prabhu
Newbie
 Offline
Activity: 92
Merit: 0
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February 06, 2018, 09:11:25 AM |
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Indian budget yesterday came in which they use sentence " Cryptocurrency is not legal tender " and people think " not legal means illegal " but Finance Minister already said , Not legal means we are still not in position to say anything about it.
Today if i am not wrong , they cleared we will think about it. As two big trade site are working in India , Unocoin and Zebpay.
But even after this news Bitcoin did not stop its fall. It is not stable, going up and down all the time. I suppose it will last for long, at least for a month. It is dropping sharply and I doubt if one news item could cause such a sharp drop in price. India has a marginal role in the global bitcoin market, and Bitcoin has weathered a crackdown by China and (limited) FUD from the South Korean government. I think it is a shift in investor sentiment and risk aversion in general. Yes ,India Bitcoin has declared investment and transactions illegal. Bitcoin mining and trading companies in India will be closed at any time information has been released.Bitcoin investment in India will be greatly reduced.Such events happen in Market.But Bitcoin was banned in India following countries such as chinna, south Korea, Vietnam and Japan the reason for this fall.This will cause fear of investors worldwide.Belief in Bitcoin will go away. |
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Rana590
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February 06, 2018, 09:32:25 AM |
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People are in now hesitation. New people are not joining to invest on bitcoin. For this reason bitcoin is decreasing rapidly. It is on correction and after that hopefully price will be recovered. It has still chance to recover.
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e-coinomist
Legendary
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Activity: 2380
Merit: 1085
Money often costs too much.
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February 06, 2018, 09:39:17 AM |
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People are in now hesitation. New people are not joining to invest on bitcoin. For this reason bitcoin is decreasing rapidly. It is on correction and after that hopefully price will be recovered. It has still chance to recover.
Between 2018 and 2013 there had been 5 Years. Once could argue that this meltdown could heal in another 5~10 years. But I doubt that. The momentum has been lost, the notation of the currency as a store of value destroyed. |
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AK47-
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February 06, 2018, 10:41:03 AM |
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Not one but many factors are contributing to this price drop. India and South Korea fud was a buzzkill. Then the reason which has caused this massive price drop is crash in international stock markets, as only 2 of the 30 companies of the 30 in S&P 500 showing an increase in price. Crypto doesn't operate in isolation and all financial instruments are related. The only silver lining being that if Dow Jones index falls any further it will correct itself, which has happened 5 times in last 8 years and is long overdue.
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cipher-x_09
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February 06, 2018, 11:11:15 AM |
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With many more countries and influential figures in the business industry going against the rise of cryptocurrency in the world today, because of the never ending rise of ICO's which are meant for scamming and tricking other people in the market which is why they are wary of the continous progress of crypto coins today.
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rickadone
Legendary
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Activity: 1176
Merit: 1024
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February 06, 2018, 06:42:21 PM |
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Why is the bitcoin price going down?  All the matters are confined in simple words, it's panic selling. Damn rally of continuous regulation on crypto exchange and mostly spreading of FUD is the culprit of price dipping. And to top it up, that panic selling is one of the reasons why we give the institutions the upper hand in the market. I would not blame anyone though, there is really no good news for bitcoin right now and I see no reason why the buying momentum will skyrocket, but all the same, this kind of period is normal for any market, but the best is to keep all hopes high. A lot of FUD is going around, a massive correction going on after a pretty big huge rise that almost turned to a bubble, and then the whales and institutions stepping in. However, this is nothing to be worried about. We are getting close to the despondency stage, the market will recover and then you will start seeing the hope being raised up all over again. It has happened before, it will happen again, good you have experienced it now so you can have something to tell upcoming newbies. |
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ngavanngo22
Member
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Activity: 238
Merit: 10
OPEN GAMING PLATFORM
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February 06, 2018, 10:23:49 PM |
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Why is the bitcoin price going down? Recently, we can see that Bitcoin's rate has been continuously decreasing, and the main reason is due to the negative news as FOMO sells all its assets to cut losses when prices down to 5000 dollars. There are a lot of questions like this in the forum recently, and they are in a state of anxiety, wondering whether to continue to hold or sell all and accept losses rather than hold and still have the opportunity to make a profit. |
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batang_bitcoin
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February 06, 2018, 10:32:47 PM |
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People are in now hesitation.
They can't attain to see the charts so they are hesitating. New people are not joining to invest on bitcoin.
New investors are also scared that they have lost that much not knowing that bitcoin is ready to recover now and they are also not aware that this how volatility works. For this reason bitcoin is decreasing rapidly.
No, the main reason why bitcoin is rapidly going down is there are too many people selling it. It is on correction and after that hopefully price will be recovered. It has still chance to recover.
This is a long correction and what we need to do is stay tune and hold, have some cup of coffee too. |
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el kaka22
Legendary
Offline
Activity: 3514
Merit: 1162
www.Crypto.Games: Multiple coins, multiple games
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February 07, 2018, 10:51:03 AM |
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Indian budget yesterday came in which they use sentence " Cryptocurrency is not legal tender " and people think " not legal means illegal " but Finance Minister already said , Not legal means we are still not in position to say anything about it.
Today if i am not wrong , they cleared we will think about it. As two big trade site are working in India , Unocoin and Zebpay.
But even after this news Bitcoin did not stop its fall. It is not stable, going up and down all the time. I suppose it will last for long, at least for a month. This is going to be like the second longest correction so far, I guess. I really do not see how guys are not seeing the blueprint all over the wall. The whales want you guys to panic and dump what you have so they can benefit a lot from it, and then some of us unfortunately are busy giving them what they want. Nevertheless, I believe this will keep getting the market stronger as time goes on and as people started realizing their mistakes, while they grow in the community. |
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vhiancs
Member
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Activity: 238
Merit: 15
--=oOo=--
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February 07, 2018, 03:53:03 PM |
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Why is the bitcoin price going down? It's because of the bad news and also because of the ban on bitcoin in china and in other countries. but no worries i know someday the bitcoin price will getting pump again, i still hoping and holding my bitcoin no matter what. |
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