Bitcoin Has Longest Losing Streak Since August in Bruising Week

https://www.bloomberg.com/news/articles/2026-06-04/bitcoin-btc-falls-to-pre-iran-conflict-low-as-crypto-slide-extends

46•1vuio0pswjnm7•2h ago

Comments

jqpabc123•1h ago

I like to tell people I have an imaginary dog.

It fits my needs perfectly except for one critical issue --- it won't clean up food dropped on the floor.

Bitcoin is imaginary money. It works perfectly except for one critical issue --- it's not very good for purchasing stuff.

Bitcoin has about the same value as my imaginary dog.

tigereyeTO•1h ago

Contrived.

Your imaginary dog can’t teleport value across the globe instantly, but Bitcoin can.

darth_avocado•1h ago

Value can only teleport if someone is willing to trade traditional currency in exchange on the other side. My no international fee bank account also teleports value across the globe instantly and more merchants are willing to accept it than Bitcoin.

avmich•51m ago

Telll it to my friend who was escaping a country under sanctions and had to move his money elsewhere. His bank didn't have that miraculous power, but Bitcoin did.

malfist•49m ago

Yes, I agree. Bitcoin is great for crime.

ceejayoz•56m ago

> Your imaginary dog can’t teleport value across the globe instantly, but Bitcoin can.

"Someone can instantly and permanently steal your beloved dog and you'll never see it again" is a downside.

jjulius•50m ago

The fact that people have instantly and permanently stolen Bitcoin renders that argument moot.

ceejayoz•46m ago

I think you've misunderstood my point. Yes, this happens to Bitcoin. That is a downside of it. The parent poster's asserting it's an upside.

jjulius•38m ago

D'oh! Sorry! I'll go grab some more coffee before trying to think critically.

amelius•53m ago

That's only because many people share the mental image of the imaginary dog.

deejaaymac•1h ago

I use bitcoin to pay for things several times a month, works fine for me.

cozzyd•1h ago

Are you paying Strait of Hormuz passage fees, perchance?

malfist•51m ago

I use USD to pay for things several times a day. Sometimes many times a day. Something that in comparison works only "several times a month" fits the criteria of not being very good at it.

lern_too_spel•1h ago

Can your imaginary dog be stolen by Russia and North Korea to circumvent sanctions? Are people buying "ownership" of your imaginary dog in a speculative frenzy that will cause the last bagholder to take a bath when there are no more greater fools?

It's true that your imaginary dog, like Bitcoin, has no good legal use; but your imaginary dog is harmless. Bitcoin is not.

ToucanLoucan•1h ago

Don't forget the flagrant use by politicians to grift their supporters and/or receive money that would otherwise be illegal to do so from foreign actors through it.

Truly amazing that the tech elite have replicated everything wrong with the existing financial system while not managing to get any of the actual good, useful parts.

erelong•1h ago

"Good time to buy"

goodmythical•1h ago

My immediate reaction: "Oooh, bitcoin's on sale!"

mgh2•1h ago

Quantum fears: https://news.ycombinator.com/item?id=48375692

cyanydeez•1h ago

or maybe they sont need an alternate criminal coin if you can now do fraud and crime in dollars with less transaction (bribe) cost.

gessha•1h ago

Another idea is big players pulling out of the crypto market and putting it into the LLM market.

mgh2•48m ago

Yeah, all it takes is a shift in the narrative to trigger capital reallocation.

Ajedi32•53m ago

Are there other cryptocurrencies that use quantum safe cryptography that aren't being affected by the downswing?

_glass•31m ago

You could look at only two niche blockchains, QRL and ABEL, and they are both affected. Algorand is the most established L1 with a quite developed migration plan (https://algorand.co/technology/post-quantum) but also not really thriving. I think for Bitcoin in the longterm it is a massive risk psychologically, because what to do with all of the locked in value, that cannot be migrated. My guess is that the market panics and security breaks down, because it is not worth it anymore to run that many nodes. Best time to buy would be then and hope it recovers. It is actually a big chance to move just to another L1 which migrates. Those risks are all priced in.

Overpower0416•1h ago

People will FUD. After the cycle is over, Bitcoin will make new ATH and the people who bought the dip will be called lucky. Same old tale

oldandboring•49m ago

> Same old tale

I have sweatshirts that are older than Bitcoin, brother.

Overpower0416•35m ago

And will certainly outlive your sweatshirts

OutOfHere•40m ago

Precisely, although the dip is likely to be deeper. Having said this, the quantum risk is real, and if left unaddressed, the pattern will break.

Overpower0416•34m ago

People will come up with whatever narrative for Bitcoin. Bears sound smart but in the end bulls make the money

OutOfHere•1m ago

Are you one of those people who have much difficulty understanding even the basics of quantum computing and what it implies for cryptography and for Bitcoin?

tim-projects•58m ago

Bitcoin has gone through a number of narratives. A big one was the it was digital gold. Then, gold went up like crazy and bitcoin stagnated and people lost interest.

