Cryptocurrency Newsbrief

How Low Can Bitcoin Go? Charts Hint $11k in Play (CoinDesk, 12/20/2017)

Bitcoin is increasingly looking topped-out as excitement fades over the recent launch of the first futures products to focus on the cryptocurrency.

The price chart analysis indicates the sell-off could run out of steam around $11,000 levels.

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The late-stage equity bull market could explain a mania like bitcoin (CNBC.com, 12/20/2017)

Bitcoin’s meteoric surge this year comes as stocks rally and art is sold at a record high.

In another sign of a growing craze, the hype around bitcoin has spread rapidly to other digital currencies and to middle America, according to a CNBC analysis of Twitter data gathered by Spredfast.

“Cryptocurrency mania was only achievable at an extreme in confidence,” says Peter Atwater, an investor sentiment expert and president of Financial Insyghts. “Manias are manias are manias — and they all come out to play at the same time — THE top!”

The theory holds that five waves typically signal a coming downturn, and Prechter maintains that bitcoin is riding a fifth-wave “blow off phase” that will likely be followed by a drop to $150 a coin. “It’s very rare to find this kind of speculative activity during a bear [market or] recession,” he said.

Desperate Bitcoin Investors Who Forget Their Passwords Are Resorting to Hypnotherapy (Fortune, 12/20/2017)

A hypnotist in South Carolina has recently begun offering to help people recall forgotten passwords or find misplaced storage devices. Jason Miller charges one bitcoin plus 5% of the amount recovered–though he claims that rate is flexible.

…unlike a bank, Bitcoin has no central hotline to call for a reset.

“It’s a slippery slope to going crazy,” Mr. Sarhan said to the WSJ. “It’s like trying to crack open your own brain.”

MORGAN STANLEY: Investors pumped $2 billion into crypto funds this year — and 2018 will be bigger (Business Insider, 12/19/2017)

New index tracking returns of cryptocurrency-focused hedge funds shows returns of 1,641% in the year through to November.

Earlier this month, exchange operators Cboe and CME Group launched bitcoin futures contracts, which give more traditional institutional investors access to what JPMorgan has called an “emerging asset class.”