Thu Jun 27 2019
THE INTERNET - This is true. After some 12 months of hovering in the $3-4k area, BTC is suddenly on a major spike. Oh, await a minute. It just fell again. But that's okay though, because it seems to be up again. Or not. As I was watching this go on, the final story was that BTC peaked at about $13.6k, and then plummeted to about $11k in the course of roughly 15 minutes.
At the time of my writing this, BTC is currently sitting at about $11.4k. Things seem to have calmed down for now. But for the day, it seems that BTC's total value dropped $1400-1500 in one day! That is astonishing. And it means that millions of dollars traded hands in a VERY short time.
To put into perspective how silly this is, here is a screenshot of the alerts on my phone yesterday (6/26) showing that "the price is down 12.2%", and then "the price is up 6.74%" in the span of only two minutes!
It's actually worse than my writing this makes it sound. While all of this was going on, the enormous spike in activity took down Coinbase! That is only one of the largest Bitcoin exchanges in the world. Robinhood also had an outage.
I'm not one to start rumors or believe in conspiracies, but I genuinely wonder if the "outages" in question were actions taken by the exchanges to prevent a non-stop freefall in BTC prices. That is pure speculation. But you have to admit, it is within the realm of good solid reasoning.
As I have stated many times since I started this blog (this is the 4th time now I'm writing about a BTC price point), that crypto-investing is a volatile game. I'm sure that an awful lot of people made an awful lot of money yesterday. But that also means that even more people lost money. A lot of it.
I hope that you folks reading this are among those that sold (made money), and not those the bought (lost money). Keep an eye on things, people. That is my advice.
Is there really free money out there?
Cashing Out is Expensive
Bitcoin Rises Above $13k!! For a little while.