Wednesday, November 27, 2024

Sudden Panic Sparks $200B Bitcoin and Crypto Price Crash

The bitcoin price has crashed toward $90,000 per bitcoin, down from almost $100,000 on Monday. The crypto price correction has wiped around $200 billion from the combined $3.2 trillion market.

Posted by Corky at 01:34 PM | 8 COMMENTS | permalink

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"The entire cabinet almost owns bitcoin, and are proponents of digital assets," Novogratz said of the incoming Trump administration, adding he believes it's inevitable that bitcoin eventually crosses the $100,000 per bitcoin level."

#1 | Posted by Corky at 2024-11-26 02:34 PM

It's just Bitcoin being Bitcoin.

Pres-elect Trump's talks of substantial tariffs have strengthened the US Dollar (which goes against his apparent desire for a weaker US Dollar).

When the dollar gets stronger, Bitcoin usually drops.

Keep in mind that in the beginning of September 2024, Bitcoin's price was in the low $50,000's.

#2 | Posted by LampLighter at 2024-11-26 02:45 PM

Riiiiiiight.

Because overnight valuation drops of 10% or more are to be expected of investments, amirite?

Old corporations used to require a Bhopal-like incident to drop 10%.

#3 | Posted by Danforth at 2024-11-26 03:43 PM

@#3 ... Because overnight valuation drops of 10% or more are to be expected of investments, amirite? ...

Well, I don't consider Bitcoin to be an investment, probably more of a gamble than an investment.

But, yes, I have seen some stocks drop 10% (or more) in a day. And stocks I do consider to be an investment.


Crypto Market Crash: Here's the Main Reason Behind the Bitcoin 10% Drop (August 5, 2024)
thecryptobasic.com

... With threats of the U.S. market facing a recession ahead, investors are pulling out of risky assets. Consequently, Bitcoin (BTC) and the rest of the crypto market is facing an intense sell-off. With a 10% drop in BTC today, will Bitcoin retest the $50,000 mark?

Following a massive crash in the US markets on Friday, the global market sentiments are on a downhill slope. ...

Today, Bitcoin is under $54K, and Ethereum is below the $2,350 mark, with the downfall in altcoins amplified. Will the sell-off wave continue for a bearish trend this week? Let's find out.

Post-10% Drop, Bitcoin's Support Trendline Under Pressure

In the 1D chart, the recent negative cycle in BTC price from the $70K peak attains breakneck speed.

The downfall forms multiple bearish candles, leading to a streak of four bearish days, which has resulted in an 18% drop.
...



And for that article, I only went back to August of this year....



#4 | Posted by LampLighter at 2024-11-26 04:02 PM

Fraud is fraud, ---------.

Crypto is a pile of ----.

#5 | Posted by LegallyYourDead at 2024-11-26 09:43 PM

Old corporations used to require a Bhopal-like incident to drop 10%.

#3 | Posted by Danforth

Citing your own gambit, now do morality and national politics.

#6 | Posted by Dbt2 at 2024-11-27 02:20 PM

"But, yes, I have seen some stocks drop 10% (or more) in a day."

But usually for sound reasons, correct?

#7 | Posted by Danforth at 2024-11-27 04:55 PM

Back above $97k as of 2pm PST.

Highly recommend you read Going Infinite by Michael Lewis. Sheds an interesting light on crypto and its people.

#8 | Posted by rstybeach11 at 2024-11-27 04:58 PM

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