Bitcoin Tumbles $5,000 In 24 Hours As Interest Rates Jump (cnbc.com) 6
Bitcoin fell more than 4.76% on Tuesday to $66,134 amid rising Treasury yields and strength in the U.S. dollar. CNBC reports: On Monday morning, it was trading at about $70,000 before data came out showing growth in the manufacturing sector for the first time since September 2022 and investor bets on June rate cuts began to cool. Bitcoin is now off its all-time high, reached on March 14, by about 11%. Ether went down with it, losing 5.6% to trade at $3,240.27. Meanwhile, the 10-year U.S. Treasury yield hit its highest level of the year and the dollar, which has an inverse relationship with bitcoin, hit a five-month high.
Bitcoin's move may have been exacerbated by a large bitcoin holder, or "whale," who transferred more than 4,000 bitcoin to the Bitfinex exchange late Monday night. Data from CryptoQuant shows a spike in that exchange's reserves -- which typically signals a boost in selling activity -- that coincides with the sudden drop in bitcoin price late Monday night. Stocks tied to the performance of bitcoin were dragged down but traded off their lows to end the day.
Bitcoin's move may have been exacerbated by a large bitcoin holder, or "whale," who transferred more than 4,000 bitcoin to the Bitfinex exchange late Monday night. Data from CryptoQuant shows a spike in that exchange's reserves -- which typically signals a boost in selling activity -- that coincides with the sudden drop in bitcoin price late Monday night. Stocks tied to the performance of bitcoin were dragged down but traded off their lows to end the day.
Re: (Score:3)
Difficult to do when a relatively small number of whales are holding onto a significant portion of the available coins and they aren't selling.
Eventually one of them will blink and the price of the tulips will crash again.
Crypto will continue to be a domain that exists mostly to enable criminal activity and a novelty for most other people.
Good luck with that.
Thoughts & Prayers (Score:1)
are going out to the investors.
Re: (Score:2)
I mean, sure... but I'm not hoping for GOOD stuff. 'Invest' in shit, wallow in shit. Thanks for enabling money laundering and encouraging gamblers and fraudsters, here's your turd sammich and your bag to hold.
Pyrite Pete's failed prediction (Score:1)
On Monday April 26, 2021 @02:16AM UTC, Pyrite Pete [urbandictionary.com] had said:
That was back when bitcoin had already fallen, and down to about $47K at the time. It should've been back up to "twice its value" no later than June 26 2021 - over 2.5 years ago. It's currently nowhere near the $94K Pyrite Pete promised us.
Now that's what I call a prediction #FAIL!
Want more LOLs @ Pyrite Pete shitposts? Here are but a sample:
"It is pretty much a given that BTC will be up to [slashdot.org]
What about doggy coin? (Score:2)
And the monkey coin and the zebra coin? I missed out on the ape thing, but I am on the lookout for the next big animal to breakout on the crypto scene.