RECORD VOLATILITY. COINBASE HAS CRASHED….
It all started this morning. Between 5 and 6 a.m. New York time, bitcoin jumped past $15,000, its latest milestone after soaring through $12,000, $13,000 and $14,000 over about the last 33 hours, according to CoinDesk. Then it shot up $1,000 per hour to almost $20,000.
This was before falling back to $16,000. Different sites have different quotes. The systems are jammed.
Things are really moving for cryptocurrencies as just two weeks ago on Thanksgiving bitcoin was all anyone was talking about. Since then, bitcoin has DOUBLED:
Bitcoin now has a market value of more than $280billion, meaning it would rank among the 10 largest stocks in the S&P 500.
The latest swing higher came as bitcoin topped $19,000, a major rally off the drop last week.
The digital currency began the year below $1,000 and its gains have accelerated as investor interest grows. Chicago-based Cboe Global Markets is planning to launch bitcoin futures on Sunday, while the world’s largest futures exchange, CME, is set to launch its futures product the following week. The addition of bitcoin futures by two respected exchanges marks another step towards establishing the digital currency as a legitimate asset class.
However, many remain critical of bitcoin. JPMorgan Chase Jamie Dimon has called bitcoin a “fraud.” Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are “going to be the biggest bubble of our lifetimes.” Novogratz also predicted last week that bitcoin could reach $40,000 by the end of next year:
Bitcoin three-month performance
Are you a buyer of cryptocurrencies? Are you waiting for the bubble to burst?
We want you to join our community
Benefits of signing up for a FREE membership now:
-No more costly delays in waiting for material
-Dozens of publications per week, including news coverage, earnings commentary, analysis, politics, and more
-Access to special guest contributions, including from WSJ, CNBC, and prolific SA authors
–Ability to comment on articles
–Access to our weekly newsletter
-Publish your own opinion/analysis
Thank you for your readership, and for your loyalty.
Not interested? We understand. However, you will miss out on the insights we have provided over the years, that helped drive us to the NUMBER ONE AUTHOR on long ideas on the Seeking Alpha Platform,