This will probably make sense at the end.
When reflecting on whether one has been naughty this year, or whether whichever dip of the day is just normal volatility, it can be good to step back and again consider the question being asked by many - is crypto in a mania phase?
Just a healthy pull-back to $12,110. The festive snow can also be used to ice injuries. (Updated with uglier chart at 3:07am)
The day's attitude was perfectly encapsulated by the banker's shit-coin being the only thing green in the top 30.
If people accuse the cryptocurrency market of being in a mania, there is at least one sub-sector of it on which there can probably be no debate. I call it the "Companies That Add Blockchain To Their Names" sector. Riot Blockchain was probably the most noteworthy example, but if you'll forgive the indulgence, I found the most recent at least 250% more hilarious: (charts per Zero Hedge)
That still leaves us at a 50% loss on the "Hilarity:Market Cap" ratio.
Just to be clear, these companies are quite literally simply adding the name "blockchain" and seeing enormous gains in market cap.
To be honest, it's tough to blame whoever was responsible for this decision. Regrettably, the "Alcoholic Iced Tea" market is one of the many topics on which I am not exactly an expert. However, I can surmise that is it likely not an industry that is experiencing the kind of media hype and surging capital that cryptocurrency currently is, so I can see why a suit in an office somewhere thought that pivoting from bottling the results of mixing boiled mush-leaves with cheap swill into "blockchain technology" couldn't possibly go wrong.
It was the suit, he knew it!
The movements in these stocks look manic, but they are relatively small in total market cap. What we could be seeing here is some fiat that can't easily get to crypto champing at the bit to get "blockchain" exposure. They'll buy anything they can get their hands on, if it doesn't require a Coinbase account, selfie, week-long buy delays, etc....you get the idea. There could be a legitimate (legal) explanation for these pumps (mania). Ever tried getting your typical "financial advisor" to even purchase a crypto? They want to know if it's on ETrade.
Of course, there is clearly illegal insider training also going on. That bump above was definitely an insider. The SEC is basically toothless and will do nothing, but there's no way that wasn't inside information. C'est la vie.
In light of recent accusations of pumping-and-dumping coming to places like Coinbase/GDAX, it's wise to remember that this nonsense happens in every market, because every market has money involved, and people engage in garbage behavior to get more money. Further, financial markets allow humans to divorce themselves from their "victims" by more than the 6-degrees-from-Kevin-Bacon required to feel even the minimum degree of human empathy. This is why creatures that appear to be human beings can remain confident in their self-worth as a "good people" while simultaneously employed by Goldman Sachs in the daily manipulation of agricultural futures that result in starving entire countries.
There, we've finally come full-circle.
The real shocker here is MC Hammer's relative relevance.
I'll cut this off before I get too ranty, but if you want to see more about these pump and dump stocks, check the Zero Hedge link at the bottom, as it contains more links within.
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Sources: Zero Hedge: http://www.zerohedge.com/news/2017-12-21/long-island-iced-tea-soars-500-after-changing-its-name-long-blockchain , Google
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