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Author Topic: Why the blood bath - my opinion.  (Read 329 times)
eaLiTy
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February 03, 2018, 04:35:06 PM
 #41

With all the factor you mention, I still say we've seen worse than that over the years. Personally, I start to wonder if there is an inside job that we aren't aware of. 2017 has been a crazy year for Bitcoin, 2018 looks crazy as well but on the opposite path.
The price was crazy last year and it was soaring as if the world is going to end,it wont be sustainable to have these sort of growth all the time,if the price of a stock increases rapidly you have to remember that it will come down when the trend reverses as everyone takes advantage of the rally and invest in it and as soon as the trend reverses they would sell off everything ,booking their profit,so there is no inside job in that aspect.   Cheesy














 

 

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February 03, 2018, 04:52:06 PM
 #42

We are closing to the Chinese Lunar New Year! Why is that a factor? Well, because most of Asia celebrate it and it is one of the biggest, if not the biggest event there. Quite a lot of people from Asia working overboard will come home to celebrate with their families. And what do they need? Money. And a lot of it, as Chinese New Year is the biggest spending spree in Asia. So when they see the FUD about India and the BTC going down, they will panic sell as they can't afford to lose any more or they would not have money for big spendings. And also it is not so long ago we have had the Korea FUD about BAN of crypto...
That is a great hypothesis, I didn't even think about it. Just like the recent Christmas and new year people are expected to taking out the profit after they got a big profit. I believe since the China market is strong, the market will do a significant move. Well, that's is a good thinking.
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February 03, 2018, 05:25:13 PM
 #43

Excellent information and of course, the news has completely influenced the online currency market. But I feel that it is being given too much importance, there are many trolls on the web that are responsible for causing a kind of panic for investors, we can not fall into this because both they and the media what they want is to end the btc platform.
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February 03, 2018, 08:54:14 PM
 #44

I think that are some good points , i just don't understand why people still believe in the FUD of country's banning crypto.
Most country's seem positive about it and are looking at ways to adopt it , the media pumps out this fake news and people are believing it again.
It looks a lot like manipulation to me , and people keep falling for it.
It is FUD that is true, but if bitcoin keeps growing and it starts to become a real threat to governments around the world the possibility of a ban is not out of the realm of possibilities, governments do not want to ban bitcoin right now since they are seeing another way to tax people, the people are the ones taking all the risks and yet the governments wants to keep most of the profits for themselves, but as bitcoin becomes more accepted worldwide they will begin to see a diminish in their taxes and that is when they will begin to take real actions against bitcoin. 



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February 03, 2018, 09:03:28 PM
 #45

Hello everyone!

So as most of you probably have already seen, we have another big blood bath, BTC hitting 8000$, not even talking about the altcoins. So what is happening? Well in my opinion, it is combination of two factors.

In the last few days, there was a giant FUD about India banning cryptocurrencies. It was a misinterpretation of the statement from India finance minister Arun Jaitley. He has said the following:
Quote
“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”

Mainstream media then started the with-hunt and spreading the FUD of India banning cryptocurrencies. This had great affect on the price and got the BTC under 10K, hitting support line at 9000. But today, we are hitting the 8000 support line, why is that? Well, there comes the second factor.

We are closing to the Chinese Lunar New Year! Why is that a factor? Well, because most of Asia celebrate it and it is one of the biggest, if not the biggest event there. Quite a lot of people from Asia working overboard will come home to celebrate with their families. And what do they need? Money. And a lot of it, as Chinese New Year is the biggest spending spree in Asia. So when they see the FUD about India and the BTC going down, they will panic sell as they can't afford to lose any more or they would not have money for big spendings. And also it is not so long ago we have had the Korea FUD about BAN of crypto...

There is also the third factor. People see that governments are actively trying to regulate crypto markets. Some of them panic sell, some of them decide they have already pocket filled and some of them simply lose the trust...

In my opinion, combination of those factors led to this blood bath. I might be right, I might be completely wrong. What is your opinion?

Link to the article explaining India FUD here:
https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech


I have read all your points and they all are on point.Bitcoin falling down is not the bigger issue in my vision but the biggest issue is it is taking all the alts with him and we are left with no option.If one thing is going down people can leave that thing to recover and move to another thing as happens when any alts fall but that is not the case in this situation.People are in panic mode right now and just than this negative news of bans and all comes which make them believe more on the news.According to me and the way i analyse the more the buzz,the more will be the downfall and vice versa.Right now this situation demands Silence,Patience,and Trust.
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February 03, 2018, 09:11:05 PM
 #46

I think people just in panic after FUD situation which makes it falling tendency.  Roll Eyes
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February 03, 2018, 09:52:40 PM
 #47

That was too scary a downfall to $8.2k and good it will now bounce back a little to $9k. This might continue until the Chinese New year as Chinese will exchange there coins into fiat for their celebration. Hold on bloodbath is not yet over.

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February 03, 2018, 10:35:54 PM
 #48

To be very honest, i think the reason is pretty simple.... because the rise to $20K was unsustainable and not healthy.

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February 03, 2018, 11:53:19 PM
 #49

Hello everyone!

