[2018-05-27] Digital Currency Prices Keep Falling, with Bitcoin Trading Below $8

[Vladdirescu87]

Digital Currency Prices Keep Falling, with Bitcoin Trading Below $8000

All major virtual coins operating on the cryptocurrency market have experienced a rapid decrease in value, while the US Department of Justice has started an investigation related to cryptocurrency price manipulation. The current number on coinmarketcap has also drastically declined.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/digital-currency-prices-keep-falling/

[hatshepsut93]

When the market quickly jumped from ~7k to 9k, I wasn't very enthusiastic about it, because it happened so quickly without any clear reason, and the market was bearish for only a few months after the ATH. I expected the bear market to last way longer, and maybe right now we are returning to it. People tried to bring back the hype by claiming that Bitcoin will go to $50k or higher within a few years, and maybe it will happen, but I feel like now is too early for a bull run. On the other hand, this can be just a reaction to bad news, we've seen it happening with "China bans Bitcoin" last year, when the price crashed quickly, but then rebounded in a few weeks.

[1Referee]

On the other hand, this can be just a reaction to bad news, we've seen it happening with "China bans Bitcoin" last year, when the price crashed quickly, but then rebounded in a few weeks.

The market going down because of bad news is just becoming somewhat of a nonsensical statement. It's just that everytime the price goes up or down everyone looks for a reason, but there is none in this case.

Are you selling? I guess not.
Am I selling? No.
Are noobs selling? Maybe some, but the majority aren't.

I asked crypto enthusiasts around me whether or not they are selling, and the answer is no. Mentality largely is HODL. There isn't much activity going on now in the market, which whales gratefully exploit in their advantage. If the price goes back up, then it's purely because of them lifting the market up, and not because people gained back their confidence and whatnot.

It's however good to see that Bitcoin remained fairly stable, where altcoins have been hit quite hard. People complain about Bitcoin being boring, but in these cases they would have hoped that they didn't hold any altcoins.

Bitcoin down 1.4%
Ethereum down 6.5%
Ripple down 5.4%
BRoger down 7%

[hatshepsut93]

On the other hand, this can be just a reaction to bad news, we've seen it happening with "China bans Bitcoin" last year, when the price crashed quickly, but then rebounded in a few weeks.

The market going down because of bad news is just becoming somewhat of a nonsensical statement. It's just that everytime the price goes up or down everyone looks for a reason, but there is none in this case.

Most of the time it's true, but still there are some examples of the market very likely reacting to news. And it's not necessarily noobs with weak hands who are selling, I think it was mostly speculators who were doing it simply because they believed that the rest of the speculators will also do it, even if they themselves believed in long term success of Bitcoin. Those guys don't just HODL, they actively trade to get profit from volatility. In the last year I remember the crash when China banned ICO's, the crash before the end of SegWit signalling period and the crash after ETF was rejected. I think it's not too far-fetched to think that those crashes were directly caused by those events, since they were pretty important.

It's however good to see that Bitcoin remained fairly stable, where altcoins have been hit quite hard. People complain about Bitcoin being boring, but in these cases they would have hoped that they didn't hold any altcoins.

Altcoins are in general very bad for hodling, they tend to decrease in their BTC value in the long run, they are much more likely to suddenly crash or even die.

[Kemarit]

When the market quickly jumped from ~7k to 9k, I wasn't very enthusiastic about it, because it happened so quickly without any clear reason, and the market was bearish for only a few months after the ATH. I expected the bear market to last way longer, and maybe right now we are returning to it. People tried to bring back the hype by claiming that Bitcoin will go to $50k or higher within a few years, and maybe it will happen, but I feel like now is too early for a bull run. On the other hand, this can be just a reaction to bad news, we've seen it happening with "China bans Bitcoin" last year, when the price crashed quickly, but then rebounded in a few weeks.

The China bans bitcoin was really one of the worst we've been, it was like a month or so before we have recovered by from disaster and then hits all-time-high at the end of the year. So I wouldn't be surprise if the same thing happens this year. I agree that the jump from $7000K-$10000 was very abrupt and everyone jumping for joy, and saying that the bear market is over. But if you look closely at the TA, it was overbought so most likely if will go down again as what we have seen. And then follow by bad news one after another. But I'm fairly optimistic that when everything settles down a bit, in a week or two we will see it gradually bouncing back around $8000. No need to panic here and we all know how this market works and reacts.

[Slow death]

Digital Currency Prices Keep Falling, with Bitcoin Trading Below $8000

the regulations are causing the price drop:


Poloniex Crypto Exchange Users Claim Accounts ‘Frozen’ After ID Policy Update

Bithumb Crypto Exchange Bans Accounts From 11 Countries

South African Police Investigate Alleged Crypto Ponzi-Scheme Involving 28,000 Investors

UK Financial Regulator Opens 24 Investigations Into Crypto Businesses for Compliance

[stomachgrowls]

When the market quickly jumped from ~7k to 9k, I wasn't very enthusiastic about it, because it happened so quickly without any clear reason, and the market was bearish for only a few months after the ATH. I expected the bear market to last way longer, and maybe right now we are returning to it. People tried to bring back the hype by claiming that Bitcoin will go to $50k or higher within a few years, and maybe it will happen, but I feel like now is too early for a bull run. On the other hand, this can be just a reaction to bad news, we've seen it happening with "China bans Bitcoin" last year, when the price crashed quickly, but then rebounded in a few weeks.

The China bans bitcoin was really one of the worst we've been, it was like a month or so before we have recovered by from disaster and then hits all-time-high at the end of the year. So I wouldn't be surprise if the same thing happens this year. I agree that the jump from $7000K-$10000 was very abrupt and everyone jumping for joy, and saying that the bear market is over. But if you look closely at the TA, it was overbought so most likely if will go down again as what we have seen. And then follow by bad news one after another. But I'm fairly optimistic that when everything settles down a bit, in a week or two we will see it gradually bouncing back around $8000. No need to panic here and we all know how this market works and reacts.

If the price would able to hold up with 7k support then we wouldnt able to see lower than 6k soon and now price is sginificantly rising up even on small ranges but its much better than seeing it how it moves on recent weeks.People do already make some words where price do almost hits up 10k but same as you said checking out on the TA would show you up oversold where tendecy to decrease is high and now it do happens together with regulation news or fundamentals which is really the reason of price decline.