There were two main theories I saw.
One was that mining rates dropped due to flooding in China which temporarily took out ~10-30% of the total hashrate.

The second reason was due to a funding rate indicator on leveraged positions that said there were a lot of longs open and a high funding rate for shorts (meaning short term shorts were paying people to open them and leave them open). I assume that could then build into a bias if the market starts to get a bit stagnant.

It worries me when China has a hard stance, but it worries me even more when they speak softly. Is there still a ban on electronic trading of crypto for citizens?

My interpretation is that they have realised that the country has a lot to gain from backing bitcoin in some form. Countries that intend to grow at a fast pace or are trying to reanimate their economies catching the fintech and alternative assets train should be taking this approach.

A thread was posted on this topic in the bitcoin discussion section days ago. It only received a handful of replies. Many are still wondering what caused the drop. Posting this in the hope it helps answer questions.

It should be acknowledged that china has been a prime mover in many of bitcoin's largest price drops throughout history. The big drop around the time of the 1st silk road closing and Ross Ulbricht's arrest could partly be attributed to china banning banks from trading bitcoin in 2013.

It is even possible that china fabricates fake news to negatively influence bitcoin's price. As occurred with false stories of binance offices in shanghai being raided back in 2019.

China may be assuming a softer public tone to minimize negative public backlash associated with their numerous attempts to kill bitcoin's value over the past 10 years. I don't know if they need worry. Most appear to have forgotten china was ever involved.

This. Also, I think these types of posts are typical of someone who has little Bitcoin. So, he likes to think more about how wonderful the future will be if he keeps holding than the present. Someone on the other hand who is a millionaire today thanks to having been holding for many years, may think about the great future that still remains for Bitcoin but I think he enjoys more the present moment and what is happening now. The institutional adoption is to celebrate it and what happens with the authorities in 20 years we will see, those of us who will still hopefully be alive by then.

I think sometimes the news seems to deviate from reality for some purpose. and of course, with the news it will affect the psychology of traders. therefore it depends on us personally in filtering out the news that really happened

It's 749,999 and not 74,999. Brian Armstrong sold shares worth $292 million at an average price of $389 per share. Still the number of shares sold is a small fraction of his overall holding in Coinbase. As per the 8-K filing made to the SEC, Armstrong holds a total of 2,753,924 Class A shares and 36,851,833 class B shares of Coinbase. Marc Andreessen owns 5,516,037 Class A and 23,961,498 Class B, while Fred Ehrsam and Fred Wilson owns more than 10 million shares.

If this happens our banking system would be forced to do major transaction in crypto currency or else the might just have to suffer deflation on the long run. Considering the fact most companies now transact in crypto currency and pay workers in crypto currency as well

For those unfamiliarised, this is a risk quadrant depicting the world level risks. How important the risk is is based on how likely is to materialise (likelyhood or frequency) and how bad is it (impact or severity).

For example something that is likely to happen and is disastrous will be on the top right corner. Risks that are unusual but terrible would be top left. In the inforgraphics you can see how climate change is quite likely and has severe consequences whereas weapons of mass destruction are less likely and even just equally as bad.

Now, where would you place the risk of a bitcoin hack o network problem in your finances and in the world finances?

I hear everyone talking about how it's going to be alt coin season when bitcoin season is over. But how? Whenever bitcoin falls, for some whack reason alt coins follow suit. Even those coins whos projects have nothing to do with bitcoin like Vechain.

I really feel like we've hit the market cycle top earlier than expected tbh

Yeah well, most insiders of privately-held companies just can't wait to cash out once they go public--so this news isn't exactly shocking.  The same thing happens after a lot of IPOs, and there's nothing particularly sinister about it (or newsworthy, for that matter).  



Looking at the above chart, the CEO was fortunate to sell at the prices he did--but who knows what the stock is going to do in the future.  From my brokerage's analysis page, COIN appears to have a P/E of 208, so I'd say the stock is seriously overvalued.  If Coinbase were a company that was growing like crazy, that P/E might be acceptable to some investors, but I'm not sure how much they're actually growing their business.  I betcha COIN will see much lower prices in the coming months.

I agree. Bitcoin price, after crashing from $19k, was staying below $10k for more than a year, then it went up above $10k in the end of June 2019, reached $13k for a second in July, and started crashing from there(only with one outlier in the mid February 2020, when it reached $10k+, again, just for a moment), and it descended to as low as $5,173 in March 2020. Knowing all that, it wasn't that easy to predict that BTC would go from $10k not towards $5k again, but towards $100k. I personally couldn't predict that, and I respect those who could.

It is objectionable indeed but then again the whole Government and the centralized system is corrupted and objectionable itself.

It is not about whether the software is good or bad. Russian firms are being denied a level playing field elsewhere. Even in case of the vaccination against CoVID 19, the American regime forced many countries not to order the Sputnik V vaccine. The Nord Stream 2 pipeline is hit by sanctions from the US, although the German government is firmly in favor of its completion. When this is the case, why should the Russian government allow Western corporations to make profit in their jurisdiction?

With a Bitcoin price above 60,000 USD it seems nearly impossible for a beginner in the crypto world to go directly for 1 BTC. Its just too much money. Even if you had such kind of funds available right now I wouldn't recommend to put it all in Bitcoins. The risk of owning only one crypto coin is quite high with these prices. In my opinion it would be better to split your funds among 4-6 different crypto coins, with only 50% put into Bitcoins. As a long term goal owning 1 BTC is still a viable in my opinion.

It is also a trend for Fiat shills (competition) to complain about the high energy consumption that are needed to mine coins (tokens) and to run the Bitcoin Blockchain. Now, "Gryphon Digital Mining has raised $14 million to establish renewable energy-driven bitcoin mining operations in the United States."

You are absolutely spot on. Bitcoin can be used as a payment, but it is not suitable for making day to day payments. The confirmation tome can vary from 5 minutes to 1 hour. Who is going to wait for this much time, to get his payment confirmed? Another issue is with the extremely high transaction fee. It's on the rise once again, and yesterday everyone was paying an average fee of around $20. Imagine paying this much as the fee for a coffee or burger, which itself costs just $3.

We don't need their opinions but it's always the media that are publishing every word they say even if it's a nonsense thing. The media is the one to blame because they know that it will get their attention if they're going to do that against the bitcoin community.
Also, they are public people who'll have media to cover their words everywhere they go at any time.

Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it  be hijack by the government?

The clip over at Youtube: https://www.youtube.com/watch?v=2Zh_9cBQSYU

While I have great respect for Charlie Munger and Warren Buffett, it feels like they have missed the boat on Bitcoin - leaving a lot of money on the table as it were. They have famously avoided tech stocks until investing in Apple relatively late and it seems they have gotten increasingly risk adverse in their old age. Personally I think that Bitcoin is an artificial substitute for gold and that is actually a good thing. Having some gold coins myself during Covid, I have sold them face-to-face in the past but most businesses were closed during this time and it simply doesn't feel safe sending such high value items through the post - Bitcoin does not face such a problem. Of course Gold has practical physical world uses as well, but the majority is kept in the form of jewelry or investment grade forms. I find it funny that Charlie seems to have mellowed a bit on it, I'm sure he has labelled it evil in the past..