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 ...
Indeed it isn’t backed up by anything a roll the dice game.
At least a bank has a FDIC statement to guarantee.
Whoever buys BTC and ETH now will likely be very happy a year from now.
You would think the opposite for BTC. I’m going to keep stacking and holding.
It’s still up about 30% on the year (back of the envelope).
Yeah, it’s a nutty ride but after 11 years you kind of get used to it.
No other asset has the long term return in my portfolio that bitcoin has.
Yup. I was explaining this to my wife and them someone came on TV and said the same thing. We are geniuses!
That’s interesting. Maybe not a bad move then.
I got in very early. Under $100. The best $2,500 investment in my life.
I’m sure Kamala will give a press conference to calm the markets. Bidenomics works they keep telling us.
Warren Buffett buying short term treasuries spooked markets - and the fact silly word salad Kamala is moving up in polls...
When Buffett buys short term treasuries it means he’s concerned about our ‘reserve currency’ standing...
We might not pay our other debts but we’ll keep paying on the national debt because if we don’t - and other countries start pulling out - it’s over. So it’s a safe investment for Uncle Sam.
Uncle Sam will keep paying it... and rates might even go up if inflation continues the degradation of our currency. Hope for the best - plan for the worst.
“When Buffett buys short term treasuries it means he’s concerned about our ‘reserve currency’ standing”
Smart guy.
That is why I buy them.
:-)
My best “investment” was pre Covid at a local casino. My “system” actually worked for a full year.
I took my winnings and have not gone back.
I do not recommend this “investment strategy” to anyone.
Lol.
Excellent.
I only put $20 in the slots when I go. Once I hit for $400. Paid for dinner.
PING
I bought Bitcoin yesterday. Already seeing a return.
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