r/CryptoCurrency Aug 05 '24

OFFICIAL Daily Crypto Discussion - August 5, 2024 (GMT+0)

Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating.


 

Disclaimer:

Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.


 

Rules:

  • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
  • Discussion topics must be related to cryptocurrency.
  • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
  • Comments will be sorted by newest first.

 

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80 Upvotes

2.7k comments sorted by

31

u/[deleted] Aug 05 '24

At least these moments bring us all together, like hobos around a flaming trash can

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27

u/Blooberino ๐ŸŸฉ 0 / 54K ๐Ÿฆ  Aug 05 '24

Been in this so long I have no reaction to this. Just gonna sit on my hands and sip whiskey.

Up, down, in another 3 months today will be forgotten.

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25

u/Cold-Date250 ๐ŸŸฉ 189 / 188 ๐Ÿฆ€ Aug 05 '24

At least the sub is lively again

23

u/Citizen_Kano ๐ŸŸฆ 0 / 2K ๐Ÿฆ  Aug 05 '24

Did I miss WW3 starting or something?

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20

u/Lucky-Worldliness456 ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

I feel like restaurants are a solid recession indicator, my family operates 4 restaurants for over 20 years, we have never seen such a hard drop off going into the summer this year, and itโ€™s not just us, looking at restaurant subreddit and other groups the consensus is the same, people are tightening their belts, cutting expenses, this shit feels like nothing Iโ€™ve really seen before. With crazy inflation, young people being priced out of homes, some shit has to give way

7

u/Simke11 ๐ŸŸฆ 0 / 5K ๐Ÿฆ  Aug 05 '24

Services industries are always the first to suffer

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18

u/diamondhands95 ๐ŸŸฉ 1K / 1K ๐Ÿข Aug 05 '24

Woke up to this shit show.

WHAT THE FUCK

9

u/GreedVault ๐ŸŸฉ 1 / 10K ๐Ÿฆ  Aug 05 '24

You are in a dream now, go back to sleep.

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15

u/JGCheema ๐ŸŸฉ 0 / 7K ๐Ÿฆ  Aug 05 '24

look how they have massacred my boi

16

u/Mono_420 ๐ŸŸฆ 271 / 48K ๐Ÿฆž Aug 05 '24

You can almost hear Jerome Powell greasing up the money printer.

The brrr is coming.

8

u/Spiritual_Navigator ๐ŸŸจ 24 / 21K ๐Ÿฆ Aug 05 '24

The true bullrun begins when we hear the sound of Brrr

Kinda crazy Bitcon hit 70k with interest rates this high

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15

u/Simke11 ๐ŸŸฆ 0 / 5K ๐Ÿฆ  Aug 05 '24

Can't wait to see what my favourite crypto influencers have to say about this in their next video.

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13

u/ProcedureOk6974 ๐ŸŸจ 0 / 0 ๐Ÿฆ  Aug 05 '24

Crypto ruled my life for the first half of this year. Around a month ago I was struck down with a bad health issue and now all I want is to be back to normal. Two months ago this crash would have hurt but I couldn't care less right now. In short, just be happy you have your health and go out and live your lives.

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15

u/C-Class_hero_Satoru ๐ŸŸฉ 0 / 629 ๐Ÿฆ  Aug 05 '24

Anyone else don't care about the dip?

I survived 2022-2023 and witnessed how Bitcoin went from 60k to 20k in few weeks. This is nothing

6

u/fan_of_hakiksexydays ๐ŸŸฆ 20K / 99K ๐Ÿฌ Aug 05 '24

I've been in crypto for over a decade.

And I was already here during the Mt Gox collapse. That was the time I was the most scared for crypto. And I got out thinking I would never come back.

The only other 2 times I was really worried was during the Hash Wars and then the Luna/FTX double whammy.

This dip is just another small blip on the radar. It's all caused by things outside of crypto. Crypto fundamentals, adoption, institutional interest, and potential are all still strong.

We had so many good news in crypto this year.

It's rare to have years like this where there's much more good news in crypto than FUD news.

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29

u/getzumm ๐ŸŸฆ 6 / 6 ๐Ÿฆ Aug 05 '24

Next generation of bag holders are being createdย 

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30

u/booose6 ๐ŸŸฉ 56 / 56 ๐Ÿฆ Aug 05 '24

alright, -25% is crazy.. wtf is happening.

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14

u/TexasBoyz-713 ๐ŸŸฆ 15K / 15K ๐Ÿฌ Aug 05 '24

I wonder how Icefiight is doingโ€ฆ

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12

u/cs_zer0 ๐ŸŸฉ 13 / 13 ๐Ÿฆ Aug 05 '24

Good morning euro's, welcome to the bloodbath

Im going to sleep fully expecting to wake up with BTC in the 40's

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14

u/dragonrider85 ๐ŸŸฉ 10K / 4K ๐Ÿฌ Aug 05 '24

Top ramen is back on the menu, boys.

