S78: Capitulation

29-June-2024 | The Purge (Ep 9)

This is Sirflex speaking, Your Host! GM everybody, i officially welcome you today's space.

THE PURGE (EP 9)

Bitcoin Statistic Today MarketCap : $1.199 trn Price : $60,248.51 Volume: $25.01 B

In today's series, I have one poll & one question for you.

Warm-Up Poll

To get things started, let's take a quick poll to gauge how you are feeling about the current state of the crypto market. Please select the option that best describes your sentiment.

Poll: How do you feel about the current state of the crypto market?

1. Bullish – This is just a phase.

2. Neutral – Holding steady.

3. Bearish – Losing faith.

4. Capitulated – I’ve given up.

Questions of the week

If everything goes to zero, will you be ok?

Capitulation

We've seen some truly interesting times in the crypto world this year. Bitcoin kicked off the year at over $42k, and even though it has faced ups and downs, comparing its price today to the beginning of 2023 when it was around $16k, it's clear that the market has performed incredibly well, achieving more than four times its value at the start of 2023.

Many other cryptocurrencies have gained recognition too. AI tokens, RWA tokens, and various Ethereum narratives have driven the total market cap of crypto beyond $3 trillion. There's a lot of optimism, especially with bold predictions from some who believe Bitcoin could hit a high of $300k.

But let's be honest—the market has been stagnant for a noticeable period now. As investors, how are you feeling? Are you growing tired, or are you holding onto your optimism?

are we near or are we in capitulation?

Remember the rules

1. Engage the polls, engage the comment section, and show reactions so we can all have a wonderful experience today.

2. Today's series is sponsored by SIRFITECH,

Some key point to discuss today is

1. What is capitulation

2. The current events that are painting investor's panic

3. What is the impact on you

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Shall we begin?

What is capitulation

Capitulation occurs when investors, overwhelmed by prolonged negative market performance, finally decide to sell their assets, often at a loss, signaling a market bottom.

The current events that are painting investor's panic

1. The German government-labeled wallet held 50,000 BTC since February and moved out 6,500 BTC on June 19.

Is Germany selling its BTC? Arkham-tagged wallet sparks curiosityCointelegraph

1. Defunct bitcoin exchange Mt. Gox said Monday it will start to distribute assets stolen from clients in a 2014 hack in the first week of July, years after continually moving deadlines.

Mt. Gox to Begin Repayments in July; BTC Slides Under $61Kcoindesk

What is the impact on you

Comrade of the week

Conclusion

If you don’t believe me or don’t get it, I do not have the time to try to convince you, sorry! -Satoshi Nakamoto (July 2010) Price of bitcoin: $0.08