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.
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.
136 Comments on Cryptocurrency Market Bleeds Trillions in Less Than 24 Hours; Did the Bubble Pop?
^ That is all.
coinranking.com/coin/razxDUgYGNAdQ+ethereum-eth
But cryptocoin in general is crashing hard...
coinranking.com/?sorton=price
It should be noted that there is a bit of predicable bounce back going on in the last two hours, but if historical trends play out that is just a momentary twitch that will be followed by continued decline.
YAY!
If so, this kind of drop will surely force Tesla to sell to protect the company. Either that, or lose out on a chunk of change (Can Tesla really afford to lose $300-million or $500-million on this?) This sort of price collapse could very easily cause other "whales" to sell their BTC, pushing the price down. If Tesla already sold as part of Elon's Tweets a few days ago, maybe they're safe. But... the "mindset" of the BTC-billionares is very important. The "whales" largely determine where this market goes.
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Otherwise, we need to think about buying pressure. Who in the world will want to buy BTC in this market? If no one wants to buy, then the direction of the cryptocoin is set in stone. Buyers increase the price, sellers decrease the price. And if everyone is looking to sell... well... this will start moving faster and faster. I realize that there are some reckless people who are still buying right now (and I wish them the best, but... I don't expect them to win in this market...). But what really matters are the whales. What are the people with $1Billion++ in assets thinking right now? Will they buy in and support the price? Or will they sell to protect themselves?
Hopefully we'll finally be able to get new GPUs!
Obviously I am going to hold as I believe it will go up again but I wished I waited a few days to buy in the crash. Wished I sold when my profits were so high.
They might as well have burned millions of used tires for the same effect.
What hashrate limiter?! Because it worked really well the last time, didn't it? When Ngreedia bypassed their own limiter. "accidentally"
I watched them closely, they would sit there for weeks at those scalping prices, they had stock, oh and how they had stock, but they didn't want to lower the prices, so they removed the limiter and BAM, sold out in a week. LOL
I may look cynical, but sorry I have absolutely no sympathy for them. Oh look, Christmas on May!