Bitcoin prices tumble 50% from peak and Mark Cuban calls the crypto crash the 'great unwind'

[Yo_Mama_Been_Loggin]

Bitcoin prices on Sunday afternoon were in free fall anew, with the world’s No.1 crypto spiraling down more than 50% from a peak in around the middle of April, amid another bout of turbulence in the digital-asset sector.

At last check, bitcoin prices were changing hands at $32,632 down 12% on the day, after hitting a 24-hour low of $31,179, which halved bitcoin from a mid-April peak at $64,829.14.

Ether on the Ethereum blockchain meanwhile, was seeing an even more severe slump, down at one point 18% at $1,922 on the session and down by nearly 60% from its all-time high hit earlier this month at $4,382.73. It was last down 13% at 2,033.

The weekend carnage in crypto was drawing the attention of bulls and market participants, including billionaire Mark Cuban, who appeared to partly pin the slump on excess leverage and speculation on alternatives to bitcoin.

https://www.msn.com/en-us/money/markets/bitcoin-prices-tumble-50-from-peak-and-mark-cuban-calls-the-crypto-crash-the-great-unwind/ar-AAKiueI

[PoliticAverse]

1. It's like their value dissipated into the ether. n/t

[CurtEastPoint]

2. I will admit that I'm ignorant of how all this stuff works (or doesn't) but this sounds like a big

goddamn scam. Has from day one.

[Faux pas]

6. ...

Just like the stock market, IMHO of course.

[OAITW r.2.0]

3. *salute*

I admit to being not smart enough to understand the value proposition on this 'currency'. TBH, I've traded paper currency my entire life and I know that the value is in the social-economic acceptance of the paper value....including checks, WT's, and all other forms of traditionally currency commerce.

I just don't know how value is created in Bitcoin......except driving huge electric utility consumption (unless you build your own solar/wind source of energy). Where is the value in creating an encrypted number? Don't know, probably will never invest.

[dixiegrrrrl]

11. Wait till you hear about virtual art

that you can buy/sell with Bitcoin or real money.

I know.....can't wrap my mind around that, but apparently it is a thing.

[Mr. Sparkle]

4. I don't get it. I'm afraid to invest in something where there is no tangible assets.

[LuckyLib]

5. Bill Maher ranted about crypto currency awhile back.

[bahboo]

7. of all the shit I don't understand...

this may be number 1 on the list...outside of physics...

[Yo_Mama_Been_Loggin]

8. Remember when pyramid sales were the rage?

That's what bitcoin is to me as far as an investment goes.

[empedocles]

9. The 'madness of crowds' is a well documented historical phenomenon.

[A favorite of mine is the price of a good working farm for the Dutch tulip bulb mania in 1637. https://en.wikipedia.org/wiki/Tulip_mania]

[BannonsLiver]

10. An overseas DUer claims to have more than 100 bitcoins

That was the claim by the poster in another thread. Bought for them by “daddy” in 2012.

Yeah, I didn’t believe it either.

[D_Master81]

12. Gotta love a bunch of clueless people claiming authority

Listen you may not get crypto I get it, it’s difficult and took me months. But I see people here that couldn’t begin to define: support vs resistance, moving average, head and shoulders or W patterns. Yet you claim it to be a scam or ponzi scheme. Look no one can totally predict the market, and crypto is super volatile. But after learning how the market moves I’ve made thousands of dollars in it. I don’t say that merely to brag but to say just admit you don’t get it and move on. Where we’re you calling it a scam when bitcoin went up by 600% since November? Even losing half I’m still up 300%. Where are the headlines today when many crypto’s have recovered over 20%? It’s volatile and most people won’t be able to stomach the 50% drops, but bitcoin had 6 times it dropped 40% in 2017 as it ran up from 1000 to 20,000. I recommend most stay away cause it takes a certain type to be a crypto investor.

[getagrip_already]

14. yes, I was against it when it was going up.. so what?

You aren't investing. You are gambling. Just because you have been successful doesn't mean crypto isn't pure crap supported by flatulence.

And as they say, past performance is no guarantee of future gains. Just ask any former futures trader.

The only money heading into crypto is fools money. Not to say you can't take fools money on both the up or down swing. It's just a crap currency regardless of your gambles.

[tman]

13. I'm not selling