The headlines tell you almost all you need to know:
- Bitcoin price under $70,000: Seriously, what’s going on? | CNN Business
- Sudden $2 Trillion Crypto Crash Sparks ‘Death Spiral’ Fears For Bitcoin Price
- Bitcoin is crashing so hard that miners are unplugging their equipment
- Bitcoin drops 15%, briefly breaking below $61,000 as sell-off intensifies, doubts about crypto grow
- Crypto Selloff Deepens, Hitting Strategy and Pushing Bitcoin Price Below $65,000
It briefly hit a low of $60,506.99:
To offer Bitcoin holders a bit of hope, I will point out the CNN article claims there have been crashes of equal magnitude before and the crypto currency recovered within a year. However, the reasons for the crash were different then.
You’re right about Bitcoin’s history of bouncing back after crashes. But this time, it feels a bit different. With major players like miners unplugging their equipment, it’s worth considering how much the industry has matured—or hasn’t—since the last crash.
Industry? Good one. Industry produces real things, tangible things.
It will “mature” right out of existence very soon
I agree that Bitcoin has bounced back in the past, but I’m curious if this time feels different because of external factors like the changing global economy or increased regulation. If miners are pulling out, it could signal bigger problems ahead, and the usual recovery patterns might not apply.
I wonder if the cost of power is a factor. With AI datacenters popping up all over, electricity prices are jumping and cheap power is getting harder to find.
Bitcoin…like the Dollar…exists and has value ONLY because people believe in it. When that belief dies…both die.
$60k each still sounds like a lot for magic internet points.
Seen on the web:
As god is my witness, I thought GIFs of cartoon apes were my ticket to generational wealth.