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Following the most aggressive drop in Bitcoin in almost three years (plunging 37% from its highs in 5 days)…\u00a0Bitcoin is now down over $9000 from its highs…<\/strong><\/p>\n Back to a $10,000 handle…<\/p>\n And then it was suddenly ripped $2000 higher…<\/p>\n Every bounce is sold…<\/p>\n However,\u00a0today’s collapse isn\u2019t even particularly eye-catching on a logarithmic scale,<\/strong>\u00a0used to compare relative percentage-point sizes of moves.<\/p>\n At least three times since 2010, the first year for which Bloomberg prices are available, bitcoin has retreated more than 70 percent from record highs.<\/strong>Caveat emptor.<\/p>\n Surveying the damage this morning is nothing short of a bloodbath…<\/p>\n Source<\/em><\/a><\/p>\n If one looks carefully, one can find a few glints of green – Tether, NXT, Komodo, Bitcoin Dark, and SmartCash but they are all microcap.<\/p>\n Futures and spot fell together with various circuit-breakers kicking in…<\/p>\n Some have argued that this was a key technical breakdown of the exponential uptrend…<\/p>\n These kind of drops are not entirely unusual, Bitcoin has crashed by over 30% in every quarter since its inception…<\/p>\n <\/p>\n In fact, drawdowns are very much business as usual…<\/p>\n As Reuters notes,<\/a>\u00a0for the week, it was down around a third – its worst performance since April 2013.<\/strong><\/p>\n \u201cA manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes,\u201d said Charles Hayter, founder and chief executive of industry website Cryptocompare in London.<\/p>\n <\/p>\n \u201cA lot of traders have been waiting for this large correction.\u201d<\/strong><\/p>\n <\/p>\n \u201cWith the end of the year in sight a lot of investors will be taking profits and saying thank you very much and closing their books for the holiday period,\u201d\u00a0<\/strong>he added.<\/p><\/blockquote>\n Ethereum is also getting crushed…<\/p>\n Interestingly, Ripple, the third-biggest, has more than quadrupled in price since Monday.<\/p>\n \u201cA lot of the capital is flowing from bitcoin into alternative coins,\u201d<\/strong>said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney.<\/p><\/blockquote>\n But it’s not just the underlying cryptocurrencies that are bloodbathing. Various companies that have changed their names in recent days\/weeks to try and capitalize on crypto’s rise are in trouble this morning…<\/p>\n Riot Blockchain, Long Island Iced Tea (Blockchain), Net Element, and LongFin are all crashing in pre-market…<\/strong><\/p>\n …Meanwhile, the newly christened Long Blockchain revealed in an SEC filing on Friday that it had secured a new loan agreement with Court Cavendish, a lender trying to expand its technology portfolio, according to the filing. The company received a $2 million loan, with the option of increasing it to $4 million with the consent of the lender.<\/p>\n The loan is secured with warrants…<\/p>\n <\/p>\n \u2714<\/b><\/span><\/span>@CGrantWSJ<\/span><\/a><\/div>\n<\/div>\n Long Blockchain, n\u00e9e Long Island Iced Tea Corp, has a new loan with some, uh, interesting terms:\u00a0http:\/\/www.<\/span>sec.gov\/Archives\/edgar\/data\/1629261\/000149315217014968\/form8-k.htm\u00a0<\/span>\u2026<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n\n
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<\/span>Charley Grant<\/span><\/span><\/a><\/p>\n