GIST] Bitcoin volatility sees trades suspended on certain exchanges
Bitcoin volatility sees trades suspended on certain exchanges
Bitcoin plunged on Friday, extending a fall that saw the crypto-currency lose more than a third of its value from a record of nearly $20,000 (£15,000).
The crypto-currency's price dipped below $11,000 on Friday, according to the Coindesk exchange website, before recovering to about $12,000.
Amid the swing, three Bitcoin-related exchanges suspended certain trades.
Bitcoin has had a blistering trip over the past 12 months. Its price at the start of the year was $1,000.
It is now on track for its worst week since 2013.
Charles Hayter, founder and chief executive of industry website Cryptocompare, said: "A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes."
He said a lot of traders would have been cashing in on the spectacular gains made over the year.
What's going on?
The past few weeks have seen Bitcoin enter the mainstream after the CME and CBOE exchanges in the US started trading futures contracts underpinned by Bitcoin.
This allows investors to bet on where they expect the price of Bitcoin to be at certain points in the future.
The exchanges have automatic brakes that apply once a commodity or asset has moved by a certain amount.
That happened on both the CME and CBOE exchanges, precipitating brief halts in trading.
One of Bitcoin's major exchanges, Coinbase, also suspended buying and selling of the crypto-currency amid rapid changes in value.
What do people say about Bitcoin?
Regulators around the world have stepped up their warnings about its provenance as an investment.
Its origins are only barely understood, its volatility is extreme and its use as a currency is limited.
One of this week's most striking comments comes from Denmark's central bank governor, who called it a "deadly" gamble.
Earlier this month, the head of one of the UK's leading financial regulators warned people to be ready to "lose all their money" if they invested in Bitcoin.
Andrew Bailey, head of the Financial Conduct Authority, told the BBC that neither central banks nor the government stood behind the "currency" and therefore it was not a secure investment.
'A few people will have cashed in millions at the expense of others who have been cheated by the hype.'
------
Nobody was cheated. They decided to take a gamble on an obvious short term ponzi scheme that could only have one outcome. They lost because they didn't get out quick enough because of their greed. On a gamble like this then someone has to lose.
Comment number 273. Posted by cm637
on 2 minutes ago
If you did not know that bubbles was about to burst you should to be in day care.
Comment number 272. Posted by never_b4_midnight
on 2 minutes ago
As Catherine Tate would say..
AM I BOVVERD!
AM I BOVVERD!
Comment number 271. Posted by Forgotten But Not Gone
on 2 minutes ago
Bitcoin(s) cashed in, charities supported with half, Merry Christmas to all!
Comment number 269. Posted by Bruce Grant
on 7 minutes ago
Does anyone remember the South Sea Bubble or the Dutch Tulip
Mania? It is people chasing money, hoping more will buy to prop up the
price, the bubble has to burst sometime. Mug punters will never learn
that only those in control milk the casino.
Comment number 268. Posted by Hey Ho away from EU we go
on 10 minutes ago
Pyramid scheme! Ponzi! Tulips!
The things no-coiners say to hide their saltiness at losing out on so much profit.
Sell the highs, Buy the dips, or simply HODL.
The things no-coiners say to hide their saltiness at losing out on so much profit.
Sell the highs, Buy the dips, or simply HODL.
Comment number 267. Posted by Luke Jordan
on 11 minutes ago
245
1. Resulting from the big bang (just google it).
2. Clearly not.
3. Currency for use on the dark web.
1. Resulting from the big bang (just google it).
2. Clearly not.
3. Currency for use on the dark web.
Comment number 266. Posted by iDominic
on 11 minutes ago
The last month or so has been such a blatant hype of bitcoin
that this 30% crash is tantamount to insider trading, or all those
speculative "penny value" stock spam emails you get.
A few people will have cashed in millions at the expense of others who have been cheated by the hype.
It's been marketed like a "$$$Make Money Quick$$$" scam
... and the scammers will be untraceable
A few people will have cashed in millions at the expense of others who have been cheated by the hype.
It's been marketed like a "$$$Make Money Quick$$$" scam
... and the scammers will be untraceable
Comment number 265. Posted by The Flying Swans Egg
on 13 minutes ago
Was obviously coming. XBT had a very good run but I got out 2
days ago, I felt the run was not sustainable. The way I see it there'll
be little trading over the festive period so maybe get back in then.
Interestingly, the only one I kept was Ripple and that didn't suffer too badly at all. I am not sure why, perhaps because it's the most genuinely useful right now.
Interestingly, the only one I kept was Ripple and that didn't suffer too badly at all. I am not sure why, perhaps because it's the most genuinely useful right now.
