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Bitcoin extends retreat from record high to hit lowest in 20 days


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Bitcoin extends retreat from record high to hit lowest in 20 days

 

2021-02-28T135251Z_1_LYNXNPEH1R091_RTROPTP_4_CRYPTO-CURRENCY-BITCOIN.JPG

FILE PHOTO: Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

 

(Reuters) - Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close.

 

Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 26% from the year's high of $58,354.14 on Feb. 21 when it soared amid increasing confidence that it will become a mainstream investment and payments vehicle.

 

Major firms such as BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc have backed cryptocurrencies. Tesla Inc, Square Inc and MicroStrategy Inc have invested in bitcoin.

 

Ether, the coin linked to the ethereum blockchain network, dropped 8.88% to $1,329.46 on Sunday, losing $129.57 from its previous close.

 

(Reporting by Juby Babu in Bengaluru; Editing by Lisa Shumaker)

 

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-- © Copyright Reuters 2021-03-01
 
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Am I ready to take the plunge? Should I wait or get it now?

 

Pundits think it could dive down to below 10 dollars. Max Keiser says it could get to 500k dollars this year. It's a dilemma. 

 

One problem for me; if the dollar does go belly up, like many predict, how can bitcoins actually be purchased?

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If this means the end of the pump is nigh the dump will be spectacular....meanwhile ...Thai gold shops will still not exchange crypto for gold.

Why is this so?

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5 minutes ago, parallaxtech said:

Tesla lost $30B after buying bitcoin as it dropped 26%.  I doubt that he will try that again!

 

Elon Musk Lost $30 Billion As Tesla Stock and Bitcoin Crater | Observer

 

 

did you read the article you posted ? the vast majority of the loss that he incurred was through his stock plunging. not from the btc drop. he only bought 1.5bn in btc so even the 25% drop is only 375 mil. 

 

the electric carmaker’s shares slid another 10 percent Tuesday morning as the sell-off worsened, erasing $30 billion from its founder Musk’s net worth on paper overnight.

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Buy low, sell high; now, whether this is the right time, I don't know, probably why I'm still poor, relatively speaking. Certainly wouldn't buy at a peak, I know that much. To be honest, blockchain technology is all a bit of a mystery to me, I'm still not sure if we're looking at a Tulip Mania or the way forward. If the latter, then obviously any investment will probably appreciate over time.

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1 hour ago, mr mr said:

 

did you read the article you posted ? the vast majority of the loss that he incurred was through his stock plunging. not from the btc drop. he only bought 1.5bn in btc so even the 25% drop is only 375 mil. 

 

the electric carmaker’s shares slid another 10 percent Tuesday morning as the sell-off worsened, erasing $30 billion from its founder Musk’s net worth on paper overnight.

I'm sure his shareholders are happy that he gambled with their money and lost a fortune.  I am very pro Musk but am positive he deeply regrets buying bitcoin.  Any other CEO would be ousted for this.  Buying bitcoin and the stock dropping 30% was a coincidence I guess?  If he hasn't sold it by now and it goes up again, I will admit that he is a financial genius.  I wouldn't hold my breath for that, though.

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2 hours ago, wombat said:

If this means the end of the pump is nigh the dump will be spectacular....meanwhile ...Thai gold shops will still not exchange crypto for gold.

Why is this so?

 

Recommend Bullionstar in Singapore (near MRT Clark Quay).  They gladly accept Bitcoin and a number of other cryptos.  It's always nice to have some gold in a box somewhere but like any other asset, just make sure your estate plan is clear cut with multiple redundancies, you don't want to have it 'forgotten' there...   

 

  

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Cryptocurrencies just seem too volatile to be considered a real

alternative to paper money,if Tesla sold some cars and buyers

paid with Bitcoin before the retreat ,he would have lost money

on them ?

It just seems a speculators market where those that own Bitcoins

are pumping them up at every chance they get ,hoping the price 

will rise.

As an old fart I like the feel of cash and gold in my hand, something

I can see, I foresee Governments will introduce their own Digital currencies,

so will that mean Bitcoin and their like will only be of use to tax dodgers,drug

dealers,and terrorists.?

