There's an old adage when the market takes a hit, "sell what you can sell." Bitcoin trades 24/7. Bitcoin is tremendously resilient. It won't be long before it's back to its all time high.
Appears Wave B (of a 3 wave A/B/C correction overall) completed on Mon with final wave C now underway (3 of 5 done?):- Numbers 4 and 5 just placed off in space and below time to complete next Fri June 20th (of course maybe before or a little beyond if things go according to how normal corrections play out). TWT as well as subsequent PA.
Are you little surprised by btc price action? If this thing is a store of value why is it reacting like its not? Just want to add I appreciate your views and info you post.
Thank you for the kind words First, let me answer your question before I go on my usual tl;dr, no I am not surprised as btc has sold off in past "crises" As jbusse already explained why this happens, bitcoin trades 24/7/365 with a lot of liquidity and gets sold off when markets are closed as it's the only asset available to sell to raise cash or if liquidity is needed This is actually a very important feature of a store of value asset, one that you are able to utilize the value when you need it, in times of emergencies And last night's bitcoin selloff is one of the smallest ones, showing that bitcoin is becoming more resilient as it's being adopted by Blackrock, institutional investors, sovereign wealth funds, corporate treasuries, individuals, a true global monetary asset available in any country, any continent, any jurisdiction Last night, bitcoin was around $108k, during the height of the selloff on the news it went to around $102k and quickly bounced off to $103-104k area, and it's now close to $106k during market hours when any seller who wants to sell can sell A 3-6% selloff is not much for bitcoin... I'll use a number which is quite large, $250M of stored value in bitcoin... Bitcoin is a store of value, $250M stored in real estate, individual stock, index fund, treasuries, gold and bitcoin From my memory, let's look at crises when bitcoin had a major selloff, last night, a non-event, but the ones I listed, how would you tap the value stored if you needed to address liquidity concerns such as margin calls since the markets were closed when the news happened? Tarrifs news that had been happening for several months, bitcoin sold off from $109k all the way to $74k and bitcoin hit new ath $112k(?) last week, all of this happened within 6 months, imagine $250M stored value in bitcoin and when and at what price the bitcoin price was purchased, there was no value lost if held during the crises and value actually increased Lebanon/Hamas crisis last year, bitcoin sold off from $50k to $40k level quickly bounced off the lows happened during weekend hours when other markets were closed, again if someone needed liquidity other assets I mentioned were not available During the Covid pandemic crisis of March 2020, bitcoin lost 50% of its value and within 3 months it has recovered and was higher than before the crash Bitcoin is a store of value, a global monetary asset, trades 24/7/365,, sure we would prefer it to trade higher like gold when news breaks out, but if you were in Iran and had $250M worth of wealth and needed to sell 10% or $25M last night and bring the rest of $225M with you and your family to Dubai, how would you transfer all that gold? (paper gold etf's have jurisdiction and trust requirements, brokers and other intermediaries) I used $250M value for a reason, bitcoin trades 10's of billions of $ daily in global markets and during 2021 after Elon Mush purchased $1.8B of bitcoin, he did a proof of liquidity and sold that much and he said there were no impacts to the markets, and of course 2025 is much much larger liquidity pools around bitcoin let me end this tl;dr, as an individual, most of my family's net worth is stored in bitcoin, I do not have $250M worth but I do sleep well at night and even with news such as last night, I know I have access to liquidity immediately from bitcoin if I need it, Coinbase, Kraken, et al, do not close, and no circuit breakers, no halted markets, no reverse trades, like LME metals markets Bitcoin has collateral loan capabilities now, JP Morgan, Strike, Coinbase, and others... no need to even sell bitcoin, think of where you store your value and what facilities are available to you during a major crisis
There are all sorts of Stores of Value. Real estate, Gold, Stocks, Stock market, Silver, Diamonds, some Fiat currencies/Coins, Crypto, ETF's, Antiques, Art, Postage stamps, Watches .... but because they are a store of value doesn't give immunity to falling prices. Bitcoin since 2017 is very much correlated to Technology.