It's still a store of value.. I guess?

readthenotes1•21m ago

Just like beanie babies

NDlurker•57m ago

I've been buying the dip all week

malfist•53m ago

Catch that falling knife

NDlurker•23m ago

That's what kevlar gloves are for.

j2kun•54m ago

Bitcoin price stories should no longer be considered on topic for HN.

shlant•31m ago

agreed

tom_•20m ago

Very true. Now that we have AI, Bitcoin is irrelevant.

jfengel•3m ago

They were widely considered on topic when the price was going monotonically upwards.

Aside from the technical aspects of blockchain, there is a second reason to talk about the direction of the price. There's reason to think that it's falling because of other technology offerings (mostly AI, and increasingly space). So it's a meaningful indicator of the sense of investors in technologies.

defmetrix•53m ago

My own personal opinion is that the hype around bitcoin is not coming back. I dont think its going to zero, but too many people have just moved on.

scotty79•47m ago

Do we need hype when Blackrock is in?

OutOfHere•44m ago

You clearly must not be familiar with its cycles.

pyvpx•35m ago

Is bitcoin a commodity? What’s driving the cyclical nature of the price discovery for entries on a global ledger?

shlant•32m ago

> What’s driving the cyclical nature of the price discovery for entries on a global ledger?

https://www.investopedia.com/bitcoin-halving-4843769

jondwillis•27m ago

Halvings? I guess?

scotty79•48m ago

We are in the middle of every 4 year hole at the moment. Heights and lows are unpredictable but the timing is still solid.

OutOfHere•42m ago

The lows are also predictable in my estimation.

scotty79•9m ago

How low will it go in this cycle by your estimates?

chewbacha•43m ago

Crypto investors are migrated to the newest unregulated speculative asset: the stock market.

I don’t know for certain but the amount of retail investing on vibes around AI companies and metals feels just like the crypto peaks. Just the other day Marvell jumped on the words of Jensen Huang and metal ETFs randomly lost tons of investment earlier this year.

Without a lot of the guardrails of the US regulatory apparatus that has been gutted by the current administration, the market is riff with manipulation. Truly another gilded age.

ascendantlogic•42m ago

Bitcoin (and crypto at large) goes through these 4 year cycles repeatedly. Each time people claim its dead, "this time is different", etc etc. It peaked at the end of 2024 and now we're in mid 2026...traditionally near the bottom of the cycle. There IS someone in the White House now that seems hellbent on driving the global economy into the ground but until there's definitive evidence that this time really is different, I'm going to assume it's business as usual and people screaming about how its over is just the buy indicator it's been many times in the past.

catigula•40m ago

There's no such thing as predicting the future when it comes to assets. Patterns aren't guarantors of future returns. If they were; the asset would be a sure-thing. Your confidence isn't warranted.

shlant•34m ago

lets's come back to this one year from now and see if it bottoms around Oct 6

the_gastropod•34m ago

Technical analysis is just astrology for finance bros.

fsflover•25m ago

> Each time people claim its dead, "this time is different", etc etc

Related: https://www.bitcoinisdead.org/

ecshafer•39m ago

Bitcoin doesn't really have any coherent reasoning behind it, that I can tell. Other investments I can have a theory (which may be wrong) and see it work. I can buy gold/silver to hedge weaker currency. I can believe a stock is going up (or the market in general). I can buy bonds. I can do Forex or Commodities based on whatever feeling if I really want to lose money. But Bitcoin doesn't really seem to correlate with anything.

barumrho•36m ago

You mean you aren't bullish on volume of illegal transactions? /s

4fterd4rk•30m ago

That's circular logic on the gold/silver. You basically say gold/silver holds value because it holds value. Bitcoin and other crypto is really no more illogical than precious metals. Precious metals have a few relatively minor uses for industrial applications but really they're valuable because we've all agreed they're valuable, no different than Bitcoin.

canada_dry•26m ago

> Bitcoin doesn't really have any coherent reasoning behind it

Stocks are feeling more and more like this also.

seemaze•37m ago

I just finished the recently published The Alighty Dollar by Brendan Greeley [0]. It is a great story of the evolution of currency in general and the dollar specifically. It wraps up with a brief critique of crypto in general that I found interesting.

[0]https://www.penguinrandomhouse.com/books/634502/the-almighty...

xnx•34m ago

Looks like BTC might still be overvalued by $63,825.96

stephc_int13•24m ago

Here is a prediction about Bitcoin: there will be a financial crash at some point in the future, maybe it will be the AI bubble, maybe because of oil, shortages, something entirely unforeseen or some combination of those things, but if there is something to know about cycles is that crashes happens.

And because Bitcoin is now old enough that most people understand what it is, the hype has vanished, it won't survive the global fear or losing it all.

analognoise•7m ago

Of course it won’t survive, it’s the jpeg of a chimp in a baseball cap smoking a cigar of money.

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