story of my life
 

THE cryptocurrency market has lost $US206 billion overnight in what traders are describing as a “cryptocalypse”, with bitcoin heading back towards its $US10,000 milestone first reached last November.

At the time of writing, ripple was down nearly 50 per cent on the previous day, ethereum had lost nearly 34 per cent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 per cent to just under $US10,200.

It’s been a cryptocalypse overnight with bitcoin and other virtual currencies coming under heavy selling pressure as the regulatory scrutiny intensifies not only in China and South Korea but across the globe,” Greg McKenna, chief market strategist at AxiTrader, said in a note on Wednesday. “The debate over zero or $US100,000 for bitcoin this year continues, however.”

Mr McKenna added that while retail investors had chased bitcoin out of fear of missing out, most institutional investors — with the exception of dedicated bitcoin funds and traders — would avoid the currency “because of fear of embarrassment and job loss”. “FEJL is as powerful a motivator as FOMO,” he said.

It came amid reports China’s government was preparing to ramp up its crackdown on virtual currencies by blocking access to wallet services and exchange websites, according to Bloomberg.

China had already banned domestic exchanges and “initial coin offerings”, and earlier this month signalled its intention to crack down on bitcoin mining companies in order “guide” them towards an “orderly exit” from the country.

laugh

at this rate, dude's gonna have to rent out his garage

Lol that's pretty funny. I laughed. Haha

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