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Comment by leereeves | Hacker News Reader

The crash happened more than a week ago.

What was the crypto market worth three months ago?

~$3T according to this article https://www.msn.com/en-us/money/markets/a-rally-in-bitcoin-a...

A person would think that a system whose purpose is to count would have a better understanding of $1T vs $2T vs $3T. The reason for that discrepancy is that crypto is not about the proper count of dollars.

Better yet, on 9 November 2021 (BTC's all-time high), the crypto market cap was closer to ~$2T:

https://coinmarketcap.com/historical/20211109/

Trading volume for Tether alone on that day was ~$93B, greater than the ENTIRE market's volume today ($89B).

you are surprised that people will cash out after highs?

You can't tell the difference between a slight decrease in asset prices due to taking profits, and a 60% crash?

crypto is very much alive so id say its a correction and not a crash

https://www.livecoinwatch.com/crypto-market-cap

it was hardly a crash. crypto market is simply huge. there is no denying this

I'll give you credit, your ability to characterize a 60% drop (so far) as "not a crash" is either pure uncut copium or the some top notch trolling.

50% or greater is not particularly unusual... even for Bitcoin. Going off some highs and immediate lows from the top Google result:

* June 2011: -99% ($32 to $0.01)

* August 2012: -56%

* April 2013: -83% ($260 to $50)

* December 2013: -50%

* December 2017-December 2018: -84% ($20,000 to $4,000)

* March 2020: -50% ($10,000 to $4,000)

* May 2021: -53% ($64,000 to $31,000)

also noteworthy is the fact that if you bought BTC in 2018 just before the crash at 20K and held you would have made some serious money even at today's "crashed" prices. however if you bought into the predominant sentiment on HN (imminent crypto collapse) and sold you would have had some serious losses

All you've proven is that Bitcoin crashes a lot.

This is not a surprise to anyone.

Liquidity is what actually matters here. Your 1t figure includes all of the celciuscoins and many other coins which can't be sold in any meaningful amount.

sure much like in company valuations liquidity is an issue. however the fact that the stable coin marketcap is worth 180B gives good liquidity to the whole ecosystem

I'm not sure why you read the numbers different than I do but your provided link shows a loss of 2/3.

And is that really a lot of money in a global sense?

it depends how you read it? do you look at the global picture. the last "crash" happened after the market reached a peak of 700B value. today the market is worth more than that even after crashing. my point is that the crypto market shows crash-resilience unlike anything else that has actually crashed

For those who bought Bitcoin at around $60K - $40K it is indeed a giant crash from its previous high which it has lost 60% of its value. It is possible that if can crash another 60% to $10K, taking the whole crypto market with it. But we'll see.

> > my point is that the crypto market shows crash-resilience unlike anything else that has actually crashed

Yes. Crypto has had many 'crashes' but it seems that it isn't going to completely go away as wrongly predicted in 2011, 2013, 2015, 2017, 2018, 2019, 2021 and now 2022.

But again, as the commenters still fail to notice, the whole market (including crypto) has crashed.

if you bought into the predominant sentiment on HN (imminent crypto collapse) in 2018 and sold you would have had some serious losses. if you held your position you would have made some serious gains

> It is possible that if can crash another 60% to $10K, taking the whole crypto market with it. But we'll see.

judging by the past week, it doesnt look like it

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