Markets See Massive Sell-Off, Bitcoin Dips Below $5,600 for the First Time 2018

[cybersofts]

Nov. 14: Crypto markets have suffered sharp losses over the past several hours. The major market drop off took place between 10:30 a.m. (UTC -5) and 12:00 p.m., with some of the top 20 cryptocurrencies dropping by as much as 18 percent at press time, according to data from CoinMarketCap.

According to data from Bitcointicker, after 11:00 a.m. (UTC -5) Bitcoin dropped below the $5,600  price point for the first time in 2018, sinking further to as low as $5,506 at around 2:00PM. Bitcoin is now down around 11 percent on the day, trading at $5,612 at press time.

The recent movement of the market was predicted by a number of industry experts, who also suggest that the bear market would last beyond this year. Technical expert Willy Woo, founder of data webstie Woobull, has recently predicted that the bear market end may end “around Q2 2019,” based on “putting together the blockchain view:”

    “After that we start the true accumulation band, only after that, do we start a long grind upwards.”

Earlier this year, crypto investor and founder of Galaxy Investment Partners Mike Novogratz predicted that Bitcoin will not manage to break $10,000 by the end of 2018, claiming that reverse of the trend will take place by Q2 in 2019, when the industry will get more institutional involvement.


Reference: https://cointelegraph.com/news/markets-see-massive-selloff-bitcoin-dips-below-5-600-for-the-first-time-in-2018

[Fies7aa]

Ahhh, the sea of blood. Oh well guess I will buy coins while they are on sale.

[pixie85]

Even USDT is down. This must be in connection with the stock market crash and dollar gaining value. I see no other explanation for every coin including stablecoins moving down in value despite there being no bad news, no FUD, and the possibility of BAKKT and ETF. When nobody knows what's going on it looks staged and manipulated, but let's give them time to make something up.

[stompix]

despite there being no bad news, no FUD, and the possibility of BAKKT and ETF.  

You know, people are getting tired of waiting for stuff and the ETF and BAKKT are starting to look some as a mirage.
And honestly, what is so great about BAKKT?
If big investors would have wanted to get onboard they already have hundred of possibilities to do so already.

Even USDT is down. This must be in connection with the stock market crash and dollar gaining value. I see no other explanation for every coin including stablecoins

Crash? What stock market crash? 3-4%? That's no crash, look at the 1m/3m/6m graph and the crash suddenly disappears...
Stable coins are going down because there is a precedent, people are afraid of storing value n those crapcoins backed by a shady exchange with a shady location and a shady bank and some shady accountants
Tether will be history and I'll be one of the first that will cheer up when it happens.
It's a monstrosity that should have never existed in the first place, not it and not the others.

[Harrisonimo]

Well, another brighter perspective to this is that a lot are waiting for the dips to have an entry level. A colleague still mentioned to me that he is waiting for Ethereum to dip to 150$ so he can buy up to 5units worth and later do a sell off later. So, the market dips not necessarily meaning poor market but could create openings for Investors to come in too.

[cindygirl]

Even USDT is down. This must be in connection with the stock market crash and dollar gaining value. I see no other explanation for every coin including stablecoins moving down in value despite there being no bad news, no FUD, and the possibility of BAKKT and ETF. When nobody knows what's going on it looks staged and manipulated, but let's give them time to make something up.

Tether being down is easy to figure out. Mass amounts of people and funds are leaving the market. They transition from BTC/ALTS in to tether and then they need to sell their tether. Because so many people are selling their tether the price falls just like any other coin.

[Twentyonepaylots]

Even USDT is down. This must be in connection with the stock market crash and dollar gaining value. I see no other explanation for every coin including stablecoins moving down in value despite there being no bad news, no FUD, and the possibility of BAKKT and ETF. When nobody knows what's going on it looks staged and manipulated, but let's give them time to make something up.

Tether being down is easy to figure out. Mass amounts of people and funds are leaving the market. They transition from BTC/ALTS in to tether and then they need to sell their tether. Because so many people are selling their tether the price falls just like any other coin.

  Crypto and ALTCOIN are bleeding as the market drops to unexpected low, when everyone are looking forward for the good news on the last quarter but it is the other way around...Market Volatility really teach us something... always be prepared for something unpredictable on the market, be patient protect your investment, make a sound decision if you need, but never panic, review all the data you have before making such move.. hold on be more patient....

[Dodoymabs]

Even USDT is down. This must be in connection with the stock market crash and dollar gaining value. I see no other explanation for every coin including stablecoins moving down in value despite there being no bad news, no FUD, and the possibility of BAKKT and ETF. When nobody knows what's going on it looks staged and manipulated, but let's give them time to make something up.

Tether being down is easy to figure out. Mass amounts of people and funds are leaving the market. They transition from BTC/ALTS in to tether and then they need to sell their tether. Because so many people are selling their tether the price falls just like any other coin.

  Crypto and ALTCOIN are bleeding as the market drops to unexpected low, when everyone are looking forward for the good news on the last quarter but it is the other way around...Market Volatility really teach us something... always be prepared for something unpredictable on the market, be patient protect your investment, make a sound decision if you need, but never panic, review all the data you have before making such move.. hold on be more patient....

Well, it's easy to say don't panic but in reality it's really hard to control. Afraid to lose more especially if we are talking about a grand, and we can't control them. Still, this is already happened and it's not a surprise because this is what can volatility do. Always giving us surprises and unexpected situation.

[Theb]

Even USDT is down. This must be in connection with the stock market crash and dollar gaining value. I see no other explanation for every coin including stablecoins moving down in value despite there being no bad news, no FUD, and the possibility of BAKKT and ETF. When nobody knows what's going on it looks staged and manipulated, but let's give them time to make something up.

