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SlidellCajun
LSU Fan
Slidell la
Member since May 2019
7251 posts

Why is crypto crashing?


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?


supadave3
LSU Fan
Houston, TX
Member since Dec 2005
28451 posts
 Online 

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.


umrebel2009
Ole Miss Fan
Member since Feb 2010
5940 posts

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


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530
USMCguy121
US Marine Corps Fan
Northshore
Member since Aug 2021
2280 posts
 Online 

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.
This post was edited on 5/14 at 10:39 am


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310
LordSaintly
New Orleans Saints Fan
Member since Dec 2005
36071 posts
 Online 

People are liquidating riskier assets I think.


arcalades
LSU Fan
USA
Member since Feb 2014
19276 posts

fear and the undeniable fact it has no true value. neither does currency though but fools have been trained.


evil cockroach
LSU Fan
27.98N // 86.92E
Member since Nov 2007
6156 posts

There are more sellers than buyer


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151
saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
24924 posts

LINKLooks like one of the stablecoins crashes.


tduecen
TBD Fan
Member since Nov 2006
159345 posts

Crypto is a scam and those that own it deserve this


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9136
FishingTiger
LSU Fan
South Carolina
Member since Dec 2007
418 posts
 Online 

quote:

Can anyone explain why?


When SHTF, cash is king…. It’s what people know.


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TD SponsorTD Fan
USA
Member since 2001
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GO_LSU
New Orleans Saints Fan
Bywater
Member since Aug 2005
744 posts

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


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103
Ace Midnight
Between sanity and madness
Member since Dec 2006
84144 posts

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.


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46
boosiebadazz
Boosiebadazz225@gmail.com
Member since Feb 2008
75259 posts

quote:

I was going to start stacking again when it fell under $70


well it’s below $70


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121
Ross
Auburn Fan
Member since Oct 2007
46381 posts
 Online 

because fate wanted me to own more Bitcoin for lower cost
This post was edited on 5/14 at 12:04 pm


Hulkklogan
LSU Fan
Baton Rouge, LA
Member since Oct 2010
42521 posts
 Online 

Macro environment. Feds raising interest rates, people leaving riskier assets.


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70
Auburn80
Auburn Fan
Backwater, TN
Member since Nov 2017
5009 posts

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.


cable
Member since Oct 2018
8093 posts

Crypto is the biggest pyramid scheme ever created.

I can live in my home - it can devalue by 50% - and I don't care.

I can drive my truck - it can devalue by 50% and I don't care

I can grow food on my farmland and it can devalue by 50% and I don't care

I can get dividends on my stocks and they can lose 50% of their value - I don't care

If I had BTC or any other crypto - I'd sell that shite right now and buy something that's real and stop being a child with wild fantasies about being rich.



JimMorrison
South Carolina Fan
The Peninsula
Member since May 2012
20576 posts
 Online 

quote:

because fate wanted me to own more Bitcoin for lower cost


This.

Still 1 BTC = 1 BTC. Nothing's changed. Doesn't matter to compare to fiat.


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114
Upperdecker
US Space Force Fan
St. George, LA
Member since Nov 2014
26488 posts

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


AMS
Member since Apr 2016
5952 posts

quote:

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


i think people get too hung up on the alternate currency part of crypto. its only been around for 13 years, and hasnt even been on the radar until like 5 years ago. its waaaay too soon to assume it would behave that way out of its infancy.

fiat came around about a millenia ago and didnt really see popularization until 700-800 years later and US didnt adopt until about 50 years ago.

i think crypto is still in its 'dial up internet' kind of stage. i do think people are wrong to make it out as alternate currency currently speaking, but its probably going to be viable for that within 20 years.



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