Crypto market crash!! Insane development!

[lory]

I checked my wallet and noticed I just lost 15K euro in 1 week

Do you believe it will get back to where it was even Allan shithead Musk has manipulated the marked?

 

[troubled soul]

https://www.forbes.com/sites/jonath...l-the-market-bubbles-popping-so-far-this-year

 

[Golden Fleece]

Musk manipulated the price up on the basis of his cult of personality. So, why would you not expect his same erratic behavior to also drive the price back down.

Moreover, you really have not lost much. He drove the price up. He drove the price down.

The crypto mania is one massive clown show. With such volatility, you should expect anything to happen and not be surprised when it does.

 

[12345]

In my opinion it will drop futher throughout time. It all looks so similar to 2017, now the real panic is about to begin. Crypto fans will suddenly change from "bitcoin 500K$ soon" to "its going down its disaster bitcoin is useless".

 

[JohnLocke]

Crypto fans will suddenly change from " bitcoin 500K$ soon" to "its going down its disaster bitcoin is useless".

Sadly I believe you are right. Anyway, in a year or two it may get up again, if you can wait that long you may have no worries if you are short on money you will have a lot of headache right now.

 

[zonqor]

Bitcoin slides to multi-month lows as China tries to 'ban' cryptos - Vincent Chok​

https://www.kitco.com/news/2021-05-...-China-tries-to-ban-cryptos-Vincent-Chok.html

 

[Silvio]

Where are all the crypto bulls here that few months ago told us all to "have fun staying poor"... they are being awfully quiet lately...

 

[Jerry1911]

 

[Golden Fleece]

View attachment 2616

And for those who do not know anything about charts and technical analysis, that is a perfect example of a chart that shows a parabolic (and very unhealthy) price rise before an eventual price collapse.

It may not happen next week or next month, because no one can know the exact timing or the trigger for it, but a chart such as that one is often a harbinger of doom.

 

[zonqor]

It was inevitable, insiders know before it happens
https://news.yahoo.com/tesla-stop-accepting-bitcoin-car-000750021.html
What does that chart show, it will go to the Moon ?

 

[Jerry1911]

And for those who do not know anything about charts and technical analysis, that is a perfect example of a chart that shows a parabolic (and very unhealthy) price rise before an eventual price collapse.

It may not happen next week or next month, because no one can know the exact timing or the trigger for it, but a chart such as that one is often a harbinger of doom.

What I'm saying is a 30%+ drop is nothing new in crypto, not that it will keep going up forever

 

[Golden Fleece]

What I'm saying is a 30%+ drop is nothing new in crypto, not that it will keep going up forever

Well, it is now down almost 50% as of today's low. According to your chart, that is something new. I am not saying that the crash is happening right now, but it can happen anytime a trigger occurs (IMO, the most likely event is some type of serious government ban or regulation). So, prepare accordingly.

Right now, it is just a serious 50% market correction (albeit at a rapid pace with a $10k decline just since yesterday), but at a certain point human psychology can kick in. The markets are run by fear and greed. Fear and greed. And fear can lead to panic, which is when empires crumble.

 

[equityone]

The 2T crypto market cap is only 0.5% of the global GDP, apart from Morgan Stanley, Goldman Sachs, JP Morgan, more and more big Street banks like UBS, Deutsche, HSBC, Julius Baer , etc, will start offering investment products on bitcoin & blockchain to their retail clients...let alone corporates implementing bitcoin in their balance sheets just as we have seen to be the case of Tesla, Stripe and many more...

Bitcoin is projected to become the asset that will cover at least 2-3% of the global economy...

but yeah... bitcoin is crashing....

at the moment of this comment it has already rebounded from low 33k to 39k in a matter of hours... and the next bullish phase will liquidate any gamblers or bandwagon traders positions & hodlings...

 

[Jerry1911]

Bitcoin is projected to become the asset that will cover at least 2-3% of the global economy...

Maybe crypto as a whole, definitely not bitcoin though. Take a look at the btc dominance chart to see what I'm talking about.

 

[backpacker]

According to your chart, that is something new.

You compare a weekly chart with hourly movements. That does not fly!
You have to wait at least two more weeks to compare the current movement with the chart of @Jerry1911 . I have seen enough Ups and Downs in BTC over the years to tell you that the current downward move, albeit painful, is nothing extraordinary.

