[2017-12-26] Cryptocurrency Market Recovering After Massive Correction

[cybersofts]

Cryptocurrency Market Recovering After Massive Correction



The cryptocurrency market is getting back on its feet after a brutal day yesterday. The majority of coins have risen by 10-20% over the last 24 hours after more than a 30% fall on Friday, Dec.22.

The total digital currency market capitalization went from $650 bln to $430 bln yesterday and has now rebounded to $585 bln.


Total market

Bitcoin went from the all time high of over $20,000 to as low as $11, 970 in just a matter of days. By press time it has partially retraced its losses and is now traded at around $15,500.


Bitcoin Charts

Ethereum, the second largest cryptocurrency, lost almost $30 bln in market cap yesterday, but has largely recovered. Its market capitalization is now $72 bln. It now trades for around $720 on European exchanges and as high as $906 on South Korean markets.


Ethereum Charts

Bitcoin Cash experienced the greatest price volatility of all major digital currencies over the last 48 hours. The price fell from $3,909 to $1,970 but at press time is back to $3,400.


Bitcoin Cash Charts

The extreme market turbulence came days after the alleged insider trading at Coinbase, one of the biggest cryptocurrency exchanges.


Good news vs. bad news

It’s been an extremely volatile week for the entire digital currency industry. Following CBOE’s Bitcoin futures trading start on Dec. 10, the CME group launched a futures product of its own. Trading at CME opened Dec.17, roughly when Bitcoin’s volatility began to increase.

On Dec. 20 Litecoin creator Charlie Lee sold or donated all his Litecoins, ostensibly to avoid “conflict of interest.” However, some have questioned his motives, since just a week earlier he predicted a multi-year bear market which would see the price of Litecoin drop as low as $20.

    Ok, sorry to spoil the party, but I need to reign in the excitement a bit...

    Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy! 😀
    — Charlie Lee [LTC] (@SatoshiLite) December 11, 2017



Litecoin Charts

Joining major institutions like CBOE and CME in their Bitcoin agenda, Goldman Sachs announced its plans to set up a cryptocurrency trading desk on December 21. It will be opened by the end of June 2018.

What prompted the latest dip in the entire market is yet unknown. Charlie Shrem, a founding member of Bitcoin Foundation, believes that the market has already seen similar price movements and there is no reason to panic.

    “There is nothing new under the sun” - Same thing happens every year (https://t.co/qaNwMLJH3k) pic.twitter.com/sJQqGLb2wp
    — Charlie Shrem (@CharlieShrem) December 22, 2017


Source: https://cointelegraph.com/news/cryptocurrency-market-recovering-after-massive-correction

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[Gotottack]

Was that merely just a correction in the first place? I was, and I still am very much amazed at how everything can be so high then one moment it will all go down so deep to the point of you seeing yourself drown. I do not ever want that to happen again hence I am putting off some of my Bitcoin investments to hold rather than trading them. I literally almost lost all my Bitcoins because of what happened. I did not see such a huge fall to take place in just a matter of days. Hoping for better days ahead by the end of 2017 and even more.

[secondgarlic]

Was that merely just a correction in the first place? I was, and I still am very much amazed at how everything can be so high then one moment it will all go down so deep to the point of you seeing yourself drown.

This disturbed me as well. Because I think this wasn't a correction at all, but an obvious dump. And we're always talking about how decentralized bitcoin is, but this dump made me think otherwise. And although the price may eventually recover, I think at least some people's trust in bitcoin has been hurt.

[gabbie2010]

Was that merely just a correction in the first place? I was, and I still am very much amazed at how everything can be so high then one moment it will all go down so deep to the point of you seeing yourself drown. I do not ever want that to happen again hence I am putting off some of my Bitcoin investments to hold rather than trading them. I literally almost lost all my Bitcoins because of what happened. I did not see such a huge fall to take place in just a matter of days. Hoping for better days ahead by the end of 2017 and even more.

Well that  is how trading could be a very risky venture, imagine within a span of few days when the price of bitcoin fells  (corrections) sending fears to investors and holders meanwhile a lot people also dump it, maybe exchanged to fiat for Christmas celebrations.
However presently the price of bitcoin has started gaining momentum to raise and presently at $16K+.

[wilhb81]

Good news vs. bad news

It’s been an extremely volatile week for the entire digital currency industry. Following CBOE’s Bitcoin futures trading start on Dec. 10, the CME group launched a futures product of its own. Trading at CME opened Dec.17, roughly when Bitcoin’s volatility began to increase.

On Dec. 20 Litecoin creator Charlie Lee sold or donated all his Litecoins, ostensibly to avoid “conflict of interest.” However, some have questioned his motives, since just a week earlier he predicted a multi-year bear market which would see the price of Litecoin drop as low as $20.

    Ok, sorry to spoil the party, but I need to reign in the excitement a bit...

    Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy! 😀
    — Charlie Lee [LTC] (@SatoshiLite) December 11, 2017

Actually, I have a different point of view about Litecoin. This "Digital silver" has been dormant for so long and it's about the time to take off. Right now, it's only a "cooldown" period and once he's warms up - this lil fellow going to shoot up high to the moon... 

[Rooster101]

Bitcoin's massive drop is said to be the worst since 2013 and sent chilling effect to many bitcoin holders and investors before it recovered last tuesday. There are even forecast of further drop that may reach $8k per dollar before the rebound. The recent drop proved that cryptocurrencies will always be risky to invest and need to be the on the lookout for every price changes. 

[CryptoBry]

Was that merely just a correction in the first place? I was, and I still am very much amazed at how everything can be so high then one moment it will all go down so deep to the point of you seeing yourself drown. I do not ever want that to happen again hence I am putting off some of my Bitcoin investments to hold rather than trading them. I literally almost lost all my Bitcoins because of what happened. I did not see such a huge fall to take place in just a matter of days. Hoping for better days ahead by the end of 2017 and even more.

Well that  is how trading could be a very risky venture, imagine within a span of few days when the price of bitcoin fells  (corrections) sending fears to investors and holders meanwhile a lot people also dump it, maybe exchanged to fiat for Christmas celebrations. However presently the price of bitcoin has started gaining momentum to raise and presently at $16K+.

Whether there can some sort of any planned manipulation, one thing is sure is that Bitcoin has been acting this way for many times before. In fact, Bitcoin had been called dead for many times and yet Bitcoin managed to get back to its feet and then surge again. This is just like saying that Bitcoin is having three steps forward and two steps backward. This is not surprising and this can be good because those who lack the strong faith in Bitcoin can be gradually weeded out. Bitcoin is definitely not for everybody.