[2018 - 03 - 27] Crypto Market In The Red, Bitcoin Falls Below $8,000

[rammy2k2]

Monday, March 26: Cryptocurrency markets have accelerated the downward trend that started yesterday, and are currently in the red. Ethereum (ETH) dipped below the $500 level for the second time this month after reaching close to $600 on March 24. Bitcoin is below $8,000.

Total market capitalization has dropped to $303 bln at press time, the top-10 digital currencies listed on Coinmarketcap are in red.

While it managed to reach $9,000 on March 24, Bitcoin (BTC) has seen a 7.58 percent drop over a 24 hour period, trading at $7,990.84 at press time. BTC lost 22 percent of its value over the last month, according to Cointelegraph price index.

Ethereum, which lost 9.04 of its value over 24 hours, has dipped below $500 twice this month. ETH has  lost over 45 percent over the past 30 days, and is currently trading at $480.46.

Cardano (ADA) and NEO have lost more than 12 percent over a 24 hour period, trading at $0.162 and $57.30 respectively at press time.

EOS, which previously saw almost 60 percent growth over a week, has lost 16.56 percent in the past 24 hours. At press time EOS is trading at $5.52.

After a week of growth, crypto markets are seeing a significant downturn that started yesterday. Last week, the US Internal Revenue Service (IRS) warned crypto investors to report their cryptocurrency earnings on their income tax returns, stating that virtual currency is considered property and is thus subject to federal taxes.

https://cointelegraph.com/news/crypto-market-in-the-red-bitcoin-falls-below-8000-ethereum-dips-below-500

[Harlot]

The king has fallen and its followers go down with him. What else can we do to what is happening in the cryptocurrency market right now? I am seeing two options we could either mourn or take advantage of the situation, like in the stock market money is made on the bull market but on a bearish market, Warren Buffet has bought and go all in during the recession and look what happened to him? He is one of the top 10 Billionaires right now without a business like Apple or Google just pure investments and financial help. The price drops are our opportunity to be one with the pack let us not be sad about what is happening to the market right now.

[iram1011]

Bears are ruling the market since the inflow of dollars into cryptocurrency sphere has reduced significantly. ICO are getting rekt as investments are getting low. No new money is entering the market after that December ridiculous growth. Thus, most of the bulk investors are involved in futures trading and this has made bitcoin hover between $7k-$9k levels. Bitcoin has repeatedly come back from $9k level as there aren't much investors atm. Price will find it hard to cross this support level unless bull enters the market which is less likely a chance in this scenario.

[peter0425]

The king has fallen and its followers go down with him. What else can we do to what is happening in the cryptocurrency market right now? I am seeing two options we could either mourn or take advantage of the situation, like in the stock market money is made on the bull market but on a bearish market, Warren Buffet has bought and go all in during the recession and look what happened to him? He is one of the top 10 Billionaires right now without a business like Apple or Google just pure investments and financial help. The price drops are our opportunity to be one with the pack let us not be sad about what is happening to the market right now.

I would take the latter in your options. hahahhaa

Why should we all mourn when the price is still good? That is the problem with most of us, we are not used to seeing the price below $10K and now it seems that we are moving sideways and at times going south, they lost interest and keeps on the sideline waiting for the next breakout before making their move.

For me every dip is a good buying point, sadly I don't have funds, but If I did, I will continue to accumulate more and will just hold on it till the end of the year and see how it goes.

[vit05]

The big issue is the very small volume, especially in Asia, when compared to last year. There seems to be a concern about illegal funds and lack of KYC in the exchanges. As long as they do not resolve these issues and regain volume, large declines and large rises will be constant.

[NeuroticFish]

The big issue is the very small volume, especially in Asia

Exactly. The lower the volumes, the easier to play with the price.
And some rumors around the corner can trigger big things, if they will become reality. (Yes, it's about China again).
It's a good moment to wait and see.

