Bitcoin tumbles $5000 in 24 hours as interest rates jump | Hacker News Reader

Bitcoin tumbles $5000 in 24 hours as interest rates jump

cnbc.com

34 pointspaulpauper16 comments

5k up or down is nothing in Bitcoin?

Yup. This isn't news. This site has a hateful obsession with all things crypto. I think it's driven by a mixture of frustration at the irrationality of markets and bitterness about missing the boat.

Bitcoin made me a multi-milionare. No bitterness here, and a lot of other YC folks are building stuff in the crypto space too.

But… but… I thought Bitcoin was a commodity with inelastic supply and so would act more like gold when both interest rates and inflation rose?

Gold is still going up? Why has Bitcoin dropped?

You've left out the fact that one is a physical commodity with intrinsic value, and the other is the right to say you have the solution of a useless math problem.

I think the parent comment was a joke along the lines of "bitcoin is for speculation and everybody knows it."

Indeed, the point is that bitcoin's supposed purpose has pivoted from being an actually useful means of exchange to a 'store of value' akin to gold. Which doesn't really work as neatly as the original idea (which hasn't worked, not helped by bitcoin effectively ossifying into a version which technologically can't achieve the original vision).

It’s also in the middle of a massive hype cycle right now probably partially due to a “halving” event coming up soon. The swings have been wild lately.

you cannot pump indefinitely, at some point you have to dump

when the bubble bursts, there may be (world) war

Someone vastly overestimates the scope and reach of crypto in the grand scheme of things. No one's declaring war in the name of Bitcoin.

Go touch some grass.

The last time bitcoin fell ~$5000 in 24 hours was two weeks ago. Two weeks before that it fell ~$7000 in 5 hours. And bitcoin is up 6% over the last four weeks.

This is typical for bitcoin. Anyone can see this for themselves. So the interesting question is to ask why CNBC thinks it's worth sharing a story that blames interest rates with no evidence? It could be as simple as "people will click it". In any case, very dumb.

Is it interest rates or is it rumors that the Silk Road wallet is on the move

I mean... the price is still more than twice what it was a year ago ¯\_(ツ)_/¯

I would have thought a $5k change was normal random bumps for bitcoin ;)

GOOD!

Greedy greedy!

I have a spare tenner I want to buy some now,

how many bitcoin will I get for a tenner?

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