Cryptocoin Crashing Hard This Week and Really Hard the Last 24 Hours.
Bitcoin and several other major cryptocurrencies plunged Thursday evening putting a damper on a year of meteoric gains. Cryptocoin crashing hard hit every major coin except Ripple XRP.
The abrupt plunge triggered temporary, built-in trading halts in the bitcoin futures traded on the CME and CBOE.
As we publish this article at 6:10 AM Bitcoin plunged 30% over the past 24 hours to a low of $11,352 2,504 according to CoinDesk,There were times last night when Bitcoin recovered by as much as $1,000 only to drop again.
Bitcoin 12-hour performance Source: CoinDesk
Bitcoin Cash was harder hit; down 45% in value in the same time period. Ethereum and Litecoin dropped too. Only Ripple XRP bucked the trend of cryptocoin crashing hard by posting modest gains. Despite the sharp drop, the decline took bitcoin only to roughly two-week lows and is up 38% over the past 30 days. The digital currency is still up more than 1,300 percent this year. XRP is up much, much more than that.
No one is sure what triggered this across-the-board dive in cryptocoin pricing….
As reported in CNBC: “The vast majority of long term holders of bitcoin are still way in the money and have shown no sign of cashing out,” Michael Jackson, partner at venture capital firm Mangrove Capital Partners, said in an emailed comment Friday.
“We see the exit of short term speculators and we have seen it before. The fundamentals are still in place and there is no reason why the bitcoin ecosystem should not continue to develop.”
That should be very good news for people who HODL who should continue to HODL. In fact, quite a number of people see this as a buying opportunity.
As previously reported on this blog, Bitcoin and Bitcoin Cash had a wild week already and close out the year with impressive gains still chalked up even factoring this recent plunge of cryptocoin crashing hard.
Even with Thursday’s declines, Bitcoin cash is up more than 600 percent since the Bitcoin fork of August 1st, Ethereum is up more than 9,000 percent this year, and Litecoin is up more than 6,500 percent, according to CoinMarketCap.
Cryptocurrencies such as Bitcoin are notoriously volatile plunging suddenly and dramatically only to bounce back and reach record-setting highs days later. Cryptocoin crashing hard shouldn’t be alarming to any cryptocoin investor in the long term.