Update (1730ET): Bitcoin just puked around $600, back to $8000, erasing the early week's spike gains.
The rest of crypto is following...
With Ethereum underperforming...
No obvious, news-driven, catalyst for the move yet.
Bitcoin spiked above $9,000 this morning for the first time since May 2018, but no sooner had it crossed that Maginot Line that a major sell program swept across the entire crypto space...
Which seemed to trigger an immediate avalanche of sell orders...
Despite today's volatile moves, Bloomberg reports that crypto proponents are taking encouragement from a string of recent headlines showing greater interest in the space from mainstream firms.
“Easier to spend means a greater use case,” said Mati Greenspan, senior market analyst at trading platform eToro in Tel Aviv. Greenspan said the overall customer base could reach “critical mass, and the technology goes from underground to mainstream.”
Bulls are betting the run could continue as more institutions start to build out their own cryptocurrencies or launch projects using the underlying blockchain technology.
“It takes two to tango. The more merchants that accept crypto encourages more people to adopt it and use it,” said David Tawil, president of crypto hedge fund ProChain Capital. “That’s major.”
However, Talil warns:
“This is still the thawing out from the crypto winter that was,” said Tawil. “There still may be another pullback before we get to fundamentals truly taking over and speculators and frauds being expunged.”
But the YTD prints are still impressive...
Tracking 2017's performance most closely for now...
https://www.zerohedge.com/news/2019-05-30/cryptos-crash-after-bitcoin-spikes-above-9000