There is really no connection on what you are saying, chances are hodlers of stablecoins are also selling off their coins and going back to Fiat that is why it has a value below dollar now. We do think that when the market crashes stablecoins act as a safe heaver for our money, but the truth is when their hodlers also panic in the market, their coins won't be safe to hold as well. The stock market didn't really crash compared to what we are seeing now in the crypto market where most of the coins dropped around -10% or greater.

[ShadowBits]

Nov. 14: Crypto markets have suffered sharp losses over the past several hours. The major market drop off took place between 10:30 a.m. (UTC -5) and 12:00 p.m., with some of the top 20 cryptocurrencies dropping by as much as 18 percent at press time, according to data from CoinMarketCap.

According to data from Bitcointicker, after 11:00 a.m. (UTC -5) Bitcoin dropped below the $5,600  price point for the first time in 2018, sinking further to as low as $5,506 at around 2:00PM. Bitcoin is now down around 11 percent on the day, trading at $5,612 at press time.

The recent movement of the market was predicted by a number of industry experts, who also suggest that the bear market would last beyond this year. Technical expert Willy Woo, founder of data webstie Woobull, has recently predicted that the bear market end may end “around Q2 2019,” based on “putting together the blockchain view:”

    “After that we start the true accumulation band, only after that, do we start a long grind upwards.”

Earlier this year, crypto investor and founder of Galaxy Investment Partners Mike Novogratz predicted that Bitcoin will not manage to break $10,000 by the end of 2018, claiming that reverse of the trend will take place by Q2 in 2019, when the industry will get more institutional involvement.


Reference: https://cointelegraph.com/news/markets-see-massive-selloff-bitcoin-dips-below-5-600-for-the-first-time-in-2018

Just another way to scare off people to leave the market. It is obviously a way of making people believe that the market is going down none stop where they are going to start the next bull run again.

[Netnox]

I am more worried about the fall of ETH. Now it has slipped to third place (in terms of market capitalization), behind both Bitcoin and Ripple. And I am actually worried that XRP is not falling as much as ETH.

[cryptocrusher]

I have suspected for a while that it was too soon to start any real bullish momentum but I did not expect such a dip as this. I will be following closely and waiting to find out the real reason for the dip, right now it seems mostly that people believe it's either because of BCH fork or because of miners being shut down in China or because of new ASICs being tested. Either way all of those reasons go back to hash power. To me that seems quite feasible because mostly it's been large sell orders instead of lots of smaller orders which is more synonymous with market panic.

[BCTalkaccountforsale]

This decline is a blow to the minds of Bitcoin owners that they sell easy to understand because no one wants to risk it but Bitcoin sometimes needs some risk to be able to get the surprise.

[Capt00]

I have suspected for a while that it was too soon to start any real bullish momentum but I did not expect such a dip as this. I will be following closely and waiting to find out the real reason for the dip, right now it seems mostly that people believe it's either because of BCH fork or because of miners being shut down in China or because of new ASICs being tested. Either way all of those reasons go back to hash power. To me that seems quite feasible because mostly it's been large sell orders instead of lots of smaller orders which is more synonymous with market panic.

This is also what I have heard a news that having a BCH fork and I don't think if that will affect the whole crypto market. I'm still searching now on what is the mean reason of a massive drop by cryptocurrency market. All price dropped too much, but besides, I didn't worry about this because I know it will raise up again soon. However, it is the right time to buy while the market is on sale price and it is very cheap.

[bigmaster23]

This is only the time I saw a massive drop of bitcoin from my experience bitcoin is always rising and now it is always decreasing what the hell is happening on the market.

If the bitcoin price is constantly dropping I will bought some to hold and sell at ATH.

[Micerker]

At present, the school is stopping, and many Altcoins have separated from Bitcoin. There is a lot of information that XRP will get rid of Bitcoin's influence and move independently. Many other Altcoin also shows that it will go its own way. And BCH's hard fork event is also affecting the entire Cryptocurrency.

[dothebeats]

The recent events that unfolded really is a shocker, and no one really anticipated a flash crash since almost everyone thought that it would just be a sideways market until 2019, but how wrong were we to not count the guys working to get the upper hand on the BCH fork mess to do some dick move and make the market crash intentionally just to tell everyone that he has the bigger dick. Anyway though, still have high hopes for bitcoin since it's going so strong and so well up until this point.

I just wouldn't want to hear or read any overly-optimistic predictions right now since they are really improbable to happen in the short-term.

[XCANA]

Current there is a massive sell off at the moment which is dimpling the price of Bitcoin. Many reasons which are affecting the price of Bitcoin range from negative news about cryptocurrency in general. The most recent negative news that now spark-off the massive sell is that of BCH Hard Fork which is a calculated attempt to destroy Bitcoin.

[tomahawk9]

I am more worried about the fall of ETH. Now it has slipped to third place (in terms of market capitalization), behind both Bitcoin and Ripple. And I am actually worried that XRP is not falling as much as ETH.

There's nothing to worry about. ETH, like the rest of the market, is tanking due to Bitcoin flash crash, but XRP taking the number 2 spot doesn't mean much, just that XRP is getting pumped to take advatange of the situation and claim a higher spot in the charts (honestly, market cap isn't that important). And I believe this is only momentary, once the market recovers, ETH will climb back to where it belongs.

[okala]

What is really happening in the market as some people are saying the hardfork of bitcoin cash is the cause of this massive sell off. I read some news are analysis and some people are saying the news by coinbase is what is causing this massive drop.  I hope that bitcoin should be able to get above $6,000 before end of this.