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Started By
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Why is crypto crashing?
Posted on 5/14/22 at 8:47 am
Posted on 5/14/22 at 8:47 am
In November, bitcoin and ethereum, two of the most popular cryptocurrencies, reached all-time highs. Bitcoin’s value on Nov. 9 was $67,802.30; ethereum was worth $4,800. They are now down 58% and 60%, respectively, from those levels.
Now I certainly don’t understand everything about crypto currency but it seems to me that with the inflation we’re seeing and subsequent rising interest rates, it would be the dollar that gets hammered and that crypto would be at least a stable currency.
The dollar has been relatively stable though.
Can anyone explain why?
28
Posted on 5/14/22 at 8:59 am to SlidellCajun
I don’t but I took a small lick on LUNA but it could have been soooo much worse. I sold about 70% in January. I was going to start stacking again when it fell under $70. Luckily, I didn’t have any powder the last few weeks as I’m changing up my investing to more 401k and just riding out the next few years. I did have a handful of tokens that rode down to the bottom though.
Posted on 5/14/22 at 9:10 am to SlidellCajun
it's the end the bull market and beginning of the bear market? It does this every crypto cycle that happens every 4 years. nothing new
Posted on 5/14/22 at 10:32 am to SlidellCajun
it is true that crypto is Cyclical. I'd expect another big boom in 2024 should conservatives win.
it's also true that a lot of money is leaving crypto and is leaving the exchanges. I have what I have staked in networks doing what crypto is meant to do and earning yields. But if you aren't doing that, really no reason to hold shitcoins unless you're putting them into their respective networks.
finally Tether FUD and printing out of thin air like they're the US government has been a thing for many years - and it looks like it may actually come to fruition now.
it's also true that a lot of money is leaving crypto and is leaving the exchanges. I have what I have staked in networks doing what crypto is meant to do and earning yields. But if you aren't doing that, really no reason to hold shitcoins unless you're putting them into their respective networks.
finally Tether FUD and printing out of thin air like they're the US government has been a thing for many years - and it looks like it may actually come to fruition now.
This post was edited on 5/14/22 at 10:39 am
Posted on 5/14/22 at 11:04 am to SlidellCajun
People are liquidating riskier assets I think.
Posted on 5/14/22 at 11:15 am to SlidellCajun
fear and the undeniable fact it has no true value. neither does currency though but fools have been trained.
Posted on 5/14/22 at 11:23 am to SlidellCajun
Crypto is a scam and those that own it deserve this
Posted on 5/14/22 at 11:42 am to SlidellCajun
quote:
Can anyone explain why?
When SHTF, cash is king…. It’s what people know.
Posted on 5/14/22 at 11:49 am to SlidellCajun
Well every crypto is different. Some are inflationary to an extent worse than the dollar.
Bitcoin specifically was $5238 per coin on 3/17/2020 when lock downs were announced and money printers were dusted off.
Ethereum was $114.84.
A gallon of gas was $2.32
A pound of crawfish was 99 cents
Some crypto’s still look good compared to inflation. Hard to judge from all time highs, they go too high and correct constantly
Bitcoin specifically was $5238 per coin on 3/17/2020 when lock downs were announced and money printers were dusted off.
Ethereum was $114.84.
A gallon of gas was $2.32
A pound of crawfish was 99 cents
Some crypto’s still look good compared to inflation. Hard to judge from all time highs, they go too high and correct constantly
Posted on 5/14/22 at 11:54 am to SlidellCajun
quote:
Can anyone explain why?
The powers-that-be have committed themselves to gaining more control over crypto, have made that clear and started taking steps in those directions.
That is being reflected in the value of crypto.
Posted on 5/14/22 at 12:03 pm to SlidellCajun
because fate wanted me to own more Bitcoin for lower cost
This post was edited on 5/14/22 at 12:04 pm
Posted on 5/14/22 at 12:04 pm to SlidellCajun
Macro environment. Feds raising interest rates, people leaving riskier assets.
Posted on 5/14/22 at 12:22 pm to SlidellCajun
Crypto is a riskier investment. I’m retired and every advisor I know says retired people should not be in crypto. It’s definitely a younger persons game.
Posted on 5/14/22 at 1:03 pm to SlidellCajun
Crypto acts like high risk equities, not alternate currency. High risk equities have been smashed the hardest. Whales have determined that crypto isn’t the hedge against the US dollar that everyone makes it out to be
Posted on 5/14/22 at 3:15 pm to SlidellCajun
quote:No, and therein lies the problem.
Can anyone explain why?
Posted on 5/14/22 at 3:21 pm to SlidellCajun
quote:Please pose this question to those who bought that lousy Bitcoin for $400. Imagine, this 30-day "crash" spans 1/156th of Bitcoin's lifespan. Terrible.
Why is crypto crashing?
Posted on 5/14/22 at 10:28 pm to SlidellCajun
quote:
The billionaire finance guru Warren Buffett, who complained recently that he did not know where to put his money, said cryptocurrencies are not being a productive asset and said he wouldn't buy the whole of bitcoin even for 25 US dollars.
But what does he know.
Posted on 5/15/22 at 1:06 am to SlidellCajun
quote:crypto isn’t a currency
and that crypto would be at least a stable currency.
You mean a volatile asset?
Posted on 5/16/22 at 3:49 am to SlidellCajun
Posted on 5/18/22 at 1:25 pm to SlidellCajun
Don't forget..crypto is traded on margin as well..selling assets eveywhere..
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