What moment did you realize the crypto market makes no sense? For me this was exactly one year ago, when Russia invaded Ukraine, as Bitcoin ended the day green and continued to pump 33%
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Today marks the unfortunate 1 year anniversary of the invasion of Ukraine by Russia. Similar to the 9/11 attack, I remember the day of the invasion very well, as I was shocked that a large war had broken out on ‘my’ continent.
But there’s another reason why I remember this day very well. As a true degenerate, I remember staring at the crypto chart with despair and surprise. The order of events:
(1) Bitcoin dumped HARD when the invasion started, losing 13% ($39K –> $34K). I was asking myself, what do I do – should I sell? I decided to hold, because in general, after a signifcant event, the stock market shows positive returns the following year. Narrator: he was wrong. The daily comments looked like this:
(2) Suddenly, Bitcoin started pumping harder than it had dumped. It went up by 15% ($34K –> $39K). The day ended green with a large with to the bottom. I could not believe it. Why did we rally on a day of a major war?!
(3) After that, Bitcoin continued to pump 32% off the war low to $45K within a week. Large scale war? Didnt matter. Inflation? Didnt matter. Incoming supply issues? Same. That week, for crypto, was glorious. And it made zero sense.
A visual summary of the three events (dump –> pump –> continued pump)
When did you realize the markets make no sense?
submitted by /u/Beyonderr
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