And there's a simple reason for that. The market depends on investor attitude and bitcoin is the trust builder. If Bitcoin falls it's seen as loss of trust towards cryptocurrencies and people get rid of everything.

Laws around the world are also made for Bitcoin but they affect the whole market. If a country bans bitcoin it will probably also ban altcoins, but if it legalizes bitcoin it will not make altcoins illegal. It works both ways.

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That's right.

Bitcoin was banned in China many years ago and since then it's grew to be much more popular and more valuable. Chinese exchanges moved abroad and kept functioning anyway.
Now they are trying to ban mining and miners are already moving out. That's all this is going to achieve. They'll make people temporarily lose money and panic and then they find a way around it and keep going.

While El Salvador is the talk of the week I'd like you to also notice how Kazakhstan is becoming a bitcoin mining powerhouse.

Because of disturbance in China many miners have moved to Kazakhstan and the country has become a fourth country with the most bitcoin hash power. In a few months China is going to drop down a couple spots down and Kazakhstan will be third biggest right after USA and Russia.

The industry is changing for the better. China is losing power and small countries are gaining.

Everybody knows about bitcoin's energy consumption.
What Elon did was buying, pumping on social media, then selling and talking about it on social media. He knew about energy consumption before he bought.

People did not sell at a loss because they suddenly found out about energy consumption. They sold because Musk was spreading negativity.

And especially when millionaires aren't smart and hard working. When millionaires had rich parents who gave them money to invest, like it happened with Elon, they aren't really people you want to look up to.

I feel like people don't like Musk but they envy him and he's childish and attention seeking so it's a perfect match. He want's attention and shitposts a lot and it entertains people so they read it.

The well known Anonymous hackers have a new target and it's our antihero Elon.
According to them Musk attacked Bitcoin because he was afraid he could lose money his company was getting from the US government.

https://www.youtube.com/watch?v=UG07x3aN3b0

ADA is going to flip ETH that's the only flip I see in its history.

There's almost no use for ETH outside of other coins built on it. Nobody is selling anything for ETH and nobody uses it for a store of value.
On top of this ETH reacts to most bitcoin moves so it's not independent. It depends on the price of bitcoin and its cycles as you could see in that recent drop.

I like ETH and I'm still holding it but it's not better than Bitcoin. Don't get yourselves fooled by this narrative!

You're overestimating Musk.


If you look at the charts, you'll see that move on 9th February. This was the Tesla announcement. It took us from 39000 to 46000.
At mid 20 thousand there was no announcement and no Tesla buying Bitcoin


Also, first time we went to 41000 we suffered a huge dump that many people thought to be the end of that bull run. Makes me wonder why there's so much paniuc today that we are at those levels again.
We could easily go down 12 thousand dollars in a week back in January and people were bullish.

I did the same

43 thousand was a significant low for bitcoin. I'm sure a year from now you'll be asking yourself why you did not see it and did not buy some bitcoins.

There can be more opportunities because there's nothing that could stop Bitcoin from falling to 20 thousand or something but everything below 40 is a great opportunity at this time.
It's funny that when Bitcoin was trading for 60 thousand most of you were thinking that you'd buy at 30 thousand if you had a chance and now when we're there you're scared. That's why most of you can never make money and never will.

I'm sure that they will never be able to shut it down and you saying that "governments" will do it look so dumb. When was the last time you saw the governments of the world cooperate to fight something together? Even if we were attacked by an enemy from space they wouldn't be able to work together. I bet some countries would like to make a deal with the invaders while others would be fighting it.

Even if 50% of the world bans bitcoin the other 50% will see it as an opportunity to make money.

Because there are no important exchanges or companies that accept Bitcoin in Iran.

If you heard that Mongolia or Zimbabwe banned Bitcoin, would you really care? That's unless you live in those countries of course

Most people care only about world superpowers and the places they live in, that's all. There are countries that mean something and countries that nobody cares about economically. Iran used to be a great country before the revolution. Now it's only known for its nuclear weapons that officially don't exist

To begin with, once ATH has been passed for the second time, Bitcoin never goes below it. IT was like that with 1 thousand dollars and it's going to be the same with 20 thousand. It's possible that we'll wick below it for a short time but we'll never again go back for a longer time that will allow you to buy lower without setting an order first.

Next thing is the 300 day MA which has been the technical bottom as long as Bitcoin exists. For you to buy at 12 thousand we'd have to break that line for the first time in history.

Then there's the psychological barrier of the beginning of the bull run which is 14 thousand. We were there in 2020 and we came back to it in 2021 to finally break it and start a run to 20 thousand.

OP is probably trying to start a discussion in response to some recent articles like this one
https://theweek.com/articles/983641/cryptocurrency-cause-next-financial-crisis

I feel like it could start a fiat money crisis and I'm saying it because there have been rumors that banks will start to ask you to pay for your account, just like they ask you to pay for a credit card.
Bank services used to be more or less free with only some paid services like instant transfers, currency exchange, loans and so on. Now they are going to charge you monthly for your account. If that happens more people will decide to withdraw.

People are repeating FUD even in this thread.

OP said that Iran banned Bitcoin right after China, but China did not ban bitcoin this month. It only reminded that the ban is in place. China banned bitcoin years ago by not allowing banks to work with cryptocurrency companies and stopping people from exchanging their fiat currency to bitcoin.

People act like it's a new thing that suddenly bitcoin is banned in China. Like it's such a big news that nobody could predict.
Last time I checked they only warned that coal mining will be banned in future, but people are saying that china is banning mining and panicking. This is what FUD is all about.

You're joking, right?

Do you think we were in despair in those 2 weeks of red?
Despair comes after months of decline when price goes close to the last ATH or to the 300 day MA. We are like half way there at the moment.

What about bitcoin cycles where bear market takes a year or more?

If we go to 25000 from here we're in a bear market.
If we go to 50000 it means this was only a correction in bull market. 

It's this simple!

No. Price has nothing to do with it. It's the total market cap.

You can have a cryptocurrency with only 1 coin worth a million USD and all trades are don on fractions of this one coin that are worth 0.1 USD or something. Would that mean that this coin is more stable than bitcoin because a single unit is worth more than bitcoin?

Banning something makes it a news in the Internet, so it doesn't do much to the visibility of an ad. It becomes less viewed in some areas and more in others.

It's like when you see a dead cat next to your doorway and kick it to the other side of the street

On the other hand they could simply add a line that all investments carry risk of losing all your capital and they'd let it go. A win-win if you ask me. They got internet views and can remake the poster with a warning and they'll also get views on the street.

Don't depend on this. It only shows the general trend in which bitcoin is at the moment.
During this recent bull run it was showing extreme greed a couple times and the price went up regardless, so the fact that it's showing extreme fear doesn't mean that it can't go lower.

A small recovery is what traders call a relief rally and it doesn't mean a trend reversal. We haven't even hit the price we were at before the big drop which is 42000.

I don't feel like Musk can bring anything good to Bitcoin. His involvement will only mean more drama since he's not completely sane.
One day he will praise it the other day he'll say it sucks, pretty much like he just did. Now suddenly he wants to help it, but with first difficulties he could change his mind and again criticize it, because with  his projects he's never at fault. It's always someone else.

I hope that in the next 5 years we'll progress towards faster and cheaper transactions. I don't hope for any so called green mining because we don't need it. The banking system uses much more power than Bitcoin and nobody does anything about it. Bitcoin's carbon footprint is a straw man argument.