Bitcoin inches up above psychological threshold of $20,000 | AP News

  

Category:  News & Politics

Via:  perrie-halpern  •  one week ago  •  14 comments

By:   AP NEWS

Bitcoin inches up above psychological threshold of $20,000 | AP News
The price of a bitcoin inched above $20,000 on Sunday after the broader crypto selloff dragged it below the significant psychological threshold a day earlier. The price of the world's most popular cryptocurrency was $20,129.70 as of Sunday afternoon.

S E E D E D   C O N T E N T



OAKLAND, California (AP) — The price of a bitcoin inched above $20,000 on Sunday after the broader crypto selloff dragged it below the significant psychological threshold a day earlier.

The price of the world's most popular cryptocurrency was $20,129.70 as of Sunday afternoon. On Saturday, bitcoin had plunged as much as 9.7% to less than $18,600 by late afternoon on the East Coast, according to the cryptocurrency news site CoinDesk. At some points during Saturday, it was below $18,000.

On Sunday, though, the volatile cryptocurrency climbed higher, though it is still more than 70% below its November 2020 all-time high of nearly $69,000. Many in the industry had believed it would not fall under $20,000 again.

Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday to well below $1,000 but also regained ground Sunday, adding nearly 11% to $1,101.81.

The cryptocurrency industry has seen turmoil amid wider turbulence in financial markets. This past week was Wall Street's worst since 2020, during the early days of the coronavirus pandemic.

Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. Higher rates can help bring down inflation, but they also heighten the chances of a recession by increasing borrowing costs for consumers and businesses and pushing down prices for stocks, and other investments like cryptocurrencies.


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Vic Eldred
Professor Principal
1  Vic Eldred    one week ago

I can't say I feel sorry for anyone holding bitcoin. Who would invest in a currency backed by nothing?

 
 
 
Lucifer Morningstar
Professor Guide
1.1  Lucifer Morningstar  replied to  Vic Eldred @1    one week ago

There is several reasons for that but I would go to other websites to have that discussion.

 
 
 
Gulliver
Freshman Guide
1.1.1  Gulliver  replied to  Lucifer Morningstar @1.1    one week ago

The only reason I can think of to trade in it is that it has no fundamentals to worry about. If you are looking to trade something solely based on technicals (up or down) then bitcoin is for you.

Just don't get married to it because it is inherently worthless.

 
 
 
Ender
Professor Principal
1.2  Ender  replied to  Vic Eldred @1    one week ago

I still don't get it. It seems to me like making money out of thin air.

 
 
 
cjcold
Professor Quiet
1.2.1  cjcold  replied to  Ender @1.2    one week ago

I let the Nigerian prince die.

 
 
 
Vic Eldred
Professor Principal
1.2.2  Vic Eldred  replied to  Ender @1.2    one week ago

Basically that's what they did.  It is useful to some people who don't want records of transactions etc.

 
 
 
Gulliver
Freshman Guide
1.3  Gulliver  replied to  Vic Eldred @1    one week ago

It's reminiscent of the top of the dot-com bubble. 

In case you don't remember it from back then, my avatar here on NT is the Pets.com mascot.

Pets.com was the only IPO my broker ever gave me any shares in. It went from 5 to zero in record time.

But I do own one of the sock puppets. I use it to annoy my cat.

 
 
 
Vic Eldred
Professor Principal
1.3.1  Vic Eldred  replied to  Gulliver @1.3    one week ago
It's reminiscent of the top of the dot-com bubble.

I recall it well. It smiled on Bill Clinton and thrashed George W.

 
 
 
Gulliver
Freshman Guide
1.3.2  Gulliver  replied to  Vic Eldred @1.3.1    one week ago

Thomas Frank, who wrote What's the Matter With Kansas had this to say in a later book:

It’s striking that so many of the great economic initiatives of the Clinton presidency led eventually to catastrophe. But what really makes this story poisonous is that liberals by and large convinced themselves for many years that nothing had gone wrong at all. Everything Clinton’s team had done was an act of professional-class consensus. Because most of the fuses lit by Clinton and Co. didn’t actually detonate until after he had left office—and by then some science-denying Republican was in the Oval Office—they found it easy to absolve the Democrat from blame. When a Rhodes scholar was the one deregulating and cutting taxes, why, those were good times; when some idiot from Texas tried his hand at it, the world crashed and burned. Just another demonstration of the importance of a good education, I guess.

Frank, Thomas. Listen, Liberal: Or, What Ever Happened to the Party of the People? (p. 91). Henry Holt and Co.. Kindle Edition. Frank, Thomas. Listen, Liberal: Or, What Ever Happened to the Party of the People? (p. 91). Henry Holt and Co.. Kindle Edition.

I'm not a centrist and neither was the author of those books.

 
 
 
Vic Eldred
Professor Principal
1.3.3  Vic Eldred  replied to  Gulliver @1.3.2    6 days ago

Let's give Bill Clinton credit for one thing: When he lost congress, he was wise enough to move away from the left.

 
 
 
Gulliver
Freshman Guide
1.3.4  Gulliver  replied to  Vic Eldred @1.3.3    6 days ago

I wish more Republicans today valued a viable political center.

Biden seems to be the last gasp for political moderation in this country.

 
 
 
Vic Eldred
Professor Principal
1.3.5  Vic Eldred  replied to  Gulliver @1.3.4    4 days ago

Joe Biden has been a proxy for the most extreme radicals this country has ever seen.

 
 
 
Gulliver
Freshman Guide
1.3.6  Gulliver  replied to  Vic Eldred @1.3.5    yesterday
Joe Biden has been a proxy for the most extreme radicals this country has ever seen.

I think that is a misunderstanding of his moderate approach.

Rather than turning to his left flank and preemptively telling them that they did not have a snowflake's chance in hell of passing their ambitious agenda he gave them time and space to attempt to do it. They of course could not. The 50 vote non-majority proved inadequate to pass the biggest transformation of federal spending since the New Deal. Not only that, the nature of the crisis we were facing changed over the course of the pandemic. Early on, when Covid really rocked things the fear was of a devastating recession. They saved us from that. Now we have different problems to solve and nobody thinks we need a huge New Deal style spending bill to fix the problems we now have.

 
 
 
al Jizzerror
Sophomore Expert
2  al Jizzerror    one week ago

Bill Gates says crypto and NFTs are ’100% based on greater fool theory’

PUBLISHED WED, JUN 15 2022 4:05 AM EDT UPDATED WED, JUN 15 2022 7:47 PM EDT
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Ryan Browne
    • Microsoft co-founder Bill Gates said he thinks cryptocurrencies and NFTs are “100% based on greater fool theory.”
    • “Expensive digital images of monkeys” will “improve the world immensely,” Gates joked, referring to Bored Ape NFTs.
    • The tech billionaire said he’s “not involved” in crypto, “I’m not long or short any of those things.

 
 

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