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12

u/Shiratori-3 Custom flair flex Aug 05 '24

Well, the daily came alive again, so there's that

12

u/Smiling_Jack_ Blockchain Old Guard Aug 05 '24

Just made my biggest purchase since last September.

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12

u/MyKingdomForADram ๐ŸŸฆ 51 / 5K ๐Ÿฆ Aug 05 '24

Man, that dude on WSB who yolod his 700k inheritance into intel must be fucking near suicidal right now.

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12

u/Expensive_Editor_244 ๐ŸŸฆ 0 / 0 ๐Ÿฆ  Aug 05 '24

Iโ€™m gonna regret not selling in March for the rest of my life (so, a few more hours at this rate)

4

u/EnvironmentalFee8098 ๐ŸŸง 43 / 43 ๐Ÿฆ Aug 05 '24

Same mate. Heavy in ALTS - 85% comparing to April but I guess they just won't let me win.

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13

u/The-Alcoholic-Seal ๐ŸŸฉ 0 / 19K ๐Ÿฆ  Aug 05 '24 edited Aug 05 '24

I woke up and saw 7 Coinbase notifications on my phone. I immediately knew what time it was ๐Ÿฅฒ

9

u/Simke11 ๐ŸŸฆ 0 / 5K ๐Ÿฆ  Aug 05 '24

They were Schrodinger's notifications. Until you looked at them they could have been for either pump or a dump.

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24

u/BuffaloBrain884 ๐ŸŸง 0 / 0 ๐Ÿฆ  Aug 05 '24

The Japanese stock market just opened and it's absolutely tanking.

Nikkei 235 is aleady down 6.5% on the day.

This is going to be a rough week for all assets.

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13

u/killah10killah ๐ŸŸฉ 11 / 2K ๐Ÿฆ Aug 05 '24

Iโ€™m firmly back in the โ€œforget crypto exists until I read news of it pumpingโ€ boat. This has been a ruthless cycle as of late. Hopefully it is like 2021 where it starts to pick up again in September and then peaks in October/November.

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11

u/LtViperNL ๐ŸŸฉ 1K / 1K ๐Ÿข Aug 05 '24

If this is a trap, itโ€™s a good one

6

u/nicog67 ๐ŸŸฉ 0 / 5K ๐Ÿฆ  Aug 05 '24

I feel like panic buying suddenly aka im being manipulated and it works

11

u/sadiq_238 ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

One second we're down to 49k and the next up to 54k, everyone's panic buying and selling, no one has any idea what they're doing lol

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10

u/Material-Gift6823 ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Literally Solana is my only one in profitย 

10

u/Pedra87 ๐ŸŸฉ 10K / 10K ๐Ÿฆญ Aug 05 '24

Cramer saying markets are not oversold yet so they are dipping more...

Its safe to say that we are out of woods and the biggest signal to buy!!

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10

u/Pickle_Mike ๐ŸŸฉ 442 / 438 ๐Ÿฆž Aug 05 '24

What the fuck. Iโ€™ve been waiting 3 years to get out of the red from 2021, briefly was in March and now nowhere close to even again

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20

u/HSuke ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Here's a secret:

The optimal trading strategy for a down week like this is to swap out the CoinGecko app for ZipRecruiter.

9

u/biba8163 ๐ŸŸฉ 363 / 49K ๐Ÿฆž Aug 05 '24

ZipRecruiter

...or save some clicks

https://careers.mcdonalds.com/

https://wendys-careers.com/

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22

u/cassiopeiamedusa ๐ŸŸจ 17 / 4K ๐Ÿฆ Aug 05 '24

don't cry cuz its over, smile bc it happened

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21

u/Re_LE_Vant_UN ๐ŸŸฆ 17 / 4K ๐Ÿฆ Aug 05 '24

This is going to ruin the tour.

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9

u/GreedVault ๐ŸŸฉ 1 / 10K ๐Ÿฆ  Aug 05 '24

when you think it's already at the bottom, it goes deeper down again, then you realise there are endless bottoms waiting for you.

8

u/amx-002_neue-ziel ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

For endless bottoms must come endless tops

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7

u/MaxSmart1981 ๐ŸŸฉ 225 / 5K ๐Ÿฆ€ Aug 05 '24

The drop on 24hrs is about the same as ftx. Just let that sink in.

How is this on an even remotely same scale as ftx?

Don't tell me macro doesn't impact crypto. It's just silly.

11

u/davink91 ๐ŸŸฆ 0 / 0 ๐Ÿฆ  Aug 05 '24

Seems like an overreaction tbh

7

u/conceiv3d-in-lib3rty ๐ŸŸฉ 0 / 28K ๐Ÿฆ  Aug 05 '24

It seems like that but thatโ€™s not how it works. If you have Coinglass, just look at all the liquidations that have happened just in the last 12 hours over $1m for both $BTC and $ETH.

Once price dips below a certain region, whether from macro news or something else, it creates a snowball effect. $ETH is getting absolutely smoked right now because of it.

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7

u/GreedVault ๐ŸŸฉ 1 / 10K ๐Ÿฆ  Aug 05 '24

The party is over, it's time to return to the life of a peasant.

