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Author Topic: Bitcoin correction sees nearly $4 billion wiped off value of the cryptocurrency  (Read 1211 times)
KeyGenKing
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May 29, 2017, 11:37:12 AM
 #1

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.


BAM! Now let´s go back up!
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May 29, 2017, 11:41:59 AM
 #2

It's nothing to worry about, I'm still happy with the current price when you look at what we were at a year ago.
I think the drop is as simple as you say, profit taking. I'm HODLING for at least another few years but yeah, let's get ready for the next upwards breakout.




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May 29, 2017, 11:43:36 AM
 #3

no one cares about the market cap. its a meaningless bubble number.

the market cap is meaningless that expands and contracts very easily without needing to spend much to cause a movement
there are no billions of dollars sat in bank accounts backing the market cap


i cna make an altcoin of 5 trillion premined coins. put 1 coin on a public exchange and sell it to myself for $1 .. instantly my crap coin is 'market cap valued' at $5trillion.

if you want to care about 'value' then look at the harder stats to find
~5m active bitcoiners
~500k merchants 'accepting' bitcoin.

no other altcoin/crap coin even comes close to those valuable stats

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May 29, 2017, 11:48:56 AM
 #4

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.


BAM! Now let´s go back up!

The market has a big buy support at two thousand dollars (2000 usd) and thus we can expect that bitcoin will not go down that value. It will be the time to move on and from here we will wait for another spike in bitcoins value. Before it will hit 2500$ value there will be a huge hype and bubble and when that bubble burst it will stabilize at 2500$. This has become the trend of the market and I am somehow used to it.

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May 29, 2017, 12:08:12 PM
 #5

no one cares about the market cap. its a meaningless bubble number.

the market cap is meaningless that expands and contracts very easily without needing to spend much to cause a movement
there are no billions of dollars sat in bank accounts backing the market cap


i cna make an altcoin of 5 trillion premined coins. put 1 coin on a public exchange and sell it to myself for $1 .. instantly my crap coin is 'market cap valued' at $5trillion.

if you want to care about 'value' then look at the harder stats to find
~5m active bitcoiners
~500k merchants 'accepting' bitcoin.

no other altcoin/crap coin even comes close to those valuable stats

I think if you take a good look at the trading volumes, there is something going on.
It´s not all about acceptence the Bitcoin. It´s kinda strange, to see some sell and buy actions.
Selling 100BTC can drop the price with $300. Just take a look at it.
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May 29, 2017, 12:10:46 PM
 #6

I think if you take a good look at the trading volumes, there is something going on.
It´s not all about acceptence the Bitcoin. It´s kinda strange, to see some sell and buy actions.
Selling 100BTC can drop the price with $300. Just take a look at it.

already have.. this is one example of what i said last week

but just to ground people



the price movements dont take much these days

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May 29, 2017, 12:30:13 PM
 #7

My bitcoin was bought for $600
The present price is acceptable Grin
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May 29, 2017, 12:39:01 PM
 #8

The rise has been extremely steep and it's not a surprise at all that the price will correct to a more reasonable baseline. Given Bitcoin's prior corrections the current one is extremely small and not worthy of discussion. It's a perfectly natural cool-off.

For me it would be preferable to have a more significant correction, to get rid of all the new greedy fiat-speculators who have no real interest in Bitcoin as a currency.

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May 29, 2017, 12:59:22 PM
 #9

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.
"value of bitcoin" is currently $2200 and nothing is wiped off of it!
the price went up from $1300 to $2200 and that is called a rise in our universe Smiley
and the amount of rise is +70%

Quote
"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

{ring ring}
CNBC: who is this....?
Bobby: it's me bobby. i called to tell you about price which is higher today than last week.
CNBC: ok.

