Bitcoin Tumbles $5,000 In 24 Hours As Interest Rates Jump - Slashdot

Posted by BeauHD

• • Difficult to do when a relatively small number of whales are holding onto a significant portion of the available coins and they aren't selling.

    Eventually one of them will blink and the price of the tulips will crash again.

    Crypto will continue to be a domain that exists mostly to enable criminal activity and a novelty for most other people.

    Good luck with that.

    • Re:

      At this point a 5% drop in a day makes it a stablecoin. Go look at the stock market, individual stocks bounce like that all the time. I seem to remember a bit over a year ago it peaked at the same price it’s at today. If bitcoin does anything really reliable it’s peak and crash with a period of about 1-2 years. Anyone who bought in at 60 back then near the peak and was called a fool could have sold at 70 just a few days ago and made a reasonable rate of return. If I had to bet I’d sa

      • Re:

        You're also betting on that in the interim Bitcoin doesn't get banned for its ridiculous amount of energy waste or that the market doesn't finally wise up and move onto some other coin which sucks less in terms of transaction speed.

        Sure, Bitcoin has hung around for awhile now, but people thought the Titanic was unsinkable, too.

        • Re:

          at some point it'll stop mining and at that point it'll be interesting to see who's going to bother to process transactions.... although it'll not be based around complexity at that point so processing will be way cheaper right?

          So then wouldn't it make sense to hold until that day? or not? assuming it lasts that long but it's managed to go longer and higher than i ever thought it would.

      • Re:

        Keep buying at all time highs, that's the ticket. Its not a greater fool game or anything like that

      • Re:

        But we aren't talking about a stock, we're talking about a currency. Nobody in their right mind is going to want to accept a currency that might lose 5% of its value from the day they sell you a widget to the day they pay their employees.

• are going out to the investors.

  • Re:

    I mean, sure... but I'm not hoping for GOOD stuff. 'Invest' in shit, wallow in shit. Thanks for enabling money laundering and encouraging gamblers and fraudsters, here's your turd sammich and your bag to hold.

• On Monday April 26, 2021 @02:16AM UTC, Pyrite Pete [urbandictionary.com] had said:

  Wait 1-2 months, and BTC will be twice its value. [slashdot.org]

  That was back when bitcoin had already fallen, and down to about $47K at the time. It should've been back up to "twice its value" no later than June 26 2021 - over 2.5 years ago. It's currently nowhere near the $94K Pyrite Pete promised us.

  Now that's what I call a prediction #FAIL!

  Want more LOLs @ Pyrite Pete shitposts? Here are but a sample:

  "It is pretty much a given that BTC will be up to [slashdot.org]

  • Re:

    only up by 50% in 3 years, what a disappointment...

    Can't wait for the next 'crash' to $90,000, then a 'collapse' to $125,000, then the utter disaster of crashing all the way down to $200,000.

    • Re:

      In which century?

• And the monkey coin and the zebra coin? I missed out on the ape thing, but I am on the lookout for the next big animal to breakout on the crypto scene.

• There are 19 million btc in the ecosystem. Someone sells.. 500.. and the price drops 5%?

  
  
  Holy crap.
  
  I wouldn’t touch that asset with a 20-meter pole.

  • 1 hidden comment

  • Re:

    Ya, that's not great... but it *does* amount to a large amount of the value anyway, comparatively speaking.
    It'd be like a FOREX trader moving ~$2.25B USD.
    Unsure if the impact on FOREX would be as pronounced as it was on BTC, but I bet it'd be something

    • Not Detectable

      It'd be like a FOREX trader moving ~$2.25B USD.
      Unsure if the impact on FOREX would be as pronounced as it was on BTC, but I bet it'd be something

      Only 3 billion USD? Not even a quiver of movement.

      Total M2 money supply [stlouisfed.org] - 20,783 billion

      National debt? Rising at 1 trillion every 100 days [cnbc.com], or 100 billion per day.

      With so many dollars sloshing around you'd have to go into serious numbers to even have it be felt.