So as most of you probably have already seen, we have another big blood bath, BTC hitting 8000$, not even talking about the altcoins. So what is happening? Well in my opinion, it is combination of two factors.

In the last few days, there was a giant FUD about India banning cryptocurrencies. It was a misinterpretation of the statement from India finance minister Arun Jaitley. He has said the following:
Quote
“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”

Mainstream media then started the with-hunt and spreading the FUD of India banning cryptocurrencies. This had great affect on the price and got the BTC under 10K, hitting support line at 9000. But today, we are hitting the 8000 support line, why is that? Well, there comes the second factor.

We are closing to the Chinese Lunar New Year! Why is that a factor? Well, because most of Asia celebrate it and it is one of the biggest, if not the biggest event there. Quite a lot of people from Asia working overboard will come home to celebrate with their families. And what do they need? Money. And a lot of it, as Chinese New Year is the biggest spending spree in Asia. So when they see the FUD about India and the BTC going down, they will panic sell as they can't afford to lose any more or they would not have money for big spendings. And also it is not so long ago we have had the Korea FUD about BAN of crypto...

There is also the third factor. People see that governments are actively trying to regulate crypto markets. Some of them panic sell, some of them decide they have already pocket filled and some of them simply lose the trust...

In my opinion, combination of those factors led to this blood bath. I might be right, I might be completely wrong. What is your opinion?

Link to the article explaining India FUD here:
https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech


FUD created by the media has created this bloodbath. There maybe big investors behind this scenario.

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February 04, 2018, 01:49:07 PM
 #50

yes, chinese lunar new year always make bitcoin down, but not forever. i think media in india blow up government statement, then make crash bitcoin value

I wonder again: why do so many people really think that it is Chinese New year pushed the market falling? Crypto is the virtual currency which lives when it is supported. The belief of people has become simply weaker due to the bad news from Asia (regulations, bans, restrictions of crypto).

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February 04, 2018, 07:04:04 PM
 #51

We are closing to the Chinese Lunar New Year! Why is that a factor? Well, because most of Asia celebrate it and it is one of the biggest, if not the biggest event there. Quite a lot of people from Asia working overboard will come home to celebrate with their families. And what do they need? Money. And a lot of it, as Chinese New Year is the biggest spending spree in Asia. So when they see the FUD about India and the BTC going down, they will panic sell as they can't afford to lose any more or they would not have money for big spendings. And also it is not so long ago we have had the Korea FUD about BAN of crypto...
That is a great hypothesis, I didn't even think about it. Just like the recent Christmas and new year people are expected to taking out the profit after they got a big profit. I believe since the China market is strong, the market will do a significant move. Well, that's is a good thinking.

Well thank you for liking it Smiley As I discussed few comments bellow the main one, i forgot the Facebook affair, which was huge too... But as we can see, the price got a little bit higher again, so it looks better now. I expect the "normal trend" (i know, crypto is anything but normal) to occur around the second half of February. So in like 2 weeks Smiley I do not expect the super fast growth again, but rather slower, more steady one, but once again, there are tons of factors...  And some shady tactics sometimes Smiley

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February 04, 2018, 08:02:06 PM
 #52

A mixture of manipulation, panic, and profit taking that's what it gives
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February 05, 2018, 05:32:51 AM
 #53

I agree with your opinion. This is the accumulation of bad news from maimstream media and just like on other market when it comes to chinese new year profit taking is inevtable. People who trust the market are shopping right now with current discounts we have on almost all coins I hope i have more money.

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February 05, 2018, 05:53:05 AM
 #54

The current situation where the price of Bitcoin dropped drastically made some crypto business people uncomfortable and panicked. But in my opinion, behind the current decline in Bitcoin prices there is a point of opportunity, where we can buy Bitcoin in large quantities and sell it later when Bitcoin prices start to stabilize, because I believe if the price of Bitcoin will return to normal as before.

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February 07, 2018, 10:18:07 PM
 #55

The current situation where the price of Bitcoin dropped drastically made some crypto business people uncomfortable and panicked. But in my opinion, behind the current decline in Bitcoin prices there is a point of opportunity, where we can buy Bitcoin in large quantities and sell it later when Bitcoin prices start to stabilize, because I believe if the price of Bitcoin will return to normal as before.
This is correct but it is difficult to do that for an inexperienced trader, after all it is difficult to invest in something that is making you lose a lot of money, that is why trading is not only about being able to predict the price of the asset you are trading correctly at the end you need to have a lot of guts as well and be able to invest in something when it is suffering a great decrease on its price.



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February 07, 2018, 10:27:28 PM
 #56

Good insight Op, I think the points you mentioned are a perfectly logical explanation of what happened (+Russa crypto ban, but that is part of extensive crypto regulation).
The beginning of each year has been historically always a hard point for bitcoin - do you remember early 2015 when bitcoin crashed to ~$200?
This time we were hit but cumulative bad news from Korea, India and Russia - do the only correct reaction would be crash.
What's done is done, however - we now have cheaper Bitcoin, so buy it while you can. We all know that the $20k is within our grasp.


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