[–] SpottyMatt 0 points 6 points 6 points (+6|-0) ago (edited ago)
Fascinatingly, gold and silver are down, too, along with almost all of the stock market. It isn't usual that you see precious metals dive along with commodities and crypto. It looks like people are pulling liquid cash out of all asset classes.
( I would argue that crypto is still usefully liquid, but if you were overleveraged and didn't have any dollars, it would be smart to move out of it in the short-term )
Once the medium and longer-term effects of the pandemic panic get a chance to settle in & world governments try to address it the only way they can in our debt and fiat-powered system - by printing more cash and introducing it to the economy - I expect that people will once again flee cash into deflationary asset classes: gold, silver, and crypto.
Finally, I would nitpick that "there goes its price." It still has value as a decentralized fungible means of electronic exchange.
I am not ditching any of my crypto (or precious metal) holdings. If anything, it'll soon be a smart buyer's market if you're in for the long haul.
[–] RepostGhostCst2Cst 0 points 3 points 3 points (+3|-0) ago
Halvening for bitcoin is coming soon also. I've lost thousands on my coin, but I'm not even mad. Waiting for bitcoin to drop more so I can buy a few more coins
[–] CrustyBeaver52 0 points 4 points 4 points (+4|-0) ago
Market players are leveraged to the 9's, and now they are caught big time.
Margin call gentlemen.
Panic sales across the board.
Yesterday morning somebody dumped $24 billion in paper gold.
[–] fightknightHERO 0 points 2 points 2 points (+2|-0) ago
paper gold?
[–] CrustyBeaver52 0 points 1 point 1 point (+1|-0) ago
Yeah - China has laws that say certain trades can only be paid for in gold - or must have collateral in gold - or some such - but that much gold does not exist in the world - so they invented paper gold.
It's basically another fiat currency that trades at the price of gold - (and thus allows everyone to pretend Chinese law is being followed,) but when it is bought and sold, it has an effect on the retail price of real gold, for now. Until someone defaults on a paper gold contract, which may be mere moments away. Sooner or later the market will realize it is not real gold, and that game will be over, hopefully for good.
[–] Nosferatjew 0 points 4 points 4 points (+4|-0) ago
Bitcoin is already up $1000 from there. Where it goes from here, who knows, but one thing's for sure: it will fluctuate.
[–] [deleted] 0 points 1 point 1 point (+1|-0) ago
[–] xenoPsychologist ago
le gasp! but i thought it was the perfect money and nothing bad could ever happen to it!
[–] [deleted] 0 points 7 points 7 points (+7|-0) ago
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[–] DeadFox ago
Months*