CNN: Bitcoin is plummeting yet again. The cryptocurrency has fallen roughly 8% over the past 24 hours, according to Coindesk, and was trading near $33,200 at 4:45 a.m. ET on Tuesday.
Other digital currencies, including ethereum and dogecoin, also fell around 8% or more.
The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars. There’s also increasing government scrutiny on cryptos in China and elsewhere.
It’s not clear what is driving the most recent downturn, but there have been a handful of recent developments that may be making investors anxious.
Musk tweeted a meme that appeared to lament the end of his relationship with the cryptocurrency, causing bitcoin’s value to sink on Friday.
A friend of mine (we’ll call him ‘Ron’), has been BEGGING me to buy crypto and bitcoin for a year. Maybe more. Because I don’t understand it AT ALL, I keep saying the same thing, ‘Dude, I’m good. I don’t buy what I don’t get.”
3 months ago, Ron borrowed 250k against his house to invest in ‘Crypto’ after putting in a pool and a 400k backyard due to his previous crypto windfall.
Let’s check on Ron’s investment over the past 30 days:
Ron won’t return my texts but I figure he’s lost at least 100k over the past 30 days due to the dive in cryptocurrency across the board. I don’t know what he bought (again, he won’t call me back) but this is the problem with made-up electronic currency no one seems to understand.
If cryptocurrency is down 40% he’s out 40% of the equity he took out of his house on top of the profit he already spent in his backyard.
We don’t see pictures of Ron or other Ron’s who lose their shirts when they over-invest in bitcoin at the exact wrong time. Had Ron not tried to retire by osmosis, and educated himself as to the volatility of the unregulated money market, he’d be fine, but NOOOO. He wanted all the stuff like those crypto bros splash all over social media. Snapchat videos and IG posts of 20-year-olds pouring Dom over their Rolex’s in Vegas look great, but for every one of those bros, there’s a Ron who loses his dick and balls by acting on Elon Musk’s Tweets with his life savings based on three emojis.
Crypto and Bitcoin are volatile because we don’t get it. If you don’t get it, don’t buy it, RON.