Comment number 262. Posted by John G
on 16 minutes ago
looks a sure fire way of losing all your money
Comment number 261. Posted by Terra_Penthcyan
on 18 minutes ago
It survived this run but it is still fragile. If it can
survive the lower volume of trading over the new year it should be OK.
Obviously some people have lost 25-30% of their investment in less than a
week. I think it will have made new investors more cautious and that
might put pressure on growth.
It has no intrinsic value so there is no base price. If it goes, could be less than a $ in hrs.
It has no intrinsic value so there is no base price. If it goes, could be less than a $ in hrs.
-
Comment number 260. Posted by southb
on 19 minutes agoThis always occurs before Christmas due to a withdrawal from investors to fiat, however it will recover in due course in 2018.
There are also some great global businesses providing alt currencies for specific services or a business model. These will be adopted mainstream in the near future. Just Google and look at the results on coinmarketcap.
Comment number 259. Posted by Einstein74
on 20 minutes ago
How many people making comments about ponzi and pyramid
schemes, oh and the bubble bursting actually understand and can explain
how bitcoin and the wider crypto coin system works. Do you know about
bitcoin mining, cryptographically sealing transactions, blockchain and
the wider proof of work concept. There's nothing behind bitcoin, well
if it easy to create a bitcoin go and do it.
Comment number 258. Posted by Flying Teapot
on 20 minutes ago
245
1) For God's glory
2) Yes
3) Mistaken priorities
1) For God's glory
2) Yes
3) Mistaken priorities
Comment number 256. Posted by John
on 21 minutes ago
Reading comments on here we might think that every investor
in Bitcoin has made a small fortune and every future investor is sure to
do likewise.
But where do all those fortunes come from?
Think about it before you buy.
But where do all those fortunes come from?
Think about it before you buy.
Comment number 255. Posted by Cameltown
on 22 minutes ago
The trick now will be to predict the nadir and get back in
for another rocketship ride, meanwhile have some of the money in other
cryptocurrencies which are currently boosting off the back of the
bitcoin drop as people move capital across.
So easy to make money off crypto at the moment, the scoffers are missing out big time.
So easy to make money off crypto at the moment, the scoffers are missing out big time.
Comment number 254. Posted by presterjohn
on 22 minutes ago
All currency is digital now and has been for some time. The
message 'I promise to pay the bearer the sum of five pounds' on a note
can be regarded as a cynical joke. Because if you demand it you will
simply be given another note in exchange not gold or silver or copper as
in the past. So currency now is only of value if you believe it is.
Most people have lost faith in banks. Crypto fills a need.
Comment number 253. Posted by Your Opinion
on 25 minutes ago
Didn't see this coming...
....completely shocked....
Had absolutely no idea.......
Who'd have thought it.....?
Amazing.
Really unbelievable!
😵
🤒
....completely shocked....
Had absolutely no idea.......
Who'd have thought it.....?
Amazing.
Really unbelievable!
😵
🤒
Comment number 252. Posted by uttermadness
on 25 minutes ago
wibble9999 your pound notes cant disappear from your wallet I
take it you don't have a wife and kids then if not then they sure as
hell will when they come along trust me mine do it all the time
-
Comment number 250. Posted by Gettyboy
on 27 minutes agoTried to buy some Black Tulip Bulbs and a holiday in the South Seas
With the bitcoins I got at the peak of the market ,ended up with a couple of raspberry canes and a trip to Margate
Comment number 249. Posted by Nohumour
on 29 minutes ago
What's wierd about coins...
It's all the same, just has a different name, different part of the world it's registered to and different value overall.
Bubbles will fill and some bubbles will burst. But it'll keep going until the monetary system in all it's glory crumbles. Where and whenever that may be.
It's all the same, just has a different name, different part of the world it's registered to and different value overall.
Bubbles will fill and some bubbles will burst. But it'll keep going until the monetary system in all it's glory crumbles. Where and whenever that may be.
Comment number 248. Posted by John
on 29 minutes ago
Even if you are enthusiastic about the benefits of a
non-regulated currency, you should be exhorting people to use Bitcoin as
a medium for exchange - buying and selling things.
Buying Bitcoin as an 'investment' is joining a Ponzi scheme. Everyone, especially latecomers, cannot all get richer.
It is disingenuous to claim some moral benefit to a form of gambling. It is just luring in more suckers.
Buying Bitcoin as an 'investment' is joining a Ponzi scheme. Everyone, especially latecomers, cannot all get richer.
It is disingenuous to claim some moral benefit to a form of gambling. It is just luring in more suckers.
