For some morbid reason, it gives me pleasure to see Bitcoin and other cryptocurrencies crashing. Maybe it is because there is way too much talk about cryptos now or maybe I’m jealous of all those Bitcoin millionaires buying Lambos. For their sake, I hope some of the fortunate ones did cash in and buy real assets because cryptos appear to be crashing…and I don’t think we’ve seen capitulation yet when things will really crash.
Cryptocurrencies have not had a good year so far and the sell off has now accelerated due to rumors that China and South Korea may implement regulations that could go as far as banning trading in cryptos.
Below is the one month chart for Bitcoin. Yep, that is almost a 50% drop in a month. That is what happens when there is no real underlying value and price is set simply by supply and demand. Bitcoin increased roughly 1500% in 2017 and it will be interesting to see how it fares in 2018.
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