60 Billion Wiped Off in One Day - What's Next?

[aalfadhala]

Chaos in Cryptoland as Bitcoin Crashes, Exchanges Lose Power and US Government Issues Demands
https://coinblip.com/blog/chaos-cryptoland-bitcoin-crashes-exchanges-lose-power-us-government-issues-demands/

Fed's Quarles warns that bitcoin poses 'serious financial stability issues' as it grows
https://www.cnbc.com/2017/11/30/feds-quarles-warns-that-bitcoin-poses-serious-financial-stability-issues-as-it-grows.html


What is next for the cryptoland? Is this the beginning of a big market correction?

[TimtheYoutuber]

I always find it hilarious when the market fly up 20%. No one complains or gets scared. And then the market will go down 10% and people will freak out, even though it is still up 10% over that extremely small amount of time. ETH is at $400-420 and BTC is hovering $10k still. No need to get scared or complain. Profit take like everyone else and get a better position, or hold.  

[avikz]

Bitcoin and crypto currency market is not regulated by any central agency who can step in during a fall or a correction. The crypto market shows the raw reflection of investor's emotion and speculation. That is the reason why it is more dynamic than any other market. The current fall in price is just a correction. Bitcoin went to 11k USD from 7k USD within just few weeks. No other market will have the power to do it in reality.

Lets not panic and don't spread your fear to others. This correction was necessary to maintain the upward trend. It is like a rollercoaster ride. Ups and downs are just a part of bitcoin market. There's no need to panic.

[aintnopassincraze]

I always find it hilarious when the market fly up 20%. No one complains or gets scared. And then the market will go down 10% and people will freak out, even though it is still up 10% over that extremely small amount of time. ETH is at $400-420 and BTC is hovering $10k still. No need to get scared or complain. Profit take like everyone else and get a better position, or hold.  

Hahaha well said pal you could not be more right because I always find that hilarious too. Disregard the 50-100% moonshot that literally just happened the past month or two....freaks out when losing 15% of overall value. It is like look at the big picture please and you will see everything is fine we are on track and had an insane year still growth wise.

[chiggz]

It was expected to come but not so early. BTC increase like crazy also increased fear in people as it was not a healthy rise happening. Now the value should correct itself after a few days. Now is also a good opportunity to put some money in and buy more. Also if you are a Hodler of Bitcoin then this shouldn't matter so much.

[Jltan]

This proves that the whole crypto market is still very much volatile than we imagined and it actually signifies opportunity for many.

[TorbiK]

It seems that we already passed through this in September. When the news went from China, everyone started to panic. It took some 2 months and Bitcoin already 10 thousand, the correction began and again everyone is panicking. This only shows that the market is still in its infancy and the majority of its current participants do not understand what's what at all.

[VitaminDer]

look at the all-the-time btc-price history chart again,
keep calm
and pass this regular test of faith as good as you can..
it's a natural process

[LeGaulois]

What is next?
People in panic selling their bitcoins, others people buy them.
1 week later the price goes back to what it was previously, sellers start to cry and say "why the fuck I sold my bitcoins" and buyers say "I got cheap bitcoins babe"

We shouldn't be so surprised to see this situation, and there is not a lot to worry about. See Coinmarketcap and all altcoins in red, it's a good sign. It's not like only Bitcoin was in this situation

[Lambo-san]

Chaos in Cryptoland as Bitcoin Crashes, Exchanges Lose Power and US Government Issues Demands
https://coinblip.com/blog/chaos-cryptoland-bitcoin-crashes-exchanges-lose-power-us-government-issues-demands/

Fed's Quarles warns that bitcoin poses 'serious financial stability issues' as it grows
https://www.c[Suspicious link removed]m/2017/11/30/feds-quarles-warns-that-bitcoin-poses-serious-financial-stability-issues-as-it-grows.html


What is next for the cryptoland? Is this the beginning of a big market correction?

This is why people must not pay much attention to those numbers. They are just numbers and numbers will stay numbers. People are paying so much attention to the market cap where it is just a multiplication of the current price and the circulating supply and that is all. Of course when the price drops, the market cap will drop much harder. The 60B USD did not evaporate. How can something does not exist be missing?

