[2018-06-13] BLOOMBERG: Bitcoin Extends Its Collapse

[BokkaExchange]

Bitcoin extended losses, bringing its four-session slide to as much as 20 percent, as questions mount about whether the world’s biggest cryptocurrency was manipulated during last year’s record price surge.

After rallying more than 1,400 percent in 2017 amid an investor frenzy for digital assets, Bitcoin is down almost 70 percent to around $6,238 as of 4:37 p.m. in New York, from its record high of $19,511 set in December. It traded at a few cents after being launched in 2009.

“Things have changed for Bitcoin and the crypto space,” said Craig Erlam, senior market analyst at online trading firm Oanda Corp. in London. “There doesn’t seem to be as much hype, or positive news. Every time we get a negative news story now -- after a period of consolidation -- we don’t see bullish sentiment come in to support it. It’s almost as if people are waiting to sell it.”

Read more: https://www.bloomberg.com/news/articles/2018-06-13/no-let-up-for-bitcoin-as-biggest-cryptocurrency-extends-decline

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[hatshepsut93]

Bitcoin didn't rally last year because of some positive news, because there were no significant positive news at all. In fact, there was much more FUD than today, because of SegWit2x and Bcash attacks, and later because of high transactions fees. Also the FUD about 0.5% of electricity first appeared in the last year. What is happening now is just the market cycle, the price skyrocketed and went parabolic without any good reason, now the market is bearish because no one expects to have a new rally just half a year after a previous bull run and ATH. News in general have very little impact on Bitcoin's price, and even when they do it's pretty short lived.

[magneto]

Well, there is really nothing else you could expect from a bear market. Prices are going to consolidate and dip, until the bear market is over. I don't see how this is really anything of concern, since this happens in cycles all the time.

Also, I don't see how manipulation comes in this. Just because prices are dipping at the moment, doesn't mean that prices were or are being manipulated.

But yes, there is virtually no bullish sentiment in the market right now, which is precisely why the recovery isn't happening in the short run yet. But accumulation at these levels could prove to be extremely profitable for the long run.

[Jating]

Bitcoin didn't rally last year because of some positive news, because there were no significant positive news at all. In fact, there was much more FUD than today, because of SegWit2x and Bcash attacks, and later because of high transactions fees. Also the FUD about 0.5% of electricity first appeared in the last year. What is happening now is just the market cycle, the price skyrocketed and went parabolic without any good reason, now the market is bearish because no one expects to have a new rally just half a year after a previous bull run and ATH. News in general have very little impact on Bitcoin's price, and even when they do it's pretty short lived.

Exactly, we are all in awe at how the price could gather steam and almost touch $20K last December. But most seasoned trader are scratching their heads because we don't know where all the money is coming from. Maybe we can conclude that the CME and CBoE entering the game didn't do good but bring us more harm as the market free fall from $19K to $6K.

I guess its really a expensive lesson for everyone here, specially who FOMO and bought bitcoin as its peaked and thinking that we can go on parabolic rise. We all got burned, the market suffers and keeps on struggling and we do hope that we can even get to $10K at the end of the year to kick start 2019 with at least to end this bear sentiments.