14-06-2018, 08:14 AM
Bitcoin extended losses, bringing its four-session slide to as much as 20 percent, as questions mount about whether the world’s biggest cryptocurrency was manipulated during last year’s record price surge.
After rallying more than 1,400 percent in 2017 amid an investor frenzy for digital assets, Bitcoin is down almost 70 percent to around $6,238 as of 4:37 p.m. in New York, from its record high of $19,511 set in December. It traded at a few cents after being launched in 2009.
“Things have changed for Bitcoin and the crypto space,” said Craig Erlam, senior market analyst at online trading firm Oanda Corp. in London. “There doesn’t seem to be as much hype, or positive news. Every time we get a negative news story now -- after a period of consolidation -- we don’t see bullish sentiment come in to support it. It’s almost as if people are waiting to sell it.´´
-Bloomberg
After rallying more than 1,400 percent in 2017 amid an investor frenzy for digital assets, Bitcoin is down almost 70 percent to around $6,238 as of 4:37 p.m. in New York, from its record high of $19,511 set in December. It traded at a few cents after being launched in 2009.
“Things have changed for Bitcoin and the crypto space,” said Craig Erlam, senior market analyst at online trading firm Oanda Corp. in London. “There doesn’t seem to be as much hype, or positive news. Every time we get a negative news story now -- after a period of consolidation -- we don’t see bullish sentiment come in to support it. It’s almost as if people are waiting to sell it.´´
-Bloomberg
(22-02-2018, 01:14 PM)specuvestor Wrote: [ -> ]Munger calls this Hubris. This is what I mean when I say over the years I have learnt and disciplined myself not to participate in things that I don't understand or make no sense, even if the siren tempts me with 10 bagger or what
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Gartman said he broke his Rule No. 1 of investing via his newsletter: never buy a stock that’s in decline.
“More importantly we are smarting from having broken our own primary rule of trading to never, ever add to a losing position,” Gartman said Wednesday.
The investment in crypto-related assets is odd for Gartman, an investment traditionalists who tends to espouse the benefits of owning tangible assets. Although he has said blockchain, the distributed-ledger technology that underpins most digital assets, has merit, he has been mostly skeptical of the virtualcurrency sector, which he suggested was benefiting from speculative hype.
In December, Gartman described bitcoin as a “classic bubble,” in a CNBC interview, saying it had gone beyond the “absurdity” of Holland’s tulip bulb mania in the 17th century.
https://www.marketwatch.com/story/one-pr...2018-02-21