All those of you who bought Bitcoin at a Dollar or two, your lucky,those that

came in later ,sold Gold,property,used their savings...keep your fingers crossed,

as Elon said recently...they do seem overvalued or words to that effect and look

what happened.!   but what do I know I am happy with the cash,gold,property

I have ,worked to hard for it  and too old to take risks now,good luck to all of

you,only time will tell....

regards Worgeordie

 

 

 

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China just launched the first digital currency:  China starts major trial of state-run digital currency | China | The Guardian

 

The US is set to introduce the Fedcoin:  U.S. Government Awards $7 Billion to Develop New Fedcoin - MoneyWise 411 

 

These currencies will all be based on blockchain, pegged to their national currency, and completely regulated by the government.  They simply used bitcoin as a marketing tool to see how the public reacted.  People holding bitcoin can trade amongst themselves as long as it still holds any value.

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2 hours ago, parallaxtech said:

I'm sure his shareholders are happy that he gambled with their money and lost a fortune.  I am very pro Musk but am positive he deeply regrets buying bitcoin.  Any other CEO would be ousted for this.  Buying bitcoin and the stock dropping 30% was a coincidence I guess?  If he hasn't sold it by now and it goes up again, I will admit that he is a financial genius.  I wouldn't hold my breath for that, though.

 

crypto is in the middle of a massive bull market. look back at the last one and you will find multiple drops of 30 to 5o percent on the way up. 

 

i am positive he does not regret buying btc at all. 

 

look at michael saylor as another example. he doesnt care what the price is. he just keeps on buying.

 

https://www.microstrategy.com/en/investor-relations/press/microstrategy-acquires-additional-19452-bitcoins-for-1-026-billion_02-24-2021

 

the man has spent billions on btc. pretty sure these guys have a better sense for finance than anyone on this thread.

 

with that said where do i park my lambo. i need to take these moon boots off. 

 

 

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Some people are saying Musk deliberately made a tweet to lower the BTC price, then he bought more.

 

For me there is no BAD time to buy if you look long term (12-24 months)

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4 hours ago, worgeordie said:

as Elon said recently...they do seem overvalued or words to that effect and look

what happened.!

How stupid to say that just after he bought 1.5billion dollars worth. 

 

Then again maybe not. Probably buying heaps more on the dip.

 

Personally Cardano/ADA is doing better for me. Bought 100,000 at $0.15aud. Now at $1.64aud and had hit $2aud just before dip and has fared much better than BTC. It has jumped up to 3rd spot on the market capitalisation list. The day ETH dropped 20+% ADA rose around 25%.

 

Many things to happen with ADA starting today so price predicted higher.

 

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11 hours ago, mr mr said:

 

so mysterious. whats about to begin ?

 

The next leg up after the correction...

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8 minutes ago, ukrules said:

The next leg up after the correction...

 

resistance broken. could be a fake out. need confirmation first but ........let the chicken shoot resume.

 

Bitcoin Meme GIF by Crypto Memes ::: Crypto Marketing ...

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13 hours ago, owl sees all said:

Am I ready to take the plunge? Should I wait or get it now?

 

Pundits think it could dive down to below 10 dollars. Max Keiser says it could get to 500k dollars this year. It's a dilemma. 

 

One problem for me; if the dollar does go belly up, like many predict, how can bitcoins actually be purchased?

500.000 USD seems way too high for me at this short moment.

 

But I do believe Bitcoin could reach 100.000 USD value over the course of this year. I believe 500.000 USD should be achievable in a couple of years.

 

In the meanwhile Bitcoin might drop lower though.

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On 3/1/2021 at 8:25 AM, parallaxtech said:

Tesla lost $30B after buying bitcoin as it dropped 26%.  I doubt that he will try that again!

 

Elon Musk Lost $30 Billion As Tesla Stock and Bitcoin Crater | Observer

 

 

Why did Tesla literally rocket up from $408 in November to $645 on Dec 2020 and then $883 on Jan 26th?

 

It more than doubled for no apparent reason, then he bought a little Bitcoin and you think that's why it pulled back 'a little' during a huge unprecedented rally, get some perspective :

 

image.png.1438167c3026646ec0d8e55fe028deb9.png

 

Why was it 'only' $200 last June?

 

Edited by ukrules
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Historically, March usually isn't a good month for cryptos. If they drop further by the end of this month, I'll probably add some more.

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