Black Monday

[Rawz]

Bitcoin in a world of hurt.

I invested a small portion of my portfolio earlier this year. Got a 200% gain, trimmed a bit. It dropped down to 50% gain, bought some more. Then I sold the lot overall for 10% loss last week lol. Wow what a ride. I have realized I don't have the stomach for the wild swings and have run back to my boring but solid NZX stocks.

Some still say US$100,000 per coin by the end of the year.

[calledone]

bitcoin really starting to tank now

Bitcoin stumbles after China crypto warning

https://www.afr.com/markets/currenci...0210519-p57t4v

as was thinking the effects are starting to affect other markets

Hey bull, which broker do you use to buy crypto?

[JBmurc]

Bitcoin in a world of hurt.

I invested a small portion of my portfolio earlier this year. Got a 200% gain, trimmed a bit. It dropped down to 50% gain, bought some more. Then I sold the lot overall for 10% loss last week lol. Wow what a ride. I have realized I don't have the stomach for the wild swings and have run back to my boring but solid NZX stocks.

Some still say US$100,000 per coin by the end of the year.

Take a zero off and I agree >> 10k USD going into 2022 IMHO

[bull....]

Hey bull, which broker do you use to buy crypto?

i use td ameritrade if i wish to sell bitcoin futures. recent doge trade i was talking about is thru binance.

anyway as was saying i thought doge signalled the top in crypto and the only way to sum it up today is its a crash. and the effects of this crash are probably spilling over to other markets now. cypto has well over a trillion invested in it now so thats a lot of lost money today.

[Vee Vee]

Where did the money get "lost"?
Willing buyer, willing seller. The money simply changed hands. Now it will go on term deposit... lol.

[bull....]

Where did the money get "lost"?
Willing buyer, willing seller. The money simply changed hands. Now it will go on term deposit... lol.

of course willing buyer , maybe forced seller.
those that brought higher than todays prices and sell have lost money and we have no idea how much margin is involved in these transactions and if they are part of portfolio composition by institutions etc that would explain the flow on to other markets as they re-arrange the portfolio and cover losses potentially

[calledone]

i use td ameritrade if i wish to sell bitcoin futures. recent doge trade i was talking about is thru binance.

anyway as was saying i thought doge signalled the top in crypto and the only way to sum it up today is its a crash. and the effects of this crash are probably spilling over to other markets now. cypto has well over a trillion invested in it now so thats a lot of lost money today.

Thanks bull.

[Scrunch]

i use td ameritrade if i wish to sell bitcoin futures. recent doge trade i was talking about is thru binance.

anyway as was saying i thought doge signalled the top in crypto and the only way to sum it up today is its a crash. and the effects of this crash are probably spilling over to other markets now. cypto has well over a trillion invested in it now so thats a lot of lost money today.

Looking at googles 1day price it really was a V crash over a few hours from over us$40 to about $32 and then back to $40.

[JBmurc]

Looking at googles 1day price it really was a V crash over a few hours from over us$40 to about $32 and then back to $40.

Its called a "BEAR TRAP"Screen Shot 2021-04-11 at 11.15.38 AM.jpg

[Cadalac123]

Its called a "BEAR TRAP"Screen Shot 2021-04-11 at 11.15.38 AM.jpg

The issue is bitcoin is no longer dissociated with the general index (more specifically NASDAQ). The "recovery leg" from a intraday perspective yesterday netting returns up to 100% over hours in some alt coins was correlated with a recovery in the nasdaq + futures almost 1:1.

I feel uncomfortable holding it because it already has an underlying volatility factor and this new found correlation with the NASDAQ i've noticed since it's more recent resumption into a bull cycle (as per March 2020) is making it even more messier. I think it's more favourable when it's running on a bull cycle on its own terms. If I sat down and learnt about crypto trading though I would consider trading it.