US stock market and entire crypto market are both in a significant slump
Dow Jones Industrial Average down over 1,150 points in one day (-4.6%). This is the biggest points drop in history, even worse than 2008 (in fact it is almost double the previous record). Other indices are also down significantly (S&P, etc.) US stock charts look like they are falling off a cliff.
Crypto markets also in a massive slump. Bitcoin has gone below $7k. Whole crypto market follows BTC movements. Hundreds of billions of dollars of market cap have been wiped out in the past few weeks.
Crypto markets also in a massive slump. Bitcoin has gone below $7k. Whole crypto market follows BTC movements. Hundreds of billions of dollars of market cap have been wiped out in the past few weeks.
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As Trump has been fond of taking credit for the stock market do you think he'll take the blame for this?
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
Original post by Napp
As Trump has been fond of taking credit for the stock market do you think he'll take the blame for this?
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
I have to say I am looking forward to what he comes up with lol but he probably won't mention it at all.
Yeah stocks have been on an upward trend for a very long time. FTSE 100 took a tumble this morning as soon as it opened. Could just be a simple correction, of course, but time will tell.
Original post by Napp
As Trump has been fond of taking credit for the stock market do you think he'll take the blame for this?
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
Actually currently it is though to be because of US wage data being so strong last week so the fed finally get round to properly increasing interest rates and withdrawing the QE stimulus that the markets have been running on for a decade. As such it is currently being seen as an overdue correction rather than the increasingly likely recession, although of course if the investors get over jittery it could easily change.
Original post by Jammy Duel
Actually currently it is though to be because of US wage data being so strong last week so the fed finally get round to properly increasing interest rates and withdrawing the QE stimulus that the markets have been running on for a decade. As such it is currently being seen as an overdue correction rather than the increasingly likely recession, although of course if the investors get over jittery it could easily change.
Possibly - only time will tell I guess but I wouldnt be at all surprised if its symptomatic of a more ominous trend, especially given the dollar has been under a huge amount of pressure of late.
Original post by Napp
Possibly - only time will tell I guess but I wouldnt be at all surprised if its symptomatic of a more ominous trend, especially given the dollar has been under a huge amount of pressure of late.
If a precursor to recession we should be seeing forecasts getting worse, not better. The American markets have also stopped the decline (for now) and while European markets are still in the red today gains have been made over opening. We'll see, but we aren't seeing bears yet and even a bear market is hardly proof there is about to be a recession.
The stock market was in an 8 year bull run, it's about time a major correction happened.
2017 was also an insane year for crypto so a huge selloff is not unexpected.
2017 was also an insane year for crypto so a huge selloff is not unexpected.
Original post by Ninja Squirrel
The stock market was in an 8 year bull run, it's about time a major correction happened.
2017 was also an insane year for crypto so a huge selloff is not unexpected.
2017 was also an insane year for crypto so a huge selloff is not unexpected.
I remember you were predicting bitcoin would top $100k (making its market capitalisation similar to themonetary base of the USD iirc), back when people were getting nervous about bitcoin reaching $20k.
Original post by FriendlyPenguin
I remember you were predicting bitcoin would top $100k (making its market capitalisation similar to themonetary base of the USD iirc), back when people were getting nervous about bitcoin reaching $20k.
And I still stand by that. Do you also remember the time frame I gave because I do, I said in 5 years at least. If it crashes and burns then so be it, I honestly could not care less because I understand the risks involved.
If you focus on the daily, weekly or even monthly movements of markets then every month you'll have a different image of the market. Yes bitcoin is down from $20,000 to $7,000 and ether is down from $1,400 to $700 but they're also still up 800% and 10,000% respectively in a year.
The reason you're meant to look at the larger picture is because bitcoin was $7,000 on the 15th of November 2017 which was just 83 days ago and Ether was $700 just 37 days ago. So we got set back a month or two, big whoop lol.
If ether and bitcoin are less than $700 and $7000 respectively in 1 or 2 years time then you'll have a good argument but we're talking about a month or two, investing is a multi year endeavour. The stock market is no different.
Look through the history of bitcoin and ether particularly because they've been around for a few years. You see massive bull runs and then massive corrections. I know this is normal behaviour although understandably to a bystander it looks absolutely insane, I don't blame you to be honest.
TL;DR - Look at the big picture.