[Sir Cross]

The king has fallen and its followers go down with him. What else can we do to what is happening in the cryptocurrency market right now? I am seeing two options we could either mourn or take advantage of the situation, like in the stock market money is made on the bull market but on a bearish market, Warren Buffet has bought and go all in during the recession and look what happened to him? He is one of the top 10 Billionaires right now without a business like Apple or Google just pure investments and financial help. The price drops are our opportunity to be one with the pack let us not be sad about what is happening to the market right now.

I would take the latter in your options. hahahhaa

Why should we all mourn when the price is still good? That is the problem with most of us, we are not used to seeing the price below $10K and now it seems that we are moving sideways and at times going south, they lost interest and keeps on the sideline waiting for the next breakout before making their move.

For me every dip is a good buying point, sadly I don't have funds, but If I did, I will continue to accumulate more and will just hold on it till the end of the year and see how it goes.

People look at the price fall to $10K negatively because for those who bought bitcoin at a price higher than that, they have incurred some losses and they cannot realize a return on their investment. The price where it is right now is a disadvantage for them because they are not gaining any profit. According to traders, it's a good time to buy whenever the price goes down so for now, we should buy while the price is cheap in order to increase our investment.

[Lampaster]

The king has fallen and its followers go down with him. What else can we do to what is happening in the cryptocurrency market right now? I am seeing two options we could either mourn or take advantage of the situation, like in the stock market money is made on the bull market but on a bearish market, Warren Buffet has bought and go all in during the recession and look what happened to him? He is one of the top 10 Billionaires right now without a business like Apple or Google just pure investments and financial help. The price drops are our opportunity to be one with the pack let us not be sad about what is happening to the market right now.

I would take the latter in your options. hahahhaa

Why should we all mourn when the price is still good? That is the problem with most of us, we are not used to seeing the price below $10K and now it seems that we are moving sideways and at times going south, they lost interest and keeps on the sideline waiting for the next breakout before making their move.

For me every dip is a good buying point, sadly I don't have funds, but If I did, I will continue to accumulate more and will just hold on it till the end of the year and see how it goes.

People look at the price fall to $10K negatively because for those who bought bitcoin at a price higher than that, they have incurred some losses and they cannot realize a return on their investment. The price where it is right now is a disadvantage for them because they are not gaining any profit. According to traders, it's a good time to buy whenever the price goes down so for now, we should buy while the price is cheap in order to increase our investment.

Indeed, now it makes sense to buy cryptocurrencies. But who has the money for that? A lot of people who bought coins before, now switched to the standby mode. Potential buyers are afraid to buy because of the negative news. Bankers are amplifying bad news by spreading fud. In this situation, I do not believe that there will be a massive attraction of capital.

[Baoo]

In general, when there is a big fall or crisis in bitcoin, all other currencies go down with it (the followers of bitcoin), So there is always a similarity between the king and other cryptocurrencies (like, father and sons).

In fact, the crisis in the market is still continuing and the price of bitcoin almost stable in 8k, and maybe the main reason of this spread fall, which it is the capitalists (who have a large amounts of bitcoin) are selling their money, so they control the price of bitcoin and other currencies, and I do not think that other problems have greatly affected the value of bitcoin like, google banning crypto ads and other.

[gabbie2010]

I am very optimistic that a bounce off support at $7400 to $7800 will hold at least for now it is obvious the market volume has reduced which prompted the bearish movement of course in the next in days a head bitcoin can pull up due to it's volatility in reaction to any upcoming positive fud.

[akamit]

Bears are ruling the market since the inflow of dollars into cryptocurrency sphere has reduced significantly. ICO are getting rekt as investments are getting low. No new money is entering the market after that December ridiculous growth. Thus, most of the bulk investors are involved in futures trading and this has made bitcoin hover between $7k-$9k levels. Bitcoin has repeatedly come back from $9k level as there aren't much investors atm. Price will find it hard to cross this support level unless bull enters the market which is less likely a chance in this scenario.

