On Oct. 5, bitcoin (BTCUSD) touched an all-time high of $126,000. Before the end of the month, it had slumped more than 20%. Earlier this week, it briefly dipped below $100,000. Such was the extent of the collapse that bitcoin now looks very cheap to gold (GC00) on a volatility-adjusted basis. That led one JPMorgan strategist to make the argument that "This mechanical exercise thus implies significant upside for bitcoin over the next 6-12 months." Global markets strategist Nikolaos Panigirtzoglou explained that the reason for bitcoin's stunning degringolade was twofold: first, a massive liquidation in perpetual ... (full story)