Wow. Bitcoin is almost $1,500

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ultimatebob

Lifer
Jul 1, 2001
25,135
2,432
126
The inevitable with digital currency seems to at least partially be happening.

It's hilarious because normally with stocks and equities you can ask simple questions in life such as "Why did the stock go up today?" and "why did the stock plummet today?"

Normally you have answers like "They had a huge salmonella outbreak in their food and it's going to require a ton of clean-up and public scrutiny, resulting in a drop in sales".


Can anyone give a rational answer for Bitcoin massively going down other than Elon Musk tweeted something?
China seems to be cracking down on it... again.

This seems to be a recurring thing, though. It's not really new information that China doesn't like anything that competes with their state run economic system.
 

njdevilsfan87

Platinum Member
Apr 19, 2007
2,294
229
106
That was just absolutely insane. The biggest dip I have seen across the board. 2017 was big, but that one was coming and expected. I don't think anyone was expecting $30K to hit so quickly here. ADA almost hit $1 on CBPro. There must be a record number of leveraged liquidations that happened today.

I left in some what I thought were lowballs on CBPro overnight... $350K worth of offers in a ladder. I woke up to some massive paper losses as it was closer to the bottom of that wick down (account was at $220K), but got out a little bit above break-even ($360K) on that position not too long ago. I'm too chicken to try trading this any further. I tried to catch the wick, and did but caught it way too high. My original intention was to try to get that cash over $400K, and honestly if I let it ride a little bit longer it might get there. But nope, I'm done. I'll take my 2% gain here, GTFO and wait for this to finish. That money isn't intended to go back into crypto right now anyway as it is set aside to fund my new crypto based business: so I need to stop "professionally" gambling it. But I knew something was coming and it was just too tempting to not go for it. Had those offers been placed lower it could been a $40K gain overnight even at these current low levels. Oh well, I tried.
 
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AdamK47

Lifer
Oct 9, 1999
14,194
1,516
126
I just found out that a good friend of mine quit his job because they wouldn't let him cash out his 401k to buy bitcoin, so he quit, so he could liquidate his 401k, and now is purely bitcoin speculating ( I guess??).
How old is said friend?
 

deadlyapp

Diamond Member
Apr 25, 2004
6,382
597
126
That sounds completely sane and rational ;)
There are crazies out there all over. Some of them end up crazy successful, some of them crash and burn and end up under a bridge.

How old is said friend?
Mid to high 30's. Probably had 400-500 in his 401k if I guessed. Very successful sales person, probably making in the mid to high 200's per year in industrial sales.
 

Mai72

Lifer
Sep 12, 2012
11,111
1,447
126
Dogecoin Billionaire here.

Get ready gents to buy on the DIP! We are going to be rich I tell ya! RICH!!
 

Mai72

Lifer
Sep 12, 2012
11,111
1,447
126
China is threatening to ban crypto again, and the SEC is talking about regulations for US trading, so that's what's causing the sink. I'm in the hole for the first time since 2018 :(
With the SEC they have to be looking at Elon with how a simple tweet or two he can dramatically move the crypto market. It's insane and IMO dangerous.

He could never get away with that in the stock market.
 

sze5003

Lifer
Aug 18, 2012
13,854
409
126
China has been talking about banning crypto for years not just now. They want to have their own coin that their government can regulate.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,432
126
It looks like Bitcoin had another panic sell, but it recovered above $40,000 again. It seems that there is some big money out there that doesn't want the price to drop below that.
 

ponyo

Lifer
Feb 14, 2002
19,688
2,800
126
One helpful thing I learned about crypto is there's no wash sale rule like stocks. So if you have a loss, you can sell and then immediately rebuy to lower your cost basis and tax harvest. That's really nice benefit for crypto traders and investors. But because of the high transaction fees for buying and selling, you have to make sure your loss is big enough to be worth it.

I haven't sold any crypto. For people who have on Coinbase Pro, how do you designate which lot you want sold for tax purpose? I've read Coinbase uses (FIFO) method for cost basis tax. Anyway to specify which lot I want sold instead of FIFO?
 

Roger Wilco

Platinum Member
Mar 20, 2017
2,897
3,984
136
China reiterates they don't like Bitcoin and they are going to crack down on bitcoin mining and trading...again.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,432
126
We've gone through this before... go back to pages 50 to 70 to see the last Bitcoin and Ethereum market crash. Oh... and make sure to ask Zeze how his VeChain is doing :)
 

ponyo

Lifer
Feb 14, 2002
19,688
2,800
126
so they can buy the dip?
People are getting their wish of lower Bitcoin/Ether prices. Let's see how many step up to the plate and buy the dip. People always say they will buy if it drops but most chicken out when opportunity comes knocking.

I'm in the long game and not short term trading. Cryptos only make up small percentage of my overall portfolio right now. If it drops substantially more, I will again add to my position. It's my goal to bring up my crypto position to similar size as my precious metal position.
 

AdamK47

Lifer
Oct 9, 1999
14,194
1,516
126
I'm getting part of my wish of lower Bitcoin/Ether prices. The other part is for it to go much much lower and remain low forever.
 

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