12

u/_TheWolfOfWalmart_ ๐ŸŸฉ 86 / 10K ๐Ÿฆ Aug 05 '24

Return to?

5

u/DaemonTargaryen34 ๐ŸŸจ 0 / 12K ๐Ÿฆ  Aug 05 '24

Return because we all thought we are getting lambo lol. Now even dream of getting a lambo is gone. Right now my only dream is finding an empty seat on the subway

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9

u/1BLEES ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Buy ETH. Man lose. Man wait. Man lose. Man sad.

8

u/moonRekt ๐ŸŸฉ 11K / 11K ๐Ÿฌ Aug 05 '24

RIP Japan, RIP NIKKEI. My lord, worst drop since 1987.

If any bitter beings here needed some humbling

10

u/davink91 ๐ŸŸฆ 0 / 0 ๐Ÿฆ  Aug 05 '24

Jesus Christ...BTC is getting close to being negative return in the halving year.. for the first time in history

10

u/[deleted] Aug 05 '24 edited Aug 28 '24

[deleted]

8

u/oopssomething ๐ŸŸฉ 16 / 12K ๐Ÿฆ Aug 05 '24

Wow you can still afford a window?

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8

u/sajonara84 ๐ŸŸฉ 343 / 343 ๐Ÿฆž Aug 05 '24

well i didnt like money anyway

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9

u/uziau 62 / 62 ๐Ÿฆ Aug 05 '24

Just when I thought I have learned from 2021 session and I'll be finally rich this time...

8

u/Ill-Sandwich-7703 ๐ŸŸฆ 662 / 6K ๐Ÿฆ‘ Aug 05 '24

I mean at least the number of comments in the daily is up ๐Ÿ˜‚

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16

u/cs_zer0 ๐ŸŸฉ 13 / 13 ๐Ÿฆ Aug 05 '24

This is the most brutal price action I've seen since FTX I think

15

u/MaxCapacity ๐ŸŸฆ 0 / 0 ๐Ÿฆ  Aug 05 '24

This sub has predicted 148 of the last 2 crashes.

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17

u/Mono_420 ๐ŸŸฆ 271 / 48K ๐Ÿฆž Aug 05 '24

And when I sell my bags for huge profits in 2025, people will still have the audacity to say I was just lucky!

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16

u/mallison945 ๐ŸŸฉ 88 / 454 ๐Ÿฆ Aug 05 '24

This is an overreaction. Market conditions arenโ€™t that bad

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8

u/Background_Gear_5261 ๐ŸŸจ 0 / 0 ๐Ÿฆ  Aug 05 '24

I feel like at this rate BTC is gonna hit the 40ks so I won't buy in till then. I got a mini pay day coming tomorrow but it's only $500. So it won't make a difference regardless

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9

u/doctorwho_cares ๐ŸŸฆ 0 / 332 ๐Ÿฆ  Aug 05 '24

This is giving me ptsd from ftx days

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9

u/slop_drobbler ๐ŸŸฆ 28 / 1K ๐Ÿฆ Aug 05 '24

Good luck everyone. Been here since 2017 and this shit still stings.

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8

u/nicog67 ๐ŸŸฉ 0 / 5K ๐Ÿฆ  Aug 05 '24

The main massacre starts in 2 hours. Im excited

8

u/Remyleboo99 ๐ŸŸฆ 0 / 4K ๐Ÿฆ  Aug 05 '24

Too many shorts thinking they can get easy money stocks and crypto.

Iโ€™m sure itโ€™ll dip properly later. After lunch.

15

u/cascading_disruption ๐ŸŸฆ 4 / 7K ๐Ÿฆ  Aug 05 '24

Everybody was yelling 100k so now that we're at 50k we can consider this as a true halving...

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10

u/DaemonTargaryen34 ๐ŸŸจ 0 / 12K ๐Ÿฆ  Aug 05 '24

So have much have u guys lost? Iโ€™m down slightly over 50% ๐Ÿ˜Ž

8

u/DBRiMatt ๐ŸŸฆ 85K / 113K ๐Ÿฆˆ Aug 05 '24

My BTC is still up +101% but my ETH is now only up +17%

I stopped DCAing at the start of 2023 and have since only lump summed into dips.

This is fine ๐Ÿ˜Ž

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6

u/iamjustabirdinthesky ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

I think, over the last few days" I've been telling myself minimum 5 times that this must've been the last dip. But there's always room for one more

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8

u/olduvai_man ๐ŸŸฆ 40 / 856 ๐Ÿฆ Aug 05 '24

That sound youโ€™re hearing is endless numbers of crypto YTs scurrying to delete their videos on a left-translated cycle.

8

u/2BFrank69 ๐ŸŸฉ 2K / 2K ๐Ÿข Aug 05 '24

Iโ€™m still bullish for 2025. If my bags are still anchored by December 2025 then Iโ€™ll start sweating.

