Tuesday, January 13, 2015

Bitcoin Price Crashes Below $250

The bitcoin price has plunged below $250 and appears to be falling further, as sell orders pile up at major exchanges, reports CoinDesk.

The price opened the day at $267.08, but quickly fell after just two hours of trading. Soon after 3am (GMT), the price plunged through the $250 mark, which market watchers see as an important psychological barrier for the price.

This should come as no surprise to EPJ dealers, There is nothing complex going on here, The initial Bitcoin fanboy base consisted of some techies and some libertarians, after that crowd was "all in,' pushing the price over $1,000, new buying, which is required to keep these type climbs going, was simply exhausted.


  1. Memo to Wenzel: all commodities have been falling recently. Oil has fallen over 50% in the last few months. Perhaps all the "techies" and "libertarians" gave up on oil too. LOL

    1. In the EPJ Daily Alert, I am recommending the purchase of oil at these prices. There are fundamental reasons the supply and demand dynamics will start changing for oil in the second half of the year. Oil is not purchased only by crazed techies and some libertarians, Millions of barrels are consumed on a daily basis by consumers around the world. It makes zero sens to compare the falling oil price and Bitcoin. The dynamics for Bitcoin are nothing like oil. There were a limited number of Bitcoin fanboys who are now scared out of their wits. Go ahead, buy bitcoins at this price, I dare you.

  2. Gold is up the past two months. Silver rose 3% today. Silver like oil has every day use in electronics, solar panels, jewelry. There is demand and limited supply. Bitcoin is artificial limited supply creation and hyped demand that can't be maintained even among die hards as the price falls. Because after all what can you do with a bitcoin that no one wants?