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I'll never understand these arbitrary numbers people come up with to write news articles. As if $20k is any more special than $20.313k. Liquidity isn't even con
by mudrockbestgirl 4y ago
I'll never understand these arbitrary numbers people come up with to write news articles. As if $20k is any more special than $20.313k. Liquidity isn't even concentrated at round numbers.
The only key threshold is zero. Like, you know, the thing Tether hopefully converges to.
- eqmvii 4y agoThis one is a little less arbitrary. The community put a lot of stock in the fact that while volatile, bitcoin had never crashed below a major previous peak. As of this morning, that’s no longer true. Still “just” psychology, sure, but the collective impact of that psychology makes the market.
- alangibson 4y agoDoes anyone seriously studying economics seriously make a distinction between market behavior and psychology anymore? It seems like the Homo Economicus rational optimizer idea is dead to all but those ideologically committed.
- wheresmycraisin 4y agoAside from psychology, a lot of people set triggers to sell if it drops below these round numbers. So once it "breaks a barrier" it's likely to go done further than if it breached $20.313k
- roflyear 4y agoAlso algo trading....
- repomies69 4y agoReasons are journalistic. People need explanations and stories. The complexity that real world offers doesn't make a good story, but sounds just boring and doesn't collect clicks.
- dageshi 4y agoThe market is made up of a lot of human participants who do consider 20k to be an important number for a variety of reasons.
- ce4 4y agoIt's below the peak before the 2017/2018 crash happened?