The State of Cryptocurrency

[dorsetknob]

2 days late
Bitcoin price crashes spectacularly, losing 20 per cent of its value in minutes

The price of bitcoin has plummeted dramatically, losing 20 per cent of its value in less than an hour.
The cryptocurrency crash takes bitcoin below $6,000 – its lowest value since 2019.
Several other major cryptocurrencies also experienced significant losses, with bitcoin cash losing around a third of its value.

Some cryptocurrency analysts have blamed the Covid-19 coronavirus outbreak, which has had a heavy impact on the global economy.
"Bitcoin has fallen as cryptocurrencies become caught up in the turmoil we're seeing in traditional markets," Simon Peters, a market analyst at online trading platform eToro, told The Independent.
"Previously seen as a possible safe haven in difficult times, investors now seem to be selling out to take back liquidity in case the coronavirus spreads even further. In a time of uncertainty, many investors might feel it is better to own cash or gold rather than more speculative cryptocurrencies like bitcoin."

 

[Easy Rhino]

In a time of uncertainty, many investors might feel it is better to own cash or gold rather than more speculative cryptocurrencies like bitcoin."

That is pretty much the rule of investing. And bitcoin is HIGHLY speculative.

 

[cdawall]

2 days late
Bitcoin price crashes spectacularly, losing 20 per cent of its value in minutes

The price of bitcoin has plummeted dramatically, losing 20 per cent of its value in less than an hour.
The cryptocurrency crash takes bitcoin below $6,000 – its lowest value since 2019.
Several other major cryptocurrencies also experienced significant losses, with bitcoin cash losing around a third of its value.

Some cryptocurrency analysts have blamed the Covid-19 coronavirus outbreak, which has had a heavy impact on the global economy.
"Bitcoin has fallen as cryptocurrencies become caught up in the turmoil we're seeing in traditional markets," Simon Peters, a market analyst at online trading platform eToro, told The Independent.
"Previously seen as a possible safe haven in difficult times, investors now seem to be selling out to take back liquidity in case the coronavirus spreads even further. In a time of uncertainty, many investors might feel it is better to own cash or gold rather than more speculative cryptocurrencies like bitcoin."

I believe oil is also at its lowest point in quite some time.

Markets are crashing, BTC is going to be worse.

 

[FordGT90Concept]

That is pretty much the rule of investing. And bitcoin is HIGHLY speculative.

More like entirely speculative.

I believe oil is also at its lowest point in quite some time.

Because some OPEC country (think it was Saudi Arabia) started dump oil again much to everyone else's dismay.

 

[moproblems99]

That is pretty much the rule of investing. And bitcoin is HIGHLY speculative.

Doesn't matter if you know how and when to play the game.

 

[yotano211]

Doesn't matter if you know how and when to play the game.

i'm an ex trained stock analyst and i cant figure it out.

 

[hat]

I stopped mining so I could do folding instead... but it seems like there's not enough work to go around there, so I'm mining again right now.

 

[Vya Domus]

Doesn't matter if you know how and when to play the game.

With most companies you can get an idea of how their stock might evolve short term and long term, with bitcoin, might as well flip a coin.

Of course there are exception such as this, when everyone is dumping everything they have, bitcoin or not. But that's not much of a help.

 

[DrCR]

It's interesting that at this point, gold is being sold too. Not sure though if that may really be those simply taking their earnings so they can put it into rather downtroden equities though.

"Previously seen as a possible safe haven in difficult times, investors now seem to be selling out to take back liquidity in case the coronavirus spreads even further. In a time of uncertainty, many investors might feel it is better to own cash or gold rather than more speculative cryptocurrencies like bitcoin."

 

[Space Lynx]

Cash is king. Always will be unless nation states fall, and I don't see that happening any time soon.

 

[Asylum]

Now is a good time to invest in Bitcoin, prices are low and the market for Crypto is in a upturn.
If you wait much longer you will miss the boat.
XRP at .16 a share is a great long term investment also.

Will Bitcoin Emerge As A Winner? 5 Things To Expect

In just 24 hours, $93 billion was wiped from the crypto markets, resulting in a 48% plunge in bitcoins’ price which came quickly. Will bitcoin emerge as a winner?

www.forbes.com

 

[ZenZimZaliben]

Now is a good time to invest in Bitcoin, prices are low and the market for Crypto is in a upturn.
If you wait much longer you will miss the boat.
XRP at .16 a share is a great long term investment also.

Will Bitcoin Emerge As A Winner? 5 Things To Expect

In just 24 hours, $93 billion was wiped from the crypto markets, resulting in a 48% plunge in bitcoins’ price which came quickly. Will bitcoin emerge as a winner?

www.forbes.com

I agree with you BUT the stock market is going to be the safer bet with probably just as good of returns...depending on stock you pick. Once COVID goes away the market will climb up big and that is what I am saving my money for. I am heavy in BTC, ETH, and XRP as well but I think the stock market will be the better play after all this stuff goes away.