[aalfadhala]

What is next?
People in panic selling their bitcoins, others people buy them.
1 week later the price goes back to what it was previously, sellers start to cry and say "why the fuck I sold my bitcoins" and buyers say "I got cheap bitcoins babe"

We shouldn't be so surprised to see this situation, and there is not a lot to worry about. See Coinmarketcap and all altcoins in red, it's a good sign. It's not like only Bitcoin was in this situation

Yes - I have checked the price of the top 5 traded coins. They all lost at least 20% of their value, however, we are seeing some recovering now and the market is back in normal conditions.

[illinest]

Chaos in Cryptoland as Bitcoin Crashes, Exchanges Lose Power and US Government Issues Demands
https://coinblip.com/blog/chaos-cryptoland-bitcoin-crashes-exchanges-lose-power-us-government-issues-demands/

Fed's Quarles warns that bitcoin poses 'serious financial stability issues' as it grows
https://www.cnbc.com/2017/11/30/feds-quarles-warns-that-bitcoin-poses-serious-financial-stability-issues-as-it-grows.html

What is next for the cryptoland? Is this the beginning of a big market correction?

All I can say is, "welcome to Bitcoin." If you're not perpetually ready for a 30% dip, then you might not be mentally prepared for this market. Speculatively, there's two things that remain true about this market. 1) There will always be dumps. Harsh dumps. 2) The long term trend remains up. Bet against it at your own peril.

Personally, I don't think this is the beginning of a long term correction yet. I haven't seen the signs of a true blow off top, which is how a parabolic rally generally ends. There's no volume yet. The parabola remains intact, My sights are set on $20k+ in the next month or two before a major, painful correction.

[LaGirafe]

For the moment I'm not scary at all. We'll see if it continues

[littlewizard]

It is normal, as it is even less in ratio compared with the 1300 to 1000 drop a few years ago.
As it grows, one day we may see 600 Billion drop in one day.
Just hold on..

[Raimy]

The problem with all these figures is that they are just wrong. Just like the Bitcoin market cap which is simply the current price times the total outstanding bitcoins. The problem is that many of the bitcoins are locked away in cold storage, lost, some are Satoshi's which haven't moved and are assumed to be unrecoverable.

This leaves only maybe 5 million bitcoin (by some estimates) actually actively trading so the actual market cap, or in this case loss, is probably only a third of what is reported. So while a 20 Billion loss is still quite impressive, it is still small potatoes compared to stock markets and other trading indexes.

[Maren]

60 billion gained in a day. These swings are common when dealing with the worlds most liquid asset.

[salihno71]

It was not a generic growth in the first place so to say that 60 billion was wiped of is a bit of overstatement not to say a click bait. Bitcoin had grown for more than 1k$ in a single day and this was the result of the speculative trading. Correction was imminent and that's all.

[XCANA]

Chaos in Cryptoland as Bitcoin Crashes, Exchanges Lose Power and US Government Issues Demands
https://coinblip.com/blog/chaos-cryptoland-bitcoin-crashes-exchanges-lose-power-us-government-issues-demands/

Fed's Quarles warns that bitcoin poses 'serious financial stability issues' as it grows
https://www.cnbc.com/2017/11/30/feds-quarles-warns-that-bitcoin-poses-serious-financial-stability-issues-as-it-grows.html


What is next for the cryptoland? Is this the beginning of a big market correction?

Well in my opinion correction is inevitable in the crypto currency market because we can't be expecting consistent increase in the value of Bitcoin at all time in a market is still young like crypto currency market. So market decline should not be a major issue that make us to be making panic statement all over the forum for see the as best entering point for people to buy or invest in Bitcoin.

[hilda483]

What comes fast, goes away as fast. This wasn't a healty grow, that's what happened. In the next few weeks the price will have to stabilise

[javalemcgee]

Bitcoin and crypto currency market is not regulated by any central agency who can step in during a fall or a correction. The crypto market shows the raw reflection of investor's emotion and speculation. That is the reason why it is more dynamic than any other market. The current fall in price is just a correction. Bitcoin went to 11k USD from 7k USD within just few weeks. No other market will have the power to do it in reality.

Lets not panic and don't spread your fear to others. This correction was necessary to maintain the upward trend. It is like a rollercoaster ride. Ups and downs are just a part of bitcoin market. There's no need to panic.

