Bitcoin slumped down 4.32% to an almost one month low of $6,242.80 on the Bitfinex exchange, as of 8:25 AM ET (12:25 GMT).
Cryptocurrencies overall were lower. The coin market cap was at a nine-month low of $224 billion at the time of writing.
Some will claim they can see the patterns behind the movements, with the evidence of their expertise being that they’ve made money on their analysis. But we should be careful of the spotlight bias. Some percentage of people will succeed in any market shift, and with the benefit of hindsight, they’ll look back and proclaim it’s because of what they knew all along.
Many believe crypto should be up from where it is because they both believe in its future and they bought in with the hopes of riding a wave toward that future. The universe doesn’t care about your plans, though. Believing that crypto should be worth enough for you to buy a Lamborghini isn’t really an analysis of any kind.