4um: Crypto Crashes Overnight As Whales Move Bitcoin To Exchanges

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Title: Crypto Crashes Overnight As Whales Move Bitcoin To Exchanges
Source: [None]
URL Source: https://www.zerohedge.com/crypto/cr ... -whales-move-bitcoin-exchanges
Published: Nov 26, 2020
Author: Tyler Durden
Post Date: 2020-11-26 08:36:53 by Horse
Keywords: None
Views: 538
Comments: 12

In the biggest crash since March, Bitcoin prices collapsed by over $3000 overnight (from just shy of $19500 to $16300 at the morning's lows)...
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#1. To: Horse (#0)
That was after a massive rise that began about 2 weeks ago, so it wasn't unexpected.
Whales merely moving bitcoin to exchanges wouldn't cause it. They would have to be profit taking, likely temporary profit taking.
It will go back up. In crypto this happens.

Pinguinite posted on 2020-11-26 9:16:22 ET Reply Untrace Trace Private Reply
#2. To: Pinguinite (#1)
I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon. People who blow up the value and then cull the profit are what cause these devaluations. The price goes off the charts and then they cut their share, then buy up cheaper coin and repeat the process.

TommyTheMadArtist posted on 2020-11-26 10:26:12 ET Reply Untrace Trace Private Reply
Replies to Comment # 2.
#3. To: TommyTheMadArtist (#2)
I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon. People who blow up the value and then cull the profit are what cause these devaluations. The price goes off the charts and then they cut their share, then buy up cheaper coin and repeat the process.

That's what happens, yes. The crypto rise over the past 3 weeks was enormous and not sustainable.
The reason for the enormous swings is precisely because there is not enough profit taking as you describe. It's a new market and there are booms and busts much like the first gold panners in a wild frontier where gold is in streams ready to be picked up, but which is in a place where Indian raids and banditos are also on hand to take it off your hands.
Booms and busts.
But crypto does have utility and it cannot be created out of nothing by a central issuing authority like the Fed can and does the US dollar.

Pinguinite posted on 2020-11-26 10:37:55 ET Reply Untrace Trace Private Reply
#4. To: TommyTheMadArtist, Pinguinite, 4um (#2)
I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon.

Gold's done likewise over the last week or so.

Esso posted on 2020-11-26 13:39:40 ET Reply Untrace Trace Private Reply
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