I join your opinion, the correction means a stronger bitcoin upward trend in the future. We can't expect it to go up continuously without stops and declines. This is very normal now, no matter what others say, bitcoin will maintain its power.

[Barbut]

I always find it hilarious when the market fly up 20%. No one complains or gets scared. And then the market will go down 10% and people will freak out, even though it is still up 10% over that extremely small amount of time. ETH is at $400-420 and BTC is hovering $10k still. No need to get scared or complain. Profit take like everyone else and get a better position, or hold.  

Hahaha well said pal you could not be more right because I always find that hilarious too. Disregard the 50-100% moonshot that literally just happened the past month or two....freaks out when losing 15% of overall value. It is like look at the big picture please and you will see everything is fine we are on track and had an insane year still growth wise.

This people who post this topic's always have some strange arguments about bitcoin crash. I agree that is funny fact how much bitcoin price raised from beginning of this year until now, but still some people shake and created unnecessary panic after few hundred dollar's drop. I noticed your two comments and I found more logic in this two comments then in what op wrote and his headline. I think little correction doesn't bother anyone, this happened before and will happen again. Profit and finding better position to enter again, or just hold are two good options and people should be aware of that, there is no need for any big concerns.

[setifien19]

I do not know why most of bitcoin holders have an unjustified worries about the price fluctuation, every remarkable change (wether positively or negatively) makes a kind of an online noisy ( x10... posts talking about) in the time that they all know that instability is a major character of such market

[HabBear]

"60 Billion Wiped Off in One Day" is totally misleading.

The bitcoin that represents that "60 Billion" hasn't disappeared. People need to stop focusing so much on market capitalization. It's only a measure of valuation comparison between to like entities (two companies). It's not even a good comparison for currencies, but technically it works.

What's Next?

Just another day in the world of cryptocurrency - no more, no less.

[BADecker]

The problem is for merchants who sell products via Bitcoin. If they sell a product at the peak of an upward move, they have to sell it for the exchange rate or nobody will buy. Then, if they don't convert Bitcoin to cash immediately, when Bitcoin dumps, they have lost money.

[bling-bling]

Chaos in Cryptoland as Bitcoin Crashes, Exchanges Lose Power and US Government Issues Demands
https://coinblip.com/blog/chaos-cryptoland-bitcoin-crashes-exchanges-lose-power-us-government-issues-demands/

Fed's Quarles warns that bitcoin poses 'serious financial stability issues' as it grows
https://www.cnbc.com/2017/11/30/feds-quarles-warns-that-bitcoin-poses-serious-financial-stability-issues-as-it-grows.html


What is next for the cryptoland? Is this the beginning of a big market correction?

All part of the game! Rise and falls, pump and dump, hype and crash...old common things which many don't seem to get used to and still panic when things seems to go bad. Chill and relax I would say..Just enjoy the ride, but with vigilance. 😉

[chacha66]

This happens over and over , and every time it does people say the same thing. This is it-   It could be , but thats doubtful.
Consolidation then slow move back up 

[damrianto]

this is just the wrong news in one day 60 miliars can not be deleted. bitcoin is not a market that is held by one individual this happens because bitcoin and cripto market is more profitable than other market. bitcoin can reach USD 10k in this month. this is the power that trades bitcoin which always benefits the investors ..

[Virtual miner]

Just to make you remember the correction you were talking about has still not come but a big boom has surely arrived. Bitcoin which was nearly 11k when you posted it has reached to 16k breaking all the previous records yet again and I think bitcoin will reach 25K by the end of this year.

[BrewMaster]

Just to make you remember the correction you were talking about has still not come but a big boom has surely arrived. Bitcoin which was nearly 11k when you posted it has reached to 16k breaking all the previous records yet again and I think bitcoin will reach 25K by the end of this year.

OP was probably hoping for a drop 9 days ago to be able to buy in the dip, that is why this topic looks so much like an FUD and not much discussion can be found in it after the dip didn't happen and instead price went up to set some new records

as for your 25k, i am no so sure. and i am mostly hoping it doesn't happen. that is a ridiculous rise for this year and it is not going to be a healthy rise. the bear market that can be created because of it is bad.