Here today, Gone today

For those that figured to ‘get quick rich’ in Bitcoins, you had a better chance of scoring fast in a NY 8thAve three card monté game.

Bitcoin Is Falling Fast, Losing More Than Half Its Value in Six Weeks

Bitcoin plunged below $8,000 in intraday trading, extending its sharp rout since the start of the year in a selloff triggered by a widening regulatory crackdown on cryptocurrencies.

Late Friday in New York, bitcoin had recovered to $8,524, down 6.8% on the day after slipping below $7,700. That was the lowest level since November.

At its low point, the digital currency had fallen about 60% from an intraday record of $19,783 in December, according to research site CoinDesk Inc. That marks bitcoin’s third biggest drop over the past five years. It fell 76% in the spring of 2013 and 85% from November 2013 to January 2015. [snip]

Meanwhile, some big banks are putting up roadblocks to buying bitcoin. JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. said Friday that they no longer would allow credit-card holders to use the cards to buy bitcoin.

Regulatory scrutiny is behind much of the reason for bitcoin’s sudden fall. India is the latest country to crack down on the cryptocurrency market, following in the footsteps of China and South Korea. That pressure shows that governments are turning out to be much harder to circumvent than cryptocurrency advocates once thought. [snip]

In Japan, $530 million of a cryptocurrency called NEM was swiped in a heist on the exchange Coincheck Inc.

In the U.S., regulators have warned of fraud in initial coin offerings, a new form of fundraising by which a company creates a new virtual coin or token and offers it for public sale. The offerings have attracted billions of dollars.

Even Facebook Inc. is cracking down. The social-media company said this past week that it would stop running ads promoting cryptocurrencies and initial coin offerings.

“I don’t think this is the end of the line for cryptos, but I’m certainly not touching any until more stability can be reached,” Mr. Beene said.

If you can’t hold it, you don’t own it. Never forget that.
That applies to everything including PAPER currency.


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