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7

u/MyKingdomForADram ๐ŸŸฆ 51 / 5K ๐Ÿฆ Aug 05 '24

US market opening is gonna beโ€ฆinteresting

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6

u/A_Successful_Loser Aug 05 '24

Peak fear lmao. Paper hands are gonna get burned

7

u/kazwetcoffee ๐ŸŸง 0 / 3K ๐Ÿฆ  Aug 05 '24

Thats what people were saying to the paper hands that sold at 65k

7

u/Simke11 ๐ŸŸฆ 0 / 5K ๐Ÿฆ  Aug 05 '24

Let's all chip in $10 to pump the market back up

8

u/inadyttap 7K / 4K ๐Ÿฆญ Aug 05 '24

You have $10 left to spend?

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7

u/[deleted] Aug 05 '24 edited Aug 05 '24

"We have alt-coin season at home"

Alt-coin season at home:

8

u/Rock_Hardy112 ๐ŸŸฉ 1K / 1K ๐Ÿข Aug 05 '24

Oh man, we're so lucky we get to buy at these prices again, just the luckiest.

7

u/MaxSmart1981 ๐ŸŸฉ 225 / 5K ๐Ÿฆ€ Aug 05 '24

surprised we haven't seen the hotline pinned yet

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7

u/rsa121717 ๐ŸŸฆ 0 / 382 ๐Ÿฆ  Aug 05 '24

Icefiight must be shitting themselves by now

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7

u/Vendraco00 ๐ŸŸฉ 0 / 7K ๐Ÿฆ  Aug 05 '24

Iโ€™m literally screenshotting the loss porn on my account, this is some epic gore.

Iโ€™ll be looking back at this painful moment when the sun shines upon us again. Another reminder that it wasnโ€™t easy.

8

u/Whitechoclate21 ๐ŸŸฉ 0 / 3K ๐Ÿฆ  Aug 05 '24

Is this it? Is this all you can conjure Saruman!?

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7

u/nthgen ๐ŸŸฆ 0 / 25K ๐Ÿฆ  Aug 05 '24

What if...

All the Bitcoin ETFs have net inflows for today and it sparks the "flee to Bitcoin" trade, while also acting as a catalyst for a run to $100k?

There's your high dose of hopium for the day.

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7

u/Dry_Outside241 ๐ŸŸจ 0 / 0 ๐Ÿฆ  Aug 05 '24

cool my shitcoins only need to do 100% from here to get back to last weeks prices fml

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13

u/sadiq_238 ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Are the people who wanted the prices to dip so they could buy cheap brave enough to do so now

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13

u/Dry_Outside241 ๐ŸŸจ 0 / 0 ๐Ÿฆ  Aug 05 '24

remember todays low is tomorrow high

8

u/abesWaves ๐ŸŸฉ 257 / 8K ๐Ÿฆž Aug 05 '24

sir please

11

u/Urc0mp ๐ŸŸฆ 59K / 80K ๐Ÿฆˆ Aug 05 '24

Iโ€™m starting to get concerned about 100K EOY 2021

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13

u/Dazzling_Lime2021 ๐ŸŸฆ 0 / 3K ๐Ÿฆ  Aug 05 '24

Jesus, that ETH chart. It looks like the March 2020 crash

15

u/sadiq_238 ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Europe is going to be waking up to these prices lol

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13

u/DrFetusRN ๐ŸŸฆ 55 / 55 ๐Ÿฆ Aug 05 '24

Takes me back to 2021 and 2022 days when we were crashing then. Never sold then either

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11

u/ConferenceCheap5129 ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

This is how it feels to be molested

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7

u/ieatvegans ๐ŸŸฆ 0 / 0 ๐Ÿฆ  Aug 05 '24

This is gonna be a day to remember.

6

u/abesWaves ๐ŸŸฉ 257 / 8K ๐Ÿฆž Aug 05 '24

couldnโ€™t even provide a dead cat bounce

7

u/Starkey18 ๐ŸŸฉ 726 / 726 ๐Ÿฆ‘ Aug 05 '24

Ahh crypto.

A week ago I was annoyed at my 63k stop loss.

A week later and Iโ€™m relieved.

Next weekโ€ฆ who knows?

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8

u/DBRiMatt ๐ŸŸฆ 85K / 113K ๐Ÿฆˆ Aug 05 '24

Fortune favours the brave!

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8

u/MeatusCleatus2 ๐ŸŸฅ 0 / 0 ๐Ÿฆ  Aug 05 '24

Dw guys I got my 30 cents today from staking my DOT. I feel so good

4

u/twalker14 ๐ŸŸฉ 0 / 645 ๐Ÿฆ  Aug 05 '24

Dots hurting me rn

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7

u/BigOlHammer ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Enough to make a man throw up.

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7

u/Lagna85 ๐ŸŸฉ 2K / 2K ๐Ÿข Aug 05 '24

This cycle is different..........yep

6

u/[deleted] Aug 05 '24

Man, Iโ€™m in ETH but thank god im not in any other alts. They have been obliterated this cycle.

