Posted on 05/08/2022 8:50:35 PM PDT by lasereye
Bitcoin continues to fall, extending its losses from the past week.
The largest cryptocurrency by market value dropped 4% in the last 24 hours, according to CoinGecko, breaching a key support level and hitting a daily low of $34,406.
It’s currently trading at around $34,519, down 9% in the last seven days and down 40% year to date.
Ether, the second-largest, is also in the red, down 6% in the last day and down 7.4% in the last week.
Overall, the cryptocurrency market is taking a hit, down 4.2% in the last 24-hours.
Though weekends are typically bad for Bitcoin and cryptocurrency in general, this nosedive comes after the Federal Reserve indicated it would raise interest rates by half a percentage point on Thursday, which sparked a stock-market selloff.
Bitcoin and other cryptocurrencies are increasingly moving in sync with tech stocks.
“Bearish sentiment continues to prevail as the Fed looks to slow down inflation at all costs. This has led to stronger correlations between stocks and crypto over the past six months,” crypto market analysis firm IntoTheBlock wrote in its Friday newsletter.
Lucas Outumuro, head of research at IntoTheBlock, told Fortune last week that “until the market starts looking past the impact that [quantitative tightening] and raising rates will have, I find it difficult for Bitcoin to establish a broader up-trend.”
(Excerpt) Read more at finance.yahoo.com ...
time honored tradition to post this video when crypto crashes
https://www.youtube.com/watch?v=BkX2NAKFM5Q
bonus:
https://www.youtube.com/watch?v=Fn310KaOxnU
BitCoin is not linked to Gold?
No, it is also not ISO20022 compliant.
Both will be required for surviving crypto, if any.
BTC is a ‘currency’ of the Deep State Cabal.
buy the dip!
People exit passive investments, i.e. investments that don’t actually earn money, in times of rising inflation/interest rates. If the asset is not actively earning money then it is not a good hedge against inflation, also most passive investments are dependent on low interest rates or easy money to fuel their growth and are thus frequently ‘speculative’.
Nailed it!
Passive income is another word for PONZI scheme.
Kleptocurrencies are an interesting sideshow to and a symptom of the massive bubble in all asset markets. The inception of the mania in non-fungible tokens will eventually be seen as a sign that the top was finally in view and was about to crest.
I never quite understood Bitcoin. But Bitcoin seemed highly speculative in addition to being complicated and that kept me away from it.
At least the people who invested in tulips during an investment fad many years ago had nice flowers to look at.
Nope.
The mania was in tulip bulbs. The flowers were cut down and thrown away.
Actually, it’s linked to electrons.
If the grid goes down, all of your bitcoins won’t buy a can of beans.
“The mania was in tulip bulbs. The flowers were cut down and thrown away.”
That’s even better, in a perverse sort of way, lol.
What? Your long string of ones and zeros is worth less? Who’d a thunk?
Its about $33,600 right now. Expect it to go a bit lower. The Stock Market has a massive selloff coming.
What will I do? Keep my powder dry and then jump in and hoover up a bunch more crypto when that happens. The market is steadily adopting crypto currency. As long as you have the stomach to HODL during the downturns, you can do extremely well in this asset class.
Bitcoin is the ULTIMATE FIAT CURRENCY, backed by absolutely nothing! A greater fool “thing”. Some ignorant cryto fanboys will jump in and say it’s backed by “work”. Who gives a damn. That is as idiotic as saying some rock sitting 1 mile deep in the earth’s core is worth $35,000 because it took a lot of “work” to drill a mile down and get it. The currencies of countries are backed by those countries. An Amazon or Walmart plastic gift card is not “worthless” just because it is nothing but 1/10th of a penny of plastic. Those companies back it’s face value.
I wish I had your stomach. I can’t afford a piece of nothing to hold like a bitcoin. I can, however, (and just did) buy 40,000 bucks worth of aluminum and carbide for my shop. I have only invested in what I know which is why I am broke. Yay Biden. Yay covid. Like everyone else, of course I wish I bought bitcoins when they were $1. But spending $35,000 for one now? Too rich for my blood. Especially after watching the wild swings and things like dogcoin.
I use to have passive income with two rentals. Thank God I got rid of them in time for the kung flu eviction moratoriums. I know people who have had free loaders who haven’t paid a dime in two years and they still can’t evict the deadbeats.
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