$35(ish) k USD. now theres a dip i can get behind.
usually my buys are pretty well set up in advance (ladders, dca) with a small amount of "impulse" buys or sells here and there. but this? NICE! i shuffled some stuff around to free up some fiat and bought a good chunk o cheap corn. and still have some stuff i can dump for more btc if the dip keeps going.
Which it very well may, but I think it won't be down at these levels for as long as it was in the summer. Various indicators are starting to signal a policy error by the Fed, it won't be long before they start to reverse the jawboning.
If the past is any indicator, I think the Fed will do one superficial rate hike, likely 25 bp or so. The stonk market is already pricing this in.
Of course, the market will scary dip again on the news and the MSM will panic, and then the market will recover somewhat. The Fed will be mum after that, but completely pause on any further rate hikes when they come due this year. As they always do. This is a game that they play for the public, and you can almost set your watch to it.
Make no mistake though, the stonk market will be UP by the end of the year. It cannot afford NOT to be, and the Fed knows this. We haven't seen a down year in over a decade.
Yep, the market can't stay down as it backs up too much debt. Debt can't decrease, because if it does the monetary supply shrinks, then we get deflation. If deflation, then debt becomes a massive burden and causes destruction of more debt, through bankruptcies and paying down of debt, further decreasing the money supply. And if that happens the Great Depression will look like a walk in the park. The Fed knows this, and the whole point of this system is to avoid that very situation.
The money supply must continue to expand (money can only be created via newly issued debt) and if the economy can't do that by itself, the Fed will help out. End of story.
Edit: In addition to all that, I know we don't like inflation here because it robs the income earners. But deflation isn't good either, in the later 1800s the gold standard was acting as a deflationary force during the highly expanding economy at the time. Deflationary money supply was punishing those who had debt, and a lot of those people back then were the farmers and working rural folk. The populist politcal movement was born of these times, and they strongly wanted something more inflationary. My point is the Fed knows this, they know what deflation means to the debt holders (everyone these days) so they won't let it happen. To do so, with so much discontent right now, would seriously threaten the modern structure of our society and government.