$43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds

[toheed2x]

Whats going on ? Did you read this news!

Quit worried why Market Cap moving down 

Drastic Turn of Momentum in Five Days
On August 7, the value of the global cryptocurrency market hovered at around $257 billion, supported by stability in the price of both Bitcoin and Ether, the native cryptocurrency of Ethereum, at $7,300 and $400 respectively.

Since then, within less than five days, the price of Bitcoin and Ether fell to $6,300 and $320, reaching $5,980 and $305 at their lowest points on August 11. In five days, more than $43 billion were wiped out of the market.

It is evident, given the steep decline in the valuation of the crypto market, that major cryptocurrencies have faced a strong downtrend over the past few weeks. Apart from Bitcoin, the most dominant digital asset in the market, almost every major cryptocurrency and token lost a significant chunk of its value.

Ether, for instance, has been one of the worst performing digital assets throughout August, despite demonstrating momentum throughout January to July. Some analysts have attributed the steep drop in the price of Ether to the sell-off of ETH by initial coin offerings (ICOs) and blockchain projects.

Dumping of Ether on public cryptocurrency exchanges by large-scale blockchain projects explains why one of the better performing cryptocurrencies in 2018 lost more of its market valuation than any other major digital asset over the past week.

For the cryptocurrency market to experience a reversal in trend and momentum, not merely a 1 to 5 percent increase in value but a 40 to 50 percent surge in its value, a drastic change in its volume and price trend will have to be recorded, meaning that Bitcoin would have to secure momentum at major resistance levels.

In the short-term, considering the overly strong downtrend of the market, it is difficult to see even large cryptocurrencies recording corrective rallies to be at a better position to initiate a mid-term rally.

At this point, a more plausible situation is major cryptocurrencies bottoming out at the lower price range, building stability for a few weeks, and then initiating a strong rally. The probability of cryptocurrencies suddenly increasing in value by 10 to 20 percent, as Bitcoin has done in late June, is low.

Bitcoin is in a Better Position?
Willy Woo, a respected cryptocurrency analyst who predicted the price of Bitcoin to bleed out slowly from $9,000 to $6,000 in late may, said:

“Just looking at Chris’ chart you can see BTC is much stronger this time around. (Comparing OBV indicators over the same time frame is a great way to see of this more clearly.) There’s a lot of buying going on behind the fear and capitulation.”

As mentioned above, it is of utmost importance for BTC and other cryptocurrencies to build momentum and stability, to support the next rally in the mid-term.

Reference:

Code:

https://www.ccn.com/43-billion-wiped-out-of-crypto-in-5-days-as-bitcoin-price-rebounds/

[crea8ivemoiz]

Why what happened..whats going on can't understand...how fast is alt coins downward..worried about losses too much  any hope for coming days??

[DesiHunterrrr]

Its just a down trend for a while we will market moves back to normal and I pretty sure closing around $20k this year.

[CryptoGamblingSites]

Whats going on ? Did you read this news!

Quit worried why Market Cap moving down 

Your first problem is watching or caring about the price too much.

Your second problem is trusting the news on "Why" this is happening....

Bitcoin is storing value of millions of people like it always does, worrying won't make it stop doing that.

The price to buy it will not go up to last years levels for another year, those that cannot handle that at any time should just sell their bitcoin instead of worrying constantly.

[hugeblack]

Stop tracking news from the CNN network. This talk makes no sense, only will create panic
This article highlighted the empty side of the cup, the focus was on the decline, although it saw a rise two weeks ago from "6000 to 8000."
It dropped due to low hopes on ETF's decision, in addition to some of the factors that led to these corrections.

Why what happened..whats going on can't understand...how fast is alt coins downward..worried about losses too much  any hope for coming days??

altcoins lost their value because of the lack of gains behind it, as last year was a good year, which led many to join this market.
In the future, most of these currencies will back to zero, so invest in Bitcoin is a better option.

I pretty sure closing around $20k this year.

This prediction is elusive but still possible, show some trust & stop the panic or sell your coins and leave the market.

[mikan111]

The market is unpredictably many falls and jumps, which means a lot of manipulations, I expect it will stabilize in the foreseeable future. Panic and mistrust must be avoided

[Cryptokarl]

The market has been in downtrend for quite sometime now. The market capitalization wiped out because of the postponement of the bitcoin ETF and many people lost confidence in the market and their was a sell off. I still believe that, we would get to the  bull season soon. Accumulate as much as you can now.

[Matic]

If it means that whales are taking there money out from Bitcoin, then this is really an awful news, and we need to be really aware because cryptocurrency in that case can really die if they will take their money out.

[BrewMaster]

that is what happens when a bubble bursts. a lot of money exits and the prices come down. and in case of this market that is filled with thousands of billions of coins a small drop wipes out a huge market capitalization from the whole market just as a small pump pushes it upwards.

this is a classic altcoin dumping season that has been going on for a couple of months now. it is nothing to talk about really since it is not new. it happens almost every year.

[BitcoinNewbie15]

Why what happened..whats going on can't understand...how fast is alt coins downward..worried about losses too much  any hope for coming days??

Don't worry about it too much, unless if you are holding garbage altcoins... Then I would be worried. Otherwise, keep hodling onto the coins that have been around for a while. Those are likely going to be the ones that last. Bitcoin is going to be the safest option by far, IMO it's a guarantee Bitcoin won't go up in smoke. These other smaller altcoins are very, very high risk of going to $0. This bear market is natural with crypto, feels exactly like the bear market of 2014/2015. Could be some time until we see a decent pump, so just keep hodling. Don't want to miss out on the pump once it does finally come 

[stompix]

Stop tracking news from the CNN network. This talk makes no sense, only will create panic
This article highlighted the empty side of the cup, the focus was on the decline, although it saw a rise two weeks ago from "6000 to 8000."

