As Bitcoin Surges To New Record, Meet ‘Bubble Burst’, The App That Warns You Before A… https://t.co/MRvsTFJDIJ pic.twitter.com/xzMlSqDNyN
— Walter White (@heisenbergrpt) December 3, 2017
So that tweet was posted a little over a day ago and while it hasn’t hit $30,000 yet, allow us to officially say we’re no longer “really disappointed” with everyone’s favorite crypto craze. Because on Sunday, the (relative) calm was shattered when Bitcoin decided to explode higher by some $700.
Coindesk is super excited. “Beginning at 11:00 UTC, bitcoin saw a sudden surge, rising from $11,115 to set a new high of $11,655 by the end of the hour.” Here’s what that absurdity looks like:
That takes the market cap to within spitting distance of $200 billion:
So let’s just annotate a 1-month chart on this for fun. Have a look at what all has taken place in the last 30 days alone:
That is one helluva ride over such a short window and as we documented earlier this week, that last bit of volatility seems to have caused Lloyd Blankfein to rethink Goldman’s plans to get involved in this.
Meanwhile, this latest leg higher comes as Bitcoin futures got the green light from the CFTC and as Cantor is set to offer binary options. The move to a fresh all-time high also comes just days after Jack Bogle warned investors to “avoid Bitcoin like the plague.” Clearly, some folks aren’t listening.
You’re also reminded that the Wall Street Journal was out this week with a truly unnerving story that detailed just how rampant the speculation has become. Not only are actual retired grandmothers trading Bitcoin while simultaneously playing poker in Vegas (and I mean every bit of that literally), 78-year-olds like Tony Horsely of Atlanta have now sunk 5% of their portfolio into the digital currency. “I’m late to the game, but I’m enjoying it,” Tony told the Journal. Horsely now writes his own Bitcoin letter that he sends to friends.
