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: 535
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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Begin Trace Mode for Comment # 9.
#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
#7. To: Pinguinite (#1)
Prices don't fluctuate like that in a grocery store. Why> Because items have a value based on common use and needs. Crypto is in a bubble. Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

Horse posted on 2020-11-26 18:19:27 ET Reply Untrace Trace Private Reply
#9. To: Horse (#7)
Prices don't fluctuate like that in a grocery store. Why> Because items have a value based on common use and needs.

I say it's because the market for grocery goods has a long history which has resulted in price stability. Producers know exactly how much to produce because they know how much will be consumed.
Crypto lacks that stability because it does not have that stabilizing history. Yet. But it's also not a normal commodity, but rather a potential currency.

Crypto is in a bubble. Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

The bubble criticism of crypto has been around a long time. It comes up every time Bitcoin is pushing new highs and is into new highs. Within the last couple years and especially this year, crypto in general is gaining more respect with financial institutions, central banks and governments. CB's are looking to introduce their own cyrpto. Paypal did a 180 and announced users could buy crypto with PP funds, which was prohibited previously. Iran is realizing it can be used to bypass US sanctions. They have not yet made any announcement to accept bitcoin for oil, but they have as of about 2 months ago announced they are offering their domestically mined bitcoin for foreign goods. I think if/when there are enough offers accepting that, then Iran will announce they will accept bitcoin for oil, and that will be a very big day.
Bitcoin/crypto does have utility that gold and silver lack, and while its price history does show strong volatility (in USD terms, at least) one would be hard pressed to substantively allege bitcoin is in any meaningful bubble at any price below 30k.
Crypto does have its pitfalls, security being one, but I see it has a very strong future.

Pinguinite posted on 2020-11-26 22:08:21 ET Reply Untrace Trace Private Reply
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