Bitcoin: ‘I’m Not Dead Yet!’
On Wednesday, it looked like Bitcoin might be headed into a death spiral.
After plunging below $10,000 (down 50% from the December peak), things got materially worse midway through morning trading in the U.S., when Bitcoin very nearly dipped below $9,000, depending on where you’re getting your prices.
January futures expired Wednesday and as the evening wore on stateside, Bitcoin staged a bit of a comeback, eventually climbing as high as ~$11,800 on Coinbase.
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Here’s another look at yesterday just to underscore how insanely volatile this truly is:
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And look, for anyone who bought the dip, congrats, but no one should delude themselves here. This is an absolute shitshow since the December highs:
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For now, things seem to have “stabilized”.
Or, put differently: “I’m not dead yet!”
Video length: 00:00:48
Disclosure: none of what I write here is to be construed as advice to buy or sell any kind of asset. It is merely my personal and not my professional opinion. Any asset can go to zero.