Bitcoin finally eclipsed 8,000, after weeks of being a piker. Remember like a week or so ago when it dove under 6,000 and everyone was crying in the streets, hoping to be bailed out by the crypto-gods? Thank goodness those stark days are over and new highs are being enjoyed — up 60% or so since then. On an annual basis, BTC is merely up 10x, a rounding error for those interested in largess.
Moving onto the pedestrian field of play, equity markets, Nasdaq futures are off by 4 and Europe is slightly higher. It’s all very nice and good.
In other news is real news, of which I will communicate to you now. BEHOLD.
Jack In The Box downgraded to Neutral from Outperform at Wedbush
Cavium Networks confirms deal to be acquired by Marvell (MRVL) for roughly $80/share in cash & stock, or approximately $6 bln
Vale S.A. upgraded to Outperform at RBC Capital Mkts; tgt raised to $14.50
Broadcom: AVGO announces Brocade deal close; expect financial outlook on 12/6 AMC results call – BRiley-FBR
Wal-Mart downgraded to Neutral from Buy at Goldman
Delphi Automotive upgraded to Buy from Neutral at BofA/Merrill
DBV Technologies reports Topline Safety Results from REALISE Phase III Trial of Viaskin Peanut
National Beverage upgraded to Positive from Neutral at Susquehanna
The higher btc goes, the less likely it is to succeed in everyday life. Sotheby’s might be interested in auctioning this rarity off to collectors soon.
BTC dropping to 6,000 was based on an assertion that the previous BTC fork Bitcoin Cash had already done what the failed Segwit2x BTC fork was trying to do, and suggested it might overtake Bitcoin and someday be called simply Bitcoin.
This set off a run on Bitcoin Cashwhich went from $600 to briefly over $2,500 and the crash on Bitcoin as people thought this might happen (called “the flippening”). This notion was then squashed.
Bottom line, there was really no crash in crypto. You could think of it more like a rotation in the speculation.
Bitcoin will hit 10,000 before the Dow hits 25,000 or drops to 22,000.
Bitcoin could hit 10,000 any day. Pure unbridled speculation.