Cryptocurrency

[Lance]

BTC was holding steady at the previous low of 30k USD for a while, what happened to trigger the latest collapse?

Large institutional investors started taking money and out a few weeks ago, and the market is still spooked.
Whether it's spooked as in "bubble burst for good", or spooked as in "HODL for 18 months and it will come back" I dunno.

[d000hg]

I would think crypto was surely here to stay - I can't see the concept going away but it might be all the early projects fall by the wayside in favour of something that's more focused on spendable currency. It is curious it seems to have tanked just as it was really becoming mainstream though. The amount of big-name sponsors is ridiculous these days. Maybe that precipitated everyone taking profits, maybe it just burst.

[northernladuk]

I would think crypto was surely here to stay - I can't see the concept going away but it might be all the early projects fall by the wayside in favour of something that's more focused on spendable currency. It is curious it seems to have tanked just as it was really becoming mainstream though. The amount of big-name sponsors is ridiculous these days. Maybe that precipitated everyone taking profits, maybe it just burst.

You'd think so wouldn't you but once that becomes a fact then surely the price is going to tank to something more useable. The hype will be over and prices will settle. Bit like drugs when they become legalised.

[b0redom]

What's even more concerning is that now even Scooter hasn't posted his latest "Buy Buy Buy!" article - just some random graphy squiggles.

[DealorNoDeal]

It's definitely in a full-on bear market now.

Bitcoin only came in to existence after the GFC, and has only ever experienced benign market conditions. We've had one of the longest equity bull markets in history.

There's no telling how it will fare if we get a bad recession and/or stock market crash/severe bear market.

Bitcoin's resilience (or lack of) may be about to be seriously put to the test.

[AtW]

"Binance ‘pauses’ Bitcoin withdrawals amid market collapse

Binance, the world’s biggest cryptocurrency exchange, has “paused” Bitcoin withdrawals amid a major market downturn.

The “temporary” suspension came after Celsius, the second biggest crypto market, halted all withdrawals in the small hours of morning following what bosses described as “extreme market conditions”.

Celsius, a cryptocurrency lender that works rather like a bank, said: “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations.”

Meanwhile Binance said its halt on Bitcoin trading was because of a “stuck transaction”, adding that trading in other cryptocurrencies was not affected by the pause."

https://www.telegraph.co.uk/business...s-withdrawals/

Oh wow "pauses" "withdrawals", sounds like a bust company (bank) to me.



P.S. And "Celsious" instead of doing what is the only proper action in such cases (calling in independent administrators) is going to deal with insolvency how they see fit, welcome to the new world, it's better than money, all hail new crypto frauds!

[jamesbrown]

What's even more concerning is that now even Scooter hasn't posted his latest "Buy Buy Buy!" article - just some random graphy squiggles.

Once the teeniest, faintest possibility of reestablishing some credibility among the thickest of his forum peers has evaporated, scootie will be off to peddle his crayon scribbles and dodgy investment advice on another forum.

[Lance]

"Binance ‘pauses’ Bitcoin withdrawals amid market collapse

Binance, the world’s biggest cryptocurrency exchange, has “paused” Bitcoin withdrawals amid a major market downturn.

The “temporary” suspension came after Celsius, the second biggest crypto market, halted all withdrawals in the small hours of morning following what bosses described as “extreme market conditions”.

Celsius, a cryptocurrency lender that works rather like a bank, said: “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations.”

Meanwhile Binance said its halt on Bitcoin trading was because of a “stuck transaction”, adding that trading in other cryptocurrencies was not affected by the pause."

https://www.telegraph.co.uk/business...s-withdrawals/

Oh wow "pauses" "withdrawals", sounds like a bust company (bank) to me.



P.S. And "Celsious" instead of doing what is the only proper action in such cases (calling in independent administrators) is going to deal with insolvency how they see fit, welcome to the new world, it's better than money, all hail new crypto frauds!

what has gone massively wrong with some of the exchanges is they have been leveraging the Bitcoin deposits. They might have 1,000s of BTC on their books but they ain't got it in actual BTC.
If they did have the actual coin, and someone was willing to pay USD for them then it would be very easy for them to the transaction (and take their rather hefty percentage), but they can't.

BTC itself isn't a Ponzi, but the way the exchanges operate is very similar to the finance industry before 2008, and that wasn't a Ponzi scheme either... no. couldn't have been. nobody went to prison..

[Guy At Charnock Richard]

I'm currently reading The Bitcoin Standard and would dream of investing here until I had a clearer understanding of what Bitcoin actually is or isn't.

I can't believe the number of people that have dived in blind in the same way as they jump on any other bandwagon.

[jamesbrown]

I'm currently reading The Bitcoin Standard and would dream of investing here until I had a clearer understanding of what Bitcoin actually is or isn't.

I can't believe the number of people that have dived in blind in the same way as they jump on any other bandwagon.

Sure you are, Gricer