During the last three days BTC dumped about 25%. Now it has recovered slightly, but the fact is it did dump from $40K to $30K. In three days (in two days, actually, because most of the dump happened on Sunday and Monday).
I don't know why the dump happened. Maybe the "corporations" have run out of money and stopped to buy BTC at any price. Others blame the "profit takers" and some Guggenheim guy. There's a rumor about some bug in Coinbase's order matching system (that shitty Coinbase, again!) Maybe "the smart money" decided to shave "the plebs". Maybe it was just a "necessary healthy correction". Who knows? Not me.
However, in post-dump articles I've noticed a funny statement that "25% corrections are normal for Bitcoin".
Well, it obviously depends on how exactly we define that normal.
Will it be normal if gold dumps 25% in two days with no reason? Will it be normal if Amazon dumps 25% out of the blue? Will it be normal if oil quadruples in three months?
Normally a 25% dump in two days means that something very abnormal is going with the thing. Or the thing itself is rather abnormal, to say the least.
But let's move into hyperreality -- and we will find there the new normal.
There 400% pumps and sudden 25% dumps are normal. A "high-risk store of value" is normal too. A "medium of exchange" with a capped supply is normal. There it's normal to use Twitter as a financial adviser. It's normal to spend millions on some NFT shit.
Shortly, abandon your old normal all ye who enter here!
Simply because here your old normal would make you more harm than good.
Posted Using LeoFinance Beta