[2018-06-24]Bitcoin falls to lowest level this year

[J_Crypto]

Bitcoin dropped to the lowest level this year as pressure mounts on the embryonic digital-currency sector, with global central bankers raising questions of viability and government regulators increasing scrutiny.

The biggest virtual currency fell as much as 5.1 per cent to $5,832.68, piercing the previous low of the year of $5,920.72 that was set on February 6th, according to Bitstamp prices. That bought its decline from the record high of almost $20,000 reached in December to 70 per cent.

On Friday, Japan’s Financial Services Agency ordered six of the country’s biggest crypto trading venues to improve measures to prevent money laundering. The companies must submit their plans by July 23rd.

Peer-to-peer money has come under fresh pressure in recent weeks after two South Korean exchanges said they were hacked. That raised fresh concerns about the security of investor holdings. New pressure in Japan, one of the most crypto-friendly jurisdictions, demonstrated the market’s fragility to regulatory moves in the absence of much positive news.

Bitstamp is one of the major price sources for cryptocurrencies, which have no unified quotation system and can vary substantially among countries. Bloomberg’s composite pricing, which includes Bitstamp and other sources, showed Bitcoin closed on Friday at $6,070.19. – Bloomberg

https://www.irishtimes.com/business/markets/bitcoin-falls-to-lowest-level-this-year-1.3541924

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[richardsNY]

My overall buying price as well with my sub $6000 purchase.

I always try to make the most out of every opportunity and this was definitely something that puts a smile on my face. The drop has nothing to do with regulations, futures, fud, etc. It's pure manipulation thus far. All coins getting sold right now seem too calculated and timed to perfection to drag the market down. The price has gone down too much in the last days to keep dropping so expect a mini reversal to happen, but it probably isn't enough to top $7000 for now. We just need to sit this out and utilize the market in the best possible way -- dumps of this magnitude are opportunities, even if the price may go down lower in the coming weeks or months.

[hatshepsut93]

Seems like this bottom last for only a few hours, as the price currently above $6,000 again. There's still plenty of support, so I think some extreme lows like $3-4k would be very unlikely in this bear market. We might see sub $6k again in this year, maybe it will even stay there for longer, but I think we're close to the bottom already. I do think though that we'll stay here for long, the rally in this year seems unlikely to me, it will probably start in Q1 2019 or even Q2, the market needs to cool down for some time, having a new ATH right after a major crash would be crazy.

[samic222]

it seems that the bit will rise with growth to the new year

[orions.belt19]

What’s there to expect with this bear trend? So far, it has been the lowest price for THIS year but it’s still far off from the price it was just last year. It may not be the bottom yet and we may expect the price to go down again in the coming months. With all the negative news, it’s expected for the price to go lower but it may not even bounce back right after and recover.

[BitHodler]

One aspect I can't get enough of is looking at how altcoins are deflating badly. I don't mind seeing them bleed till there is nothing left of them anymore, but that's a bit too brutal for those invested in them.

I'm kinda surprised how EOS is managing to remain popular amongst traders. The volumes it keeps pushing regularly top $1 billion, which is pretty insane if you think about how they haven't achieved anything yet.

It's disappointment after disappointment, but the fools that people are keep acting like everything is gonna be alright. As the wolf of wall street likes to say, EOS hasn't run out of greater fools yet.  

[aso118]

Seems like this bottom last for only a few hours, as the price currently above $6,000 again. There's still plenty of support, so I think some extreme lows like $3-4k would be very unlikely in this bear market. We might see sub $6k again in this year, maybe it will even stay there for longer, but I think we're close to the bottom already. I do think though that we'll stay here for long, the rally in this year seems unlikely to me, it will probably start in Q1 2019 or even Q2, the market needs to cool down for some time, having a new ATH right after a major crash would be crazy.

The bottom lasted for only a few hours, but we aren't too far away from it. The bounceback was only~$300, which isn't much by Bitcoin standards. So we could easily revisit those levels or go even lower. Consider them as good buying opportunities.

[Diabolov]

All that can be said about this situation is that the market of crypto currency at some point just fell from the cliff. It touched all crypto-currencies: bitcoin and alcoins. All jumped off the conditional bridge. Yesterday it seems like digital currencies have found the ground, but today they continued to roll down

[Coffee135]

Seems like this bottom last for only a few hours, as the price currently above $6,000 again. There's still plenty of support, so I think some extreme lows like $3-4k would be very unlikely in this bear market. We might see sub $6k again in this year, maybe it will even stay there for longer, but I think we're close to the bottom already. I do think though that we'll stay here for long, the rally in this year seems unlikely to me, it will probably start in Q1 2019 or even Q2, the market needs to cool down for some time, having a new ATH right after a major crash would be crazy.

