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Bitcoin Bloodbath

• on: Bitcoin

The world’s largest cryptocurrency (Bitcoin) on December 20th, 2016 was $792.20. Reaching $1,157.99 at 2:00AM today, before freefalling to $971.30 at 7:52AM.

The acceleration period started on January 2nd, Bitcoin was $1,002.48 and jumped to $1,157.99 today, before freefalling. People were divided in the chat box I was monitoring. Some felt Bitcoin had broken through and would go parabolic, others motioned a reset was on the horizon.

alt Chart created on TradeView.com by Aethlois.

This isn’t the first-time Bitcoin has suffered a pump and dumped. On November 29th, 2013 Bitcoin peaked around the $1,200 mark before crashing. However, 2013 was a jump from $300 to $1,200 in just a few days, before crashing to $600. This time around the jump was from $800 to $1200 over a few weeks, before crashing down to $950.

I don’t know what this data means; I’ve been monitoring Bitcoin closely the past week or so, and simply wanted to share my cliff notes with you.

My questions are, in the face of impending government regulation and crackdown, for example:

  • Colombia has banned Bitcoin
  • And the IRS is pushing Coinbase to reveal the last three years’ customer data

Can Bitcoin breakthrough and become the world’s first global currency? Is the world ready? Are we ready? Does the promise of a decentralized global currency even lead to a better world?

Notes:

Numbers from Coinbase, one of the largest Bitcoin wallets, based in San Francisco, California. Coinbase has raised $117M dollars, their shareholder list includes heavy hitters like Draper Fisher Jurvetson (DFJ), Andreessen Horowitz and Bank Of Tokyo - Mitsubishi UFJ.

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