Bitcoin Drops Below $50,000 Amid Tax and Momentum Concerns

rpm

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Bitcoin Drops Below $50,000 Amid Tax and Momentum Concerns

Bitcoin declined for the seventh time in eight days, extending losses after President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy.

The slide pushed Bitcoin down as much as 5.8% to about $48,596 as it continued to lose momentum.
 

Thor

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Then Why did it drop?
With TA I was able to tell you 2 weeks ago this drop is coming.

How could I have known this tax story reason before it even existed, because, it's not the reason.

News always follows, it's rarely relevant.

This drop is a TA correction, very healthy, will be back up Tuesday.
 

NarrowBandFtw

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Then Why did it drop?
BTC's ups and downs rarely have any one or a few specific reasons, AFAIK the US capital gains tax proposal is on all assets anyway, not just crypto ... did house prices also tank? stocks?

That's probably the appeal of technical analysis in this space, there is SO much bs and fud constantly in the news that it really is best to just ignore it all, at least with TA you're dealing with "facts" and not "noise", though you are relying a bit much on patterns repeating
 

marbro

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With TA I was able to tell you 2 weeks ago this drop is coming.

How could I have known this tax story reason before it even existed, because, it's not the reason.

News always follows, it's rarely relevant.

This drop is a TA correction, very healthy, will be back up Tuesday.
Whats TA? take alot?
 

Everyones-a-Wally

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With TA I was able to tell you 2 weeks ago this drop is coming.

How could I have known this tax story reason before it even existed, because, it's not the reason.

News always follows, it's rarely relevant.

This drop is a TA correction, very healthy, will be back up Tuesday.
There is never one reason things happen in this world. One reason contributes x.
 

Temujin

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With TA I was able to tell you 2 weeks ago this drop is coming.

How could I have known this tax story reason before it even existed, because, it's not the reason.

News always follows, it's rarely relevant.

This drop is a TA correction, very healthy, will be back up Tuesday.
I called it in the doge thread night before... didn't know biden would announce this **** 24hours later... sure, it may have contributed and sped it up, but was coming regardless :ROFL:
 

thestaggy

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But hasn't BTC always been a bucking bull? To me it isn't a surprise that its down after going to the moon in the previous weeks.
 

Moto Guzzi

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Bitcoin Drops Below $50,000 Amid Tax and Momentum Concerns

Bitcoin declined for the seventh time in eight days, extending losses after President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy.

The slide pushed Bitcoin down as much as 5.8% to about $48,596 as it continued to lose momentum.

Wait a minute, Crypto currency was suppose the replace this bad evil money system, so how on earth does it rely on this current pathetic system to be valued and worse how you enter into it, it just does not mkake sense in that way, however.......(Nobody can see whats going on, or can they now-?)........You can "mine" it, what a load of crap in relation to current monetary systems.
 

Wary GOM

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But hasn't BTC always been a bucking bull? To me it isn't a surprise that its down after going to the moon in the previous weeks.
Definitely so. By the nature of BTC and its role as a speculative asset, the market cannot be anything but extremely volatile.
 

NarrowBandFtw

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oh lawd this gives me nightmares

for YEARS I've been dodging beggars, "car guards" and all manner of charity people with the trusted excuse: "I'm so sorry, I don't have any cash"

the other day I saw one with a Yoco POS and got a moerse skrik, gave her a wide berth

those fahkers will all soon have crypto wallet QR codes handy for you to donate to :eek:
 

Wary GOM

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Wait a minute, Crypto currency was suppose the replace this bad evil money system, so how on earth does it rely on this current pathetic system to be valued and worse how you enter into it, it just does not mkake sense in that way, however.......(Nobody can see whats going on, or can they now-?)........You can "mine" it, what a load of crap in relation to current monetary systems.
It is only when BTC is being used in place of fiat (e.g disrupted societies; failed economies) that it can be considered as part of or influenced by current monetary systems. BTC (and other cryptocurrencies) prices are not driven by the same factors that affect fiat-based systems. IMO the whenever the media etc use these factors, the intention is to manipulate not explain BTC market behaviour.
 
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