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BARSTOOL FINANCE: Bitcoin is on sale for Father's Day

Live look at Father’s Day brunch for everyone who told their dad to buy bitcoin at $50k…

Bitcoin, Ethereum, and pretty much every other crypto went all ‘Joey Politics riding a bike’ this FDW. 

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At one point on Saturday afternoon bitcoin was trading below $18k and Ethereum had fallen below $900. That means the OG shitcoins have both lost ~⅓ of their value in the last week. As a reminder, bitcoin’s all-time high is just shy of $69k. Probably nothing.

Bitcoin has been getting its teeth kicked in for months, but falling below $20k is the stuff of crypto mouth breathers' nightmares. Some HODLers saw $20k as a “psychological support.” Translation? Grown ass men believe that if an asset (in this case, a crypto) drops below a certain round number (like, say $20k), all hell will break loose. If this sounds like astrology for people who claim to have used ‘Web3’… that’s because it is.

Of course, there are some other reasons crypto is getting put in a body bag that don’t involve healing crystals and essential oils. On Wednesday I blogged about crypto and growth stocks synchronized sinking. Crypto has largely hitched its wagon to more missionary growth assets, crumbling alongside tech stocks…

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And stonks haven't done crypto any favors. Markets had their worst day since 2020 on Thursday, further eroding confidence in anything that isn’t a rock solid, blue chip investment (read: a first edition Charizard).

Plus, on the back nine of last week shit started hitting the fan. Rumors of a Microstrategy margin call began swirling. Friendly reminder: Microstrategy and its eccentric founder, Michael Saylor, have made a huge bet on bitcoin, essentially turning the tech company into a bitcoin holding co.

Not to mention one of the largest crypto hedge funds, Three Arrows ($3B under management), is reportedly on the brink of collapse and has hired legal and financial advisor to calculate exactly how fucked it is.

These, of course, are just the most recent examples of why you should probably keep your bitcoin investing loved ones away from sharp objects. 

Earlier this week, Celsius and other crypto staking platforms halted withdrawals, while Coinbase, one of the biggest crypto brokerages cut more than 20% of its workforce, citing “crypto winter.”

But, hey, look on the bright side, if you forgot to get your dad a Father’s Day gift, bitcoin is a perfect, inexpensive last minute gift.

Want more crypto and stocks news and commentary? I write Barstool's daily finance and markets newsletter called The Water Coolest. You can subscribe now for free…

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