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Bitcoin Falls Below $20k for the First Time Since 2020

bloomberg.com

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Re: Bitcoin Falls Below $20k for the First Time Since 2020

#31

Post by silisili »

drawingthesun wrote: post #11

Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000

Here's hoping. When stocks tank, one can decide if a company is undervalued and decide whether to buy in.

Bitcoin has no value other than speculation, so it's a hard ask for people to buy in as it's never technically undervalued...

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#32

Post by highwaylights »

technocratius wrote: post #21
SunlightEdge wrote: post #17

I was laughed at, repeatedly, on Twitter, by crypto types when I often said I was confident Bitcoin price would fall below $20k 6 months ago. It's not something you can really short though?

You can short Bitcoin on larger exchanges

But then you’re trusting those exchanges to be able and/or willing to exit you.

There’s no reliable way to short it.

(Unless the exchanges let you withdraw the fiat for your positions while they’re open?)

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#33

Post by rvz »

iLoveOncall wrote: post #14
drawingthesun wrote: post #11

Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000

Tether collapsing would have a far larger effect than putting BTC to 10K, it would probably be the end of crypto. The vast majority of alt-coins cannot be exchanged against dollars and have a value only if they can be traded against USDT or other stablecoins.

> Tether collapsing would have a far larger effect than putting BTC to 10K, it would probably be the end of crypto.

Tether isn't the only stablecoin out there. Tether collapsing is basically the end of Tether and will send BTC below 10K and will take the others with them.

It won't be the end of crypto due to this as there are other coins (not tokens) out there that are compliant (ISO 20020), have a use case and will survive this crash, but I expect the majority of useless memecoins, tokens, etc to be wiped out.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#34

Post by zdkl »

iLoveOncall wrote: post #14
drawingthesun wrote: post #11

Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000

Tether collapsing would have a far larger effect than putting BTC to 10K, it would probably be the end of crypto. The vast majority of alt-coins cannot be exchanged against dollars and have a value only if they can be traded against USDT or other stablecoins.

> The vast majority of alt-coins cannot be exchanged against dollars

I mean. You could, like, sell them on a forum or in person. With your wallet which is supposed to enable you to do just that.

I admire the success of crypto-exchanges' marketing in making them out to be the only way to conduct transactions on a friggin transaction management system. But then you'd have to deal with the fact that next to no one wants to organically trade . I for one rejoice about the upcoming altcoin extinction event.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#35

Post by cuteboy19 »

nathias wrote: post #16
drawingthesun wrote: post #11

Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000

Do you think the tech disappears when Bitcoin goes below some magical threshold?

It was fascinating 10 years ago but useless all along.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#38

Post by kortilla »

SunlightEdge wrote: post #17

I was laughed at, repeatedly, on Twitter, by crypto types when I often said I was confident Bitcoin price would fall below $20k 6 months ago. It's not something you can really short though?

CME has a futures contract you can use to short. Much lower counter party risk there as well.
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