Bitcoin inches up above psychological threshold of $20,000 | AP News
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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I can't say I feel sorry for anyone holding bitcoin. Who would invest in a currency backed by nothing?
I still don't get it. It seems to me like making money out of thin air.
I let the Nigerian prince die.
Basically that's what they did. It is useful to some people who don't want records of transactions etc.
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.
I recall it well. It smiled on Bill Clinton and thrashed George W.
Thomas Frank, who wrote What's the Matter With Kansas had this to say in a later book:
I'm not a centrist and neither was the author of those books.
Let's give Bill Clinton credit for one thing: When he lost congress, he was wise enough to move away from the left.
I wish more Republicans today valued a viable political center.
Biden seems to be the last gasp for political moderation in this country.
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.
Bill Gates says crypto and NFTs are ’100% based on greater fool theory’