This is the summary: BTC is just lines of codes, and codes belong to the world. This thing is behaving like most tech companies without the balance sheet (and possible dividends). People, bitcoin is crashing really fast!
Some crypto lending platforms like Celsius are pausing withdrawals as its CEL token plunges 50%. Microstrategy Inc may be over if care is not taken; it has fallen from $891 to now $153 in twelve months.
Coinbase is in another world, from $368 to $50 in twelve months. This is the reality: bitcoin may be “decentralized” but humans and companies which trade on it are “centralized”. If inflation ravages the world, those humans and companies will exit some asset classes. Unfortunately, with no balance sheet to trust, this may not be the bottom for BTC.
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Shine ya eyes, people.
Cryptocurrencies kicked off a new week with deep losses, extending weekend selling following surprisingly high U.S. inflation data and troubles for a major cryptocurrency lending platform.
Bitcoin BTCUSD, -14.66% has slumped around 12% over the past 24 hours, last trading at levels not seen since late 2020 of around $24,228, with a low in that period of $23,822. Those represent levels not seen since late 2020. Bitcoin is down more than 60% from its November 2021 high.
Ethereum ETHUSD, -17.80% fell more than 17% to around $1,246, hovering at an early 2021 low, after touching $1,180. Meme coin Dogecoin DOGEUSD, -18.60% lost 17%.
Bitcoin Drops to $24k, Adding to Fears that the Crypto Market May Be Heading for Worse
Comment Below
The most valuable and precious things are the ones wanted by everyone but only few can get them. The value doesn’t increase because of increased utility, but rather because it’s very difficult to acquire.
There is inflation in energy and food, so if you keep money on crypto, to what end exactly? The price would have remained up if it has a single supply source, with limited quantity; but as long as people can launch their own coins, the market will remain chaotic.
If you are holding coins but seriously in need of gas, but no one is willing to take your coins in exchange for gas, you are still in deep trouble.
Only things that are productive on their own command greater value, money is not productive on its own, because you cannot eat money. If you are hungry and they serve you food, it’s problem solved; but if they give you money and you can’t find food to buy, you will still die of hunger, while having money in your pocket.
Those who have things that matter will always attract money, but those who have money may not be able to attract things that matter.
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The most valuable and precious things are the ones wanted by everyone but only few can get them. The value doesn’t increase because of increased utility, but rather because it’s very difficult to acquire.
There is inflation in energy and food, so if you keep money on crypto, to what end exactly? The price would have remained up if it has a single supply source, with limited quantity; but as long as people can launch their own coins, the market will remain chaotic.
If you are holding coins but seriously in need of gas, but no one is willing to take your coins in exchange for gas, you are still in deep trouble.
Only things that are productive on their own command greater value, money is not productive on its own, because you cannot eat money. If you are hungry and they serve you food, it’s problem solved; but if they give you money and you can’t find food to buy, you will still die of hunger, while having money in your pocket.
Those who have things that matter will always attract money, but those who have money may not be able to attract things that matter.