Cryptocurrency market crashes 20 percent

[Xtra_Coin]

I think there is a great chance to take Bitcoin and other crypto-currencies - the same Etherium. Of course this shows the degree of non-stability of the crypto-currency market, but nevertheless everyone expected something like this in the new year!

[1715468798]

1715468798

[cheezcarls]

When it comes to cryptocurrency crash, it's kind of normal thing because of "correction". When it crashes a bit, it might rebound later on. That's how cryptocurrency works. Expect that there will be pumps and dumps, and you have to deal with that.

We do understand that there are panic sellers like they aren't matured enough to hold their assets for long. Just like in the last days of December, Bitcoin has tumbled to more than $10k only, but now rebounded to $14k+.

[mpufatzis]

This is not a crash. It would be if we had a real price drop of 50% or more in a day.
It's true that investors are easy manipulated by the news and they react selling. Actually is a price correction and an opportunity to all of us to buy more coins at a cheaper price.
I don't like the fact that the cryptomarket is so vulnerable and a co-ordinated operation of the world bank could send us to history.

[GTX980Power]

"Crashes by a 20 percent" Buddy, it clearly shows that you do not know anything about cryptos, a 20% is nothing compared to a real crash.

A real crash is more than 50% or just 70%, not a little twenty percent, lmao.. hahah, it is funny to read the forum at this hours.

[globalcitizen]

The panic and sell off fuelled by the sudden drop in prices and capitalisation was as a result of the fact that it was not pre-announced before the South Korea's market prices was removed. But I personally don't see any reason for worry. The market behaviour is still on course. It is normal.

[Paverspacers]

This reaction is totally predictable and I'm sure that Bitcoin will stabilize in a day or two. Korea might be banning it, but people will still look for ways to get involved.

[bitcoinvestor]

Don't be panic. It is common because crypto 's volatility is high. When more people know and use crypto the price will be normal like fiat. There are many new tokens and coins everyday. Those have their own fans. Hoewever the fans are not many so the price is very volatile.

[fred22]

The worst still to come. Nothing seems bright for now and no sign of anything good. If a few other countries crack down the exchanges then that's the death of cryptomarket.

[otundebis]

Bitcoin will surely stabilize so also is ethereum. South Korea can not be isolated from the rest of the world in terms of pricing.  If the prices of cryptocurrency are truly high as a result of market forces in their jurisdiction, it is only natural that opportunity for arbitrage should also exist without restrictions!

[Leeke]

I love watching the market respond... most people you see posting if forums and groups are clearly calm and experienced with ebbs and flows of it all, but the market looks like its being strung along by 7 year olds on sugar highs. Its probably just my naivety but the whole Korean Market issue seems blown out of proportion. The crypto market is supposed to be global - on a macro scale yet, apparently it can be "crashed" and "manipulated" at will by sensationalist journalism or a price valuation website... pfft, just meant a nice discounted buy price on the top100 coins. At one point I saw only 3 things on the list in the green lol.
Still been an interest day though Discounts all round!!

[CryptoBeefy]

Saw this posted earlier and was rather fitting for perspective;

August 2017 - Entire Crypto Market Cap: $152B
China's GDP: ~ $11 Trillion

Today - Entire Crypto Market Cap: $628B
Korea's GDP: ~ $1.2 Trillion

Korea raiding a couple exchanges means nothing in the scope of things. China was 10X worse and look at the market coming back from that from $152B to $628 today. That's 4X stronger than before.

This is just people panic selling. Now is the time to buy coins that were previously too expensive. Load up when and where you can.

ONLY sell if you see a better opportunity. Otherwise, you're selling at a loss that'll be back in days to weeks.

[BillCoin]

It was a great idea to remove South Korean prices from the coinmarket cap average.
People used the fact that the prices at coinmarketcap were about 15-20 % higher then the price on the major exchanges, and they just offered to sell bitcoin for cash at CMC prices.
Newcomers that didn't know about the bug, decided to take the offer, and they ended up being scammed and paying about 20% extra, without even knowing.

Removing South Korean prices made the prices to be more accurate and prevents newcomers from getting fooled.

[Maxcrypto1990]

I think it was fine to remove the outliers, just would have been good to announce it.

Either way in the upcoming months we will hit the 1 trillion dollar marketcap.

[Freelancer76]

Saw this posted earlier and was rather fitting for perspective;

August 2017 - Entire Crypto Market Cap: $152B
China's GDP: ~ $11 Trillion

Today - Entire Crypto Market Cap: $628B
Korea's GDP: ~ $1.2 Trillion

Korea raiding a couple exchanges means nothing in the scope of things. China was 10X worse and look at the market coming back from that from $152B to $628 today. That's 4X stronger than before.

This is just people panic selling. Now is the time to buy coins that were previously too expensive. Load up when and where you can.

ONLY sell if you see a better opportunity. Otherwise, you're selling at a loss that'll be back in days to weeks.

You speak wisely my friend, only sell if you have a better opportunity, otherwise HODL, we will be back in green soon.

[lumeire]

Here I thought it was just one of the usual spikes in BTCBTCBTC's value. Although it was the right thing to do it's really just a wrong for a major reference site to do that without prior notice.

The worst still to come. Nothing seems bright for now and no sign of anything good. If a few other countries crack down the exchanges then that's the death of cryptomarket.

We've heard this story a lot of times before believe me.

[GeorgiyBilyk]

This is not the first when everything falls, and then rises! I think that is now over correction and all will go up! you just have to wait a little bit! I noticed the market cryptanalytic up and down, but always up! wait a couple of days of restoration of the market! good luck to everyone!

[blockclick]

This panic sells are funny actually, why people don't want to read and research first?

[dumplingsandsushi]

Goes to show that coinmarketcap is a terrible tool to use to calculate the value of your coins.
While it does have useful information, it is a huge noob mistake to base your valuations off of it.
Really, it became the "standard" because it's kind of the only one.
While there are other sites that shows similar information, I've yet to find one as fully fleshed out as coinmarketcap.

So what to do? Use coinmarketcap as a springboard to jump to coins' websites or exchanges.
Only do valuations on your investments based off of what they are going for on the actual exchanges themselves.

As far as the price differences between exchanges, why not take advantage of it?
I'm signed up with 14 different exchanges and constantly move coins around to get the best buy and sell price.
To avoid high fees, I usually move around ltc instead of eth or btc, then convert and trade.

[tomahawk9]

Thanks to Korea)

Not really. South korea doesn't have that much of an influence over the market like many people think, other than the cryptocurencies prices being extremely overpriced in exchanges due god know's what (could be volumen/price manipulation or an extremely high demand), I don't see hold a big influence in the crypto market.
The news we saw earlier from south korean tax authorities is just one of the many catalysts that are causing the current downtrend.

Personally, I believe that the market is going down thanks to those with big pockets that are constantly manipulating the crypto market. Some people have realized that they can make bank by manipulating the prices since most people give in to FOMO (because they think X is going to ovetake bitcoin), greed (no one cares about tech, people only want to make money) and panic sell (newcomers don't understand how the crypto market works and they sell at the first sign of a correction).

Also, 20% is hardly a crash, especially when we see the growth in the overall market cap (from $400b to almost $830b) thanks to the new money that has been pouring on altcoins over the past few months.

[Duzenn]

Because South Korea is so important for cryptographic money markets, South Korea's policies are bound to lead to sharp fluctuations in the price of cryptocurrency markets.