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Bitcoin gets bitten

Jason Goepfert
2021-01-04

The hype over bitcoin and other alt coins reached a fever pitch over the past week or so, including some wild trading over the holiday. To start the week, the "currency" is suffering a big reversal a day after a big jump to a new high.

Similar reversals have preceded some rough patches for those true believers.

When we zoom in, we can see that except for August 2017, bitcoin endured some sickening volatility after these reversals.

If we rely on the questionable idea that bitcoin is a proxy for risk sentiment, then perhaps these reversals would precede consistent behavior in other assets. It didn't really, as we can see below. Maybe in recent months, "bitcoin as a risk asset" has become a better theory but in the past it was mostly unrelated.

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