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

[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".

 

[Deleted member 50521]

Back to 37K for BTC. Burn what? Gamers' tears?

 

[Watermelon5]

i guess i'm too drunk and stupid to care, should i?

Bro same

 

[Arc1t3ct]

Historically, cryptocurrencies have had big fluctuations. Some people will find this deterring, others will see it as an opportunity to invest.

 

[TumbleGeorge]

If you have nuclear weapons please blast a crypto coin market
It's need of energy!

 

[trog100]

Back to 37K for BTC. Burn what? Gamers' tears?

burn baby burn.. all the way back up to 50K..

trog

 

[BorisDG]

I hope... crypto must DIE. Not good for nature anyway...

 

[TumbleGeorge]

burn baby burn.. all the way back up to 50K..

trog

50 копейки Russian?

 

[looniam]

Bro same

 

[Colddecked]

Historically, 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...

 

[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%?

 

[Chomiq]

Talk about market manipulation:

 

[TumbleGeorge]

Out there is rumors that China ban crypto?

 

[dragontamer5788]

Out 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.

 

[Prima.Vera]

Best time is now to invest, however those markets are down for some stupid reason....

 

[trog100]

bitcoin back up to 40K.. that didnt tale long did it..

trog

 

[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.

 

[ymbaja]

bitcoin back up to 40K.. that didnt tale long did it..

trog

Lemme know how that dead cat’s doing next week

 

[AsRock]

Bin Wasted GIF - Bin Wasted Crash - Discover & Share GIFs

Click to view the GIF

tenor.com

 

[trog100]

Lemme 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

 

[Why_Me]

Crypto Prices Plummet After Chinese Ban

US OCC also set to review crypto policies

www.tomshardware.com

 

[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.

 

[R0H1T]

The chances of this not being a large scale (orchestrated) manipulation is almost zero!

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.

What about the last crash(es) in 2017(18?) due to the Chinese ban then, no teething or gnawing by the authorities?

 

[framebuffer]

I guess GPU miners are already putting the cards back in the boxes

not sure, mining is still very profitable (~$25/day at ~100MH/s)

 

[silentbogo]

The 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).

not 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).