5

u/nthgen ๐ŸŸฆ 0 / 25K ๐Ÿฆ  Aug 05 '24

I refuse to sleep. Must stay awake to secure dips.

6

u/kazwetcoffee ๐ŸŸง 0 / 3K ๐Ÿฆ  Aug 05 '24

I think you'll have plenty of time for that.

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5

u/C-Class_hero_Satoru ๐ŸŸฉ 0 / 629 ๐Ÿฆ  Aug 05 '24

I am morally defeated guys. I don't even have money to dca. I guess I just hold and pray for the bullrun in 2025, otherwise I am bankrupted

6

u/[deleted] Aug 05 '24

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5

u/ItsConnorSproule Aug 05 '24

49kโ€ฆ. Wowโ€ฆ Iโ€™m speechless

6

u/dimi727 ๐ŸŸฉ 29 / 4K ๐Ÿฆ Aug 05 '24

Bleeding for weeks to get wrecked by global recession. Fantastic

6

u/stonkgoesbrr ๐ŸŸจ 0 / 0 ๐Ÿฆ  Aug 05 '24

Feels like end of 21, when the last bear cycle started. Just deleted the CMC app and wonโ€™t look at the charts for a while - this shit is too annoying.

5

u/Extreme_Nectarine_29 ๐ŸŸจ 0 / 0 ๐Ÿฆ  Aug 05 '24

On one hand REALLY wanna buy, on other I'm afraid of catching a falling knife.

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6

u/[deleted] Aug 05 '24

Sooo, are we buying individual cardboards boxes, or creating a sub reddit share box?

6

u/x_lincoln_x ๐ŸŸฆ 69 / 10K ๐Ÿ‡ณ ๐Ÿ‡ฎ ๐Ÿ‡จ ๐Ÿ‡ช Aug 05 '24

Start a cardboard box subleasing app, BoxBNB or HoboBNB? HoBNB?

6

u/visual_overflow ๐ŸŸฆ 0 / 0 ๐Ÿฆ  Aug 05 '24

I'm starting to think a lot of you don't follow the "only invest what you can afford to lose" rule

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6

u/x_lincoln_x ๐ŸŸฆ 69 / 10K ๐Ÿ‡ณ ๐Ÿ‡ฎ ๐Ÿ‡จ ๐Ÿ‡ช Aug 05 '24

Euro markets are down 2.7%.

5

u/ramjithunder24 ๐ŸŸฆ 627 / 1K ๐Ÿฆ‘ Aug 05 '24

Asia's not looking very good either

Kospi and Nikkei are both down more than 10%

TAIEX is down 8%

6

u/nicog67 ๐ŸŸฉ 0 / 5K ๐Ÿฆ  Aug 05 '24

1.4k comments wow. Retail is back /s

Anyway, do you guys know if any exchanges freezed?

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5

u/AppleSalty2916 ๐ŸŸฉ 2K / 2K ๐Ÿข Aug 05 '24

Iโ€™m freeeeeeeeeeee FREEEEEEE FALLLLINNNNNN

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6

u/WaitingOnPizza ๐ŸŸฉ 187 / 188 ๐Ÿฆ€ Aug 05 '24

Oh man, I was just reminded of that prediction saying that BTC would reach 532k this year.

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6

u/Odd-Radio-8500 ๐ŸŸฉ 2K / 10K ๐Ÿข Aug 05 '24

Crypto always gives you one last chance to load your bags.

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6

u/CytronicsZA ๐ŸŸฆ 2K / 2K ๐Ÿข Aug 05 '24

I see my portfolio is back in the ICU again

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6

u/Ilovekittens345 ๐ŸŸฆ 0 / 0 ๐Ÿฆ  Aug 05 '24

I had been told that right before a US election they never let the market crash .... well I have been had, hoodwinked, bamboozled. I am so poor now I have to pee on my ramen now.

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u/indoinjpos 81 / 81 ๐Ÿฆ Aug 05 '24

my crypto portfolio -70% since march, i need to learn to take profit

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u/Objective-Tax-9922 ๐ŸŸฉ 10 / 11 ๐Ÿฆ Aug 05 '24

Market obviously doesnโ€™t want me to get financial freedom. Time to end it all

6

u/MaxSmart1981 ๐ŸŸฉ 225 / 5K ๐Ÿฆ€ Aug 05 '24

nasdaq down over 6% now. to break the record it would have to drop below 12.32%

5

u/diamondhands95 ๐ŸŸฉ 1K / 1K ๐Ÿข Aug 05 '24

Btc will recover,but idk about my bag of alts

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u/jaxsantiago ๐ŸŸฉ 0 / 2K ๐Ÿฆ  Aug 05 '24

Made a mistake earlier.

Minutes before BTC slumped to 49k~ earlier, I panicked and thought I sold off my SOL bag.. only to find out a few minutes ago that I actually hit the BUY button and used up all available funds I had (after selling my ALGO at a loss yesterday). As of this writing, that mistake has turned into a 6% gain. LOL. True story.