It's true that no new money is entering the market, and that's what reflected into the market.
On the other hand, peoples are selling cryptos to cash out, though it's a normal thing to cash out, and later they will buy again for sure. Money Greed! that's how everything rolls in crypto world.

I think $7k-$9k is still a decent price range for bitcoin. But it is not okay maybe for those who are/were dreaming of the price range $15k-$20k.
Peoples should understand that the price $15k-$20k was a massive bitcoin pump. And the current bitcoin price is the real price, peoples should also understand this.

[richardsNY]

It's true that no new money is entering the market, and that's what reflected into the market.

How do you know that? You completely discard the fact that fresh money doesn't channel in through the regular exchange markets, but off-exchange. In other words, buyers and sellers more and more revert to over-the-counter market rather than the sloppy exchanges not being able to allow deep pockets to properly enter or exit the market. That's why I am a supporter of having stock markets to operate crypto exchanges, or just them taking over the existing crypto exchanges. It's safe to say that our current exchanges are what preventing the market to obtain stability and healthy liquidity -- no serious institutional investor is going to dive into this mess, and I can't blame them....

[akamit]

It's true that no new money is entering the market, and that's what reflected into the market.

How do you know that? You completely discard the fact that fresh money doesn't channel in through the regular exchange markets, but off-exchange. In other words, buyers and sellers more and more revert to over-the-counter market rather than the sloppy exchanges not being able to allow deep pockets to properly enter or exit the market. That's why I am a supporter of having stock markets to operate crypto exchanges, or just them taking over the existing crypto exchanges. It's safe to say that our current exchanges are what preventing the market to obtain stability and healthy liquidity -- no serious institutional investor is going to dive into this mess, and I can't blame them....

If Bitcoin is down then every other coin/token is down as well.
 
I'm not talking about the channels here actually, how investors get in & out.
But the real fact is peoples are confused about the market, it may be because of the FUD of regulation or anything else.

If fresh money enters the market than it is creating demand and thus the price will rise without any doubt. As an example, (I don't know if it is true or not) when Tether created $800m USDT and bought Bitcoin, the price went to $19k+, because they created demand for bitcoin. You can also say that other peoples took advantage of this and they gave huge support to take bitcoin price there. Later, when Tether dumped along with MtGox the price went down below $10k afair.

There are two types of investor/users of Bitcoin, the way I think.
1. Those investors who act with the market condition to take advantage - get in & out
2. True believers of Bitcoin like us - hodls no matter what market condition is - so maybe this is the reason why bitcoin price is still in $7k-$9k range.

Now it is essential to take a decision by whom it may concern, KILL THE FUD - TAKE THE DECISION - LET US KNOW THE NEW RULES SO THAT WE CAN MOVE FORWARD.

[Gotottack]

In essence, what this write up is telling us is that the value of Bitcoin dropped because the IRS reminded the taxpayers to pay their dues, Bitcoin profits percentage included. Well, this is a valid price drop in that sense since what the government instrumentality is doing is actually in performance of its bounden duty. Nonetheless, I do not think the price drop can be attributed to that alone. We have to remember it is already the tax season, hence, people would need liquid to pay their dues. Hence, I think people are cashing out their Bitcoins in order to pay their tax obligations. This move does not automatically translate to negativity because this is merely a period whereby the market is expected to go down.

[TrumpD]

I am beginning to think and feel that this continuous volatility in the market is no longer as a result of the negative press about bitcoin and crypto especially at the start of the year, but rather that recent investors are now into "mostly trading". It would appear that the long term investors have dwindled, and short term investors have increased - thus creating this increased instability in prices. And obviously when bitcoin falls, the rest follow suit.

[Alex077]

The bitcoin has already risen above 8,000, and the other Altcoins have gradually recovered. Well, one could hardly expect a different outcome. Given the abundance of negative news, the market could drop even lower, many expected a decline to 6000 and even 5000, but this did not happen, and this testifies to the strength of the cryptocurrency market.