Bitcoin experienced rapid declines from $118,000 to $115,000, then to $113,000 and $112,000, constituting roughly a -10% drawdown from the top. Such moves provoke strong emotional reactions, including nervousness, fear and anger for holders. Investors are advised not to calculate dollar losses or tally funds lost from mistimed buys during volatile dips. Price movements are often linked to macro or political news by media, but those links are not causal. There is no rational reason to expect the price to hold or move because of a single sentence in a political statement or an executive order.
I hate it when the bitcoin price falls - like it did this week, first from $118,000 to $115,000, and then $115,000 to $113,000 (and then $112,000 while I was writing; rude). It's nerve-wrecking, terrifying and straight-up infuriating. We're on this unavoidable monetary revolution and every identifiable sign is pointing in the same, upward direction - alas, the world won't cooperate and here we are, looking at an otherwise pretty standard -10%-from-top drawdown.
I get it, it sucks when sways of your net wealth disappear in stomach-churning moves. Advice: don't ever calculate the dollar amount of what, e.g., the recent -9.2% pullback amounted to for you. Don't ever look at how many dollars you incinerated in "buying the dip" too early or "catching the knife" while our favorite orange miracle was in free fall.
On Bitcoin Magazine, like any other financial media involved in click-hungry news, we routinely publish articles about the bitcoin price moving in relation to some macro or political news. It's not that we, or anybody else, actually believe that price moved on the words of some politician or because Saylor bought more corn or because Metaplanet issued additional stock or because some Hong Kong-based treasury company nobody ever heard of stacked some sats. The bitcoin price didn't move because the third sentence in Chairman Powell's latest statement was slightly different than expected.
Collection
[
|
...
]