Bitcoin drops below $20,000 as crypto selloff quickens

[Yo_Mama_Been_Loggin]

NEW YORK (AP) — Bitcoin fell below the psychologically important threshold of $20,000 on Saturday for the first time since late 2020, in a fresh sign that the selloff in cryptocurrencies is deepening.

The price of the most popular cryptocurrency 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 the day, it was below $18,000.

The last time bitcoin was at that level was in November 2020, when it was on its way up to an all-time high of nearly $69,000, according to CoinDesk. Many in the industry had believed it would not fall under $20,000 again.

Bitcoin has now lost more than 70% of its value since reaching its peak.

https://apnews.com/article/cryptocurrency-technology-financial-markets-bitcoin-873a92a17402bf1510755e3ad4901869

Who the hell thought cryptocurrency was a good investment? Probably the same people who thought an overweight guy with orange hair was a successful entrepreneur who'd make a good president.

[CurtEastPoint]

1. your assessment is spot on. Yep. Smoke and mirrors. Snake oil.

[The Revolution]

2. Q: How do you know cryptocurrency isn't money?

A: You don't need to advertise money.

[empedocles]

3. El Salvador - 'bitcoin nation'

https://www.moneycontrol.com/news/business/cryptocurrency/bitcoin-ethereum-slide-as-crypto-sell-off-intensifies-el-salvador-president-says-enjoy-life-8706761.html

[MisterProton]

4. Bitcoin has died many times before.

Standard behavior. People who have been in the game a while understand this. Be prepared for the next run up into the 6 figures over the next couple years.

Link to tweet

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