By: Steve Dellar | 12-31-2017 | News
Photo credit: Colicaranica |

Bitcoin Continues to Drop as Hong-Kong Exchange Closes

Bitcoin, the cryptocurrency most people talked about in 2017, continued its slide towards the $10k mark again, having earlier yesterday touched $12k before setting around $13k for the last day of the year, just as another currency exchange decided to call it a day.

Bitmex, the Hong-Kong based crypto-currency sold off all of their Bitcoin and Bitcoin cash explaining that they are looking into offering other investment opportunities in the future, but for the time being they would stop trading Bitcoin.

As it happened, both Bitcoin and Bitcoin Cash continued to trend down following the announcement of the selloff’s completion, with regulatory signals from South Korea possibly playing a role.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Dennis Gartman calls bitcoin a &#39;silly&#39; idea, warns it will eventually crash under $5000 <a href=""></a> <a href=";ref_src=twsrc%5Etfw">#bitcoin</a> <a href=";ref_src=twsrc%5Etfw">#bitcoingold</a> <a href=";ref_src=twsrc%5Etfw">#bitcoincash</a> <a href=";ref_src=twsrc%5Etfw">#litecoin</a> <a href=";ref_src=twsrc%5Etfw">#ehereum</a> <a href=";ref_src=twsrc%5Etfw">#sether</a> <a href=";ref_src=twsrc%5Etfw">#verge</a> <a href=";ref_src=twsrc%5Etfw">#digibyte</a> <a href=";ref_src=twsrc%5Etfw">#reddcoin</a> <a href=";ref_src=twsrc%5Etfw">#dash</a></p>&mdash; CRYPTOSHELDON (@LLRUGB) <a href="">December 31, 2017</a></blockquote>

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Meanwhile, CNBC asked their analysts to shine a light on the cryptocurrency market trend for 2018, and one of their star commentators explained the bearish trend will continue. Dennis Gartman stated: "I'm very bearish on bitcoin, I think it's one of the silliest ideas I've heard in a long time."

"To be separated from the brilliance of the block chain makes even tulips in the 17th century Holland look almost like a quiet, well-demeanored market."

"When bitcoin falls, and it shall, it'll trade under $5,000. Whether it does it next week, next year, six months from now, it'll happen. And then I think we'll find at the margin money that had moved into bitcoin and away from gold will move away from bitcoin and into gold."

Bitcoin has so far tumbled 6 percent this week.


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2 Comment/s
Anonymous No. 14982 2017-12-31 : 12:56

Dennis Gartman is simply hoping it will ever go down to $5k again so he can buy as well.

Condor No. 14994 2017-12-31 : 20:43

So what will be the ROI from 1/1/17 to end of year? 1000%?

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