      • Re:

        I'll take a lack of understanding of markets for 100, Alex.
        FOREX market variability would not exist if it worked how you thought it did;)
        • 1 hidden comment

        • • Re:

            Globally, yes.
            USD is about %7.7T/d. A single $2.5B USD trade would be approximately 0.002% of that volume.
            500BTC is about 0.005% of its capitalization.
            
            For reference, the largest single USD FOREX trade ever made was $2.5B USD.
            And yes, it moved the market.
            • 1 hidden comment

  • Re:

    Yeah, that's one of the bigger mistakes the news media makes when reporting on the market cap of crypto coins. If everyone dumped their coins all at once, there's nowhere near enough buyers to actually sustain the current prices. The game only works if the majority of players "hodl" their imaginary money.

  • by ceoyoyo ( 59147 ) on Tuesday April 02, 2024 @09:41PM (#64365424)

    There aren't anywhere near that many coins in the system. Estimates range wildly, but it seems like up to 30% of bitcoin are probably (hopefully?) lost, including Satoshi's initial stash, various hard drives dumped in landfills, and people who mined a bunch early on and forgot about them.

    Even so, as you point out, genuine bitcoin sales moving the price so much illustrates how much wash trading is going on. Most of the estimates agree that wash trading is the majority of bitcoin trades with some up to 80%.

  • Re:

    Nobody really knows how much of those 19 millions actually really "exist", as in, are accessible at all. Some claims reach up to 50% of these coins are irrecoverably lost, be it that the person holding the keys died and took the keys with them to the grave (some quite literally), be it that the keys are lost because of HD crashes and careless wiping (yes, backups are important and rarely done with care) and so on.

    And then of course there are the ones that sit on their coins because they know that as soon as

• by Anonymous Coward on Tuesday April 02, 2024 @09:21PM (#64365378)

  The plan for all cryptocurrencies isn't what they want to make you think it is. It's more sinister than the egalitarian image the crypto boys portray for it.

  After the 2008 financial meltdown, cryptocurrencies were born out of it, declared to be the means by which people could be freed from banks/governments, and promised to avoid any such future meltdowns from happening ever again.

  But the crypto boys watched closely the result of that meltdown, and formulated their plan: create a new form of currency, and for it a new financial system detached from traditional ones (those burdened by "governments and regulations") - they called it "DeFi" for "Decentralized Finance", but its dirty little secret is that it's really "Deregulated Finance".

  Their plan is to make this new money be adopted by the masses, so they start it off with a low price, then gradually increase it, by virtue of them just pulling numbers out of thin air for its value, until it catches the attention of the masses - then it gets more and more "valuable" from the collective faith of its given value ("network effect"), until traditional institutions and the typical "1%" billionaires start to notice and, greedy as they are, want in on the action too.

  So now those that got in at the ground floor have gained all this "value" out of thin air, and once they're ready, they'll pull out all pretty much at once - that it'll create a sell-off panic, and a new meltdown is born! And because of their "De[regulated]Fi" system, the bros have already shifted all the risks away from themselves onto others, so they'll make out like bandits, leaving everyone else to "hodl" the bag.

  But the bros were really observant about that last meltdown - and noticed all the "bailouts" the big banks got - so as they were shifting the risks to others, they increased their investments into what would get the next bailouts - so in the end they'll make out like bandits twice: the first time from suckering everyone else into their pump-and-dump scam, and again once they benefit from the bailouts that'll get handed out.

  And there you have it folks, the real master plan of crypto.

  --
  "Cryptocurrencies will bring about a worse financial meltdown than the one they were born from." -Prof. Feynman

• Bitcoin surpassed its previous all time high on March 5, reaching over $69,000. It then fell to just over $59,000 in a few hours, shaving nearly $10,000 off its price, before it regained to its upward momentum.

  On March 13, it reached about $73,700 before retreating again, marching down to a local low of under $60,800 a week later. It saw two daily price swings over $5,000 in that time frame, one down and one up.

  For reference, the price on January 1, 2024 was about $42,200, so the price has risen over 50%

• As a flower seeded.

  Fucking bitcoin is a joke.