Bitcoin Shoots Up to Over $3400

AlphaAtlas

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Bitcoin and other cryptocurrency exchange rates have been quickly and steadily dropping over the past few months, with no end to the decline in sight. But, after hitting a low of about $3200 over the weekend, a price which hasn't been seen since August 2017, Bitcoin shot up to over $3440 today, and dragged the rest of the cryptocurrency market up with it. According to CoinMarketCap, about 5 billion US dollars in cryptocurrency was spontaneously created in just over 1 hour on Monday. Reuters claims the jump was "ascribed to heavy buying on Japan and Hong Kong-based exchanges."

The original cryptocurrency jumped as much as 11 percent on the Bitstamp platform and was headed for its biggest daily rise since Nov. 28. Bitcoin has fallen around 80 percent from its record high last December. In the last three months it has fallen nearly 50 percent.
 

xorbe

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Is [H] now going to report every percent change in cryptocurrency? Someone must be invested. Hopefully this doesn't turn into an issue here.
 

gamerk2

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Investors purchasing on a low. As I've said: Bitcoin is an investment, not a currency, This was predictable.
 

Krazy925

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Is [H] now going to report every percent change in cryptocurrency? Someone must be invested. Hopefully this doesn't turn into an issue here.
I’d say more likely that the majority of H users don’t care for crypto. Some do however.

Nothing will ever beat GPU shortages and the two sides arguing endlessly on here about it, except the Star Citizen threads.
 

motqalden

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Grumpy-cat-good-meme.jpg
 

gamerk2

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Price goes up, price goes down- you can't explain that!

~Bill O'Reilly

Yes you can actually. Once you realize investors are sheep, everything makes sense.

Does it make sense NVIDIA is 50% less valuable then it was three months ago? Of course not. But investors see a glut of old cards and lackluster 2000 series demand, and expect profits to decline, therefore they sell the stock to lock in their profits. In a few quarters we'll be talking about NVIDIA hitting a new all time high. This happens all the time, lock clockwork.

The markets aren't driven by valuation, but by the *expectation* of valuation. That's a key distinction, but necessary for understanding the markets.
 

aaronspink

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Well at least bitcoin won't hit a 51% attack mark this week, probably, but its on the very edge assuming just publicly prove capacity let alone any dark capacity that never actually went online.
 

Lakados

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3200 to 3440 is a newsworthy change? Isnt that like a stock going from 32 bucks a share to 34 in one day? Doesn’t that happen like all the time?
See I read that wrong, I read it as had shot up over 3440 which would have made its value 6640 + .... this made me double check that and yeah ....
 

thebufenator

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Is [H] now going to report every percent change in cryptocurrency? Someone must be invested. Hopefully this doesn't turn into an issue here.

Considering how often [H] posts negative crypto news or articles, its more likely they have been shorting BTC.
 

sleepybp

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Feb 5, 2014
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This is just what the environment needs.
Another excuse for millions to draw 300 Watts from their formerly idle computers.

Just ordered $85 worth of Amazon products with free reward points from my credit card.
I have never spent one penny on interest on the card, yet I get free stuff.

What was the benefit of the crypto, I cannot recall?
 
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iamjanco

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Crypto, the Second Coming? Maybe it's time to buy up the green machine's overstock of 1060s in prep for a new round of lemmings.

Oh, and psus. Can't forget the psus.
 

kinjo

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I predict that bitcoin bottoms out at $1000 (close to it's actual value) and then steadily climbs again to a ridiculously overinflated number (10k ish over the next year) before plunging again I predict this cycle repeating for the next few years with the bottom staying between 1k and 2k and the peak being a little lower each time.
 

N4CR

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So a $200 rise is considered "shooting up" in price?
It's called narrative farming. The guys with larger operations are getting desperate and need to trick more dumb masses into pouring money in so their investments don't rot.
 

DarkStar02

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It's called narrative farming. The guys with larger operations are getting desperate and need to trick more dumb masses into pouring money in so their investments don't rot.
The 5 billion dollar injection in 1 hour is pretty newsworthy IMO
 
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