surge in Bitcoin’s dollar price, is that the crackdown on Bitcoin both in the US (see “Miami Bitcoin Arrests May Be First State Prosecution“), and around the world (in Russia Bitcoin was just declared illegal) is finally heating up. It’s only going to get worse in an insolvent world desperate to halt money laundering.

And since digital currency advocates have finally realized they can’t hold the electronic 1s and 0s in their hand in a worst case scenario, the biggest winner of the latest Bitcoin crash is none other than the real alternative currency (in Paul Singer’s words), gold, which moments ago just hit a one month high and rising.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Advertisements
Salt of Portugal

all that is glorious about Portugal

Paris1972-Versailles2003

Travel and my anecdotes

This Veggie Life

A Vegetarian | Nature Blog

Gardening 4 Gains

Sowing the seeds of today's dreams so tomorrow they are harvested as realities

MovieBabble

The Casual Way to Discuss Movies

Game Cosmos Press

Reports from the video gaming worlds with vivid photographs and TLDR's

erikleo

All things creative

MovieBabble

The Casual Way to Discuss Movies

amandeepmittal.wordpress.com/

Reviews | Interviews | Giveaways | "I'm Mad About Books"

Adventurous Bliss

Simple pleasures feed the soul.

My Atmosphere

think green, be green.

myorganiclifestylesite

Welcome to My Organic Lifestyle Blog

Fashion Magazine Collections at Magazine Cafe Store USA

Buy a Subscription of Fahion | Home and Garden | Lifestyle | Music | Fitness and Health | Technology | News and Business | Travel | Sports | Magazines from the world’s largest online Magazine cafe store in USA

Rising global income inequality

The whys and the wherefores

Travellogbook

travel thoughts

The Seeds 4 Life

Seeds of Inspiration, Wisdom, and Positivity

%d bloggers like this: