Re:Bitcoin Falls Below $20k for the First Time Since 2020
by moffkalast on Saturday June 18, 2022 @07:23AM
(#31788859)
It's also worth pointing out that Bitcoin was created after the last major crash in 2008, there's no precedent for its behaviour in the current one.
Ironically it was also made as a hedge against the existing financial systems, but eventually became just an extension of them. Became "the very thing it swore to destroy".
Re:Bitcoin Falls Below $20k for the First Time Since 2020
by nappy-doo on Saturday June 18, 2022 @07:36AM
(#31788961)
The arbitrary signposts are because the only way to look at Bitcoin is with technical analysis and looking at the graph. There are no earnings releases, press releases, or business conditions to discuss. We can only look at the price, and speculate. (NB: speculate, not invest.)
Re:Bitcoin Falls Below $20k for the First Time Since 2020
by datadata on Saturday June 18, 2022 @09:40AM
(#31789715)
There is of course news that matters to bitcoin and impacts the price. When China banned bitcoin, one would expect price to go down. When Tesla bought bitcoin, price should go up. By your argument all commodities would also fall into the same camp.
This sounds like just another one of those synthetic signposts people create around crypto. It's just a pattern. It has no particular significance; beyond the fact that if enough people believe in it, then it might influence their actions in a way that moves the market.
My favourite was that people were going around saying the cost of mining Bitcoin served as a floor to the market. As though the miners would (somehow) stop the price going down when it became unprofitable for them to mine. More likely, they'd just stop their mining activities and move onto something more lucrative.