Who can explain the crypto dip๐
What did just happen with the cryptocurrency, everything went down. Is this a correction or is it simply the end of the bull run.
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First of all, the dip wasn't anything unprecedented. Look at the 2017 chart...
Probably some whales and cryptofunds fighting behind the scenes... biggest ever inflow to Binance yesterday, Elon Musk tweets, someone was trying to crash the market and they did, but look how quickly the dip got bought up? If you have a tin-foil conspiracy hat, put it on and figure it out lol... My guess is just whales fighting it out and all the leverage in the system getting washed out.
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The entire crypto market is filled to the brim with leverage - why do you think it's so volatile? Billions of dollars ofย leveraged longs and shorts are responsible for the crazy price movements.ย
Kraken letsย you leverage 5x if you want.
Is it just me or does that look like there's no chance some of those drawdowns are that high, especially the last two? Unless they're measuring it in some weird way, there's no way those pullbacks are 36% and 29%
Ohhh its veryyyy real. Lloyd knows best. The insanity hes talking about is the โdefi crazeโ that is taking off now. This stuff is in such an infancy stage that people do not get how crazy volatile it can get. Ofcourse when cnbc says it then its true though.
Thank you for your answer.
So, I'm reading about industrials, nice good ol' industries and companies, and then I see fortunes made and loss by degenerate gamblers trading shitcoins, pisscoins and cumrocket coins, and I wonder if I shouldn't just switch to degenerate gambling too
Thats the thing, canโt believe the profits that are made by people who take advantage of the high volatility. Dogecoin started as a joke and now those who invested in the joke are having the last laugh
Dogecoin is usually third for trading volume... billions and billions of trading volume every day, someone out there is getting rich off of it
Can't beat em, join em
Elon Musk undermined the popularity of Bitcoin by calling it environmentally harmful and then pulling out of accepting it as payment for Teslas.ย I think since BTC is the face of crypto that hit toย BTC has hurt all cryptocurrencies. Also--and I might be overthinking it--but bad inflation numbers may indicate higher interest rates, which might strengthen fiat currencies relative to crypto. So there could be some old fashioned fundamentals for why crypto is getting routed (and so am I).
Yeah I think it was a combination of Elon + China pulling out too in some aspects of accepting crypto and then the weak panic selling for two large dips today. Its really a great time for new people to enter the market right now or to add to one's position, so I think we will see a staggered return to previous highs relatively soon. Bitcoin though may have taken a permanent hit on it and I got out of Bitcoin right after Elon dissed it.ย
Surprised nobody has mentioned this yet but China banned financial institutions from providing crypto services and initiating transactions. Not saying this is the sole reason for the dip but given that they have 1.4 bn people it probably didn't help if combined with poor inflation numbers, a fight between whales, etc.ย
I'll preface this by saying i'm invested in BTC and I'm bullish. But let's be real none of us know what the fuck moves the thing besides speculation. It could easily go 100k+ in the next year or two but my bet is more so on human stupidity than anything else. Half the market is 16-25 year old doing YOLO trades, myself included. Fuck it.ย
Goes up, goes down. It's fun.ย
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