Original post by Ninja Squirrel
And I still stand by that. Do you also remember the time frame I gave because I do, I said in 5 years at least. If it crashes and burns then so be it, I honestly could not care less because I understand the risks involved.
If you focus on the daily, weekly or even monthly movements of markets then every month you'll have a different image of the market. Yes bitcoin is down from $20,000 to $7,000 and ether is down from $1,400 to $700 but they're also still up 800% and 10,000% respectively in a year.
The reason you're meant to look at the larger picture is because bitcoin was $7,000 on the 15th of November 2017 which was just 83 days ago and Ether was $700 just 37 days ago. So we got set back a month or two, big whoop lol.
If ether and bitcoin are less than $700 and $7000 respectively in 1 or 2 years time then you'll have a good argument but we're talking about a month or two, investing is a multi year endeavour. The stock market is no different.
Look through the history of bitcoin and ether particularly because they've been around for a few years. You see massive bull runs and then massive corrections. I know this is normal behaviour although understandably to a bystander it looks absolutely insane, I don't blame you to be honest.
TL;DR - Look at the big picture.
If you focus on the daily, weekly or even monthly movements of markets then every month you'll have a different image of the market. Yes bitcoin is down from $20,000 to $7,000 and ether is down from $1,400 to $700 but they're also still up 800% and 10,000% respectively in a year.
The reason you're meant to look at the larger picture is because bitcoin was $7,000 on the 15th of November 2017 which was just 83 days ago and Ether was $700 just 37 days ago. So we got set back a month or two, big whoop lol.
If ether and bitcoin are less than $700 and $7000 respectively in 1 or 2 years time then you'll have a good argument but we're talking about a month or two, investing is a multi year endeavour. The stock market is no different.
Look through the history of bitcoin and ether particularly because they've been around for a few years. You see massive bull runs and then massive corrections. I know this is normal behaviour although understandably to a bystander it looks absolutely insane, I don't blame you to be honest.
TL;DR - Look at the big picture.
Look at the previous big corrections / crashes BTC has experienced in the past few years. Much bigger % drops and yet it has bounced back harder each time. In the long run, crypto will flourish. I bought the dip yesterday
Original post by Chaz254
Look at the previous big corrections / crashes BTC has experienced in the past few years. Much bigger % drops and yet it has bounced back harder each time. In the long run, crypto will flourish. I bought the dip yesterday
Nice, nothing quite like a good sale
Original post by Napp
As Trump has been fond of taking credit for the stock market do you think he'll take the blame for this?
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
On a serious note there have been numerous warnings that they were in danger of over heating. On top of the massive downward pressure on the greenback they might be gearing up for the over due recession
Makes you think if we were to have another financial crisis and recession why on earth have we learnt nothing and still allow banks to gamble and are running a deficit of £50bn/year.
Original post by Ninja Squirrel
And I still stand by that. Do you also remember the time frame I gave because I do, I said in 5 years at least. If it crashes and burns then so be it, I honestly could not care less because I understand the risks involved.
If you focus on the daily, weekly or even monthly movements of markets then every month you'll have a different image of the market. Yes bitcoin is down from $20,000 to $7,000 and ether is down from $1,400 to $700 but they're also still up 800% and 10,000% respectively in a year.
The reason you're meant to look at the larger picture is because bitcoin was $7,000 on the 15th of November 2017 which was just 83 days ago and Ether was $700 just 37 days ago. So we got set back a month or two, big whoop lol.
If ether and bitcoin are less than $700 and $7000 respectively in 1 or 2 years time then you'll have a good argument but we're talking about a month or two, investing is a multi year endeavour. The stock market is no different.
Look through the history of bitcoin and ether particularly because they've been around for a few years. You see massive bull runs and then massive corrections. I know this is normal behaviour although understandably to a bystander it looks absolutely insane, I don't blame you to be honest.
TL;DR - Look at the big picture.
If you focus on the daily, weekly or even monthly movements of markets then every month you'll have a different image of the market. Yes bitcoin is down from $20,000 to $7,000 and ether is down from $1,400 to $700 but they're also still up 800% and 10,000% respectively in a year.
The reason you're meant to look at the larger picture is because bitcoin was $7,000 on the 15th of November 2017 which was just 83 days ago and Ether was $700 just 37 days ago. So we got set back a month or two, big whoop lol.
If ether and bitcoin are less than $700 and $7000 respectively in 1 or 2 years time then you'll have a good argument but we're talking about a month or two, investing is a multi year endeavour. The stock market is no different.
