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?

#126
R-T-B
dragontamer5788Except we can mess with them in practice.
Forks are hard to avoid without social consensus, true. I'd say in that way it's still subject to human whims, unfortunately.
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#127
AusWolf
ValantarI'm always fascinated by people who criticize a (potentially) poorly functioning regulated system - especially in our current world, where neoliberal economic policies have been intentionally and systematically eroding effective and useful regulation for half a century - by proposing that we move to an entirely unregulated one. The logic is just baffling. "Hey, see, this system has weak protections and is faulty, people are gaming it and it is causing trouble, so how about we just remove all the rules? That would fix things, right?" They don't tend to be that direct, but that is what it boils down to in the end. All the grand words about "democratization" and "freedom" conveniently skip over how this by default would be a democracy where only the wealthy have a vote, and the only freedom you have is what you can afford. But never mind that, of course.
A system without regulation is ideal for ideal people. It can work in small communities, but not on a global scale. The problem is that people aren't, and are never going to be ideal. Doing away with regulation only leads to anarchy, where a select few can easily gain power by exploiting the weak. Then we have a system that's worse than the one we started off with, and that's exactly what's wrong with crypto as well: it doesn't promote an unregulated system. It promotes a system where a select few get rich with minimal effort, while everybody else lives under the illusion that getting rich is easy for everyone.
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#128
64K
Crypto continues it's downward trend. In the past 3 months Bitcoin has fallen from a high of $63,000 to $34,000
Ethereum has fallen from a high of $4,100 to $2,200
Crypto is just too volatile imo
Posted on Reply
#129
R-T-B
64KCrypto is just too volatile imo
For certain investors thats a plus.

At any rate it doesn't help end user adoption, I get that. Still feel crypto despite being a household term now is very "beta" as a currency.
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#130
pvanb
can't wait for Bitcoin to drop and drop some more, then I will buy, buy and buy some more. Missed the IPO in '09, when it was offered at 39 cents a Bitcoin.
Sell you idiots, sell. Block-chain is the future, no going back to spreadsheets and money orders to transfer funds. ALL fiat money is numbers in a computer.
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#131
Robert Bourgoin
Bad year to retire and play around with crypto for fun. Wasn't fun.
I could of bought a couple super computers with my losses.
left some ETH2 staked for who knows how long (untouchable for research) and sold everything else and moved on the AMC and GME stock. Best move of my life.
Bye to the pile of Crypto crooks.
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#133
pvanb
Elon zez...buy my windup cars....BTC up....Elon zez changed my mind....BTC down...Elon zez, OK u can buy again, BTC up and ? I made $ on all his tweets.
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#134
R0H1T
pvanbElon zez...buy my windup cars....BTC up....Elon zez changed my mind....BTC down...Elon zez, OK u can buy again, BTC up and ? I made $ on all his tweets.
Wow if only you could manipulate the real world so easily :slap: :laugh:
Posted on Reply
#135
dragontamer5788
pvanbElon zez...buy my windup cars....BTC up....Elon zez changed my mind....BTC down...Elon zez, OK u can buy again, BTC up and ? I made $ on all his tweets.
Even if you're making money on it, Elon would be making more money on it (being both a Billionare: able to put down more money than you physically... and also the one who has sole control over whether or not his tweets come out).

EDIT: That's why pump-and-dump should be illegal. Alas, BTC is an unregulated commodity. I'm not sure if pump-and-dump laws even apply to BTC. Otherwise, pump-and-dump allows the rich to extract wealth from all other market participants.
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#136
AusWolf
dragontamer5788Even if you're making money on it, Elon would be making more money on it (being both a Billionare: able to put down more money than you physically... and also the one who has sole control over whether or not his tweets come out).

EDIT: That's why pump-and-dump should be illegal. Alas, BTC is an unregulated commodity. I'm not sure if pump-and-dump laws even apply to BTC. Otherwise, pump-and-dump allows the rich to extract wealth from all other market participants.
That's why a completely unregulated monetary system is just plain wrong.
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