The article is from CCN, not CNN.
I doubt you can find a site news that is more bullish when it comes to crypto  

this is a classic altcoin dumping season that has been going on for a couple of months now. it is nothing to talk about really since it is not new. it happens almost every year.

A couple of months...more like two months  
Till the end of May, shitcoins were still going strong, it was just in the last month that they got hammered a bit.
Even if it means seeing BTC going below 6000 it would be really nice to see altcoins getting trashed to a level of 20-10% MC.

[LimeFeline]

I hope we won't ever have bigger problems than a market downtrend.

[4x4et]

OMG, just calm your tits down, Bitcoin will come back.

That is the major thing that attracts people investing, being volatile.

You can't earn money if the price remains the same.

[btc_angela]

Why are you surprised by this news? And look at where the price of bitcoin now. Well, when all the hype surrounding ETF burst because of its postponement its pretty obvious speculators sold off because they didn't went on their way. We might see another rally and regain what we have lost or even more. I wouldn't worry of how much money was wiped out, but rather how much money we can put back in the next couple of days.

[PickwickRock]

There’s no point in worrying about this recent price drops. We all knew investing in bitcoin would be risky but we never doubted its potential. Those who can’t bear the recent price drops should sell of their shares of crypto. Crypto is still in its initial stage and it was always advised to invest what you can afford to lose. These is no point in complaining about it now. Bitcoin will recover soon.

[jzale]

We all know how volatile the cryptocurrency market right? If that's the case then we should be ready for unexpected price drop of BTC since it hit all time high last year. Bitcoin is having a correction again and when Bitcoin's price drop so does all the altcoins. This will also cause some altcoins to be wiped out or if not will cause a long term price drop which is really hard for a comeback. The ETF issue has been doing bad effect too for the crypto community. The holders are being anxious about the ETF rejected causing panic selling thus contributing to this downtrend.

[hotforblockchain]

This is not something very new to me , I was waiting of this to happen.
And the reason is very simple, I did compare dotcom bubble to crypto bubble already some time back and we had to reach lower levels to shake off majority of speculants.

[betty12]

It's normal, it's a game to get panic investors frightening, so they can sell off cheap. when they sell off cheap, the Cabals buy back. Even if market is crashing on me, Crypto is here to stay. Time and patience is all we need.

[tomahawk9]

Most of that money was wiped out from the altcoin market. And it's not surprising to see such a massive sell-off/dump, it's simply another part of the altcoin cycle, it was bound to happen after the altcoin market began to pump around 5 or 6 months ago, it was around the time when the btc dominance went down to the 40% levels and people started pouring tons of capital on shitty projects and shitcoins.

Quit worried why Market Cap moving down 

There's no to worry about, just let the market start its cleaning season, and eventually, the next altcoin cycle will start and legit projects/coins will begin their recovery phase.

[tegarp90]

Whats going on ? Did you read this news!

Quit worried why Market Cap moving down 

Drastic Turn of Momentum in Five Days
On August 7, the value of the global cryptocurrency market hovered at around $257 billion, supported by stability in the price of both Bitcoin and Ether, the native cryptocurrency of Ethereum, at $7,300 and $400 respectively.

Since then, within less than five days, the price of Bitcoin and Ether fell to $6,300 and $320, reaching $5,980 and $305 at their lowest points on August 11. In five days, more than $43 billion were wiped out of the market.

It is evident, given the steep decline in the valuation of the crypto market, that major cryptocurrencies have faced a strong downtrend over the past few weeks. Apart from Bitcoin, the most dominant digital asset in the market, almost every major cryptocurrency and token lost a significant chunk of its value.

Ether, for instance, has been one of the worst performing digital assets throughout August, despite demonstrating momentum throughout January to July. Some analysts have attributed the steep drop in the price of Ether to the sell-off of ETH by initial coin offerings (ICOs) and blockchain projects.

Dumping of Ether on public cryptocurrency exchanges by large-scale blockchain projects explains why one of the better performing cryptocurrencies in 2018 lost more of its market valuation than any other major digital asset over the past week.

For the cryptocurrency market to experience a reversal in trend and momentum, not merely a 1 to 5 percent increase in value but a 40 to 50 percent surge in its value, a drastic change in its volume and price trend will have to be recorded, meaning that Bitcoin would have to secure momentum at major resistance levels.

In the short-term, considering the overly strong downtrend of the market, it is difficult to see even large cryptocurrencies recording corrective rallies to be at a better position to initiate a mid-term rally.

At this point, a more plausible situation is major cryptocurrencies bottoming out at the lower price range, building stability for a few weeks, and then initiating a strong rally. The probability of cryptocurrencies suddenly increasing in value by 10 to 20 percent, as Bitcoin has done in late June, is low.

Bitcoin is in a Better Position?
Willy Woo, a respected cryptocurrency analyst who predicted the price of Bitcoin to bleed out slowly from $9,000 to $6,000 in late may, said:

“Just looking at Chris’ chart you can see BTC is much stronger this time around. (Comparing OBV indicators over the same time frame is a great way to see of this more clearly.) There’s a lot of buying going on behind the fear and capitulation.”

As mentioned above, it is of utmost importance for BTC and other cryptocurrencies to build momentum and stability, to support the next rally in the mid-term.

Reference:

Code:

https://www.ccn.com/43-billion-wiped-out-of-crypto-in-5-days-as-bitcoin-price-rebounds/

Yeah, this is where we are.
The price of crypto is really news depended.
If any big news came out, whether is true or not. The price is must be spiked to the sky or to the earth ground