Crypto Crash Erases More Than $1T in Market Value(bloomberg.com)
bloomberg.com
Crypto Crash Erases More Than $1T in Market Value
https://www.bloomberg.com/news/articles/2022-01-21/crypto-meltdown-erases-more-than-1-trillion-in-market-value
9 comments
I can't imagine that many people (even the crypto-token OGs) can be very surprised about this. Many of these projects/tokens have market caps in the tens of billions, and for the most part haven't even achieved what we would typically think of as product market fit in terms of customers/users other than people buying and selling the respective tokens. I hope prices continue to fall and I hope the people who truly believe in the space will actually build some products that people love / that solve tangible problems rather than just facilitating more financial engineering and trading.
This is good for the environment.
Apparently not. Peak difficulty hit during the crash. I’m assuming because of fees.
Apparently it's because the stock market is crashing too? At least that's one narrative I'm seeing to try to quell HODLers into not selling.
Which is funny because the “grown up” finance story is that bitcoin and friends are a great method asset diversification ala gold or bonds.
Haven't people been saying for a while that cryptocurrency seems to track stock markets rather than being a hedge?
My guess is in part is that because it's nearly 10p% speculative, and ungrounded/not anchored in any high resolution way (say to specific companies' product or service sales, e.g. no real demand proven regarding sales) that's primarily an unsophisticated ideological mob who buy Bitcoin, and the clever hodlers make millions - while chanting for the mob to "HOLD!" - by selling at the beginning of significant downtrends in stock market knowing that the mob will soon follow crashing the price at which point the clever ones can rebuy with just 50% of what they sold to 1) come out owning more Bitcoin, 2) making themselves whole again, 3) and actually with a profit; rinse and repeat, buy low sell high.
Love the technology, hate the greed
lol
"This is good for bitcoin." Great time to buy after the end of the year pump and dump cycle that happens almost yearly.