Comment number 247. Posted by Maria Ashot
on 29 minutes ago
1. Criminals use all sorts of things. The argument that "cryptocurrencies are for criminals" does not hold water.
2. Blockchain is a fascinating innovation. It does not have to replace cash, nor will it. It is not a step towards "the Beast system" (we already have that, depending on how much of a Bible-thumper you choose to be & how you define evil). Blockchain's value: cheap hedging.
2. Blockchain is a fascinating innovation. It does not have to replace cash, nor will it. It is not a step towards "the Beast system" (we already have that, depending on how much of a Bible-thumper you choose to be & how you define evil). Blockchain's value: cheap hedging.
Comment number 246. Posted by my name is Jeremy Corbyn
on 29 minutes ago
Someone I know has some and when I suggested he’d have to
pay CGT and tax on them he told me he wouldn’t as they can’t be traced?
And we worry about all the Tax evading that goes on via offshore companies!
And we worry about all the Tax evading that goes on via offshore companies!
Comment number 245. Posted by odd_bins
on 29 minutes ago
Three of life’s greatest mysteries:
1) Why is there a universe?
2) Does God really exist?
3) Why does Bitcoin have any value at all?
1) Why is there a universe?
2) Does God really exist?
3) Why does Bitcoin have any value at all?
Comment number 244. Posted by Flying Teapot
on 31 minutes ago
211 and 224
So bitcoin allows blockchain to be applied to anything money can buy...
So bitcoin allows blockchain to be applied to anything money can buy...
Comment number 243. Posted by Madbrit
on 31 minutes ago
Presumably all those who have spent the past couple of weeks
on HYS saying how great Bitcoin was have now been cashing in their
"investments", thus driving down the price so they can buy & repeat
for as long as there are mugs dumb enough to fall for this Ponzi scheme.
Comment number 241. Posted by Cameltown
on 33 minutes ago
Most who got involved made a lot of money and had already
cashed out, considering bitcoin is still (as I write) at $9000, I and
most investors got in during that long period when it languished around
$300 three or more years ago. I dumped most of it at $15K, so I missed
the peak, those who bought in at $19K are going to hurt.
-
Comment number 240. Posted by Dave Cross
on 34 minutes ago@220/David Morris: You want BBC Reality Check about Bitcoin's power usage?
See http://www.bbc.co.uk/news/technology-42265728
Comment number 239. Posted by whowrotethis
on 35 minutes ago
Things like this happen every day on stock markets and
commodity markets. What you should be saying is that $1 dollar
investment you made a few years ago is today worth $12000. That still
beats any investment I can name by a wide margin. Instead of being smug
you should be saying hey haven't some investors done exceptionally well
and will most likely continue to do so.
Comment number 238. Posted by fair and reasonable
on 35 minutes ago
Wait for remoaner botts to say the fall was due to Brexit.
Comment number 237. Posted by wibble9999
on 36 minutes ago
It's just a small blip on the road to bitcoin replacing every currency on the planet....
Or it's all about to go very tulip shaped.
I can't wait for someone to disrupt the peer to peer network...that should be fun. At least my pound notes can't disappear from my wallet...
Or it's all about to go very tulip shaped.
I can't wait for someone to disrupt the peer to peer network...that should be fun. At least my pound notes can't disappear from my wallet...
Comment number 236. Posted by Cyril Methodius
on 36 minutes ago
I have a lump of the very finest green; investors invited
Comment number 235. Posted by rocktapper
on 36 minutes ago
Will the bbc be putting up and more videos with smug
investors who cleared up on Bitcoin. My concern is, given that Bitcoin
originally became vogue to criminals using it on the dark net. How many
of the major investors have dodgy background and are just outright
crooks.
To the people who have lost big time... I’m sure the Beeb will feature their sob stories too?
To the people who have lost big time... I’m sure the Beeb will feature their sob stories too?
Comment number 234. Posted by Einstein74
on 36 minutes ago
This is the 5th time this year that Bitcoin has had more
than a 30% correction, previously it then gained circa 150%. The chart
for bitcoin is still green for December. Current price is 13k was 9k at
the start of the month, where else could you get a 44% ROI... The
bank... they're safe aren't they... give you 0.2% interest and lend your
cash out to people at 19.99% on credit cards!
Comment number 233. Posted by The Cityzen
on 37 minutes ago
Some of these comments are ridiculous. It was great to
invest in a few weeks ago. And all the people who made money from it
will be very happy.
Comment number 232. Posted by Whynot11
on 38 minutes ago
Looks like alot of people with egg on their faces. The epitomy of the money men!!
