Should I Buy Bitcoin On The Dip?
Bitcoin is Oversold, Experts Say
Photo: Twitter
Yes, cryptos took dramatic losses Monday, as global markets continued to respond to unexpectedly high inflation data released in the U.S. Friday. It is just the latest blow to financial instruments intended, in part, to hedge against inflation. And for many investors, the question of should I buy Bitcoin, and when, has suddenly taken on fresh urgency.
Inflation re-accelerated, even as wage gains slow down. Real wages on a weekly basis plunge to the most negative in data going back to 2006. pic.twitter.com/gp53tWeZjk
— Lisa Abramowicz (@lisaabramowicz1) June 10, 2022
Bitcoin dived more than 13%, to below $24,000 on Monday morning. That put the cryptocurrency 65% below its November all-time-high near $68,990. About 50% of that occurred in the first six months of the year. Ethereum, the second-largest cryptocurrency, is in an even greater tailspin. Its ETH token plummeted more than 14% Monday, and is down 75% from historic highs set in November. It is currently trading around $1,220 per token.
If you see someone being sad about bitcoin today please do not mock them. They didn’t mean it when they spent months saying “have fun staying poor” and actively attacking anyone who disagreed with them about crypto being the future. They are the real victims
— Ed Zitron (@edzitron) June 13, 2022