I don't see this discussed in enough HN threads. Everyone is quick to talk about FTX, Tether being a scam, etc but I rarely hear people discuss how the heck BTC is pegged at $16k this whole time, through it all.
I wonder if that resentment would have been the same toward the Internet in 1997. You know, that useless thing for hackers and scammers that only benefits crime and should be regulated like heck by governments for our safety.
But 97 was late for the internet. ARPANET dates back to the 1970s .. as a government project!
There was a great deal of value in the internet liberating people from monopolist telcos and their billing practices, as well as from borders, and there was nowhere near the same level of scamminess and crime. Why? Because there was no money changing hands.
My grandparents had an AOL account in 1997.
https://news.ycombinator.com/item?id=34333210
The universe has delivered with impeccable timing.
BTC fell through a few of these whole number price floors on the way down, this is just the one that finally broke the momentum. If it is going to continue to fall then downward pressure will build up until it overwhelms these buy orders and it will crack down to the next floor. Kind of like the 40k to 30k fall, the 30k to 20k fall or the 20k to 16k fall.