Why did Bitcoin crash today ? April 10th 2013
UPDATE: Tonight ONLY April 11th , 2013 If you want clear streaming bitcoin live charts I put up a daily & 5min LIVE link here http://sg22.ly/ZpWPhp was 67.10 $BTC #bitcoins #BTCUSD . I’ll try to leave it on all night if possible – Attached is a copy of the charts you will see when you log in and they stay streaming in real time: http://sg22.ly/XGiqaY
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April 10th , 2013— this morning I had posted this chart on twitter at 10:16amEST
for those interested in Bitcoin live charts – here are 2 I just did 5minute and daily chart– http://sg22.ly/ZheOHH Notice volume profile
You can see my chart and notes before the big drop we saw today click to enlarge –
I took some flack on twitter by a guy that said what I posted was a JOKE: and the fact i said that could drop back to the volume level back towards $150 area
Was not all negative, I also got this from someone that is active in the Bitcoin market but has a more level headed understanding of this new currency.
I feel vindicated a bit when Bitcoin collapsed this afternoon and where did it go to ? to that $150 area I had posted in the earlier chart. As I said I’m not a bitcoin expert but supply and demand still have to rule. I’m sure the smart players in this industry were buying up at or below $150 area on the afternoon drop.
I’m not sure what caused the drop but I’m sure there will be lot of finger pointing as to who was to blame from hackers to the bitcoin exchange itself . We’ll find out in the coming days but thought I’d share the charts and notes.
If you want to follow some of the key bitcoin players follow : https://twitter.com/maxkeiser He may tweet out what happened today and who’s to blame for the drop or if you want to know the exchange website for MtGox its https://mtgox.com/
Hope you found this helpful – I had a more detailed blog about : What are Bitcoins and key points about this new currency here:
I mentioned supply/demand as well in that blog post as well as problems if they occur due to the exchange or hackers.
I also talk about competition in the other blog.. maybe after today’s drop you will start hearing about someone trying to come up with a new Bitcoin currency that can address these crash effects from not happening in the future. If they can’t address this then you will find people will become less trusting of Bitcoins since that is now 2 major crashes that have occured and I spoke about that in the blog below as a major concern.
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