Ironically, bitcoin investors are having a Come-To-Jesus moment as the globe begins its slowdown to celebrate Christmas.
The cryptocurrency is now trading at $13,650 off from its $19K+ highs earlier this week. The low for Friday was put in at the $12,500 level.
As bitcoin has fallen 30% from its all-time high giving many newer investors to recalculate their investment after the first major sell off in over three years.
While there is no rational explanation for the cratering price, critics point to the mania of blockchain enthusiasm as being the tipping point of showing it is a bubble.
They point to the news on Thursday that Long Island Iced Tea Corp. shares rose as much as 289 percent after the money-losing company rebranded itself Long Blockchain Corp. and said it was exploring opportunities in cryptos.
Conversely, Goldman Sachs also said on Thursday that it was forming a cryptocurrency trading desk.
So I believe this holiday weekend will be interesting for investors as families gather and the discussion turns to bitcoin. There could be a new wave of investors jumping in, while selling may subside. We shall see.
Merry Christmas to all my readers,