Bitcoin is Crashing – Live Order Book

bitcoin.clarkmoody.com

25 points·obilgic··10 comments

Bitcoin was supposedly being used as an inflationary hedge, particularly in the Euro region.

Today we got news of substantially depressed Chinese growth forecasts, which caused the S&P 500 to drop more than 2% and Gold to fall close to 10%. (John Paulson's funds lost more than $1BB today apparently, since he has $9.5BB in Gold exposure in his hedge funds [1])

Given the anti-inflationary data (I hesitate to call it deflationary at this stage) that came out today and the massive drop in Gold price, a similar fall in Bitcoin price isn't particularly surprising.

[1] http://www.bloomberg.com/news/2013-04-15/paulson-gold-bet-lo...

It's just a correction after the tremendous run-up last week, which isn't totally unexpected.

In the last 24 hours, Bitcoin price went from $90 to $64 (and decreasing as we speak), which is about a 30% drop. The volume of transactions is about as high as it was during the original crash last week.

This appears to be the "abandon ship" phase of Bitcoin. Or the system is being manipulated, which is always possible.

Good, we don't need people who jumped into bitcoin without understanding what bitcoin is.

More likely manipulated.

more likely not. it's called a "correction".

IMO this is a macroeconomically driven move in the Bitcoin market rather than an issue isolated to Bitcoin only.

Described in a bit more detail in my other post in this thread: https://news.ycombinator.com/item?id=5556411

What a neat live graphic!

(You can probably tell I'm not much into finance that such a thing impresses me.)

So is Gold. A lot of people are getting a sharp lesson in economics today.

The gold bugs have been getting one since 2011, and a lot of them are still buying on the dips. what can you do.

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