BTC falls 5% and wipes out $13bn in a matter of minutes

[Master Disaster]

It was around this time last year Bitcoin started its meteoric rise to a high of, iirc, around $15,000 and the mining craze was taking over. Well we all know how that ended however since that end BTC has had a fairly long period of stability (at least by cryptocurrency standards). That changed yesterday however as BTC fell 5% instantaneously and took 13 billion dollars down the drain with it.

Quote

BTC has experienced a sudden drop in its value after a stable few months of trading, as five percent was shaved off its price almost instantaneously.

 

Other leading cryptocurrencies, ripple and ethereum, were dragged down with it as the price plummet caused a ricochet effect on the whole cryptocurrency market.

 

The world’s leading cryptocurrency had entered a period of remarkable stability as the asset hit a 17-month volatility low in September.

 

But the steady spell appears to be over, with the digital asset taking a huge price hit causing $13billion to be lost in minutes, according to CoinDesk data.

To be honest the rest of the article is mostly discussing political matters surrounding BTC and probably isnt suitable, if you're interested the source is...

https://www.express.co.uk/finance/city/1029870/bitcoin-price-news-cryptocurrency-BTC-volatility-blockchain-fintech-IMF/amp

 

Damn, I bet there's people who aren't very happy right now. Cryptocurrency is to volatile for my tastes anyway.

[CCPSSteve]

Most major tech stocks are taking a hit if I'm not mistaken, this isn't just pertaining to bitcoin.

[Master Disaster]

Just now, CCPSSteve said:

Most major tech stocks are taking a hit if I'm not mistaken, this isn't just pertaining to bitcoin.

Does anyone know whats going on?

[Lurick]

Just now, Master Disaster said:

Does anyone know whats going on?

Stock market is getting hit due to fears on bond yields and other whatnots

[AHaskin14]

I noticed a downward trend of tech companies too @CCPSSteve. Perhaps an all around scare of those microchips found in amazon and apple servers? (true or not)

 

[GoldenLag]

Damn, my 42$ in BTC is now only 40$ in BTC

[porina]

Note the volume increased at the time of the drop, so could it be a big holder selling out? If general markets are going in a downward direction also, that would impact too.

[Master Disaster]

5 minutes ago, GoldenLag said:

Damn, my 42$ in BTC is now only 40$ in BTC

I think I had £30 worth sat in a wallet somewhere. True story though, at the peak my wallet was worth over £150 so I decided to cash out. I moved it from my private wallet into a cash out wallet and while the transaction was authenticating the crash happened and all transactions were frozen. It took over a week to authenticate by which time my £150 was only worth £30 (or that's all I ended up with after fees anyway). I was livid

[Master Disaster]

4 minutes ago, porina said:

Note the volume increased at the time of the drop, so could it be a big holder selling out? If general markets are going in a downward direction also, that would impact too.

That's alluded to in the article.

[Jtalk4456]

i wish it would drop down to the point I could afford one at tax returns. it's going back up eventually when amazon makes their own cryptocurrency

[Roamable]

There goes the retirement fund... Oh wait, buy now and then when it shoots back up we are #winning

[porina]

2 minutes ago, Master Disaster said:

That's alluded to in the article.

Have to admit I didn't read it when I saw the source was the Express. WCCFtech is more credible for news.

[Vode]

Facebook dropped more than Bitcoin. Where is your god now?

[Master Disaster]

1 minute ago, Vode said:

Facebook dropped more than Bitcoin. Where is your god now?

If Google, Apple, Microsoft & Amazon follow suit I'll be looking out for the 4 horsemen of the apocalypse riding down my street.

 

[AlTech]

I had a feeling Cryptocurrency wouldn't be a good decentralized currency long term.

[Brooksie359]

29 minutes ago, Roamable said:

There goes the retirement fund... Oh wait, buy now and then when it shoots back up we are #winning

Or it continues on a downward trend and you slowly lose your retirement fund to a dumb investment. 

[Lurick]

Just now, Brooksie359 said:

Or it continues on a downward trend and you slowly lose your retirement fund to a dumb investment. 

That's why you diversify

[Brooksie359]

Just now, Lurick said:

That's why you diversify

You diversify in good stocks not ones doomed to fail. 

[Lurick]

Just now, Brooksie359 said:

You diversify in good stocks not ones doomed to fail. 

Well right now everything is falling due to bond yield changes and other fears but you should always do your research and check in every so often and adjust as needed.

[SupremeGOAT]

aaah man now used gpus gonna flood ebay again... mostly miners trying to mitigate losses..

[Brooksie359]

Just now, Lurick said:

Well right now everything is falling due to bond yield changes and other fears but you should always do your research and check in every so often and adjust as needed.

I am aware. All cryptocurrency is doomed to fail tbh. It's a flimsy existence and can be worthless at a moment's notice. 

[TVwazhere]

Just now, Lurick said:

Well right now everything is falling due to bond yield changes and other fears but you should always do your research and check in every so often and adjust as needed.

Also just wait a month and it'll probably be fine (in terms of normal stocks, BTC maybe not)

[Lurick]

Just now, Brooksie359 said:

I am aware. All cryptocurrency is doomed to fail tbh. It's a flimsy existence and can be worthless at a moment's notice. 

Ah, I was talking in a general sense, didn't realize you were focusing on crypto only

I think crypto is going to see a lot of rocky events going forward and will never be back in the glory days. It won't die out completely but will definitely die down a significant amount

[Deli]

1 hour ago, AHaskin14 said:

I noticed a downward trend of tech companies too @CCPSSteve. Perhaps an all around scare of those microchips found in amazon and apple servers? (true or not)

 

Not just tech companies. A wide variety of stocks noise dive in the past week. Higher bond yield has pulled a lot of money out of stock market

[SpaceGhostC2C]

1 hour ago, AHaskin14 said:

I noticed a downward trend of tech companies too @CCPSSteve. Perhaps an all around scare of those microchips found in amazon and apple servers? (true or not)

 

It's all stocks, not just tech-related.

 

Want to know why? Google "What is behind the global stock market sell-off?" Check a couple results.

Want to know if they know what they're talking about? Check the dates of those results you clicked on.

 

Spoiler

I already got 2014, 2016, 2018 (February), 2018 (October)...