This--and just about everything else about BTC--makes me question the sustainability of this currency. I think a lot of people are going to lose a lot of money when this all comes tumbling down.
That said, I also had similar feelings when the price was at $1000. Maybe I'm just regretting selling those Bitcoins I had when they were only worth $10 each.
Why are all threads about Bitcoin nuked from the front page? Threads with great discussions disappear in a blink. I'm sure the same will happen to this one.
Fatigue? Half a dozen blockchain related posts hit the front-page every day, more than any other individual topic, and most of the discussions are not that great.
I wish there was more discussion around the technical stuff, especially the things in the pipeline: The lightning network, Schnorr signatures, Hashed TimeLock Contracts, Merklized Abstract Syntax Trees, the Simplicity language, etc.
$19,697 was the high on GDAX, admittedly due to a thin order book. It'll take a bit more effort to get there again ($33m in market buys at the time of writing this.)
Is $33m really a lot if institutional investors want to position themselves before futures become tradeable? For a $10bn hedge-fund (and there are a few of those) that's only 0.3% of assets.
EDIT: As I write this, levels with sell orders of 100BTC often get cleared in less than a second. Probably because people who would sell aren't aware where the price is now but for now, demand seems to clearly dominate.
for reference just one midcap biotech stock i looked at has like $700M in volume in just the first half of the trading day. thats just exectued trade volume; the order book would be much larger
The United States overhauled its regulation of securities exchanges, broker-dealers and other intermediaries in 1934 [1]. Before that, it was not uncommon for random exchanges to (a) run away with peoples' money while claiming they went bankrupt, (b) actually go bankrupt, and (c) leave small investors stranded while big ones cashed out. In other words, all the market dysfunction the cryptocurrency markets took half a decade of unsupervised activity to re-invent.
That said, I also had similar feelings when the price was at $1000. Maybe I'm just regretting selling those Bitcoins I had when they were only worth $10 each.