Wow. I just got home and I see we're in the middle of a shitshow.
Someone's obviously spending a lot of money to try to start a panic. It seems to be driven by Finex. An attempt to margin call?
Margin trading is a way for brokerages, exchanges, etc. to shake down the rubes. A classic example was last Friday with the flash spike to an ATH in the morning, margin calling many shorts, followed by the flash crash down under $1000 after the ETF decision, margin calling many longs.
Those prudent enough to have appropriately placed bids and asks could have sold for over $1300 in the AM and bought for under $1000 in the PM and made a tidy profit. Margin trading is for suckers.
When the price dipped down under $1150 a few minutes ago, it was close to what I'd consider a buyable dip. Now it's creeping back up a little but I'll keep a close eye on the price and carry enough cash to run out and buy some more.
I never got the bucks I was expecting on Sunday but have been emphatically assured I'll get my money on Monday after a 5-banking-day hold is lifted. I think I can spare enough to buy a half a coin without leaving myself too cash strapped over the weekend. Half a coin is better than no coins at all.
Let's see how this little dip pans out. I've got until midnight (4:00AM UTC) to decide.
Oops. We seem to be going down again. How low do we go?