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i wonder what caused this. did the bitcoin people finally figure it out?
Bitcoin seems to have these hype cycles where it spikes and then crashes. I kinda doubt it is tied to anything else that much. Basically, it requires new buyers to push it to new highs. To get new buyers, you need to have hype. When you run out of new buyers, it tanks. Then people start a new hype cycle once the price gets low enough.
So it’s a ponzi scheme
more buyers is one way to push the price up, the other is fewer sellers. maybe anyone that’s going to see through it already has
Sure, but if the price isn’t increasing, people get bored or nervous and sell. People are also tempted to sell when it hits new highs.