Comment number 231. Posted by The same decaying matter as you
on 40 minutes ago
I really couldn't care less about bitcoin, or any other cash
denomination, it makes me sad that people put value on such nonesense.
I've been told that Humans, the species I am apparently a member of, is the most intelligent on this planet.
That preconcieved worldview, really is debatable.
In evolutionary terms, civilisations have only just begun.
They wont be here for much longer
I've been told that Humans, the species I am apparently a member of, is the most intelligent on this planet.
That preconcieved worldview, really is debatable.
In evolutionary terms, civilisations have only just begun.
They wont be here for much longer
Comment number 229. Posted by Campbell
on 40 minutes ago
No sympathy for those who jumped on the bandwagon and lost.
Rule is, if you can't afford to lose it, don't invest.
Comment number 228. Posted by Moreon
on 40 minutes ago
Value or no Value; people making value judgements on others
and assets based on social constructionist philosophy. Does anything
have value for it's own sake? What actually is value other than an idea
with a label... So we have a new idea and some just don't get it and
apply old thinking..
Are they new flat earth people?
Are they new flat earth people?
Comment number 227. Posted by The Voice of Reason
on 41 minutes ago
181.fuzzy
> Forks? That's part of its evolution.
Not forks.It's about how chains synchronise and find consensus.
> You mean >50% hash power in China? So what?
So what if someone can control the truth? Riiiight..
> If they let a double spend thro' they lose their whole investment.
That sounds bad.
> No, 1 block's added every 10 min.
Ok, but you said everyone has to agree.They don't.
> Forks? That's part of its evolution.
Not forks.It's about how chains synchronise and find consensus.
> You mean >50% hash power in China? So what?
So what if someone can control the truth? Riiiight..
> If they let a double spend thro' they lose their whole investment.
That sounds bad.
> No, 1 block's added every 10 min.
Ok, but you said everyone has to agree.They don't.
Comment number 226. Posted by BobfromLeeds
on 42 minutes ago
Totally predictable and was predicted.
Bitcoin Bubble Burst
Bitcoin Bubble Burst
Comment number 225. Posted by Peter B
on 42 minutes ago
It is sad to see a lot of young folk getting sucked in to
this scam. There will be a few dead cat bounces to make you think there
is hope of a recovery. Then you will think there is no point selling at
this price but a currency you can't actually spend on anything, well
very little at least, has only one direction to travel in. Once all the
big investors cash out it will be worth £1 not £12K
Comment number 224. Posted by saucepan
on 45 minutes ago
211
Agree that the blockchain part is interesting. Trying to create value out of essentially nothing is a non-starter in my view but if you could adapt the tech to translate an already existing asset - shares, bonds etc - into an electronic equivalent - that has potential. Convenient
How do you make it fool proof though. If tech can create it, maybe future tech has the ability to destroy it
Agree that the blockchain part is interesting. Trying to create value out of essentially nothing is a non-starter in my view but if you could adapt the tech to translate an already existing asset - shares, bonds etc - into an electronic equivalent - that has potential. Convenient
How do you make it fool proof though. If tech can create it, maybe future tech has the ability to destroy it
Comment number 223. Posted by SammyInnit
on 46 minutes ago
As soon as people wise up and realise people aren't using it
as a currency and just hoarding it as an investment, it'll collapse.
Comment number 222. Posted by Ladysmith
on 46 minutes ago
204
In a lot of financial dealings, you can have some comeback, even if its just getting the trader told off, here you are open to anything, get scammed, bounced, blocked, computer fatally compromised you could lose rather a lot. Okay when it was $400 but not funny at $20000, and, it could possibly get banned as a form of gambling
In a lot of financial dealings, you can have some comeback, even if its just getting the trader told off, here you are open to anything, get scammed, bounced, blocked, computer fatally compromised you could lose rather a lot. Okay when it was $400 but not funny at $20000, and, it could possibly get banned as a form of gambling
Comment number 221. Posted by chaddyender
on 46 minutes ago
@106leo
It's generally reckoned that a significant proportion of $US bills are contaminated with cocaine. Does that make us all complicit if we use $USD?
It's generally reckoned that a significant proportion of $US bills are contaminated with cocaine. Does that make us all complicit if we use $USD?
-
Comment number 220. Posted by David Morris
on 47 minutes agoAt a guess the fall is largely due to the large investors cashing out before Xmas in case something bad happens in the break and automated systems following their lead.
As to the power use issue, does anyone know how it compares to traditional banking or the server farms needed for all the Facebook server farms or hundreds of holiday photos in the 'cloud'?
BBC Reality Check article perhaps?
