Wednesday, May 19th 2021

Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?

The cryptocurrency market is experiencing another major shakedown in pricing, with the overall crypto market valuation dropping by more than a trillion dollars in less than 24 hours. As of time of writing, leading cryptocurrency by market cap Bitcoin has lost more than 30% in value, dropping to $31,000. Ethereum is down by 40% to $2,424, and memecoin Dogecoin has fallen by 45% - one would think a memecoin would have had its value dropped to zero from the instant of its conception, but that's not the world we live in.

As the market tries to staunch the bleeding, major cryptocurrency platforms Coinbase and Binance are down, citing "network congestion" issues stemming from the unexpected volatility. As investors see their attempts to sell neutered by these network congestion issues, this seems like a way to reduce the amount of cryptocurrencies available in the market, which would feed the descending value cycle even more. Whether or not this is the bubble popping, it's yet another foundational shock to the trust that was already achieved by these platforms and the cryptocurrency market as a whole. How this will affect market availability and demand for graphics cards and hardware is anyone's guess, but even if it does, it'll take some time until we see availability in the main and secondary channels.
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136 Comments on Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?

#1
BSim500
:toast:
^ That is all.
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#3
xkm1948
Big whales are forcing out all the small fries to panic sell, and mostly working for the small fries who dont understand holding.
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#4
HaKN !
YES !!!!!!!!!!!!!!!!!!!!!!!!!!!!
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#5
AusWolf
lexluthermiesterEthereum for example...
coinranking.com/coin/razxDUgYGNAdQ+ethereum-eth
But cryptocoin in general is crashing hard...
coinranking.com/?sorton=price

It should be noted that there is a bit of predicable bounce back going on in the last two hours, but if historical trends play out that is just a momentary twitch that will be followed by continued decline.

YAY!
Let's hope that will hold this time as well, and all illegal mining farm owners will eventually go bankrupt, and die homeless in their own [insert bodily fluid name here]. :toast::pimp:
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#6
dragontamer5788
The big question is... does Tesla still have their $1,500,000,000 bet on BTC? (www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html)

If so, this kind of drop will surely force Tesla to sell to protect the company. Either that, or lose out on a chunk of change (Can Tesla really afford to lose $300-million or $500-million on this?) This sort of price collapse could very easily cause other "whales" to sell their BTC, pushing the price down. If Tesla already sold as part of Elon's Tweets a few days ago, maybe they're safe. But... the "mindset" of the BTC-billionares is very important. The "whales" largely determine where this market goes.

--------

Otherwise, we need to think about buying pressure. Who in the world will want to buy BTC in this market? If no one wants to buy, then the direction of the cryptocoin is set in stone. Buyers increase the price, sellers decrease the price. And if everyone is looking to sell... well... this will start moving faster and faster. I realize that there are some reckless people who are still buying right now (and I wish them the best, but... I don't expect them to win in this market...). But what really matters are the whales. What are the people with $1Billion++ in assets thinking right now? Will they buy in and support the price? Or will they sell to protect themselves?
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#7
Legacy-ZA
It's a pity Binance and Coinbase couldn't keep up with "demand", or maybe they are "conveniently" having "issues" once again, probably to stem the downward cascade while they sell. :roll:
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#8
Atnevon


Hopefully we'll finally be able to get new GPUs!
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#9
Legacy-ZA
Atnevon

Hopefully we'll finally be able to get new GPUs!
Well, if the bubble did pop, Nvidia's hashrate limiter was implemented "just-in-time" LOL :roll:
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#10
ZoneDymo
Ermm why can't I vote in the poll with "no"
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#11
Old Ladies
Man I always have the wrong time to buy. I just put $1,000 into crypto a couple days ago.

