Posted on 08/05/2024 10:23:11 AM PDT by Miami Rebel
Bitcoin (BTCUSD-8.10%)’s price was tumbling on Monday, mirroring a global selloff in stocks after a weaker-than-expected jobs report on Friday.
The largest and oldest token edged lower for much of the weekend before dropping sharply late Sunday. Over the past 24 hours, it was down 15% to $50,186. Ether, another popular digital asset, crashed 25% to $2,197.
Friday’s nonfarm payrolls report showed that the U.S. added just 114,000 jobs in July, which fell short of consensus estimates. The soft data sparked worries that the Federal Reserve might not cut interest rates fast enough to prevent a recession.
That sparked a risk-off sentiment in markets. Stocks in Japan suffered their worst day since 1987, U.S. stock futures pointed to more sharp declines.
Crypto prices tend to fall when the economy weakens, in line with other high-risk assets like growth technology stocks.
Political factors have also weighed on the sector in recent months. Donald Trump, the Republican nominee for November’s U.S. presidential election, made several pro-crypto pledges last weekend—but his odds of winning the contest appear to have lengthened since Vice President Kamala Harris replaced Joe Biden at the top of the Democrat ticket.
“The market is in a ‘panic’ mode,” Bitget CEO Grace Chen said on Monday, citing an index that aims to track “fear and greed” in the crypto sector.
(Excerpt) Read more at barrons.com ...
“Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right?” Trump said. “We’ll hand them a little Bitcoin and wipe out our $35 trillion.”
Sen. Cynthia Lummis (R., Wyo.) has proposed having the U.S. government buy one million Bitcoin—5% of the total Bitcoin supply—to “firmly secure the dollar’s position as the world’s reserve currency.” At a the July Bitcoin conference, she previewed a bill that would compel such a move.
To the extent such a push had any momentum at all, it seems even more far-fetched today. Consider: If the U.S. already owned one million Bitcoin at the time Lummis spoke at the conference, its investment by this morning would have lost about 19% of its value, or $13 billion.
There is NO WAY such an inherently volatile asset class should serve as a reserve for the United States.
So much for converting our debt to bitcoin.
Federal Government spent $6 Trillion this fiscal year. If you spend $1000 every day, it would take 16 Million years to spend $6 Trillion.
Cunning,sly,intutive,fierce,confident,camouflaged and deadly. Sound like any dominant animals in the wild? Oh and a heck of golf swing too.
I owned Bitcoin until the government decided they wanted to tax it.
I bailed, ut seeing where it is now (I had one when it was $1,800.00) maybe it was a mistake.
That’s true, but I don’t operate any nuclear aircraft carriers. I’m guessing $1000 a day wouldn’t cover it.
I would agree. I like to point out using verbs like tumble and crash assaults the credibility of the article. The Dow is down about 4% the last week after gains most weeks of the year. 4% should be noted as a correction.
That $6 trillion per year about $15 to $20K/yr for every person in the US, or $60 to $80K/yr for a family of 4.
When the finance articles say “traders” they mean “speculators”.
Kamala’s Black Monday has been coming for a long time.
Proof that you can’t spend your way out of debt, even with other people’s money. (especially the unborn’s money when your killing them as fast as you can)
Are the markets reacting to a brain dead commie with the possibility of becoming President?
When the finance articles say “traders” they mean “speculators”.
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Right!
A lot of the language that they use these days are holdovers from long lost times when “traders” actually bought shares in the movement of actual commodities, such as investing in merchant ships and receiving a “share” of the “stocks” that returned.
Don’t get me wrong. The actual commodities still exist, but what happens in the exchange is just speculation on the future price of those goods.
A good time to buy?
Trump may well get in, and then it could then all come soaring back. If he doesn’t, it won’t matter much anyways, as most of the world will economically collapse.
What possible investments would withstand a worldwide economic collapse, other than things like seeds, stored food, and ammo? These kinds of things just last so long, except seeds. Protecting gardens is another whole lost subject.
Might as well invest in some lasting kinds of investments that have gone very low, having possibility to come roaring back, should Trump get in again. He well may.
This is how some folks got very rich during the great depression, they bought low, buckled down, and rode it out.
If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
Do we really want a professional knob polisher as President when Israel/Iran/Ukraine/Russia is about to set off WW3?
Aircraft carriers? The markets are used to them. This had nothing to do with them
The sell-off was triggered by the bursting of the yen carry-trade bubble. The surging yen clobbered the multinational exporters which are the backbone of Japanese industry and the NIKKEI index.
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