Look through the history of bitcoin and ether particularly because they've been around for a few years. You see massive bull runs and then massive corrections. I know this is normal behaviour although understandably to a bystander it looks absolutely insane, I don't blame you to be honest.
TL;DR - Look at the big picture.
What makes you think BTC will reach USD levels rather than ETH? ETH seems to me a much more viable currency, and it looks like it is going to overtake BTC in market cap soon.
Original post by FriendlyPenguin
What makes you think BTC will reach USD levels rather than ETH? ETH seems to me a much more viable currency, and it looks like it is going to overtake BTC in market cap soon.
I believe it will overtake bitcoin's marketcap this year which is why I?'m heavily invested in ether too but of course I like to diversify a little and am invested in 5 projects.
I believe bitcoin will rise again because it always has done, from worse corrections too. Every time it's had a correction it bounces back and goes on to make new all time highs. I don't see why this time will be any different, unless there is a fundamental shift in policy which there hasn't been.
People have no idea just how young this market is...
Although the daily drop was extreme we have seen bear markets for a couple of months two or three times during the last decade and each time people squeel about how the end is nigh.
Until we see objective economic evidence of a pending recession then all I can say to people is that this is an excellent opportunity to buy.
Until we see objective economic evidence of a pending recession then all I can say to people is that this is an excellent opportunity to buy.
This is nothing more than a correction, started by new wage data and increasing interest rates. That led to people selling off after essentially an 8-year bull market, ending in impressive gains in 2017. The Dow has already recovered somewhat now.
But this is no recession, the US economy is still going strong. Not sure what the panic is about. Many people said a correction was imminent.
re bitcoin - so what, it was a huge ****ing bubble anyway.
But this is no recession, the US economy is still going strong. Not sure what the panic is about. Many people said a correction was imminent.
re bitcoin - so what, it was a huge ****ing bubble anyway.
I'm glad bitcoin collapsed sooner rather than later, it had little but growing dependence and hence only had a tiny knock on effect when it plunged. Had it rallied for the next year or so the dependence would be far greater and could've had a potentially huge knock on effect (e.g stock markets if business were dependent and used the currency, people's savings/pensions if they invested them in it which many did but luckily not a large scale - it collapsed just in time, banks if they invested large sums, etc.) each of which would come with HUGE consequences. Cryptocurrencies might've just been the next boom for the economy after credit but we all know how that ended, I hope people see this as a warning to the volatility and instability of cryptocurrencies
As for the stock market, it was long overdue. it was getting way too big, too fast, hopefully this encourages people to invest their money elsewhere as the risks of the stock market are back in play.
As for the stock market, it was long overdue. it was getting way too big, too fast, hopefully this encourages people to invest their money elsewhere as the risks of the stock market are back in play.
(edited 6 years ago)
Original post by Chaz254
In the long run, crypto will flourish. I bought the dip yesterday
Why? Currency only works when there is trust. There is no trust in Bitcoin or other currencies. Something that is worth $7000 today and $15000 tomorrow is no basis for meaningful trade exchange. The only people who are using Bitcoins are gamblers and criminals. And if your coins get stolen by hackers there is no recourse.
You are better off betting on the price of tulip bulbs! Wait....
Original post by Zxyn
I'm glad bitcoin collapsed sooner rather than later, it had little but growing dependence and hence only had a tiny knock on effect when it plunged. Had it rallied for the next year or so the dependence would be far greater and could've had a potentially huge knock on effect (e.g stock markets if business were dependent and used the currency, people's savings/pensions if they invested them in it which many did but luckily not a large scale - it collapsed just in time, banks if they invested large sums, etc.) each of which would come with HUGE consequences. Cryptocurrencies might've just been the next boom for the economy after credit but we all know how that ended, I hope people see this as a warning to the volatility and instability of cryptocurrencies
As for the stock market, it was long overdue. it was getting way too big, too fast, hopefully this encourages people to invest their money elsewhere as the risks of the stock market are back in play.
As for the stock market, it was long overdue. it was getting way too big, too fast, hopefully this encourages people to invest their money elsewhere as the risks of the stock market are back in play.
40%, 50%, 60%, 70% crashes in crypto is all perfectly normal and expected after going up thousands of percent.You do realise bitcoin is still up 800% since January 2017?
Collpased he says...
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