Most people who lose their shirts on Bitcoin are the ones treating it like a commodity and try to day trade or swing trade it.
Absolutely. CNBC seems to think the selloff originated from South Korea and Japan. Where some of their banks seem to be big on designating Bitcoin as a commodity. Which in itself seems like a shaky proposition to me. Oh well. Every market has its share of people with a "get rich quick" mentality. Still, it's that lack of metrics that bothers me. IMO it needs a designation beyond being a mere "cryptocurrency". Something to break this "logjam" in the marketplace and bring some stability to whatever they choose to call it.
Though for me it's all academic, as I'm about ready to retire. Preoccupied with lowering risks rather than taking them any more.