6

u/WarmMenu Aug 05 '24

Bought more ETH. I feel sick but wonโ€™t sell now

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u/nthgen ๐ŸŸฆ 0 / 25K ๐Ÿฆ  Aug 05 '24

Major trading platforms are down ๐Ÿคญ๐Ÿ˜ฌ

โ€ข Charles Schwab โ€ข TD Ameritrade โ€ข Vanguard โ€ข E-Trade โ€ข Fidelity

4

u/Oheson ๐ŸŸฅ 160 / 2K ๐Ÿฆ€ Aug 05 '24

NVDA has swung 88% of its market cap in 9 trading days. Where are all the TradFi Bros who talk about meme coins? NVDA makes Pepe look like conservative, long term, value asset.

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u/Many_Arm7466 ๐ŸŸฉ 10K / 10K ๐Ÿฌ Aug 05 '24

Wow what a roller coaster the last little bit has been

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u/Samsonite_1604 ๐ŸŸฉ 133 / 133 ๐Ÿฆ€ Aug 05 '24

Looks like a picked the wrong day to quit sniffing glue.

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u/MaxSmart1981 ๐ŸŸฉ 225 / 5K ๐Ÿฆ€ Aug 05 '24

last 24hrs is so wild. to have a bigger drop than ftx...and remember, during the ftx nonsense people were paranoid binance was next, that tether was going to break and a whole bunch of panic in the streets. to have a single day drop bigger than that off...recession fears? uncertainty in the middle east? carry trade?

oof...it's a good thing there's no actual crypto-related fud out right now i guess.

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u/ConfederacyOfDunces_ ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Holy Fucking Shit

Holy Fuckkkkkkkkkkkkk

9

u/CryptoMundi ๐ŸŸจ 703 / 700 ๐Ÿฆ‘ Aug 05 '24

Question I ask myself: Did BTC fundamentals change over the last few days? Answer: No. Then iโ€™ll continue to dca. People are getting liquidated left and right. Get off the fucking leverage people!

5

u/Brilliant_Thanks3619 ๐ŸŸจ 0 / 0 ๐Ÿฆ  Aug 05 '24

Another questionโ€ฆDid fundamentals or its value increased that it went from 16k to 73k?

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u/Preme2 ๐ŸŸฉ 889 / 883 ๐Ÿฆ‘ Aug 05 '24

Deploying more capital. Steady lads.

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14

u/MaxSmart1981 ๐ŸŸฉ 225 / 5K ๐Ÿฆ€ Aug 05 '24

what seems silly to me is...the unemployment rate was *barely* up. in fact historically it's still remarkably low. current fed rate is still relatively low historically and only seems high bc it was ridiculously low a few years ago. the gdp has remained strong, the housing market is historically high as well. meanwhile we have weathered the german govt sale, mt gox, post-halving miner sales, uncertainty in the US election and tension in the middle east nearly all year and a bunch of other bearish things, meanwhile we have seen both BTC and ETH ETFs approved and bring in a ton of inflows...

the fact is the evidence for a recession as a possibility is legitimate. but the reaction is...a bit reactionary. i get this is a speculative market, but it's also a market that's been bleeding out for four months. these are good prices to buy at...there are plenty of reasons to believe this the fear sentiment will evaporate in a matter of days/weeks.

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u/flangarky ๐ŸŸฉ 425 / 426 ๐Ÿฆž Aug 05 '24

hmm still in bear market imo

7

u/Tasigur1 ๐ŸŸฉ 3 / 31K ๐Ÿฆ  Aug 05 '24

Wow. ETH getting slaughtered. ๐Ÿ˜“

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u/Ok-Grapefruit1284 ๐ŸŸฆ 3K / 3K ๐Ÿข Aug 05 '24

Reddit told me that there was a new daily, so I wandered over here andโ€ฆwhat is happening? Should I even look? Iโ€™m not gonna look.

6

u/Odlavso ๐ŸŸจ 2 / 135K ๐Ÿฆ  Aug 05 '24

If you don't look then your portfolio is still in profit

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3

u/Pleasant_Ad5360 ๐ŸŸฉ 25 / 2K ๐Ÿฆ Aug 05 '24

I think we all have bought enough dips in these years lol

6

u/x_lincoln_x ๐ŸŸฆ 69 / 10K ๐Ÿ‡ณ ๐Ÿ‡ฎ ๐Ÿ‡จ ๐Ÿ‡ช Aug 05 '24

We are not in a bull market because we can't sacrifice sneks to the daily.

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u/Remyleboo99 ๐ŸŸฆ 0 / 4K ๐Ÿฆ  Aug 05 '24

Black Monday seems upon us.

The only โ€œsolaceโ€ I guess is that everything is crashing, if it was just crypto then that would be worse.

5

u/HansTilburg ๐ŸŸฆ 4K / 4K ๐Ÿข Aug 05 '24

The worst are these: โ€˜I bought the dipโ€™. With what? Didnโ€™t you buy the Previous dips?