 

[Space Lynx]

I agree with you BUT the stock market is going to be the safer bet with probably just as good of returns...depending on stock you pick. Once COVID goes away the market will climb up big and that is what I am saving my money for. I am heavy in BTC, ETH, and XRP as well but I think the stock market will be the better play after all this stuff goes away.

Stock market is going to be insane returns 3 years from now. It might go down a couple more times, but it will keep going up and up and up over next 3 years. There is a lot of money to be made in stocks at the moment if you are willing to invest, leave it for 3-5 years, and not look at it until then to decide if you want to cash out.

Crypto is a fools game and always will be. It rides on the bets that since it has no regulators, a few big players will cause another 20k rise some day through trickery, and hopefully you can get it on it. that's all crypto has going for it anymore, pretty pathetic.

 

[yotano211]

I agree with you BUT the stock market is going to be the safer bet with probably just as good of returns...depending on stock you pick. Once COVID goes away the market will climb up big and that is what I am saving my money for. I am heavy in BTC, ETH, and XRP as well but I think the stock market will be the better play after all this stuff goes away.

I am heavy cash. I am still waiting for some stocks to drop further. I'll be waiting until next months employment report. I have to see where the price on cardboard will be next month.

 

[Space Lynx]

I am heavy cash. I am still waiting for some stocks to drop further. I'll be waiting until next months employment report. I have to see where the price on cardboard will be next month.

You waited to long, stocks have skyrocketed yesterday and today, no more drops coming for awhile, my guess is it will stay steady for awhile, once herd immunity forms within 4-5 months, stocks will skyrocket back up to 29k over 2 years.

 

[FordGT90Concept]

Only because of talk of the $2 trillion stimulus package. Wall Street is fickle.

 

[moproblems99]

You waited to long, stocks have skyrocketed yesterday and today, no more drops coming for awhile, my guess is it will stay steady for awhile, once herd immunity forms within 4-5 months, stocks will skyrocket back up to 29k over 2 years.

You seem to think the effects are over. The market will for sure be going down again.

 

[phanbuey]

You seem to think the effects are over. The market will for sure be going down again.

Yeah this is a great time to buy some puts. There is almost always a whipsaw period followed by another drop.

 

[LFaWolf]

The weekly unemployment report comes out tomorrow. Estimate ranges from 800k to 4M unemployment applications. Use your judgement. My guess is a 1,000 points drop, people selling off after making a (small) profit.

 

[dorsetknob]

The weekly unemployment report comes out tomorrow. Estimate ranges from 800k to 4M unemployment

In the USA National interest expect it to be deferred.

 

[Space Lynx]

The weekly unemployment report comes out tomorrow. Estimate ranges from 800k to 4M unemployment applications. Use your judgement. My guess is a 1,000 points drop, people selling off after making a (small) profit.

that's why stocks went up, part of why, the unemployment benefits at full pay for 4-6 months. so economy won't be hit as hard from it now regardless of the numbers.

 

[LFaWolf]

If the number comes in and higher than expected, it will drop. And my guess is it will be higher than expected.

 

[Space Lynx]

If the number comes in and higher than expected, it will drop. And my guess is it will be higher than expected.

Very possible. I was looking at American Airlines stock, 49 cents a share in 2013 or so, and within 2 years it was 50 a share... man imagine buying then and selling even at 40 a share... stocks is where the really money is at, it's just so hard to know and so much risk unless you have excess to play with, or are in it for long haul.

This is why the poor will never really catch up to the rich or upper middle class. Unless you are willing to risk what little you have, and I don't think I am willing to risk what little I have, not after seeing my Grandpa be in it for the long haul, though he was a bit dumb about it, he sold when it all crashed in 2008 thinking it was the end times, but if he just held his shares it would have risen back up in a few years. I look at it like this, if stocks truly collapsed and would worth nothing in a few years, American would probably cease to be a nation state and we would have entered into an Apocalypse of some kind. Buy, hold, sell when your buy price reaches double it's original number, this is going to be my golden rule. Eventually it will imo, even if it takes 10 years.

 

[moproblems99]

This is why the poor will never really catch up to the rich or upper middle class

Unfortunately, it will be the middle class that never catches up. One party takes all the money from the middle class and gives it to the poor while the other party takes it from the middle class and gives it to the corps and wealthy.

 

[yotano211]

You waited to long, stocks have skyrocketed yesterday and today, no more drops coming for awhile, my guess is it will stay steady for awhile, once herd immunity forms within 4-5 months, stocks will skyrocket back up to 29k over 2 years.

You never have meet the VIX have you, watch where the Volatility Index is at, VIX, I have not seem it this high for 10+ years. Fear is a much more powerful weapon than any virus.
I'm not worried about the 2T bailout package, I am more worried about over stimulation of the bailout.