The bottom lasted for only a few hours, but we aren't too far away from it. The bounceback was only~$300, which isn't much by Bitcoin standards. So we could easily revisit those levels or go even lower. Consider them as good buying opportunities.

It seems to me that in such a situation it is very difficult to find those who want to buy cryptocurrencies. Everyone sees the unreliability of this asset and gradually sell it. We'll probably have a long stagnation. I sold my assets a long time ago and left only a small part of bitcoins in case the price of bitcoin ever recovered.

[Lucius]

It seems to me that in such a situation it is very difficult to find those who want to buy cryptocurrencies. Everyone sees the unreliability of this asset and gradually sell it. We'll probably have a long stagnation. I sold my assets a long time ago and left only a small part of bitcoins in case the price of bitcoin ever recovered.

It's actually the other way around, for those who want to invest in BTC or any other altcoin this is almost a perfect time since prices are very low compared to the previous months. Problem is that most people look at their investment only short-term, but it would be much smarter invest for a longer period (5-10 years). I have no doubt that we will see 20 000 $ and above that, it's just a matter of time. But I have a positive opinion regarding BTC and cryptocurrency in general, and such drop in price in only opportunity for me.

If you not have patience, self-control and a clear plan for future, then maybe this is not a game you should play.

[felixesteban]

Bitcoin still hasn't found the bottom level. It doesn't look safe . As a matter of fact, if new investors dare to enter, the prices will bounce right away.

[milewilda]

Seems like this bottom last for only a few hours, as the price currently above $6,000 again. There's still plenty of support, so I think some extreme lows like $3-4k would be very unlikely in this bear market. We might see sub $6k again in this year, maybe it will even stay there for longer, but I think we're close to the bottom already. I do think though that we'll stay here for long, the rally in this year seems unlikely to me, it will probably start in Q1 2019 or even Q2, the market needs to cool down for some time, having a new ATH right after a major crash would be crazy.

The bottom lasted for only a few hours, but we aren't too far away from it. The bounceback was only~$300, which isn't much by Bitcoin standards. So we could easily revisit those levels or go even lower. Consider them as good buying opportunities.

As far as i remember it do bounce back for 2-3 times going sub 6k price and then bounce up in the range of 6200-6300 which is really a good time to make short trades.It did really pierce out the previous low back in February but well most of us arent really surprised yet anything can possibly happen. This small increase might really be a good chance to make profit and we wont even know we would even go lower on next days or weeks. It depends on where would prices would go.

[qwertyup23]

My overall buying price as well with my sub $6000 purchase.

I always try to make the most out of every opportunity and this was definitely something that puts a smile on my face. The drop has nothing to do with regulations, futures, fud, etc. It's pure manipulation thus far. All coins getting sold right now seem too calculated and timed to perfection to drag the market down. The price has gone down too much in the last days to keep dropping so expect a mini reversal to happen, but it probably isn't enough to top $7000 for now. We just need to sit this out and utilize the market in the best possible way -- dumps of this magnitude are opportunities, even if the price may go down lower in the coming weeks or months.

If the price decrease is mostly due to manipulation then I guess that this would be the perfect opportunity to invest and acquire more as this phenomenon occurs very often in Bitcoin. Although whales play a huge role in the price, you also have to consider some factors as well (like the ones you mentioned) and take them into account on how an individual should see his/her investments when it comes to their decision making.

Bitcoin still hasn't found the bottom level. It doesn't look safe . As a matter of fact, if new investors dare to enter, the prices will bounce right away.

The question is when will these investors enter the market with the recent decrease on the price of bitcoin? Unfortunately, most investors does not even know any background about bitcoin and they invest primarily due to the hope that media stamped into their minds that bitcoin would yield large income if you invest into it. Some, however, know the processes and the current events that lead to the decrease on its price and these investors are currently taking advantage of the situation.

[darkangel11]

Bitcoin still hasn't found the bottom level. It doesn't look safe . As a matter of fact, if new investors dare to enter, the prices will bounce right away.

It does look safe if you're not looking for a quick gain. Prices move in waves and even in bear market after a fall there's always a bounce back. Sometimes it's only short term, and sometimes it gets followed by a long term uptrend. To make it simple, after a drop below 6000 there will be a push towards the previous resistance of around 6800USD and if it breaks it we might have another pump to 8k USD.