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>"Bitcoin fell below the psychologically significant level of $10,000 on Wednesday morning..." When exactly did $10,000 become "the psychologically significant

>"Bitcoin fell below the psychologically significant level of $10,000 on Wednesday morning..." When exactly did $10,000 become "the psychologically significant" number for bitcoin? It's only been above 10K for less than 2 months and only above 1K for less than a year.[1] [1] https://www.buybitcoinworldwide.com/price/ https://www.buybitcoinworldwide.com/price/

deleted 9y ago
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eyeinthepyramid 9y ago
People like round numbers and orders of magnitude, that's why it's significant.
deweller 9y ago
Any power of 10 is a milestone number. Bitcoin crossing $100, $1000, $10,000 were all significant milestones. As humans we like to reduce information so we think in terms of milestones. A typical conversation might go like this: "What is the price of Bitcoin? $9,400. Oh - it fell below $10,000, wow!"
- seba_dos1 9y ago
  I'm not sure if the dollar pricing is actually the most significant one when it comes to Bitcoin market, so I wouldn't actually put any significant meaning to round numbers in BTC/USD price.
1123581321 9y ago
As soon as a price goes above a round number like that and stays there. It isn’t any different than in technical stock trading (please note I’m explaining this phenomenon/belief and not condoning it.)
placebo 9y ago
I think around the time people started basing their counting system on the number of fingers at their disposal... :-)
- deleted 9y ago
  [deleted]
- conanbatt 9y ago
  The good old 20-base system. It was the result of public outcry because some people used their privilege to have 21-base.
  - Brockenstein 9y ago
    Are you some kind of Shokan, but with a birth defect of having five fingers a hand instead of the normal 3?
- zeveb 9y ago
  If you use your thumb to index your fingerbones, you can count to twelve on each hand, meaning that you can get up to 144 with both hands.
salvar 9y ago
$10,000 is _a_ psychologically significant number, and it relates to Bitcoin as it stands today.

deleted 9y ago

[deleted]

eyeinthepyramid 9y ago

People like round numbers and orders of magnitude, that's why it's significant.

deweller 9y ago

Any power of 10 is a milestone number. Bitcoin crossing $100, $1000, $10,000 were all significant milestones. As humans we like to reduce information so we think in terms of milestones. A typical conversation might go like this: "What is the price of Bitcoin? $9,400. Oh - it fell below $10,000, wow!"

seba_dos1 9y ago
I'm not sure if the dollar pricing is actually the most significant one when it comes to Bitcoin market, so I wouldn't actually put any significant meaning to round numbers in BTC/USD price.

1123581321 9y ago

As soon as a price goes above a round number like that and stays there. It isn’t any different than in technical stock trading (please note I’m explaining this phenomenon/belief and not condoning it.)

placebo 9y ago

I think around the time people started basing their counting system on the number of fingers at their disposal... :-)

deleted 9y ago
[deleted]
conanbatt 9y ago
The good old 20-base system. It was the result of public outcry because some people used their privilege to have 21-base.
- Brockenstein 9y ago
  Are you some kind of Shokan, but with a birth defect of having five fingers a hand instead of the normal 3?
zeveb 9y ago
If you use your thumb to index your fingerbones, you can count to twelve on each hand, meaning that you can get up to 144 with both hands.

salvar 9y ago

$10,000 is _a_ psychologically significant number, and it relates to Bitcoin as it stands today.