We are know doubt ALL aware that BTC took a sudden huge downturn at the end of last week:
However it seems that no one knows why...
Investopedia's best guess is that three things are the cause:
To quote directly:
- The bitcoin price has become susceptible to wilder price swings as trading volumes on exchanges have declined and large trades are able to have a greater impact.
- SpaceX, of which Elon Musk is CEO, reportedly sold at least part of its bitcoin holdings.
- Concerns over the issues with China’s property market leading to a greater economic decline indicate bitcoin may still be viewed as a risk-on asset.
NB the reason I pick Investopedia as a source is because a few days on from the event this will have cut and paste the main points from other reputable crypto news outlets, it's all just cut and paste these reports.
So in short:
- People are bored as crypto prices haven't been very interesting recently.
- Elon must may have got bored or be skint so he sold a lot of BTC.
- Investors are worried about the lack of potential for growth in the wider economy.
After analysing the causes Investopedia usefully tells us that such price action means there could be more radical price action on BTC either up or down sometime in the future.
So in short: no one's got a fucking clue.
The Daily Mail's take:
You always have to watch out for the Mail, it's both a worrying and hilarious shit-rag at the same time:
The formula goes something like: make up a headline using the well known personality:
Then qualify in the first paragraph this is 'from reports' and then add in pretty much every negative piece of news that's happened to crypto over the past two years to construct a narrative that it's all down hill from here.
And then finish with one paragraph of good news that makes anyone that's buying crypto seem like a total moron.
Do mainstream media narratives matter...?
Once again we don't know... no one's prepared to offer up any level of certainly on what affects the BTC price, so if no one's certain what hyper-real events in the financial sector more generally affect BTC there's no way we can ever know what further or independent effects media reporting is going to have on the Price.
I just stick to the fundamentals and buy in times like these....
There are SO MANY institutions and wealthy people in the world and so little BTC relatively, it only takes a tiny percentage to want just 1% of their TNW in BTC and a tiny percentage to want to be one-coiners for the current BTC supply to be accounted for, and when that happens everyone else is left competing over a TINY amount of BTC so the price can go fucking mental.
And of course if we have a few million people wanting to be onecoiners, we'll have a few tens of thousands wanting to be 10 or 100 coiners and so on and up, EGO innit!
And given that capitalism and people are fucking mental, there's no way BTC ain't mooning hard at some point in the next X years. I mean just people holding it for the lolz is probably enough to send into six figures sometime soon-ish.
And that my friends, is a certainty, but certainly not financial advice!
In the meantime sit back and enjoy the ride and the FUD story, because that's all is: a story.
Perhaps Elon Musk was a "trigger," in the sense that the world is hopelessly addicted to "celebrity watching" and has developed this idea that celebrities "know things" and so they stop using their own common sense and just blindly follow.
As you pointed out, "it's just a story." Elon/Space-X's trade represented one six-hundreth of Bitcoin's value... doesn't seem in proportion to the effect, does it?
=^..^=
The thing about triggers is that retail own hardly any BTC so it shouldn't have that much of an affect, in terms of institutional who own 90% of BTC I would have thought 'do the opposite of Elon' is probably a rational way to go now after the whole Twitter debacle.
I didn't know SpaceX owned so little, it's encouraging!
It's very daily mail, though, isn't it? they always carry stories with bad news and often ridiculous ones at that ("cancer caused by getting sweet wrappers stuck on your shoe" - not an actual headline 😂). I'm going to make a wild guess and say Daily Mail readers are not regular buyers in crypto, and these stories are not going to make a difference one way or another. Page fillers. I'd rather this than bashing people risking their lives in small boats.
The whole article was an absolute waste of time, it wouldn't surprise me if they used AI to generate it, and yeah I doubt the typical Mail reader would own any BTC!
Fluff and more fluff, what a filthy shit rag!
phycological doldrums, summer holidays and we are in the fight stage of the game. At first they ignore you, then they laugh at you, then they fight you and then they join you,. Prepare for a crytpto wash out when Binance gets shut down. When it gets fully regulated and effectively shut down they will open the doors again once they are positioned to dominate forever. Binance is a rogue entity and too powerful. It's going down no two ways about it.
Alt coins and ICOs are like a printing press in the hands of the people, they dont like that. POW coins only fair money about, stick to them. ETH went the wrong way about it to begin with and that's the only headache for regulators now.
If you wish you had got Bitcoin at 200 dollars, Bitcoin cash is your golden chance staring everyone in the face. At first they ignore it. Everyone understands savings accounts and current accounts though.
Interesting theory did I hear it here first?!?
Hey man, is there a way to contact you? I tired discord to no avail :(
whats up?
Leo has a DHF proposal, would you mind checking it out? You might like what you see. Mind if I drop the link?
Told ya :S
What I do to prevent anxiousness is I always refer to the yearly lows of bitcoin prices. I dont look at the highs.
Image not mine. Ctto
I like this!
I don't even care the recent crash of coins. I believe that Bitcoin is created for us, for ordinary people, not for wealthy people. Thus, it has the future.
Yes I think so!
We can't say with any certainty that those are the cause. But they can't help matters either. 🤷♂️
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