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May 29, 2017, 01:17:45 PM
 #10

$4 billion marketcap lost is very huge. That's a massive correction. But not only bitcoin is facing huge capital loss. But also altcoin marketcap drops even hard. But it is what it is. Bitcoin is very volate nature and so as altcoins in the market. Get used to it. Bitcoin price surge is very fast. So i think its fair.

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May 29, 2017, 02:19:59 PM
 #11

$4 billion marketcap lost is very huge. That's a massive correction. But not only bitcoin is facing huge capital loss. But also altcoin marketcap drops even hard. But it is what it is. Bitcoin is very volate nature and so as altcoins in the market. Get used to it. Bitcoin price surge is very fast. So i think its fair.

It's fair because it rises fast in prices but 4billion$ list is also massive to have been list as a result , hopefully these market and volume gymnastics will be curbed or controlled in the future in order to prevent such huge losses.



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Rainbot
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May 29, 2017, 03:23:05 PM
 #12

If you are worried about these big swings and volatility, then you should not be in this game. Bitcoin has shown before that this is nothing strange

for Bitcoin prices. My strategy is actually built around this trend, because I know it will go back to a slightly higher value than where it started

climbing. If you "believe" that and invest around that problem... then you will be successful. The people who lose money, is the speculators,

because they panic sell at the slightest drop in the price.  Grin

Signature space for Hire :->
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May 29, 2017, 03:28:48 PM
 #13

This is still good actually because there were some who predicted that after the correction the retreat can go as low as $1400+ and today we are seeing Bitcoin at $2100-$2200. This is still a nice value for a coin that may possibly reach another heights soon. Some are also predicting that after this brief correction it can go as high as 6K but personally I am inclined to put it at $3500-$4000 before another correction will happen. I actually hate the surge as it can mean a fast retreat after investors will do profit-taking.
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May 29, 2017, 03:33:41 PM
 #14

Well, the price increase from $1400 and had a run until almost $3000 (heck, the price even went over $3000 value in my local exchange), so to see corrections wipe off the marketcap is not weird as the cap doubled in the first place.

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May 29, 2017, 04:12:52 PM
 #15

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.

BAM! Now let´s go back up!

It has been told numerous times that market cap is both irrelevant and misleading metric

But people blindly continue to use its values, first to show how impressive was Bitcoin growth and then to whine over how many billions have been wiped away. What actually matters here is how many bitcoins have been actually bought when the price was rising (i.e. how much fiat got poured into Bitcoin) and how many sold on the way down (i.e. how much fiat got extracted from Bitcoin). And I guess you will be greatly surprised to find out how far these figures are from 4 billion dollars, and that's what you should cry over, not some nonexistent billions
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May 29, 2017, 04:46:18 PM
 #16

The only people worryed with the drop are those people wich had bought bitcoin above 2200 dollars, if you get back to January you would know price crashed from 1300 to 900 and since then it had raised all months till this first drop to adjust the value, it were expected some correction into the value.
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May 29, 2017, 04:56:22 PM
 #17

This happens every time a currency or commodity pumps too high too fast. We were all expecting it but still Bitcoin has rallied back over 2k USD and it looks like this is the new floor and we will probably see some sideways trading for a while until the next hike upwards.

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May 29, 2017, 04:59:26 PM
 #18

I think if the altcoins continue to fall, Bitcoin may increase its marketcap, but I'm not sure, since last time Bitcoin also fell in price.

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May 29, 2017, 05:02:01 PM
 #19

Almost 4 billion USD decline in value is not so shocking at all. We've seen bitcoin's price soared up tremendously, meaning the price of bitcoin is very high and when it falls, a large number is to be expected. So the 3.4 billion USD decline is reasonable. Nothing is to be worried about since it occurred during the correction period, it is normal.

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May 29, 2017, 05:42:26 PM
 #20

Why we even talk about bitcoin market cap value is dropped/raised when we know it happens everyday in huge number. I think value of the cryptocurrency is determined by it's price when not too volatile, total active users and total merchans which accept that cryptocurrency.

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