by John Galt
January 17, 2018 05:35 ET
The carnage resumed after a rally above $11,000 last night with heavy selling apparently from Europeans and Middle East investors early this morning:
Normally I would not recommend tuning into specific radio shows, especially hucksters like Glenn Beck, but his show might be worth a listen if they discuss Bitcoin(BTC) and various cryptocurrencies as he and his sidekick have taken a position in BTC and had several guests on the show touting the cryptocurrency revolution. What makes it interesting is this chart of BTC just since Saturday January 13th:
For those that failed to find the exits, you will be experiencing real pain, a la Pets.com. Those investors who cashed out above $13,000 were smart but please don’t think you’ll game the IRS if you are a US citizen as they view this as a capital gain NOT a currency exchange. It’s a Bitcoin bear market now, let’s see who paid attention to history and those souls who did not.