Posted on 06/15/2022 3:49:36 AM PDT by dennisw
Cryptocurrencies including Bitcoin are plunging amid market panic today Bitcoin fell nearly 8% to nearly $20,000, its lowest value in seven months
Market has been spooked by US Federal Reserve plan to hike rates
Cryptocurrencies including Bitcoin are crashing in value again in a new digital currency plunge as spooked traders frantically sell off assets before the US Federal Reserve is expected to raise interest rates today.
Bitcoin fell this morning to a new 18-month low as the recent tumble in crypto markets showed no sign of letting up.
The world's largest cryptocurrency fell as much as 7.8% to $20,289, its lowest since December 2020, before rebounding slightly. It has lost around 28% since Friday and more than half of its value this year. Since its record high of $69,000 in November, it has slumped about 70%.
Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether, the second largest token, has tumbled more than 15% to $1,017.20 this morning, a new 15-month low, then similarly bounced back slightly.
Meanwhile, US stocks also fell amid as expectations of sharper US Federal Reserve interest rate hikes as inflation soars heaped pressure on risky assets and rattled global markets.
Today is the latest in a series of crashes for Bitcoin, which has seen it drop more than 60 per cent in value over the last seven months and wiped hundreds of billions of dollars off the entire cryptocurrency market this week.
Cryptocurrencies have been hit hard after US crypto lender Celsius froze withdrawals and transfers between accounts, stoking fears of wider fall-out in digital asset markets already shaken by the demise of the terraUSD and luna tokens last month.
(Excerpt) Read more at dailymail.co.uk ...
I understand your logic being applied to BTC. However, in this particular case, BTC has been designated for tax purposes the status of property rather money/stock. Another reason BTC is going to be eventual “transaction” leader, among quite a few others.
You could buy a $100 USD in BTC today, after fees you’d have $97 or so. In six months it may well be work $1200 USD. If you ever wanted to learn about BTC a hundred bucks, while a lot of money, is cig’s and soda’s at the Gas-Marts for most of today’s population (how people can shop or buy single sodas all the time when they could get a 6-pak blows me away).
BTC will continue to adopted by people. It is still being mined and there are another 5 M or so and that mining will continue until 2040. Currently, estimates are that only 21M total are available (I lost one on a compter years ago;)).
Fidelity Investments has become the first retirement plan provider to allow cryptocurrencies in the 401(k) accounts. They have 11T in retirement funds under management. If only .02% or 40,000 investors put 20% into BTC even over 4-5 year, it would double the valuations.
Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC).
As BTC gains more users, people in China and India, saw the biggest gains. After this year’s Superbowl, Crypto currency accouts increased 10% in the USA as a result of the advertising.
BTC traded between individuals incurs no tax, transaction or currency exchange other than a very small “gas” fee.
The problem of the USD and other fiat currencies is that since 2014 the USA has printed 7x the money supply. BTC cannot be increased and people want it to hedge against government money. Imagine if the USA decided to withdrawl the USD from circulation, and in its place issue something they will call America’s Dollar or American Dollar - a boarderless currency for use from North thru South America. How will that affect the value of the USD one might ask, but if the USA decides to go this route, it will be because as with inflation, dollars spent or borrowed today will be paid back at a discount - thus the lender lost purchasing power and the ability to even break even. Imagine our trade deficit with China being paid back with USDs after 23% inflation for two years - China would have worked, produced goods, and lost money for sending it here. The same goes for the Am Dollar if implemented after the USD.
BTC has long term advantages. If 100,000M people use BTC, the smallest unit a satoshi could be worth a dollar. Limited supply and increasing demand vs. USD falling value and increased volume.
Like I mentioned above, a hunder dollars today might pay your gas and grocery bill any month next year. If Freeper’s just put $50 a month in BTC, ETH or Solano for the rest of this year they might become experts.
Bingo. Everyone today has the opportunity to be a part of the next bull run:) Of course they won’t but those of us who are are better for it.
“One in seven of those buying crypto during the pandemic borrowed money to do so.”
i read in one article that it was one in four ... and that level of speculation makes for a brittle situation in which the house of cards is extremely unstable, because a small drop can turn into a MASSIVE drop as owners are forced to sell, no matter the price, to stop losses if they can’t cover margin calls ... that level of margin purchases was what caused the 1929 panic ...
“Everyone here doing their victory dance over the death of crypto will see this cycle again”
indeed ... fools will keep “investing” over and over again in CryptoTulips until they have no more money ...
Famous women join the crypto hustle, but it could cost their fans
Gwyneth Paltrow, Mila Kunis and other celebs are pushing women to invest in NFTs, which some see a revival of self-serving feminism
Image without a caption
By Nitasha Tiku
April 6, 2022 at 10:56 a.m. EDT
https://www.washingtonpost.com/technology/2022/04/06/women-crypto-nft/
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Yeah right before the NFT market imploded a lot worse than any crypto currency. lololol bwahahahaha
MY GOD that was painful to read. Every buzzword imaginable about “bossgirl” and “crypto chick” powergrrrrl. Gotta admit. That’s some good marketing though. You go girl, buy those NFTs. You’ll all be rich just like the white boys. To the mooooon!
The crypto hsters gonna bash them for falling when the entire stock market is also falling. Biden can screw up a wet dream.
4. People who already made thousands-millions of dollars as you sat and watched.
I bought Dogecoin at 2 cents and sold at 23 cents. Maybe you were doing it wrong.
I bought my first bitcoin for $300. Went to Disney World on the profits when it got to $25,000.
I am good even if it went to zero now.
You sound bitter that you didn’t get in early and profit.
Some of us did alright. The stock market is crashing right now. Biden did that. Do you invest in the stock market? If so, does it make you a fool to have done so?
That revelation made, I wish financial success to those who play the electronic money (although i expect that someday a "crypto-currency" addiction hotline will be set up by some enterprising soul.)
You ALMOST got my money. Sneaky devil ;)
“money (although i expect that someday a “crypto-currency” addiction hotline”
LoL! I think you are on to something there my friend. 👍
For anyone paying attention, it’s buying time. Payment acceptance for crypto continues to grow (which is different from what the exchanges are doing). Gucci, Tag, Bulgari, Chipotle, and dozens of other brands are launching crypto acceptance solutions, just in the past few months. It continues to grow in real estate transactions, especially outside the US since in many countries (South American countries especially), it’s not a taxable event.
Watch while adoption keeps growing even against the monumental power of Internet naysayers on message boards.
Beautiful.
Bitcoin
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USD
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$21,745.20
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