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.