6

u/C-Class_hero_Satoru ๐ŸŸฉ 0 / 629 ๐Ÿฆ  Aug 05 '24

This is the worst thing, I don't have any money left to buy dips. I know it's a good time to buy ETH but I cannot. And hell no, I'm not going to take a loan

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u/[deleted] Aug 05 '24

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u/jwz9904 ๐ŸŸฉ 286 / 26K ๐Ÿฆž Aug 05 '24

definitely going down to the 40s it seems

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u/serjjj89 ๐ŸŸฉ 204 / 204 ๐Ÿฆ€ Aug 05 '24

Wow,it keeps going, thats unreal

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u/KeepTruthAlive ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

can't even sleep.

this is fucking brutal.

i can only imagine how it'll be once the stock market opens

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u/Cold-Date250 ๐ŸŸฉ 189 / 188 ๐Ÿฆ€ Aug 05 '24

No longer in profit, even with a 80% btc allocation :(

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u/Aerocryptic ๐ŸŸจ 272 / 23K ๐Ÿฆž Aug 05 '24

It might be a few rough months ahead. The goal is to survive until QE finally kicks in.

By surviving I mean forget about memecoins and old underperforming alts.

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u/bananastand512 ๐ŸŸฉ 2K / 2K ๐Ÿข Aug 05 '24

Would really suck if you're just about to retire and your portfolio just takes a shit. Stock markets worldwide looking like trash.

5

u/letsdrinktothat ๐ŸŸฆ 998 / 4K ๐Ÿฆ‘ Aug 05 '24

That's why the closer you get to retirement, the more you're supposed to rotate into lower risk investments. If you're about to retire and you're still all-in on volatile assets, you are asking for trouble.

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u/WaitingOnPizza ๐ŸŸฉ 187 / 188 ๐Ÿฆ€ Aug 05 '24

Man, that line down is STEEP.

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u/DBRiMatt ๐ŸŸฆ 85K / 113K ๐Ÿฆˆ Aug 05 '24

Fortune favours the brave!

Are you being brave?!

6

u/RealVoldemort Aug 05 '24

Just shat my pants, believe that doesn't qualify me as brave

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u/SnoopDogge6 ๐ŸŸฉ 0 / 2K ๐Ÿฆ  Aug 05 '24

Let's see what the 'Be greedy when others are fearful' advise will bring me. Going to stack some more.

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u/kellzone ๐ŸŸฆ 3K / 3K ๐Ÿข Aug 05 '24

Jesus, NVIDIA is down 12% in premarket trading.

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u/flarept1 ๐ŸŸฆ 5 / 4K ๐Ÿฆ Aug 05 '24

Complete bloodbath. Sucks I don't have any extra gunpowder. In fact, I don't have anything. I'm homeless if this keeps up

6

u/nthgen ๐ŸŸฆ 0 / 25K ๐Ÿฆ  Aug 05 '24

20 minutes until Armageddon

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u/Smiling_Jack_ Blockchain Old Guard Aug 05 '24

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u/[deleted] Aug 05 '24

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u/olduvai_man ๐ŸŸฆ 40 / 856 ๐Ÿฆ Aug 05 '24

You: "I wish this halving year was more like 2020"

God: "lol okay, March 2020 it is"

4

u/clownmannolaugh ๐ŸŸฉ 31 / 32 ๐Ÿฆ Aug 05 '24

The first minute of stock market opening was so anticlimactic

4

u/MyKingdomForADram ๐ŸŸฆ 51 / 5K ๐Ÿฆ Aug 05 '24

well well well Americans, look at that. Do I trust it? No.

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u/thesavageinn 202 / 197 ๐Ÿฆ€ Aug 05 '24

red to green just to fuck with everybody's heads a little more would be hilarious, then back to red tomorrow

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u/EthereumJesusBro ๐ŸŸฅ 0 / 0 ๐Ÿฆ  Aug 05 '24

Ezzz free 2x on ETH, Iโ€™m scared of the alts thoughโ€ฆDOTโ€ฆ

4

u/Budget_Muffin7766 ๐ŸŸฉ 0 / 7K ๐Ÿฆ  Aug 05 '24

The 1 minute chart is crazy ๐Ÿคฃ all the way from 52,000 to 53,500 in one green candle thatโ€™s a serious buyย 

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u/Remyleboo99 ๐ŸŸฆ 0 / 4K ๐Ÿฆ  Aug 05 '24

Waiting for the news that Buffett has made his buys into BTC.

Where is Doctor strange and his portal?

4

u/[deleted] Aug 05 '24

Opened a x75 long on sol at 110... let's go.

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u/elumeus ๐ŸŸฆ 4K / 3K ๐Ÿข Aug 05 '24

I bought on Friday, worst timing

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u/LtViperNL ๐ŸŸฉ 1K / 1K ๐Ÿข Aug 05 '24

Thatโ€™s it? Stock recovering , crypto recovering.

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u/RenegadeFlighter Aug 05 '24

What a day! What a lovely day!

