The day’s slide started around 9amET, when a burst of gold buying appears to have reset the correlation between XAU and BTC: Just a few hours later, Bitcoin is back below $16,000. [Who in the world can afford 1 Bitcoin ~ The US Middle Class? Think Again!]
Litecoin – yesterday’s big winner – is tumbling…
Ethereum is roling over…
Futures are underperforming spot and collapsing the arbitrage…
While no immediate catalyst for the moves are obvious, we note that Interactive Brokers has allowed clients to short Bitcoin futures (with a massive $40,000 margin) and South Korea said on Wednesday it may tax capital gains from cryptocurrency trading.
[South Korea Has Further banned domestic initial coin offerings and margin trading in cryptocurrencies following China & Russia] as global regulators worried about a bubble, with Australia’s central bank chief warning of a ‘speculative mania” that has seen the digital asset making rip-roaring gains. [Australia is further moving forward With Legislation to strictly regulate cryptocurrencies] [Top 11 Countries In Which Bitcoin is Banned]
- Is This The Beginning Of The Next Silver Rush?
- Global Silver Institute: Physical Silver Supply Deficit Since 2004
- South Korea’s Silver Hi-Tech Exports: Economy Grows At Fastest Rate In 7 Years
- Bitcoin Zealots Suddenly Admit It Will Never Work As A Universal Payment System
- Rigging Of The Block Chain ~ $300 Million Vanishes With A Click: U.S. Bitcoin Becoming More Isolated
- Gold’s Global Supply Artery: Declining Supply Heading For Cardiac Arrest With Increasing Demand Vs Debt Clock
- Why Silver & Gold Are Not Presently $728.00/Ounce & $5,996.00/Ounce Respectively: The Economy Is One Big Scam