Obviously I am going to hold as I believe it will go up again but I wished I waited a few days to buy in the crash. Wished I sold when my profits were so high.
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#12
lexluthermiester
AusWolfmining farm owners will eventually go bankrupt
This yes...
AusWolfand die homeless in their own [insert bodily fluid name here].
That's just a bit harsh...
ZoneDymoErmm why can't I vote in the poll with "no"
Because no is not an option. Read the options and vote accordingly.
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#13
TheDeeGee
I guess GPU miners are already putting the cards back in the boxes :roll:
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#14
Steevo
Crypto is BS that has a finate lifecycle, but has wasted trillions of watts of power to generate literally nothing of value to 98 percent of the worlds population.
They might as well have burned millions of used tires for the same effect.
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#15
Legacy-ZA
xkm1948Big whales are forcing out all the small fries to panic sell, and mostly working for the small fries who dont understand holding.
As always, perspective is needed; If you look at the momentum over the last few months, you will see a steady decline, I am not here to tell you what to do, but I would advise caution. I don't just look at Bitcoin, I watch the whole market. For example, while BTC was slumping, I could see money was still flowing into the market, thus I know that alt coins would still grow, anyways, people will have to make up their own mind in the end on what to do, I traded my assets when I saw this chart "leveled" out, seems, I did the right thing, PHEW!

SteevoCrypto is BS that has a finate lifecycle, but has wasted trillions of watts of power to generate literally nothing of value to 98 percent of the worlds population.
They might as well have burned millions of used tires for the same effect.
Not all of them work like that, unfortunately, the main two, BTC & ETCH, have a fanatical userbase, and well yeah... hopefully things work out for the better in time.
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#16
Relixo
Legacy-ZAWell, if the bubble did pop, Nvidia's hashrate limiter was implemented "just-in-time" LOL :roll:
Ohh yeaaah..... BUT waiiiit a minute!
What hashrate limiter?! Because it worked really well the last time, didn't it? When Ngreedia bypassed their own limiter. "accidentally"
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#17
Legacy-ZA
RelixoOhh yeaaah..... BUT waiiiit a minute!
What hashrate limiter?! Because it worked really well the last time, didn't it? When Ngreedia bypassed their own limiter. "accidentally"
Yes, I too don't believe that was a coincidence, the problem was, they saw gamers wouldn't buy them at those prices, especially not for the performance it provided compared to previous generations in that segment, even now, if it was at MSRP. So they "accidentally" leaked it, so miners would buy them.

I watched them closely, they would sit there for weeks at those scalping prices, they had stock, oh and how they had stock, but they didn't want to lower the prices, so they removed the limiter and BAM, sold out in a week. LOL
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#18
ExplodingCaps
I put a small portion of my cash flow into crypto before it's bubble back in january this year. This kind of event is makes me happy, because i can invest more with heavily discounted price crypto and upgrade to 3080 ti :P. By the way, eth mining become more profitable regardless the crash, because more coin to get with less value. So I don't think gpu price will calm down anytime soon.
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#20
64K
ChomiqBurn baby burn.
It's probably not time for that but I'm pretty sure crypto has shaken some investor confidence today.
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#21
Metroid
I hope this bubble pops even harder, is time to, too much bs already, is time the bs stops. Many coins popped from nowhere just to steal sheepmeat. The real crash is harder than this, next time btc will likely go back to 5k again and eth back to 100 usd.
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#22
lexluthermiester
TheDeeGeeI guess GPU miners are already putting the cards back in the boxes :roll:
That could be...
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#23
1d10t


I may look cynical, but sorry I have absolutely no sympathy for them. Oh look, Christmas on May!
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#24
looniam
i guess i'm too drunk and stupid to care, should i?
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#25
Valantar
yet another foundational shock to the trust that was already achieved by these platforms and the cryptocurrency market as a whole
I mean ... trust? From who? The only people I see expressing trust in crypto are the quasi-religiously convinced diehards, with everyone else expressing varying degrees of skepticism, or at the very least, pretty clear views that this is highly volatile and risky stuff. I have pretty much zero respect for investors and the financial "industry" (yes, I have trouble recognizing businesses whose only purpose is squeezing money out of others in order to enable rich people to hoard more of it as "industry"), but at least they're well aware that markets crash, and pretty often. That being said, they tend to like markets crashing, as some of them always get rich off that, while the rest tend to get bailed out. Still, I don't think "trust" is much of a relevant word here, unless it's coupled with "blind".
Posted on Reply
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