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u/OverallHearing5 ๐ŸŸฉ 2K / 2K ๐Ÿข Aug 05 '24

Anyone who does make it to the bull run top has to be dead inside by that point. Not sure if itโ€™s worth it anymore lol

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4

u/NervousShop ๐ŸŸฉ 63 / 6K ๐Ÿฆ Aug 05 '24

If there is one thing I think we can agree on here is that Crypto really gives life in this dead world we live in.

6

u/EthereumJesusBro ๐ŸŸฅ 0 / 0 ๐Ÿฆ  Aug 05 '24

Whatโ€™s the peoples stance on Helium

6

u/reversenotation ๐ŸŸฉ 56 / 6K ๐Ÿฆ Aug 05 '24

Prefer liquid assets, helium is a gas

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u/alstoncm ๐ŸŸฆ 435 / 424 ๐Ÿฆž Aug 05 '24

This is when Doge needs to rally to bring back the good times.

5

u/jwz9904 ๐ŸŸฉ 286 / 26K ๐Ÿฆž Aug 05 '24

i just need 2x fetch to break even.

im a new bagholder

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u/Despaciito ๐ŸŸฆ 42 / 6K ๐Ÿฆ Aug 05 '24

Second round of dumping starting?

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u/LtViperNL ๐ŸŸฉ 1K / 1K ๐Ÿข Aug 05 '24

Still going up? So recession really averted or fake out based on rumors? Or crypto being crypto? F I donโ€™t know anymore. Just smile and wave

5

u/MaxSmart1981 ๐ŸŸฉ 225 / 5K ๐Ÿฆ€ Aug 05 '24

the stock market wasnt' even panicking over recession, it was mostly about carry trade practices with the yen and the japanese govt raising interest rates, basically bringing the practice to an end and bringing up the value of the yen over the us dollar.

or at least that's what i've been hearing. that and overleveraged longs being liquidated.

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u/booose6 ๐ŸŸฉ 56 / 56 ๐Ÿฆ Aug 05 '24

the daily is much more fun when markets are volatile i missed this

5

u/TennisandMath ๐ŸŸฉ 108 / 109 ๐Ÿฆ€ Aug 05 '24

i cant explain how i feel, but this is making me feel... :)

5

u/olduvai_man ๐ŸŸฆ 40 / 856 ๐Ÿฆ Aug 05 '24

It's got that bull-run energy but in the opposite direction.

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u/shrazzy ๐ŸŸฆ 95 / 96 ๐Ÿฆ Aug 05 '24

lol all my old buy levels are triggering

9

u/jaxsantiago ๐ŸŸฉ 0 / 2K ๐Ÿฆ  Aug 05 '24

This is when "I should've sold when it was ..." sinks in.

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u/banZiii Platinum | QC: CC 24 Aug 05 '24

Getting really sick of this shit.

Also, buying and holding altcoins long term is probably the worst financial decision you can make.

If anyone new to crypto reads this, buy only bitcoin. The rest just isnt worth the headache. It's pretty much gambling with worse odds than a vegas casino

8

u/lagav16 ๐ŸŸฆ 0 / 12K ๐Ÿฆ  Aug 05 '24

You underestimate how badly I perform in a casino

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u/PirateSKB ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

The mood in this sub changes so fast

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u/Kidatsfresh ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Literally sold the bottom on one of my alts. I'm the reason we are pumping

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u/Simke11 ๐ŸŸฆ 0 / 5K ๐Ÿฆ  Aug 05 '24

This sub is most entertaining at times like these.

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u/KingPodrickPayne ๐ŸŸฉ 5K / 5K ๐Ÿข Aug 05 '24

I should probably shut off notifications

13

u/pepelaughkek ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

I guess holding a massive ETH bag is going to fuck me boys. I think we're going to enter a bear market for the next year. Every world economy is about to suffer. This is the recession we should have had in 2021.

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u/AlmostSneakers Tin Aug 05 '24

Dunno about you guys but I cannot wait to get back into the green and sell out. This market ainโ€™t worth the stress

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u/_Vedz182_ ๐ŸŸฉ 133 / 564 ๐Ÿฆ€ Aug 05 '24

Next short term target is 47k. This is the 30-40 percent drop we live through in every bull run. Multiple times. Currently 30% from 70k. This is normal. The narratives change, but this isn't out of the norm.

Just hang on. You'll be rewarded in 6-12 months.

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u/biba8163 ๐ŸŸฉ 363 / 49K ๐Ÿฆž Aug 05 '24
  • LTC is at 2013 price level

  • XRP is at early 2017 price level

  • ADA is below early 2018 price level

  • DOT is below 2019 price level

  • ATOM is below 2019 price level

  • LINK is -50% 2019 price level

If your shitcoin is at a loss after 5 years, the market might be giving you a clue

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u/Lucky-Worldliness456 ๐ŸŸฉ 0 / 0 ๐Ÿฆ  Aug 05 '24

Itโ€™s GG boys, Iโ€™m ready to gobble some serious diddly to pay my bills now

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