Comment number 219. Posted by Pondule
on 49 minutes ago
Mempool size us still too high, I have several small amounts
of Bitcoin that I want to consolidate but can't due to astronomical
transaction fees.
Comment number 218. Posted by Lron2408
on 50 minutes ago
Wow so many salty comments haha.
People who invested with a brain attached (like myself) already made their money and got out.
Not sure where the negativity comes from towards it.
People who invested with a brain attached (like myself) already made their money and got out.
Not sure where the negativity comes from towards it.
Comment number 217. Posted by Rich
on 51 minutes ago
"189. Chris Barnett: Bitcoin is permissionless...ultra poor
no longer need the permission from a bank to participate in the
economy."
No, they just need the guts to spend what little they have on a wildly fluctuating commodity that costs about $28 just to transact.
No, they just need the guts to spend what little they have on a wildly fluctuating commodity that costs about $28 just to transact.
Comment number 214. Posted by Jebediah Kerman
on 53 minutes ago
Andrew Bailey, head of the Financial Conduct Authority, told
the BBC that neither central banks nor the government stood behind the
"currency" and therefore it was not a secure investment.
And what exactly do central banks and governments back those 'secure investments' with? The days of the public not understanding the global fiat fraud system are over.
And what exactly do central banks and governments back those 'secure investments' with? The days of the public not understanding the global fiat fraud system are over.
Comment number 213. Posted by Fugazi
on 53 minutes ago
The Bitcoin story:
Hype, Hype, Hype, Hype, CRASH!
Hype, Hype, Hype, Hype, CRASH!
Comment number 212. Posted by ROLL ON BREXIT
on 54 minutes ago
Why have the BBC pulled the Passport story - comments not liberal enough for them in it mate ?
Comment number 211. Posted by odd_bins
on 56 minutes ago
While Bitcoin is, and will likely continue to be, dodgy for
the foreseeable future, the real breakthrough is the underlying
‘Blockchain’ technology. There is serious money to be made as
blockchain technology is applied to still-bourgeoning industries like
carbon exchanges and energy distribution.
-
Comment number 210. Posted by SeasickJustice
on 56 minutes agoHaha - you're trying to create demand while your investment sinks!
203. Posted by The ghost of Socrates on
2 minutes ago
This is good buying opportunity - I suggest you stock up, ladies and gentlemen. while the price is low. (Unless, of course, you're ideologically opposed to non-fiat.)
Comment number 208. Posted by vikingsarecoming
on 57 minutes ago
I can't resist. I really can't. I told you so!
Although it's back over $13k now, I've enjoyed making 'money' on the way down.
Typical total bubble, let's hope those now getting burnt learn to invest wisely next time rather than chase the latest thing.
By the time it hits mainstream media, it's too late, you've missed most of the upside, just try and call the top and bet downwards.
Although it's back over $13k now, I've enjoyed making 'money' on the way down.
Typical total bubble, let's hope those now getting burnt learn to invest wisely next time rather than chase the latest thing.
By the time it hits mainstream media, it's too late, you've missed most of the upside, just try and call the top and bet downwards.
Comment number 207. Posted by Shirleygirl
on 58 minutes ago
Might also have to do with mining fees, which you pay to
move bitcoins around, going up from about £1 per transaction to nearly
£25.
Comment number 205. Posted by chaddyender
on 1 hour ago
@26DomCork
I have some Zimbabwean dollars. Any chance of exchanging them for your Venezuelan Bolivars?
I have some Zimbabwean dollars. Any chance of exchanging them for your Venezuelan Bolivars?
Comment number 204. Posted by Photon
on 1 hour ago
I would ignore governments' advice about "losing all yer money" on Bitcoin.
They have no control over it. Yet, they expect to control any, and every, currency.
So they are throwing their toys out of the pram.
Silly little babies!
They have no control over it. Yet, they expect to control any, and every, currency.
So they are throwing their toys out of the pram.
Silly little babies!
Comment number 203. Posted by The ghost of Socrates
on 1 hour ago
This is good buying opportunity - I suggest you stock up,
ladies and gentlemen. while the price is low. (Unless, of course,
you're ideologically opposed to non-fiat.)
Comment number 201. Posted by Chris Barnett
on 1 hour ago
@ 192. The Truth on
"There is a lot of envy and smugness on here in different camps and precious little informed opinion."
Careful you don't slip and fall while looking down on the rest of us from that fence you're sitting on!
"There is a lot of envy and smugness on here in different camps and precious little informed opinion."
Careful you don't slip and fall while looking down on the rest of us from that fence you're sitting on!
Comments