[2018-1-17] Bitcoin Price Plunges Below $10,000 as Correction Intensifies

[moriskarlov]

The bitcoin price plunged below $10,000 on Wednesday as this week’s comprehensive market correction intensified.

Bitcoin Price Plunges Below $10,000

The cryptocurrency markets have been in a free-fall this week, and the downward spiral continued this morning. The cryptocurrency market cap dove below $500 billion, and the bitcoin price sunk as low as $9,663 on Bitfinex, marking the first time it has dipped below $10,000 since Dec. 1.

At present, bitcoin is trading at $10,053 and its market cap is just $170.9 billion, which represents a single-day decrease of 16 percent and a year-to-date decline of more than 28 percent.



Notably, bitcoin is still trading as high as $10,389 on GDAX, a professional order-book exchange operated by bitcoin brokerage firm Coinbase, but the flagship cryptocurrency is priced below $10,000 on OKEx and Binance

Recent Investors Face First Major Correction

There are several factors that could be contributing to this week’s correction. Both China and South Korea have indicated a harsher stance toward domestic cryptocurrency trading, with China planning to block residents from accessing foreign exchanges and South Korea curbing the ability of retail investors to moonlight as day traders.

This week, South Korea’s military reportedly blocked soldiers from accessing cryptocurrency exchanges while stationed on military bases. The Justice Ministry, meanwhile, sought to ban cryptocurrency exchanges outright, although the government later cooled those fears.

However, it seems doubtful that these developments alone would cause such widespread turmoil within the global markets. As ShapeShift CEO Erik Voorhees said earlier today, “there is not necessarily a ‘reason'” that markets rise and fall, which suggests that it might be futile to search for a definitive trigger.

In any case, however, recent cryptocurrency investors are getting their first taste of a true market correction. Someone out there purchased bitcoin for $19,891 on Bitfinex on Dec. 17, and the value of those coins has effectively been cut in half over the course of the past month.

How these investors respond to this sudden downturn could determine whether bitcoin is consolidating before a breakout or entering a bear market.

Source - https://www.ccn.com/bitcoin-price-plunges-below-10000-as-correction-intensifies/

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[jjacob]

While a coin losing 50% of its value might shock some investors who are new to crypto trading, it really is no big deal. Bitcoin crossed $10k for the first time in December 2017 and we have retraced to those levels after ~2 months. So unless you rushed in to buy when Bitcoin was shooting up, you should do pretty okay.

[TravelMug]

While a coin losing 50% of its value might shock some investors who are new to crypto trading, it really is no big deal. Bitcoin crossed $10k for the first time in December 2017 and we have retraced to those levels after ~2 months. So unless you rushed in to buy when Bitcoin was shooting up, you should do pretty okay.

And we are still doing good year-to-year. Bitcoin was around $700 same time last year. And today its $10K. So still, more growth than anyone is expecting. So we are still doing way better as other assets out there.

I also think that this correction should have started last year when those buyers taking bitcoin at a premium of $19K. But eventually it does so the market is shaken once again.

Everyone should really think of this situation at a bright side. Get your funds ready and enter the market because this is a good buying point now. The price is ~$10K, I wouldn't want to miss this perfect opportunity.

[CyberKuro]

China is an outdated news imo, but South Korea ban cryptocurrency trading is just a FUD news as President of SK stated there won't be a ban on cryptocurrency.
On the other hand, an article explaining why this is happening because bitcoin futures contract that expired on January 17th. Some people who hold the contracts bet on a lower price, they can manipulate the price by selling bitcoin which they have bought it in December 2017. But, it will recover soon as we are entering January 18th, look at the market prices right now, slowly increases again.

The cause of today's chaos is likely large hedge funds using expiring BTC futures contracts as safety nets to exploit the only sure-thing in this market: a large amount of new/overextended investors who are easily moved to panic sell during a flash-crash.
On December 10, BTC futures trading went live. The first set of those contracts is set to expire tomorrow, January 17.
http://telegra.ph/Possible-Rektage-explanation-01-17

[richardsNY]

It seems that the major part of the panic is over, and looking back at similar dumps, it will soon be time for the market to get bought up again. As quick as it went down, that quick will it go up again. I am sure that next week we'll be steadily hovering around $13k again, and from that point maybe go up further -- all bears who got excited for a while can go back to sleep. It's funny to see how people at first have been shouting about the market to hit $30-$40k, and then when the price goes down, they instantly changed their perspective and believe we'll be up for a $2-$4k bottom. These people are only looking for sensation, and they have got exactly what they wanted in the short time that the dump lasted.

[Kemarit]

It seems that the major part of the panic is over, and looking back at similar dumps, it will soon be time for the market to get bought up again. As quick as it went down, that quick will it go up again. I am sure that next week we'll be steadily hovering around $13k again, and from that point maybe go up further -- all bears who got excited for a while can go back to sleep. It's funny to see how people at first have been shouting about the market to hit $30-$40k, and then when the price goes down, they instantly changed their perspective and believe we'll be up for a $2-$4k bottom. These people are only looking for sensation, and they have got exactly what they wanted in the short time that the dump lasted.

Agreed, it looks like at a extent that the panic is simmering down for a bit as bitcoin is rallying to $12,000. Its now $11,800 as per coinmarketcap. We all know that generally this kind of market correction is temporary. And I believed that if we test and surpass $12,000 today, bears will wake up and suddenly jump the bandwagon again. Those people who think that bitcoin can bottom to $4,000 has its own intentions behind, and another case is newcomers thinking that the market will continue to go on a parabolic and shouting that the market will hit $30,000 or more and then they bail out immediately when the price goes on a correction. Let's see how it goes, I do hope that the rally will gain steam.

[onrise]

It seems that the major part of the panic is over, and looking back at similar dumps, it will soon be time for the market to get bought up again. As quick as it went down, that quick will it go up again. I am sure that next week we'll be steadily hovering around $13k again, and from that point maybe go up further -- all bears who got excited for a while can go back to sleep. It's funny to see how people at first have been shouting about the market to hit $30-$40k, and then when the price goes down, they instantly changed their perspective and believe we'll be up for a $2-$4k bottom. These people are only looking for sensation, and they have got exactly what they wanted in the short time that the dump lasted.

The panic is done and smart investors have already bought when it started to fell below 10k. Now by Jan end we may see again the uprise and btc touching 14k or so. SO just within 15 days people will make over 5k $ just for 1 btc. Altcoins have already started to rise by 20 - 30% approx in a day.

[gabbie2010]

It seems that the major part of the panic is over, and looking back at similar dumps, it will soon be time for the market to get bought up again. As quick as it went down, that quick will it go up again. I am sure that next week we'll be steadily hovering around $13k again, and from that point maybe go up further -- all bears who got excited for a while can go back to sleep. It's funny to see how people at first have been shouting about the market to hit $30-$40k, and then when the price goes down, they instantly changed their perspective and believe we'll be up for a $2-$4k bottom. These people are only looking for sensation, and they have got exactly what they wanted in the short time that the dump lasted.

The panic is done and smart investors have already bought when it started to fell below 10k. Now by Jan end we may see again the uprise and btc touching 14k or so. SO just within 15 days people will make over 5k $ just for 1 btc. Altcoins have already started to rise by 20 - 30% approx in a day.

The price fell below $10 K and had touched a support at that range and got rejected about thrice at the same support and it is obvious we will begin to observe bullish sentiment of the market in days ahead, major investors must seize the opportunity of buying ai that price when the price fell dip yestarday.