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?

#26
xkm1948
Back to 37K for BTC. Burn what? Gamers' tears?
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#27
Watermelon5
looniami guess i'm too drunk and stupid to care, should i?
Bro same
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#28
Arc1t3ct
Historically, cryptocurrencies have had big fluctuations. Some people will find this deterring, others will see it as an opportunity to invest.
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#29
TumbleGeorge
If you have nuclear weapons please blast a crypto coin market :D
It's need of energy!
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#30
trog100
xkm1948Back to 37K for BTC. Burn what? Gamers' tears?
burn baby burn.. all the way back up to 50K..

trog
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#31
BorisDG
I hope... crypto must DIE. Not good for nature anyway...
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#32
TumbleGeorge
trog100burn baby burn.. all the way back up to 50K..

trog
50 копейки Russian?
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#33
looniam
Watermelon5Bro same
:toast:
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#34
Colddecked
Arc1t3ctHistorically, cryptocurrencies have had big fluctuations. Some people will find this deterring, others will see it as an opportunity to invest.
Nice of coinbase to take a nose dive for a few hours as ETH hit below 2k... back up to 2.8k...
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#35
yukinin97
What do you expect when the word of a single man can increase or decrease the value of all cryptos by up to 40%?
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#36
Chomiq
Talk about market manipulation:
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#38
dragontamer5788
TumbleGeorgeOut there is rumors that China ban crypto?
They did so years ago.

The difference with today is that it looks like China is beginning to put some teeth on that ban and actually act on it. Rules don't matter if the police don't enforce... and they weren't enforcing it until today.
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#39
Prima.Vera
Best time is now to invest, however those markets are down for some stupid reason....
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#40
trog100
bitcoin back up to 40K.. that didnt tale long did it.. :)

trog
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#41
KainXS
Everything is recovering Eth went under 1800 and is now at nearly 3000 again and Doge dropped all the way down to 0.21 but came back to 0.40. Now if it were to drop off again right now then its swan song time but I don't see that happening. This is not a crash its more of a correction.

Hell I bought, and it was already worth it.
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#42
ymbaja
trog100bitcoin back up to 40K.. that didnt tale long did it.. :)

trog
Lemme know how that dead cat’s doing next week ;)
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#44
trog100
ymbajaLemme know how that dead cat’s doing next week ;)
well the cat bounced that well off the 30K floor to go right back up thru the 40K ceiling and land on its feet.. he he

trog
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#46
THU31
Even though I am casually mining when my PC is idling, I do hope the whole cryptocurrency thing dies. I want the PC hardware market to return to normal, because the current situation is ridiculous.
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#47
R0H1T
The chances of this not being a large scale (orchestrated) manipulation is almost zero!
dragontamer5788The difference with today is that it looks like China is beginning to put some teeth on that ban and actually act on it. Rules don't matter if the police don't enforce... and they weren't enforcing it until today.
What about the last crash(es) in 2017(18?) due to the Chinese ban then, no teething or gnawing by the authorities?
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#48
framebuffer
TheDeeGeeI guess GPU miners are already putting the cards back in the boxes :roll:
not sure, mining is still very profitable (~$25/day at ~100MH/s)
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#49
silentbogo
R0H1TThe chances of this not being a large scale (orchestrated) manipulation is almost zero!
+1. Since the beginning of this last crypto-boom it happened at least 3 times in my memory. First, some sort of maintenance or malfunction on Nicehash and major pools, next, "technical issues" on major exchanges(Coinbase, Binance etc), and few hours later a crazy nosedive on the market, so that someone can buy ETH for cheap and get beefed up for staking. If it was a simple network overload, it would've happened backwards: market crash, followed by overload on exchange due to excess panic-withdrawals. Coinbase even had a pretend-DDoS attack for several hours, while Binance and NH at least gave people a chance to convert to stablecoins (withdrawals are still down for both).
framebuffernot sure, mining is still very profitable (~$25/day at ~100MH/s)
NH went crazy today, I'm sure profits will get back to "normal" tomorrow or the day after.
For one cycle it was around $70 off a pair of 3060s (made more $$$ in 3 hours than I did in the whole day yesterday). Someone is catching up on that staking pot (probably the ones that weren't fast enough to get ETH at $1900 mid-crash).
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#50
TheinsanegamerN
dragontamer5788They did so years ago.

The difference with today is that it looks like China is beginning to put some teeth on that ban and actually act on it. Rules don't matter if the police don't enforce... and they weren't enforcing it until today.
I'd bet any enforcement is entirely temporary.

They'll put teeth on it so long as they attempt to get their coin off the ground, and when it inevitably fails they'll stop enforcing the ban. Ideally inthis time the chinese government will be buying up crypto coins at a heavily deflated price through shell companies.
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