After gold being below $1700 in March and now near $1900/ounce we have this:
Bitcoin and ether tumbled on Wednesday to 3-1/2 month lows, on track to post their largest one-day loss since March last year, in the wake of China’s move a day ago to ban financial and payment institutions from providing cryptocurrency services.
At one point during the meltdown, nearly $1 trillion was wiped off the cryptocurrency’s market capitalization.
“Bitcoin’s sharp price drop should come as no shock to the market,” said Gavin Smith, chief executive officer of crypto consortium Panxora.
“Any asset which has risen as much as bitcoin over the past year can be expected to have pullbacks as some investors withdraw profits, like we’re currently seeing. While often a brilliant investment opportunity, traders must remember that Bitcoin is still an emerging asset class and will continue to experience large price swings,” he added.
It’s only a brilliant investment opportunity if you don’t have any moral qualms about “fleecing the sheep” and have good timing.