[2017-07-16] Bitcoin Price Drops Below $2000, First Time Since May

[ivanpoldark]

A massive sell off of Bitcoin and other cryptocurrencies has resulted in the total market cap of the cryptocurrency market dropping to below $66 billion. The decrease marks a 43% decline from this year’s record-setting high of $116 billion back in late May.


Market Thrown into a Tailspin

With the market cap in a nosedive and Bitcoin prices seeming to drop almost daily, the past two weeks have been a stomach churning roller coaster ride for investors. In the past week especially, fear, doubt, and uncertainty have reigned supreme.

While it is next to impossible to correctly predict any market, let alone the cryptocurrency market, there are a handful of significant events that have happened and that are going to happen that can be pointed to as catalysts for Bitcoin’s plummeting value.

A Tale of Two Blockchains

For more than two years, a battle has been fought on the battlegrounds of social media, conference rooms, and cryptocurrency forums to decide the best way to scale Bitcoin in order to avoid inflated transaction fees and unacceptably long transaction times. While several solutions have been proposed, Segwit2x has emerged the front runner, with close to 90% of mining pools indicating their intent to support the scaling protocol.

Two dates related to the implementation of Segwit2x are looming and causing investors to sit on the edge of their seats in nervous anticipation of what is to come:

July 21, 2017 – This is the day on which miners, instead just showing the intent to support Segwit2x, should actively begin supporting the protocol.

August 1, 2017 – This is the day that has many investors and exchanges sweating bullets. UASF will be implemented by its supports and will begin to check to see if subsequent bitcoin transactions are in compliance with Segwit2x. A minimum threshold of 80% of the network’s hashing power is required in order for Segwit2x to activate. Should the threshold fail to be met, a blockchain split seems likely.

Read more
http://bitcoinist.com/bitcoin-price-drops-below-2000-first-time-since-may/

[1Referee]

I had a few great days trading the volatility. As we speak, the price has gone back up to nearly $2100 from the lower $1800's. It once again shows that even analysis doesn't always grant you any sort of success. Some times you just have to jump in and make the best out of whatever direction the price is heading to, but as long as you make more winning than losing trades, you'll be sitting on the good side. Currently the price swings are worth $200-$300. Imagine how that will be when the price sits at +$10K levels - fluctuations will be $1-2K.

[veleten]

it is already at 2200$,we see 7-10% daily swings and it is crazy for holders
but so good for traders,volatility means money for exchanges and traders alike
I'm just a little bit concerned about the clear "bubbly" behaviour of the market
it is easy to be manipulated at the moment,but hopefully,with more adoption and more players,the market will stabilize itself

[iamTom123]

it is already at 2200$,we see 7-10% daily swings and it is crazy for holders
but so good for traders,volatility means money for exchanges and traders alike
I'm just a little bit concerned about the clear "bubbly" behaviour of the market
it is easy to be manipulated at the moment,but hopefully,with more adoption and more players,the market will stabilize itself

This is the game where traders are so happy to play with...volatility can mean big money if manage properly and with some expertise thrown into the mix. Anyway, I think the market is now slowly reacting to the fact that most likely there will no more be a split. There are now a stream of news telling us that split is not anymore a possibility.

Soon Bitcoin can be back for good. Maybe it is time to buy Bitcoin again as the value is now slowly rising and once it can be official that there would be no more split then Bitcoin can go astronomically high again and can even reach the 3K level within this year.

Let's go Bitcoin!

[Terraformer]

and can even reach the 3K level within this year.

I think it will be 3000$ within next month. Too many analyst predicted astronomical price in a few years. It is impossible to achieve so high future levels without stable growth, from month to month.