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i wonder what caused this. did the bitcoin people finally figure it out?
Bitcoin seems to have these hype cycles where it spikes and then crashes. I kinda doubt it is tied to anything else that much. Basically, it requires new buyers to push it to new highs. To get new buyers, you need to have hype. When you run out of new buyers, it tanks. Then people start a new hype cycle once the price gets low enough.
more buyers is one way to push the price up, the other is fewer sellers. maybe anyone that’s going to see through it already has
I have theory that all that all the bitcoin investors are jumping onto the AI bandwagon.
Trump didn’t pick a completely insane person to lead the federal reserve
Gold silver and crypto only go up when people think the economy is gonna crash
Since he picked a regular guy basically they know the economy won’t crash anymore so they sold
Yet, if you exclude last week's spike Gold is around its all-time high value, which is over 2x its price when Trump took office.
Meanwhile per this article the price of Bitcoin is lower than when Trump took office.
So the biggest by market valuation cypto of all either isn't really correlated with people's expectations of economic crash as you postulate or crypto investors totally disagree with Gold investors about an economic crash approaching.
Personally I'm starting to suspect that the theory that crypto is seen as a protection against economic crashes is either false, outdated or some crypto investors do see it like that but they represent a tiny fraction by value of all trading in that asset class so they're not the ones shaping crypto prices.
Not a regular guy by any stretch.
Jane Lauder, Kevin Warsh’s wife, is the granddaughter of global cosmetics industry legend Estée Lauder. She is the daughter of billionaire Ronald Lauder, who is the sole heir to the The Estée Lauder Companies. According to Forbes, Jane Lauder has a net worth of $2.7 billion, making her among the world’s wealthy individuals.
Jane Lauder’s father Ronald Lauder is incidentally the same person who has actively been encouraging Donald Trump to acquire Greenland!
Ronald Lauder, has shared a long personal history with Donald Trump, dating back to their days as students at the University of Pennsylvania’s Wharton School. The relationship forged during their undergraduate years has endured, with Trump and Lauder remaining close associates and trusted advisers over time.
Ronald Lauder is widely seen as the person who first encouraged Trump to consider the idea of acquiring Greenland in 2020 and has continued to counsel him on the matter since then.
Earlier this month, The Guardian reported that Lauder has built commercial interests in Greenland. Read more at: http://m.timesofindia.com/articleshow/127806205.cms
I didn’t mean an actual regular guy lol what did you think I meant
I meant someone regular as in someone the markets consider an unspectacular and reasonably qualified choice
Yup. People hate when it’s the easy answer but there’s no huge conspiracy. Traditional economists were terrified about the potential shift at the fed and Trump picked an establishment guy. The dollar got stronger, while crypto, gold, and silver crashed.
The other part here is that crypto had a decent bump when Trump won, but before he took office. Investors were excited about him as a pro-crypto president
Constant digital exposure to unprecedented propaganda combined with most people reading below a 6th grade level
Not just the constant exposure but the failure of traditional media to maintain their influence leads to people being in echo chambers.
Traditional media was essentially purchased with intent to alter its fundamental purpose of delivering news to selling ads and ideas
Many have been gutted or shuttered entirely as well
Inevitability under pure cronyism
I think you hit upon the reason: gold and silver dipped so people traded bitcoins to buy cheap metals.
There's rumors that people saw that Epstein was involved with bitcoin and were like "oh HELL no fuck that".
This does not sound believable knowing the cryptobros love for Elon
I seriously doubt that any institutional or otherwise large-scale investors would have reacted to that. It has absolutely no impact on Bitcoin in practical terms.
Agreed. People have known bitcoin has been used for illegal purposes from its inception. Nothing changes with proof that is has been used for illegal purposes.
After "Money Laundering: The Movie", the rich realized they don't need bitcoin anymore.
Is this a reference to the Melania film? Lol
It could be interpreted as trust in the Dollar if gold starts falling, too.