Bitcoin nosedived to three-week lows early today , puncturing the frenzied speculative bubble built into several alternative cryptocurrencies (altcoins) in the wake of Coinbase’s recent debut on Nasdaq.
- The biggest cryptocurrency by market value dropped from roughly $60,000 to $52,148 [in 15 minutes]
during the Asian session, liquidating almost $4 billion worth of positions in the derivatives market,
- While the exact reason for the sudden crash is unknown, the market mood may have soured [due to rumors] that the U.S. Treasury is planning to charge several financial institutions for money laundering using cryptocurrencies.
Note: CoinDesk has been unable to independently verify any pending government action.
How will this affect Coinbase shares ?
Does this present a buying opportunity?
Any thoughts on this as am hoping to get in if there is a price drop.
Bitcoin is highly volatile, i been in btc for quite some time now, these drops even tho they seem scary are quite “normal”, in regards to COIN, could see a dive / a entry point. How far it falls only time will tell
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This dip is nothing for Bitcoin.
The main reason it dropped quick is leveraged traders were caught being cocky and a chain reaction took it back to a previous support.
Unfortunately all alts get dragged down naturally.
Anyway this is just a pullback from the markets going mental from the last two weeks, it’s very much needed. Just wish I had moved to stable last nite.
We are still very much in a bullrun. Alts should be good until summer.
Expecting a nice recovery over the next day or so.
This is my morning. 
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Missing some fire 
at the bottom of that green rocket.
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Posted by Altcoin Sherpa 10hrs ago.
Move along nothing to see here, billions wiped off. Billions back on.
I’ll be very happy if Bitcoin can go sideways now and give alts a nice boost.
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So it was basically China
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If people are buying the dip, that’ll be good for Coinbase’s bottom line. Assuming that crypto enthusiasts will buy the dip of course!
What about Riot blockchain, Marathon and Argo? How do you see those? Marathon dropped 35% within a week. I have bought a lot of Marathon last week and today. Anyone else?
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I guess miners dropped because btc dropped. Buying the miners now feels like catching a falling knife. I am watching. I already sold my positions for nice profit. Lets see how btc does in next few weeks.
I think miners dropped because China shut down the largest one due to “energy usage”. It’s of course not to do with the government wanting to start a crypto themselves.
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It was a massive power outage that triggered miners to go offline, which then triggered the chain reaction of over leveraged positions to be wiped out.
I’m still bullish on BTC, I think this little dip under the 50 EMA is just a temporary blip before it continues moving (much) higher.
Nowhere near a natural top or over bought atm. I would imagine it would be a far more aggressive spike to signal the top.
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That graph is really neat! So blue is oversold, red overbought?
Ah, a graph of flamboyance over time!
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The only thing I have concern is that rainbows can have the other side of the arch going back down.
Maybe a big pot of gold at the bottom 
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