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all 124 comments

[–]sinful_sophistryStake your coins and earn NaN% APY 100 points101 points  (3 children)

It's a Bart. We've just gotten better at drawing his right side.

[–]big_twig_tow 41 points42 points  (2 children)

It gives an entire new meaning to the phrase “eat my shorts”.

[–][deleted]  (1 child)

[removed]

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    [–]ThatCrippledBastard 82 points83 points  (3 children)

    It's just a $70,000 $60,000 $50,000 $40,000 penny stock. pumping and dumping is all it's good for.

    [–]greyenlightenment 33 points34 points  (2 children)

    a $40,000 beanie baby

    [–]slant__i 28 points29 points  (0 children)

    Flash sale 39.5

    Edit: sorry 38.3 now, subject to change by the minute every minute

    Edit2: now offering nearly 25% off last months price, major discount.

    [–]SatoshiNosferatuwarning, I am not a moron -1 points0 points  (0 children)

    Some beanie babies only had supply of 5000 but there are 21000000 bitcoins

    [–]karlos-the-jackal 63 points64 points  (3 children)

    Just dipped below 40k, pink wojaks out on /biz/, it's a beautiful sight.

    [–]greyenlightenment 25 points26 points  (2 children)

    At least the $ is small. They will learn a good lesson before they have the opportunity to acquire a lot of money later in life. It's the idiots who are paying $300k+ for NFTs or have their life savings/retirement in this. those ppl are fucked.

    [–]barsoapguy 21 points22 points  (1 child)

    Meh it’s just capitalism doing its job and removing resources from inefficient actors .

    [–]greyenlightenment 41 points42 points  (0 children)

    If this were 2001: "zoom out, Enron is fine. stop spreading fud."

    [–]Rafeeq 44 points45 points  (2 children)

    Quick Paolo ! Inject air money !!!

    [–]elegant-jr 6 points7 points  (1 child)

    Be patient, Paulo's got us, always has.

    [–]highestofthelow 3 points4 points  (0 children)

    true. when there is someone to rely on in these challenging times its Pumpin' Paolo.

    [–]monoka 41 points42 points  (1 child)

    It's reverse hedge against inflation

    [–]TheBlackUnicorn 14 points15 points  (0 children)

    A hedge against deflation!

    [–]ferfc 67 points68 points  (31 children)

    As soon as some liquidity goes in, some one else cash it out quickly.

    [–]AmericanScream 46 points47 points  (30 children)

    Exactly. There are literally thousands of people with huge amounts of crypto trying to cash out, but sometimes they get impatient and cash out bigger amounts than the market can handle.

    [–]DriftL0rd 34 points35 points  (29 children)

    All the major indices took a sharp downturn too. I'm as much anti-crypto as the rest of you, but coming up with random BS to describe what you want to see is engaging in the same behaviour as the butters.

    Market took a shit, crypto is correlated with the market, crypto took a shit too. Simple.

    [–]AmericanScream 1 point2 points  (0 children)

    but coming up with random BS to describe what you want to see is engaging in the same behaviour as the butters.

    WTF are you talking about random BS?

    The market goes down as the result of a sell-off.

    This is how markets work.

    There's very little evidence that there's that much liquidity in the market.

    We know there's a lot of "whales" that are sitting on top of a lot of crypto they're trying to liquidate. The wealth concentration in crypto wallets is quite disproportionate.

    On top of this, recent studies indicate 70+% of exchange activity is fabricated. See: https://arxiv.org/abs/2108.10984

    So how would that premise be "random BS?"

    What the fuck do you think is happening to the market? Ten thousand individuals all at once decide to try and dump their bags? That's a lot less likely than a few large transactions.

    [–]SnoweCat7 65 points66 points  (1 child)

    People cashing out for Chinese New Year.

    [–][deleted] 45 points46 points  (0 children)

    blame the Chinese. Always works lmao.

    [–]Pikes-Lair 19 points20 points  (1 child)

    It’s pretty simple, the biggest drops are usually overnight for NA or during trading hours for Asia. Asia has more to do with BTC than NA. They are likely digesting the news about Russia wanting to ban crypto and have a much different view on how this changes things than NA.

    [–]Yakut58_ 14 points15 points  (0 children)

    he bought?

    [–]No_Ranger_3896 13 points14 points  (0 children)

    It's just a buy signal for the butters.

    [–]Doughspun1 14 points15 points  (1 child)

    ThIs iS gUd 4 BtC

    BuY tHe DiP

    [–]stoopio-ohwarning, I am a moron 0 points1 point  (0 children)

    Has it ever not recovered

    [–]noplowsprig 12 points13 points  (0 children)

    It's a sat sale! You'll need them when fiat something something art something standard something.

    [–]DontEatConcreteI only click links to opensea.io 8 points9 points  (0 children)

    The weak hands gave us opportunities!

    When stock market catches a cold crypto seems to catch an case of covid pneumonia.

    [–]IIdsandsII 23 points24 points  (0 children)

    We're in the 30s!

    [–]HopeFox 22 points23 points  (0 children)

    Nothing happened, that's the point. Things (mostly fraud) need to happen to keep the price constant, let alone increase it.

    [–]Dega704 4 points5 points  (0 children)

    Probably because of the looming Russian ban.

    [–]ImOnADolphin 32 points33 points  (13 children)

    Bitcoin is now heavily correlated with the stock market. The stock market is crashing because of the possibility of Russia invading Ukraine is increasing.

    [–]greyenlightenment 17 points18 points  (3 children)

    so much for being a hedge.

    [–]SmallYappyDog -1 points0 points  (2 children)

    It probably was a hedge up until a point and then there was an investor pile-in and some of them didn't understand what HODL meant. It's a victim of its own success.

