this post was submitted on 08 Aug 2024
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Cryptocurrency

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[–] [email protected] 32 points 3 months ago (2 children)

Because the people who touted it as a safe haven were the same ones selling it

[–] [email protected] 7 points 3 months ago (1 children)

Crypto started as a currency, but is treated like an investment. It's no wonder then it follows the direction of all investments.

[–] [email protected] 1 points 3 months ago

Monero is actually used as a day-to-day currency, which is why when Bitcoin and other currencies fall, Monero falls some, but not to nearly the same extent. As an example, the other day, Bitcoin fell 17% in one day, where Monero fell 6%. That has a lot to do with the velocity of money and the fact that Monero changes hands frequently and so it's price stays more stable.

[–] [email protected] 3 points 3 months ago* (last edited 3 months ago)

Some big institution bois took massive loans in yen and bought assets with it. Then annoying japan raised the rates! Panic sell to pay loans, because bosses told them so.

[–] [email protected] 17 points 3 months ago

Because it is the same as regular markets. Backed by nothing fuelled by speculation

[–] [email protected] 11 points 3 months ago

Crypto was once ~~touted~~ flogged as a ‘safe haven’ asset [by scammers]

In reality, crypto has always been a game of hot potato.

[–] [email protected] 2 points 3 months ago

Who ever called crypto a safe haven? Bitcoin I heard, but crypto?