Thursday, September 14, 2017

BitCrash: Starting To Panic

I said that when Bitcoin broke $4,000 gamblers would panic. I meant $3,600. As usual, the zombies are slow on the draw...

Two weeks ago, the Chinese government announced that Bitcoin would be banned. However, denialists interpreted that message in the narrowest and most specious way possible, so they could continue gambling a little while longer. Now this hammer over the head:

The proximate macro headline risk is this one, as North Korea prepares for another ICBM launch. $USDJPY took a direct hit:

Hedge Funds' largest holding is down -32% in 10 days: