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$130B wiped off crypto markets in 24 hours

cnbc.com

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Re: $130B wiped off crypto markets in 24 hours

#21

Post by fullstop »

ajross wrote: post #11
fullstop wrote: post #4

Earlier quoted context omitted.

I looked at my 401k and it wasn't pretty.

Are you making leveraged trades in a retirement account? It's off 9%. If someone told you you'd have to make do with only 91% of your planned income, you'd be OK. This is what markets do.

I won't touch leverage with a 10 foot pole. With that being said, 9% is a lot depending on how much you have in the account.

Re: $130B wiped off crypto markets in 24 hours

#22

Post by rvz » 

   Magnificent and as expected. We needed a 'crash'.
It is what we need to remove all the useless cryptocurrencies and projects that are only there to pump each other bags and exit scam retail investors. This is why you have people telling others to 'HODL' or 'never sell' with wild predictions of BTC going to 100K or DOGE going over $1. [0].

This is nothing. This is before the banning, and crackdowns of the other useless cryptocurrencies and the tether scam. So let us sit back and watch it go even lower.

One more thing for those who bought BTC at the top with their life savings: [1]

[0] https://news.ycombinator.com/item?id=27046019

[1] https://news.ycombinator.com/item?id=27206314

Re: $130B wiped off crypto markets in 24 hours

#23

Post by mountainriver »

Dma54rhs wrote: post #10
_xnmw wrote: post #3

Why? Did something happen that I missed? Is this in reaction to Russia's proposed ban on crypto?

All the markets are down to be honest and these swings are so common in crypto that while it makes a good headline its nothing new.

Because crypto is a stable asset to put your money into

Re: $130B wiped off crypto markets in 24 hours

#24

Post by boringg »

_xnmw wrote: post #3

Why? Did something happen that I missed? Is this in reaction to Russia's proposed ban on crypto?

Nasdaq down on inflation concerns and monetary policy support is getting pulled back. Therefore crypto which is almost lockstep with equity markets drops heavily. It will deflate a fair bit more this year as equities come off last years highs and monetary policy for the US continues to get pulled.

Re: $130B wiped off crypto markets in 24 hours

#25

Post by mule1 »

ajross wrote: post #7
mule1 wrote: post #2

Okay? And 1.5 trillion was wiped off of the US equity market.

The S&P 500 is down about 9% off its high from a month or two ago. BTC just crossed under half of it's peak. It's true that's not captured in the headline, but this is a newsworthy crypto crash. It's not the first or the worst, but it's worth covering.

It's very standard for bitcoin and won't be going away for a while as the asset is still realizing its value across all global liquidity. It's scary and why the SEC dragging their feet on a spot ETF approval i.e. an investment vehicle that a non-crypto fanboy can use (yours truly) is criminal.

Re: $130B wiped off crypto markets in 24 hours

#27

Post by lilSebastian »

llampx wrote: post #6

This is on top of all the carnage the market has seen in the last few months. Everything is on sale.

> Everything is on sale.

Such meaningless phrasing. If something wasn't on sale, nobody could buy it. The crypto meme of dips in the price being 'a sale' is key to hooking the uniformed new fish into the great ponzi scheme.

Re: $130B wiped off crypto markets in 24 hours

#30

Post by akmarinov »

carabiner wrote: post #16
SeanAnderson wrote: post #13

Earlier quoted context omitted.

Netflix is down 35%, not sure why Google would be seen as the hardest-hit FAANG.

What's the catalyst for all this? Did it start with Netflix?

Rates are going up, so stocks are being cashed out to be invested in better yielding bonds
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