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Bitcoin is Crashing – Live Order Book

25 points by obilgic 14y ago

minimaxir 14y ago
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.
- kiba 14y ago
  Good, we don't need people who jumped into bitcoin without understanding what bitcoin is.
  - BrokenPipe 14y ago
    More likely manipulated.
    - al1x 14y ago
      more likely not. it's called a "correction".
- hkmurakami 14y ago
  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 https://news.ycombinator.com/item?id=5556411
hkmurakami 14y ago
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-loses-almost-1-billion-chart-of-day.html http://www.bloomberg.com/news/2013-04-15/paulson-gold-bet-lo...
- alwillis 14y ago
  It's just a correction after the tremendous run-up last week, which isn't totally unexpected.
- deleted 14y ago
  [deleted]
InclinedPlane 14y ago
So is Gold. A lot of people are getting a sharp lesson in economics today.
- anigbrowl 14y ago
  The gold bugs have been getting one since 2011, and a lot of them are still buying on the dips. what can you do.
marshray 14y ago
What a neat live graphic! (You can probably tell I'm not much into finance that such a thing impresses me.)

25 points by obilgic 14y ago

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.

kiba 14y ago
Good, we don't need people who jumped into bitcoin without understanding what bitcoin is.
- BrokenPipe 14y ago
  More likely manipulated.
  - al1x 14y ago
    more likely not. it's called a "correction".
hkmurakami 14y ago
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 https://news.ycombinator.com/item?id=5556411

hkmurakami 14y ago

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-loses-almost-1-billion-chart-of-day.html http://www.bloomberg.com/news/2013-04-15/paulson-gold-bet-lo...

alwillis 14y ago
It's just a correction after the tremendous run-up last week, which isn't totally unexpected.
deleted 14y ago
[deleted]

InclinedPlane 14y ago

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

anigbrowl 14y ago
The gold bugs have been getting one since 2011, and a lot of them are still buying on the dips. what can you do.

marshray 14y ago

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