-6

Buy the Dip?! US won’t back Israeli response to Iran (monero.town)

submitted 7 months ago* (last edited 7 months ago) by SummerBreeze@monero.town to c/monero@monero.town

6 comments fedilink hide all child comments

Monero is actually the quickest to rebound! Huge moves down to 108 now 120. Monero moving faster than most other altcoins and Bitcoin. XMR community is the smartest and fastest, even without as many centralized exchange listings.

Saturday night cryptocurrency markets heavily sold off on the news that Iran had striked Israel with drones. Now surprisingly markets are rebounding off the news that Biden says the US won’t back an Israeli response to Iran’s strikes.

Big News on Peace and a potential XMR trade: https://simplifiedprivacy.com/buy-dip-peace-news/

Some cypherpunks are confused as to why cryptocurrency prices are affected by war in this situation. And the answer is that Wall Street considers crypto to be a tech stock, especially after the US Bitcoin ETF. And at the highest end of the risk spectrum. Therefore, considering the traditional markets like the NASDAQ are closed, the leveraged traders short sell risk where they can in the only 24/7 market.

I am not saying their worldview is correct, I view it as a currency and not a stock. That’s why I’m saying buy the dip, and someday after more adoption, they will see it that way.

top 6 comments

sorted by: hot top controversial new old

[-] tusker@monero.town 8 points 7 months ago

Not sure why anyone would sell crypto because of this... if anything this is bullish for crypto in general.

[-] SummerBreeze@monero.town 2 points 7 months ago

It's because Bitcoin is a risk on asset that moves like the nasdaq in the eyes of wall street, and since the nasdaq is closed they short btc. This spills over to all crypto. We aren't talking about Monero Town's opinion, we're talking about gamblers on the weekend when futures markets are closed.

And the people downvoting the post are only depriving other Monero traders of learning about the news, and buying XMR or understanding the volatility.