Bitcoin Hits Lowest Month Since The 2022 Crypto Crash, Are We So Over?

Yes. Yes we are.

They’re calling it the worst month for Bitcoin since ‘22 when there was that big crypto crash, but I disagree. I think the worst month for crypto was January 1867 because back then, crypto didn’t even exist, which is a lot worse.

But back to the present: investors just pulled $3.5 billion for American Bitcoin and BTC dipped to $80,000 on Friday, the lowest it’s been since it was previously at $80,000.

Sad times friends, sad times.

Looks like it’s time to cash out boys, put the Lambo on ice, delete all those HODL memes from your phone, put the barrel between your teeth, spit, and rinse.

But maybe there’s hope. At times like these I start to wonder what the senior EFT analyst at Bloomberg Intelligence, Rebecca Sin, is saying. 

“We could continue to see more outflows as markets continue to drop and volatility picks up, especially with where gold is trading at the moment.”

Oh, OK, thanks, Rebecca, I’m turning back to the gun now, I think.

Bitcoin? More like, Thanos-Blipped-Coin

It’s not a good time, I mean just a week ago we saw a trillion dollars lopped off the crypto market sending shockwaves that hurt even Donald Trump.

Here’s what I wrote on that, in case you missed it:

Crypto investors just pulled $1.1 trillion dollars in money from the crypto market over the weekend and Bitcoin has fallen to below $90,000 per coin, suggesting that the Trump crypto boom might be over.

The drop has completely erased all previous gains the currency made this year, tanking 28% in just six weeks, losing $600 billion, even after it’s record high in October.

Also, stock in Coinbase (COIN) (ooh, that’s a good ticker, they were lucky to get that one) is down 7%, reflecting just general bad vibes overall.

It’s a bear market, which is industry speak for: the cupboards are bare, there’s no more money.

But the big question is why? Why the sudden drop?

Well, like all things stock-related, it’s all about vibes, and currently, the vibes are not good. You see, crypto, bitcoin, and even AI are volatile assets and when there’s even a whiff of uncertainty in the markets, all these assets tend to crash.

And well, we’ve been given a triple whammy of uncertainty over the last few days: Nvidia have a big earnings call coming up that should set the tone for the economy going forward but until then we don’t know so might as well panic.

On top of that, people still don’t know if the Fed will cut interest rates (but do they ever?) exacerbated by the refusal to release October’s job and interest rate data because of the government shut down.

And THEN the third and final reason bitcoin rates are down is that u/stroking_greencandles said it would crash on Reddit and if that ain’t a recession indicator I don’t know what is.

Trump and Dump

Mr. President also lost out big because the Trump Media & Technology Group (DJT, no relation) just tumbled like, 5% which I know doesn’t sound like a lot but if you’re an up-to-speed finance bro like me you’ll know that that is actually a lot.

It’s all because of crypto and bitcoin being down across the board and, though he might not look it, Trump’s one of the world’s biggest investors in crypto, bitco, and crypcoins of all varieties, buying $2 million in bitcoin back in August.

Now that BTC’s dipped below $90,000 all of this year’s extraordinary gains are gone and it looks like our very own Mr. President is left holding the bag.

Yes, this is what happens when you tie your wealth to unstable assets. But Trump isn’t ‘you’ and ironically, this financial quagmire is his own making. You see, being unstable assets, cryptos often get bought when they are in a position to take risks, ie, other markets are stable. But when the economy is uncertain, people are less likely to take risks on things like ‘fartcoin’.

Trump in theory, has some power over the stability of the economy and his big bet on bitcoin was a bet on himself. A bet that currently isn’t paying off.

Trump’s government shutdown led to unreleased inflation figures and a market downturn, something that he only has himself to blame for. Sorry, I meant the democrats, it’s the democrats’ fault…

DJT also owns Truth Social by the way so who knows maybe there’s a silver lining to this mess and Trump might be forced to shutter the unusable metal roof ad website, sorry, ‘social media platform’.

So in the coming months, if you see Trump either double down on this crypto bet and announce an Eric Trump NFT collection, you’ll know why.

Or if you see him ditch all his crypto and decide it was a load of trash in the first place, you’ll know why for that scenario as well.

Basically if he does anything, you’ll know why.

WHAT I’M SAYING is that reading this article has made you clairvoyant and you should now go out into the world and use your powers for good.