The Bitcoin and Crypto Market Pullback
Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike rates
Bitcoin price slipped below $44,000 shortly after notes from the Federal Reserve’s December FOMC session re-confirmed plans to get the balance sheet under control.
Sometimes the market dump solely for one apparent reason, but today feels like a combination of factors. Here is something else to read.
Bitcoin mining pool hashrates fall amid Kazakhstan internet shutdown
I’m sure there are a dozen other factors.
Keep in mind something generally people find so attractive about crypto is the way the price moves so quickly in the upward position. And yes there will always be volatility but it will decrease as mass adoption comes into play. With that being said there will always be days like this. Zoom out we have come a long way!
If crypto was more spendable I think the price would hold more confidence. Intercoin fixes this.
What goes up must come down and vice versa in the crypto market. I agree with you that there will always be volatility. Mass adoption will play a huge role in the future and Intercoin community coins got it covered. It is scary to think the government can shutdown the internet so quickly when so many people use it to make money to feed their families and everyday expenses. This needs to change and the time is now! I feel so sad for Kazakhstan Are they going to reimburse the people that are losing money working from home and have no internet? No. This is why Intercoin is so important. If they had small community coins without the government controlling when and how they make their money and incorporating a UBI plan for instances like this they would have more confidence and be able to hold their households down without the need to rely on governments restricting them from making money.
The revolution starts with Intercoin.
Alisha, even this situation would require a functioning Internet - the way to keep operating would be to also have a secondary mesh network operating - this is what some people in the SAFE Network development are planning to do. The mesh could operate from P2P connections from small devices like phones and would bypass the large fibre backbones that governments can control.
I prefer to take a macro look at the market and ignore all the noise as it has acted in a fairly predictable manner so far. Everything points to Bitcoin having gone bear after hitting nearly 70k reaching a full extension, on the south side of all the daily and 50 week moving averages. A sub 15k BTC is on the cards for this year. I’d like to be wrong but I see the “this times it’s different” narrative is back out again (it hasn’t been yet) and I believe this is to reel in retail buying tops, again.
On the plus side though it should mean the alts pop off as BTC retraces
There’s also Apollo that can enable p2p payments on a non smart phone via sms. People will always find a way, I read in some parts of Africa phone mobile minutes are used as a means of payment, another example of a local currency.