$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
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Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#2SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#3How long until other companies take it off their balance sheets? It is amazing how many smart people got sucked into the BTC nonsense. It has always been a libertarian dream currency that was never going to be useful in the real world, other than for buying drugs online.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#4SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
Elon has become so big that anything he does manipulates the market.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#5SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
I don't want the SEC involved in crypto, at all.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#6The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#7SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
SEC sees crypto as a market dominated by the Chinese. They want to dominate it themselves.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#8My hot-take having watched the culling from an invested position follows. Disclaimer: i hold both BTC and ETH.
While the market in general is down, the major losses in this crash were Bitcoin, Doge and Shiba. Bitcoin is an obvious result given the news. Doge and Shiba have had pretty spectacular gains over the last ~30d and seeing them lose considerable value is unsurprising if you follow crypto markets much. Seemingly new money has been racing in lately (see big rises in Eth Classic and Bitcoin Cash as well), i find these dips also unsurprising given past behavior.
As a somewhat meta analysis, i feel BTC could have an interesting summer. BTC plateaued at $1.1T in market cap. Meanwhile, Ethereum has been on a steady rise from 250-500B+. Talk of "the flippening" has returned in a way i didn't anticipate, certainly not this early on.
While this news impacted the whole market (the market still follows big BTC swings to some extent), i have found my personal sentiment shifting to be increasingly bearish on BTC and bullish on ETH.
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#9SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
I don't want the SEC involved in crypto, at all.
Why, are hoping to be able to pump and dump like old musky someday?
Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin
#10SEC wouldn't allow this with the stock market, how is this any different? His actions were intentional by the way it is obvious he is manipulating the market intentionally.
Elon has become so big that anything he does manipulates the market.
I'm a big fan of Matt Levine's "Money Stuff" column on Bloomberg - he always has amusing and insightful commentary particularly on Elon -
> My Bloomberg Opinion colleague Liam Denning points out that “Musk’s move may also indicate that Teslas weren’t flying off the shelves as a result of accepting Bitcoin payment,” and in fact it’s not entirely clear whether Tesla has sold any cars for Bitcoins.[2] I hope it hasn’t. I hope Musk can make the price of Bitcoin go up or down by 10% by announcing that Tesla will or will not accept Bitcoins for cars, without ever actually accepting any Bitcoins for any cars either way. There’s something pure about that: The price of Bitcoin depends on Elon Musk’s attitude toward it, not on the existence of any grubby commercial transactions in which Bitcoins are exchanged for cars.[3] The source of value for Bitcoin is not its use as a currency or economic importance; the source of value for Bitcoin — for everything — is simple proximity to Elon Musk.