Bitcoins and Other Crypto-currencies

Bitcoin and Ether really dropping today with a most other coins down.

I've lost about 20% of my entire balance in two days... :shock:

Does someone with more knowledge have any idea what's going on?!

It's probably still down to what Musk said earlier in the week and the energy side of Crypto, although i have noticed before that weekends the market can dip then pick up again Monday.

Oblomov Boblomov wrote:I've lost about 20% of my entire balance in two days...

Does someone with more knowledge have any idea what's going on?!

Dunno. Bunch of people locking in their gains over the last week or so?

Looks like it's crashing hard.

Oblomov Boblomov wrote:I've lost about 20% of my entire balance in two days...

Does someone with more knowledge have any idea what's going on?!

Memes go up, memes go down. You can't explain that.

My guess is Elon Musk tweeting.

twitter.com/elonmusk/status/1394001894809427971

Diamond hands Grcade. Hold the line.

The only one on my screen going up is NMR for some reason. I got some free from coinbase and swapped it for COMP. Typical...

ETH @ £2.3k

I sold all my coins and went to proof of stake stuff. Lost about 28 quid.

After it's down it can only go up.

There is a new reqard thing on coinbase this morning for SKALE which can get you another couple of £ in free coins.

Dual wrote:After it's down it can only go up.

It might drop more. If it looks like turning around I might switch my position back.

At this point it's a case of predicting what Musk is going to do or say.

I'm not in for anywhere near enough money to care about these kinds of wobbles (or even if it never comes back up) so I'm just going to enjoy the ride! :lol:

Prey for OB.

Drumstick wrote:At this point it's a case of predicting what Musk is going to do or say.

I mean it doesn't look like he's suddenly going to say 'all cryptocurrency is incredible'.

I do wonder if the environmental concerns may eventually taper of all profit for certain currencies.

DML wrote:
Drumstick wrote:At this point it's a case of predicting what Musk is going to do or say.

I mean it doesn't look like he's suddenly going to say 'all cryptocurrency is incredible'.

I do wonder if the environmental concerns may eventually taper of all profit for certain currencies.

Oh I wouldn't put it past him! :lol:

Grumpy David wrote:
Oblomov Boblomov wrote:I've lost about 20% of my entire balance in two days...

Does someone with more knowledge have any idea what's going on?!

Memes go up, memes go down. You can't explain that.

My guess is Elon Musk tweeting.

twitter.com/elonmusk/status/1394001894809427971

That doesnt explain why most coins are going down. I think it's just the natural swing of things.....people folding when under pressure, people selling to buy back in at a lower price, a bit of a snowball effect. Crypto is very fear related and there's also a lot of professional traders making big money because they recognise the patterns and fairly large swings can make them more money than other assets or indices.

pjbetman wrote:
Grumpy David wrote:
Oblomov Boblomov wrote:I've lost about 20% of my entire balance in two days...

Does someone with more knowledge have any idea what's going on?!

Memes go up, memes go down. You can't explain that.

My guess is Elon Musk tweeting.

twitter.com/elonmusk/status/1394001894809427971

That doesnt explain why most coins are going down. I think it's just the natural swing of things.....people folding when under pressure, people selling to buy back in at a lower price, a bit of a snowball effect. Crypto is very fear related and there's also a lot of professional traders making big money because they recognise the patterns and fairly large swings can make them more money than other assets or indices.

The problem is that if people lose trust in the system then it basically becomes worthless. I think bitcoin will never lose all its value as it's used to facilitate black market trading but it could get back to a level where it's £25 quid a coin or something. Although it might be worth to buying when it bottoms out though.

Bitcoins and Other Crypto-currencies

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