Bitcoin now down 55% from the high
If you had the misfortune of buying Bitcoin at December's high of $19,511, you are now down 55%.
That's the worst drawdown since the long-term drop to $170 from $1166 in the wake of the Mt. Gox implosion, which was 85%. In the interim there have been several falls in the 35% range but nothing close to 50%. In order to match the magnitude of the Mt. Gox fall, it would have to drop to $2800. Even if it were to fall that far today, Bitcoin would still be up 190% y/y.
In the second day of losses, Bitcoin is down $1205 to $8756 and is now filling the late-November gap.
Earlier today I highlighted $8600 as an important support level; it's the 61.8% retracement of the rally since July.
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