Posted on 07/20/2021 6:39:43 PM PDT by lasereye
Bitcoin fell below $30,000 late on Monday for the first time in a month, nearly erasing its entire 2021 gain. Around 9 a.m. it was trading at $29,750, down 3% over the past 24 hours. Ether, the second most valuable cryptocurrency, was also down about 3% to $1,750.
Crypto washed out along with most other assets on Monday, and Bitcoin is trading more like a risky security than like the hedge that some proponents say it is. Oanda analyst Edward Moya calls Bitcoin the “ultimate risky asset right now,” warning that “it could see intense selling pressure if Wall Street enters into panic-selling mode.”
Bitcoin peaked above $64,000 on the day that Coinbase Global (ticker: COIN) went public in April, and has been sliding since.
(Excerpt) Read more at barrons.com ...
Ping!
If anyone would like to be added to the [secretive] FR Crypto list, pm me.
Wonder how the folks who second mortgaged their house to buy bitcoin are doing...?
The only thing I could think of when I saw all the promotion, and hype about bitcoin was, “there are whole bunch of people who are gonna take it in the shorts when this fails”.
CC
Perfect! Time to buy more.
Buy low, sell high.
eTulips
I got in somewhat low, it gained, I cashed out some, it fell, it fell and I cashed it all out.
250 turned to 450, I pulled 300, the remaining went below 100 and I pulled it all.
Made a few bucks so I can’t complain. I just can’t afford a large amount and/or for the long haul. Got new tires for the back of my little tractor for free though.
And you got taxes to pay.
Capital Gains tax on $350ish? Might fall under some minimum but if not, it’s not going to cause a hardship. LOL
That chart is the reason the crypto fanboys will ride this all the way back down to near ZERO. Reminds me of those who kept buying all the down from 40,000 to 2,000 of the Nikkei in 89 and early 90’s.
It depends on when they did it. I blame my wife for talking me out of it at $3k a year ago.
Oh and how many times have I heard what you said over the last 11 years?
https://99bitcoins.com/bitcoin-obituaries/
This makes me happy. Anthony Scaramucci (SkyBridge) invested big on Bitcoin back in February when it was at it’s peak.
Possibly.
I'm thinking BTC is now much less volatile, and will sink more... perhaps mid 20's. Then a calamity makes trading in it impossible, thus effectively becoming not really $0, but just impossible to buy or sell.
The future is in precious-metals back financials... including cryptos. BTC is not one of them.
Almost every country in the world has a central bank now - meaning their currency is backed by debt (claims on the future labor or their citizens).
Claims on future labor is the exact same thing as slavery.
The central banks will not allow a concept like Bitcoin to survive - since there is no concept of future labor claims unless bought or sold for currency.
$30,000 is a critical support area on the Bitcoin chart.
From memory, sellers have made 7 attempts since January to drive it below $30K, and each time it has bounced back up.
Full Disclosure - I have no investment in Bitcoin, but I have been watching the chart for two years, and I have been tempted to invest.
Central banks and governments have already started the process. Bitcoun is a dead man walking.
“Regulatory pressure on Bitcoin is growing, with China warning financial institutions to stop dealing in cryptocurrencies, “
Maybe Bozo cashed in his stash for his joy ride into space.
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