- The value of all the bitcoin in circulation, or market capitalization, on Wednesday rose above $1 trillion for the first time since late 2021, according to CoinMarketCap data.
- Bitcoin also broke through the $51,000 level, marking the first time it has hit this price since December 2021.
- The price rise continues a rally that began in January last year. This year alone, bitcoin is up more than 21%.
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The price rise continues a rally that began in January last year. This year alone, bitcoin is up more than 21%.
Bitcoin rallied more than 150% in 2023, as anticipation built for the U.S. Securities and Exchange Commission’s approval of bitcoin exchange-traded funds — or ETFs — which eventually came in January this year.
The price of bitcoin dipped after the ETF approval. A new rally began in late January, as investors now look toward the “halving” — a supply-restricting event written in bitcoin’s code that happens every four years and is slated for April.
When the halving takes place, the rewards given to bitcoin miners are cut in half, which reduces the volume of the cryptocurrency onto the market. Historically, halving has preceded bitcoin hitting new all-time highs in ensuing months.
Bitcoin’s last record high was just under $69,000 in November 2021.
Crypto is shit.
I can’t wait for this house of cards to collapse
That would, practically speaking, mean a lot of people lose a lot of money, and a good chunk of those can’t afford to. It might even kill some of them, if it’s money they can’t afford to lose. So… why? Were/are you invested emotionally or financially? Just tired of seeing it in the news?
Its not money. Its unrealised money. If the have more unrealised money than the actual money the put into the systen, then its ubrealised profit.
If someone cant afford to lose their bitcoin, then they should be cashing out their bitcoin for whatever they can get for it.
Most people do spend money to purchase cryptocurrencies though, and if the value crashes then they won’t get that money back unless it goes up again. If the whole thing collapses (regardless of good or bad reasons), it’ll never go back up again. To put numbers to it: if someone buys an Ethereum token for $2500 and then they can’t find a use for it (because the whole thing collapsed) that is money they have lost.
Like, I understand why people take a dim view of the topic nowadays, but when people advocate for destruction like this it makes me wonder if they’ve considered the consequences to real people who in most respects are just like them. I wonder whether, if they have considered the consequences, if they want it to go up in flames because they don’t care about the regular people who it will hurt or if they see that kind of loss as “just desserts”, or if it’s really just because they don’t want to hear about it anymore, from anywhere, for any reason.
But apparently fuck me for trying to understand my fellow human 🤷
If they can’t afford to gamble they shouldn’t invest in crypto, it’s 100% a speculative market and no different than a lottery. The people running it get rich and every one else is left holding the bag.
I’m against gambling in general
Upvoted and agreed, that’s just common sense; if you can’t afford to gamble then you shouldn’t invest, period dot and end of story. But some people got conned by companies who paid celebrities a lot of money for endorsements; some got conned by Scam Bankman-Fraud and others; I don’t think someone being desperate for a ticket out of poverty means that person deserves financial ruin.