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 ...
Amazing. Even after a 50% drop in 6 months it's still 5x where it was 3 years ago.
I’ll check back every 6 months.
You do that. I'll check back in on those tech and growth stocks, and those dollars under the mattress.
One last thought on riding things down to zero:
That chart is typical of those who know little about monetary systems or they do and are trying deceive the guillble.
“this means that one dollar in 1700 was worth approximately 63 times more than it is today. “
Do you understand that people don’t get paid the same number of dollars today per week or hour as in 1700? Do you realize how many more dollars people get for assets like land or buildings or commodities than in than in 1700? That silly chart only proves your point about the dollar going to zero if people got the same dollars as in 1700. THEY DON’T.
Then start from 1900, or 1965. Take notice of which way the line is going.
So people get paid same weekly amount today as in 1900 or 1965?
Of course not, because the dollars they’re getting paid in are trending to zero, so it takes more dollars to buy a similar amount of labor.
So you just figured out why your chart is meaningless and deceptive. As the economy grows, the money supply grows to match it, and all wages and assets adjust accordingly. Your dollar going to zero chart is pure amateur hour stuff and you fell for it.
The money supply is irrelevant. The value of the dollar was following similar peaks and values until the abandonment of the gold standard.
Now, your paper money is going to zero, and has been for 100 years.
Your stocks, securities, and real estate are barely keeping up with inflation, if at all.
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