 

[Golden Fleece]

You compare a weekly chart with hourly movements. That does not fly!
You have to wait at least two more weeks to compare the current movement with the chart of @Jerry1911 . I have seen enough Ups and Downs in BTC over the years to tell you that the current downward move, albeit painful, is nothing extraordinary.

I was not comparing charts or anything else. I simply noted that the maximum previous drawdowns of 38% were exceeded when the current drawdown reached 50% today. I did nothing more than state a fact.

Sure, a 50% drawdown is not unusual -- much less extraordinary -- but the speed of the drawdown is very unusual.

 

[Kol019201]

Its funny how people thought after some institutions joined the market Bitcoin can't drop more than 20%. Institutions are in for the money and nothing else, they will sell for profit and don't care about Bitcoin.
Bitcoin is a highly volatility asset and if you can't deal with that it's better to watch from the side. You can enjoy hating on it and laugh at the people when the price drops, and always tell people you were right all along.

I am still very confident in Bitcoin and think we are seeing a new ATH soon. Maybe I am wrong and we will leave the "Bull market". Time will show.
The market dominance of Bitcoin will rise again. ETH will not flip Bitcoin anytime soon, if ever.

Bitcoin price now against 2013 and 2017.

Spoiler

 

[legrant]

Crypto space is too leveraged, once big long positions start getting liquidated, we see what happened today, a long squeeze, continuous long liquidations that keep pushing the price lower and lower. I really love crypto, but this year it's just become (most of it, not all) the unregulated playground for institutions and suits (and Elon) to play around and an attraction for people that just want to buy it because it goes up and up, but not understanding anything about it and then losing all their savings when it drops. But as I said, don't get me wrong, I love crypto and I own crypto but if it keeps being like this, future doesn't look very bright

 

[Golden Fleece]

Crypto space is too leveraged, once big long positions start getting liquidated, we see what happened today, a long squeeze, continuous long liquidations that keep pushing the price lower and lower. I really love crypto, but this year it's just become (most of it, not all) the unregulated playground for institutions and suits (and Elon) to play around and an attraction for people that just want to buy it because it goes up and up, but not understanding anything about it and then losing all their savings when it drops. But as I said, don't get me wrong, I love crypto and I own crypto but if it keeps being like this, future doesn't look very bright

For all we know, Musk could be banking millions from every tweet, buying and shorting with every tweet - secure in the knowledge that the herd will move wherever he wants them to. He knows crypto investors are young and impressionable and because crypto is highly liquid - just like stocks - he knows that he can move the market within minutes of a tweet.

Investors talk about timing the markets and anticipate the future ahead of the market to profit, but what Musk is doing is creating the future. He's the puppetmaster, and investors are his puppets, so let's not be naive in thinking Musk has nothing to gain from his tweets.

Musk didn't get to be one of the richest people in the world without a plan. He always has a plan.

This type of market manipulation would get Musk into hot water if he made careless or manipulative comments about Tesla. That's because the stock market is regulated by the SEC, which cracks down on this type of blatant manipulation.

Crypto, on the other hand, is unregulated and can be bought anonymously. As a result, Musk can manipulate the markets to his heart's desire without consequence. He knows this.

 

[troubled soul]

For all we know, Musk could be banking millions from every tweet, buying and shorting with every tweet - secure in the knowledge that the herd will move wherever he wants them to. He knows crypto investors are young and impressionable and because crypto is highly liquid - just like stocks - he knows that he can move the market within minutes of a tweet.

Investors talk about timing the markets and anticipate the future ahead of the market to profit, but what Musk is doing is creating the future. He's the puppetmaster, and investors are his puppets, so let's not be naive in thinking Musk has nothing to gain from his tweets.

Musk didn't get to be one of the richest people in the world without a plan. He always has a plan.

This type of market manipulation would get Musk into hot water if he made careless or manipulative comments about Tesla. That's because the stock market is regulated by the SEC, which cracks down on this type of blatant manipulation.

Crypto, on the other hand, is unregulated and can be bought anonymously. As a result, Musk can manipulate the markets to his heart's desire without consequence. He knows this.

Nobody can sue Elon for Market manipulation.
Anonymous crypto trading is Easy for school students. You can imagine what Elon is capable of.
If he is really smart, He already makes so much money that we never think about. Maybe His plan to become a "World First Dollar Trillioner" on the right path.