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December 22, 2017 | Bitcoin Crashes Again, Coinbase Suspends Trading: What, Me Worry?

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
Bitcoin is down over 20% in wild trading. Coinbase suspended trading. Did the bubble finally bust?

Coinbase, the most popular site for cryptocurrency transactions in the U.S., has suspended all trading activity today amid a crash in cryptocurrency prices.

A statement on the company’s website this morning read, “Due to today’s high traffic, buys and sells may be temporarily offline. We’re working on restoring full availability as soon as possible.”

Senseless Statement

The statement regarding “working on restoring full availability” makes little sense.

What does it take to restore availability? A decline in traffic? You got one. There is zero traffic now.

Bubble Finally Burst?

Did the bubble finally burst? I have no idea, but the true believers are out there wishin’ and hopin’.

Despite the plunge, many of the top 16 cryptocurrencies are still up for the week.

Feelin’ lucky dude?

Proponents still claim Bitcoin will get to $1,000,000. Their rationale makes as much sense as the myriad of dotcom-bubble justifications we saw in 1999.

Buy the Dip?

Be my guest. Someone, somewhere will always buy the peak of the bubble. Don’t worry, this may not be it.

Mike “Mish” Shedlock

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December 22nd, 2017

Posted In: Mish Talk

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