Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
1–10 of 211 posts
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#2Any evidence for why or how this is happening? Who are the sellers?
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#3Last year people would jokingly say that the headline this year would be "bitcoin crashes to 30k", and that was dismissed as stupidly bullish.
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#4Any evidence for why or how this is happening? Who are the sellers?
Makes sense after ethereum published their proposal to lower energy consumption
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#5Any evidence for why or how this is happening? Who are the sellers?
It happens like clockwork after every next step up. We don’t have a lot of history, so who knows how long the pattern will hold, but this was fairly predictable. If past trends are predictive, it’ll bottom in the mid 20s to low 30s, consolidate for a while, then hit 100k. Rinse and repeat.
To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#6Any evidence for why or how this is happening? Who are the sellers?
China bans cryto services companies.
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#7Meanwhile, Elon Musk is trying to extinguish the fire.
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#8Last year people would jokingly say that the headline this year would be "bitcoin crashes to 30k", and that was dismissed as stupidly bullish.
I mean doge is more direct - 35 cents after a major crash. It only just got lifted from 8 cents territory, where a crash was feared
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#9Any evidence for why or how this is happening? Who are the sellers?
It happens like clockwork after every next step up. We don’t have a lot of history, so who knows how long the pattern will hold, but this was fairly predictable. If past trends are predictive, it’ll bottom in the mid 20s to low 30s, consolidate for a while, then hit 100k. Rinse and repeat. To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.
> then hit 100k. Rinse and repeat
that's purely speculation - it might or might not. It depends on the chaotic forces of the market participants, because there's no underlying intrinsic value for crypto.
Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
#10other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities.
why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point?
it's like the most zero-sum activity imaginable.
edit: I'm sincerely wondering what the value of bitcoin is, other than things surrounding preserving its value