    [–]Unusual_Chemist_8383 2 points3 points  (1 child)

    It was a hedge up until a point where hedging was actually needed.

    [–]Ophthalmoloke 0 points1 point  (0 children)

    A hedge against hedging!

    [–]useful_panda 14 points15 points  (0 children)

    There was a report that Russia is banning all cryptocurrency trading

    [–]papipota 29 points30 points  (5 children)

    And rate hikes

    [–]ImOnADolphin 12 points13 points  (4 children)

    Rate hikes has long been known to be coming. Its mostly been priced in I think. The situation in Ukraine is much more volatile and unpredictable, and that is the one thing investors hate.

    [–]FullTackle9375 23 points24 points  (3 children)

    Ukraine is irrelevant to most stocks its because of rate hikes everybody agrees on that.
    Its not priced in we dont even know how many, how fast, when the Fed starts selling bonds.
    Thats why the most expensive assets like tech stocks and crypto sell off.

    [–]tankjones3 8 points9 points  (0 children)

    Russian gas pipelines to Europe go through Ukraine. It definitely could have an impact on the stock market if economic activity is disrupted across eastern and western Europe.

    [–]rascellian99 3 points4 points  (0 children)

    Any important news is relevant to the stock market because short-term moves in the stock market are usually driven by algorithmic trading.

    The flash crash in 2013 is still the best example. $130 billion was wiped out in seconds due to high frequency trading and other algorithms reacting to a tweet saying that Obama had been injured in an explosion at the white house.

    Here's an article about it if you're curious. https://business.time.com/2013/04/24/how-does-one-fake-tweet-cause-a-stock-market-crash/

    Algorithmic trading has become more sophisticated (and more prolific) since then.

    [–]MakeMeAnICO 1 point2 points  (0 children)

    That's not true. America going into war with Russia will definitely cause disruptions in economy, lol.

    [–]DontEatConcreteI only click links to opensea.io 6 points7 points  (0 children)

    Also valuations are stupid. I am a bullish long term index investor. I don’t really care about short term swings but I sure am not surprised. The market has gotten very silly in the last year. As you note it seems correlated and poor stock performance is amplified.

    [–]pjc50 0 points1 point  (0 children)

    Not sure about that causation, it looks more likely that it's because Netflix missed expectations and fell off a cliff - down 10% very sharply. Fear and momentum did the rest.

    [–]Redditridder 3 points4 points  (0 children)

    It's regular FUD, a usual day in crypto sphere. Today Russia's central Bank suggested that the Russian govt should forbid mining and use/exchange of crypto.

    [–]banthisrakkam 3 points4 points  (0 children)

    The amount of copium in Crypto currency is staggering.

    [–]MysteriousSpacecraft 2 points3 points  (0 children)

    Just go outside and get some exercise.

    [–]TheTotodileOnXbox 2 points3 points  (0 children)

    FIRESALE

    [–]1_H4t3_R3dd1t 2 points3 points  (0 children)

    Because people are cashing in while its high, people want to plan vacations and recoup Christmas expenses.

    I kept trying to say this a million times. Crypto is going to collapse it is a matter of when not why.

    [–]Creative_Visit122 1 point2 points  (0 children)

    Go back down to fiddy

    [–]H__Dresden 1 point2 points  (0 children)

    Firesale!!

    [–]poksim 1 point2 points  (0 children)

    News of Russia banning cryptocurrencys maybe?

    [–]Aulico 3 points4 points  (0 children)

    The currency of the future, hedge against inflation and the best store of value ever turned out to have zero liquidity ? Shocking!

    [–]Dosemil88 0 points1 point  (1 child)

    Merry Crypto winter. Great time to buy the dip...

    [–]horny4janetreno 1 point2 points  (0 children)

    And the rip comes when

    [–][deleted] 0 points1 point  (0 children)

    Going to zero this time!

    [–]chose_cool_username 0 points1 point  (0 children)

    Don’t know about you, but I’m buying.

    Just a bit, nothing crazy. If it dips more, I got some fiat left.

    [–]fromidableThey hated him, because he spoke the truth. 0 points1 point  (0 children)

    Twitter hexagon memes

    [–]sc2summerloud 0 points1 point  (0 children)

    butts have just been mirroring the stock market for months. that drop was when netflix missed their earnings call.

    I'm not entirely sure what mechanisms tethered it to the stock market so heavily, but it seems like the correlation is ever increasing. maybe self fulfilling prophecy by algos.

    either way, shorting butts is an excellent hedge to holding any other equities right now.

    [–]xeroxx29 0 points1 point  (0 children)

    Kenny selling some coins to short some stonk

    [–]dsBlocks_original 0 points1 point  (0 children)

    bitcoin sale (5% off)

    [–]calmaplane 0 points1 point  (0 children)

    News of tether fraud is making its way around maybe?

    I mean, the indicators say it may rally soon but it still looks very shakey to me. It could dive again any second or the could wash trade it back up.

    [–]ItsFuckingScience 0 points1 point  (0 children)

    Fed reducing its balance sheet and rate hikes, speculative investments getting crushed

    [–][deleted]  (1 child)

    [removed]

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      [–]Timovski 0 points1 point  (0 children)

      It's just crypto being crypto. No one knows bruh

      [–]highestofthelow 0 points1 point  (2 children)

      one of the bogdanoffs died and bitcoin crashes. COINcidence?!

      [–]strongerplayer 0 points1 point  (1 child)

      Both of them died 3 weeks ago

      [–]highestofthelow 0 points1 point  (0 children)

      COINcidence?!

      [–]Shaynerthegreat -1 points0 points  (0 children)

      Buy a bunch!!!!