Bitcoin is in full crash mode

[BigBalls]

I don’t own any but I’m watching this story develop. BTC is down 32% from its all time high. that’s more than a corrections. Anything over 20% is a crash. Buy the dip? Or is this thing crashing further?

[Java]

Bitcoin is too volatile to be currency and possesses nothing to make it an investment   No idea why someone would own it.

[RWC]

Is it a coincidence this meltdown started after Trump pardoned Binance founder Zhao?

[BigBalls]

Interesting point RWC. Trump is very crypto friendly and he (and his  kids) bet big on crypto. So far it isn’t going well for them, but why?  Crypto seemed to have lots of room to grow with a president that not only courts the sector but invested heavily in it. Talk about insider trading. But here is my concern, what’s the classic grifter move? Pump up a stock, get the suckas ( small retail investors, the regular people) to put their money in and then pull the rug out by selling. Except it seems the Trumps stayed in for the L’s. Or did they? Supposedly the Trumps have lost $800 million. So much winning.

Pardoning a guy like Zhao sends a comforting message to other crooks:”  Go ahead and rip off people, I got your back”. Wonder how much Zhao had to pay for the pardon. Sam Bankman Fried next.

 

story blurb:

Trump Family Crypto Empire Faces Reversal
Trump’s crypto ventures have become recognizable fixtures across the industry.

They began with the launch of a namesake meme coin, quickly followed by a nearly identical token from First Lady Melania Trump. Then came World Liberty Financial. Eric Trump also stepped in through the Bitcoin mining company Hut 8.

At this point, there’s virtually no corner of the crypto industry the presidential family hasn’t tapped into.

At their peak, the profits from these ventures were striking. Estimates differ, but an August investigation by watchdog group Accountable.US found that roughly 73% of Trump’s wealth was tied to crypto-related deals.

The Trump family’s crypto portfolio has been hit across nearly every venture they touched.

Their Trump-branded memecoin reached its latest peak on November 10 at $9.49 but has since plummeted to $6.20 — a nearly 35% drop in just a few days. The family’s exact stake is unclear, but estimates suggest the drop erased about $117 million from their holdings.

Trump Media, the parent company of Trump’s social media platform Truth Social, has also suffered losses, particularly after it decided to invest $2 million worth of Bitcoin in July.

Bloomberg estimates that the value of the president’s stake in the company has dropped by roughly $800 million since September. Trump remains its largest shareholder, with his holdings placed in a trust managed by his eldest son, Donald Trump Jr.

 

 

https://finance.yahoo.com/news/trump-crypto-empire-crashing-followers-165902707.html

• This reply was modified 1 month, 2 weeks ago by BigBalls.

[RWC]

Great response, thanks.
You mentioned pumping up a stock sucking people in, and then pulling out. I forgot his name but do you remember years back the guy that managed the once famous Janus Fund was found guilty of Front running. At the time it was quite a story because that mutual fund family had such a squeaky clean reputation.

You just never know and I don’t know what to think with Trump and Crypto.

[Daystalker]

RWC, I think you are talking about Hugh.

[Author]

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