when there is blood on the streets... buy ( @stan) ... but how much blood? I thought we where bleeding at $50 million market cap ... even if this downtrend continues I am confident the market cap will reach $40 million for a while again...
Yeah, the problem is that people always bring out the blood in the streets quote like 3 different times before the actual bottom.
Bitcoin tanked much harder than I expected it would.
As long as you arent on margin you can afford to simply hold and buy more even though its really painful right now. Average down your cost and then you eventually make money if it returns to where you bought it initially.
Crypto bear market moves are surprisingly brutal.
I'm a bit taken aback as well - not sure who is doing the selling, but damn, they are on a mission.
I maintain my tin foil position: market is being driven by big money accumulating for a pump.
Big money buys X coins from miners off-market and continuously sells X-N coins on-market, enough to keep the bear market going.
As soon as the ETF's are approved (probably right around the depth of the despair stage) the lid is going to come off. Most epic short squeeze/pump in history.
Folks are sitting at the top of the SP500 staring into the abyss - but are too greedy to take profits and go to cash.
As soon as they see another train leaving the station, the hop from VOO/IVV/SPDR to COIN is pretty easy for some hot, speculative house money.
I think BTS is going to get a helluva pump when non-ETF BTC value takes profits and looks to diversify.