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Why? Did something happen that I missed? Is this in reaction to Russia's proposed ban on crypto?

by _xnmw 5y ago

dboreham 5y ago
Reaction to people selling because they fear the price will go down more. Also USG are making noises about "regulating crypto".
Dma54rhs 5y ago
All the markets are down to be honest and these swings are so common in crypto that while it makes a good headline its nothing new.
- mountainriver 5y ago
  Because crypto is a stable asset to put your money into
  - Dma54rhs 5y ago
    I haven't made this claim? I don't know what you wanted add with this snark to the discussion, I don't even own any crypto assets myself.
  - ipnon 5y ago
    The one qualm I have with this line of thinking is that: 1) Buying crypto is optional, and 2) It is a mainstream view now that crypto is extremely volatile, a risky investment, and yes, even a "ponzi scheme". Given all this, and assuming adults are free to accept their own risk tolerance, what is the problem? If these are the assumptions, there is none. The problem comes from the belief that there is some limit to acceptable risk tolerance for the general public, beyond which it is so risky as to be definitely detrimental to the public's finances. I claim that there are many riskier stocks already than the mainstream crypto. Outright fraudulent crypto are also already illegal under current securities law. Is it really just the concept of a tokenized, distributed public ledger (re: blockchain) that rubs people the wrong way?
boringg 5y ago
Nasdaq down on inflation concerns and monetary policy support is getting pulled back. Therefore crypto which is almost lockstep with equity markets drops heavily. It will deflate a fair bit more this year as equities come off last years highs and monetary policy for the US continues to get pulled.
- podgaj 5y ago
  Bitcoin is the stock market. Just more volatile. Prove me wrong.
  - tim333 5y ago
    Stocks are backed by companies and assets more than Bitcoin is.
kipchak 5y ago
IMHO it’s due to Bitcoin’s a fairly high correlation to US markets (SPY) in 2020/2021, which have had a downturn due to the fed turning more hawkish.
moneywoes 5y ago
I imagine the correlation between stock owners and btc is high
johanneskanybal 5y ago
Don't think Russia matter much but whole market is risk off right now. Worse bets to make than buying now imho.

Why? Did something happen that I missed? Is this in reaction to Russia's proposed ban on crypto?

by _xnmw 5y ago

Why? Did something happen that I missed? Is this in reaction to Russia's proposed ban on crypto?

Reaction to people selling because they fear the price will go down more. Also USG are making noises about "regulating crypto".

Dma54rhs 5y ago

All the markets are down to be honest and these swings are so common in crypto that while it makes a good headline its nothing new.

mountainriver 5y ago
Because crypto is a stable asset to put your money into
- Dma54rhs 5y ago
  I haven't made this claim? I don't know what you wanted add with this snark to the discussion, I don't even own any crypto assets myself.
- ipnon 5y ago
  The one qualm I have with this line of thinking is that: 1) Buying crypto is optional, and 2) It is a mainstream view now that crypto is extremely volatile, a risky investment, and yes, even a "ponzi scheme". Given all this, and assuming adults are free to accept their own risk tolerance, what is the problem? If these are the assumptions, there is none. The problem comes from the belief that there is some limit to acceptable risk tolerance for the general public, beyond which it is so risky as to be definitely detrimental to the public's finances. I claim that there are many riskier stocks already than the mainstream crypto. Outright fraudulent crypto are also already illegal under current securities law. Is it really just the concept of a tokenized, distributed public ledger (re: blockchain) that rubs people the wrong way?

boringg 5y ago

Nasdaq down on inflation concerns and monetary policy support is getting pulled back. Therefore crypto which is almost lockstep with equity markets drops heavily. It will deflate a fair bit more this year as equities come off last years highs and monetary policy for the US continues to get pulled.

podgaj 5y ago
Bitcoin is the stock market. Just more volatile. Prove me wrong.
- tim333 5y ago
  Stocks are backed by companies and assets more than Bitcoin is.

kipchak 5y ago

IMHO it’s due to Bitcoin’s a fairly high correlation to US markets (SPY) in 2020/2021, which have had a downturn due to the fed turning more hawkish.

moneywoes 5y ago

I imagine the correlation between stock owners and btc is high

johanneskanybal 5y ago

Don't think Russia matter much but whole market is risk off right now. Worse bets to make than buying now imho.