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This. Everyone is speaking so authoritatively as though they knew crypto was not a hedge. This is the first real such test that crypto has seen. Yes, it appears
by allovernow 7y ago
This. Everyone is speaking so authoritatively as though they knew crypto was not a hedge. This is the first real such test that crypto has seen. Yes, it appears to have failed, but no one could have predicted this with any certainty.
- OGWhales 7y agoLooking at the leveraged trading, which is generally controlling the price of the market in crypto… you see the large majority of people went long and lost big on it. Very few went short. To me it seems much more likely the large exchanges just dumped in order to make a killing off the leveraged longs. So in short people did actually believe in it as a shore of wealth and exchanges manipulated this belief in order to selfishly profit. This isn’t something that was easy to predict, my comment is obviously a reflection of what happened today but I think it’s the most logical explanation.