Folks, the bottom is in. I received an email today from one of the Bitcoin casinos saying that due to the drop in Bitcoin price, they sold all of their BTC holdings in order to preserve their capital - and that withdrawals would take a bit longer as they would have to buy back the Bitcoins.
When you see people start making terrible decisions such as the above, you know the bottom is in. God help them if the price rockets back up.
The bottom is in when people start making terrible decisions? First, that was not a terrible decision at all by the casino. That was a smart decision to get the heck out since the price has been falling constantly and has speeded up for over 2 months now.
2nd, the bottom is in when bitcoin businesses have to start selling their coin because of the uncertainty of their main asset? I would say this does not show that the bottom is in, it shows that most businesses can not operate on bitcoins. There is no trust in bitcoin anymore and the price will continue to fall even further.
You people really need a wake up call
Also, nice buy at $6.50? If he sold those 800 bitcoins right now on mt. gox it would push the price down to around $6.50, that is how many bids are at the current price to $6.50. With a low of $5.70, that low will be most likely be broken as all lows have been taken out and have gone lower.
