Current Events > Over $100 billion wiped off global cryptocurrency market in 24 hours

(+) Yeah! (+)

https://www.cnbc.com/2018/02/02/bitcoin-ethereum-ripple-price-falls-over-100-billion-wiped-off-global-cryptocurrency-market.html

The New York Times reported Wednesday that an increasing number of digital currency investors are worried the price of bitcoin and other digital currencies have been inflated by cryptocurrency exchange Bitfinex, which is included in CoinDesk's price index. Bloomberg reported Tuesday that in December, the U.S. Commodity Futures and Trading Commission subpoenaed Bitfinex and a cryptocurrency company called Tether, which is run by many of the same executives.

Representatives for Bitfinex and Tether did not immediately respond to a CNBC request for comment.

And last week, Japanese exchange Coincheck was compromised after hackers ran off with over $500 million worth of a cryptocurrency called NEM.

Key business leaders have poured cold water over the cryptocurrency world. Investing legend Warren Buffett told CNBC in a recent interview that the sector "will come to a bad ending."

Others still see the long-term potential of bitcoin and other coins.

Fundstrat's Tom Lee, the only major Wall Street strategist to issue formal price targets on bitcoin, said two weeks ago that $9,000 is a "major low" for bitcoin and "the biggest buying opportunity in 2018."

And Kay Van-Petersen, a Saxo Bank analyst who correctly predicted the cryptocurrency's rally at the start of last year told CNBC recently that bitcoin could hit between $50,000 and $100,000 this year.

Another buy low moment, or has the bubble finally popped?
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voldothegr8 posted...

Another buy low moment,

This
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Bitcoin was 7800 an hour ago and now it's rising. It's 8300 right now. If my calculations are correct it will have surpassed the 20000 mark in 24 hours.

Oh nooo you mean it really was insider trading?
Le shock
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RoseIsHorriblle posted...

Bitcoin was 7800 an hour ago and now it's rising. It's 8300 right now. If my calculations are correct it will have surpassed the 20000 mark in 24 hours.

That's really how some of them think.
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The rulers of the world are aiming to stop this, before it gets out of hand.
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Does anybody even buy stuff with crypto anymore?

Definitely feels like people just keep exchanging hoping to make a profit. In.which case, it's not at all surprising that it's been so volatile.
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Squall28 posted...

RoseIsHorriblle posted...

Bitcoin was 7800 an hour ago and now it's rising. It's 8300 right now. If my calculations are correct it will have surpassed the 20000 mark in 24 hours.

That's really how some of them think.

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To $100,000 we go!
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DevsBro posted...

Does anybody even buy stuff with crypto anymore?

Definitely feels like people just keep exchanging hoping to make a profit. In.which case, it's not at all surprising that it's been so volatile.

This is exactly what was happening.
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