Bitcoin plunges again, now down more than 28% since Sunday’s all-time high

marketwatch.com

21 points·mutteraloo··7 comments

But .. but ... bu .. "This time it's different!"

Yes, yes. Of course it is.

It's worth noting Bitcoin Cash had a similar plunge, down about 33%

Also worth noting: none of the coins have a real business partnerships. only announcements.

Because of the announcements all the prices inflated. (Bitcoin is in most cases the entry to exchange to other currencies)

After those announcements (sometimes announcements of announcements) didn't deliver... well..

All the altcoins plunged as well, its a great time to buy any of them.

I had a hypothesis that altcoins would go up when Bitcoin weakens. Due to people moving their money there instead of holding BTC. But seems everyone sells off to fiat? Or something else keeps the prices strongly linked? At least for these quick drops

I believe the prices are linked because you still have to cash out into Bitcoin first before anything else. Sometimes you can in ethereum but not always. If we can start buying with. Altcoins are worth Bitcoin. So it makes sense they follow each other. What we need is more pairs to buy altcoins from other than Bitcoin.

It's amazing watching the mainstream (sites like MarketWatch/Bloomberg) try to make sense of Bitcoin and other cryptocurrencies. I spent some of my career in finance and a market move of double-digit percent in anything apart from exotic stuff like peakload power futures is unheard of.

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