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Bitcoin Price Drops Below 59K As Institutions Suddenly Realize Stablecoin Fad Is Actually Just A Ponzi Scheme To Inflate The Value Of Their Other Investments

BitcoinDeFiEthereum 49 Barry Thompson August 13, 2024

An illustration of a falling arrow piercing through an inflated balloon with a red X marked on its surface; below is a graph showing a sharp decline and above are scattered stablecoins (USDT) being swept away from their designated place into unknown territories. In the background, Bitcoin's price chart shows it dropping below $60K mark while institutions' inflows of stablecoin to exchanges dwindle. A faint image of an ETF can be seen in the distance with a red minus sign above its entrance indicating negative outflows;

The plot thickens! Another day, another drop in Bitcoin’s value because institutions have stopped buying stablecoins like they’re going out of style (which, spoiler alert, they probably are). It seems that even these big players can’t stomach the thought of throwing more money at a currency with no inherent value. I mean, who needs actual worth when you’ve got numbers on a computer created from thin air? The Bitcoin price is now below $60K because institutions have stopped buying stablecoins like Tether (USDT), which has been minting over $1 billion in new coins to prop up the market. Because what’s more fun than printing money out of thin air and calling it “stable”?

Source: cointelegraph

Bitcoin price drops below $59K as institutions stop buying stablecoins
https://cointelegraph.com/news/bitcoin-price-drops-below-59k-institutional-stablecoin-pause
Institutional investors have halted their accumulation of stablecoins over the past two days, causing Bitcoin’s price to drop below a key psychological level. During the past 24 hours, the Bitcoin (BTC) price fell 3.9% to trade at $58,930 as of 08:03 am UTC on Aug. 12, falling from a weekly high of $62,510. The drop below the $60,000 mark was likely caused by institutions stopping their stablecoin buying frenzy, according […]

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About the author

Barry Thompson

Barry’s crypto nightmare began when he bought Bitcoin at $3, thinking he’d stumbled upon the financial opportunity of a lifetime. He sold his stash at $100, only to watch in dismay as Bitcoin soared to absurd heights. Now, Barry channels his rage into scathing articles about the crypto circus, seething with resentment at the digital gold rush he barely missed. His motto: “I sold out at $100, but the joke’s on me because the real joke was believing in this absurd circus.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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