🔴 What happened?
Bitcoin has lost more than half of its value over the past month amid criticism from Tesla founder Elon Musk and a renewed crackdown from regulators in China. Jim Cramer Says 'Accept the Beatdown'
Bitcoin prices slumped to a three-and-a-half month low Wednesday, while cryptocurrency peers such as Ethereum and Dogecoin traded heavily in the red, following a renewed crackdown on virtual currencies markets in China and a broader pullback in risk markets in the United States.
Bitcoin's two-day decline was sparked by a post on the official WeChat account of the People's Bank of China, which warned that digital tokens should not be used in either financial markets of the world's second largest economy -- and the largest crypto market -- given that they are not "real currencies".
Bitcoin prices have struggled to recover from comments from Tesla (TSLA) - Get Report founder and CEO Elon Musk last week, who courted anger within the bitcoin community when he said the clean energy carmaker would no longer accept the digital token as payment -- nor add to its $1.5 billion quarter-end holdings -- until developers found a way for it to consume less energy during the mining process.
Bank of America's closely-watched Fund Managers' Survey, published Tuesday, noted Tuesday that 43% of those polled described "long bitcoin" as the industry's most-crowded trade, with 75% describing the world's biggest cryptocurrency as a 'bubble'.
🔴 Let's get technical:
Bitcoin was overbought so much that we can't say it's oversold already! Crazy right?
“The bitcoin low picture continues to deteriorate and is pointing to continued retrenchment by institutional investors," JPMorgan analysts said in a client note Wednesday, adding that it is "perhaps too early to characterize bitcoin as oversold”, a condition that would require a move below $26,000.
🔴 What to do now?
It wasn't a correction. It wasn't a noise. It was a complete manipulation!
The wisest thing to do is avoiding the FOMO of buying the dip, because as far as we can see, there are no signs of any recovery so far.
It might even dump to the $20K channel. So let's just wait and see.
🟢 Let's talk.
- What do you think about this?
- Did you lose your money?
- Are you buying the dip?
- What do you suggest?
Bitcoin has lost more than half of its value over the past month amid criticism from Tesla founder Elon Musk and a renewed crackdown from regulators in China. Jim Cramer Says 'Accept the Beatdown'
Bitcoin prices slumped to a three-and-a-half month low Wednesday, while cryptocurrency peers such as Ethereum and Dogecoin traded heavily in the red, following a renewed crackdown on virtual currencies markets in China and a broader pullback in risk markets in the United States.
Bitcoin's two-day decline was sparked by a post on the official WeChat account of the People's Bank of China, which warned that digital tokens should not be used in either financial markets of the world's second largest economy -- and the largest crypto market -- given that they are not "real currencies".
Bitcoin prices have struggled to recover from comments from Tesla (TSLA) - Get Report founder and CEO Elon Musk last week, who courted anger within the bitcoin community when he said the clean energy carmaker would no longer accept the digital token as payment -- nor add to its $1.5 billion quarter-end holdings -- until developers found a way for it to consume less energy during the mining process.
Bank of America's closely-watched Fund Managers' Survey, published Tuesday, noted Tuesday that 43% of those polled described "long bitcoin" as the industry's most-crowded trade, with 75% describing the world's biggest cryptocurrency as a 'bubble'.
🔴 Let's get technical:
Bitcoin was overbought so much that we can't say it's oversold already! Crazy right?
“The bitcoin low picture continues to deteriorate and is pointing to continued retrenchment by institutional investors," JPMorgan analysts said in a client note Wednesday, adding that it is "perhaps too early to characterize bitcoin as oversold”, a condition that would require a move below $26,000.
🔴 What to do now?
It wasn't a correction. It wasn't a noise. It was a complete manipulation!
The wisest thing to do is avoiding the FOMO of buying the dip, because as far as we can see, there are no signs of any recovery so far.
It might even dump to the $20K channel. So let's just wait and see.
🟢 Let's talk.
- What do you think about this?
- Did you lose your money?
- Are you buying the dip?
- What do you suggest?
