In Stunning Crash, Bitcoin Wipes Out December Gains Then Rebounds $2,000 In 7 Minutes

First thing this morning, we documented the drama unfolding across the cryptoverse where virtually everything is in free fall.

Specifically, Bitcoin had fallen some 30% from the highs hit last weekend ahead of the CME futures launch and is on pace for its worst week since 2013, while bitcoin cash, ethereum, and litecoin are all under extreme pressure as well.

Here’s a fun heatmap:

 

 

Well, I hate to tell you this, but since this morning the bottom has fallen out.

There for a minute, it actually looked like Bitcoin was going to break below $10,000 on Coinbase after a sudden sharp move to the downside:

Do note that this morning’s action had, at one point, nearly wiped out the entirety of December’s gains:

 

And have a look at what it’s doing now:

 

 

That’s a $2,000 swing in 7 minutes.

This, folks, is not how “a currency” acts. At least not one issued by a developed country.

Of course Twitter is loving it:

 

$BTC 11,111 and falling. pic.twitter.com/idiQnbMuSW

— noahharlan (@noahharlan) December 22, 2017

Checking my $BTC value this morning pic.twitter.com/pzhisCF2rk

— TrashPanda (@TrashPandaCoin) December 22, 2017

$BTC $LTC $XRP $NXT $ARDR $BCH $XMR $LUX $SMART pic.twitter.com/84igMLCEu4

— Dr. (@djjawed5) December 22, 2017

$Crypto Noobs Vs Veterans :) pic.twitter.com/jiMdniCOOI

— Prof. Moriarty (@CryptoMoriarty) December 22, 2017