[2018-12-05] Bitcoin Price On Track for Biggest Yearly Loss on Record

[tyz]

Bitcoin’s (BTC) recent drop to 14-month lows has left the cryptocurrency on track for its biggest ever yearly loss.  Just three weeks ago, the cryptocurrency was changing hands at $6,300 – already a 54 percent year-to-date drop, according to CoinDesk’s Bitcoin Price Index (BPI). The dominant market narrative back then was that BTC would trim losses in the last few weeks of 2018, having bottomed out around $6,000 in five months to October.
https://www.coindesk.com/bitcoin-faces-biggest-yearly-price-loss-on-record

[glowing10]

Though their has being a significant drop on one side and on other side it has being a early Christmas for people to start investing int he market with such low rates who would have not thought it can anytime be bought as such low rates. So it is a good time to start buying rather than again seeing btc rising high and reaching to 8k levels soon.

[Betwrong]

Though their has being a significant drop on one side and on other side it has being a early Christmas for people to start investing int he market with such low rates who would have not thought it can anytime be bought as such low rates. So it is a good time to start buying rather than again seeing btc rising high and reaching to 8k levels soon.

It's a pity that most people don't see what opportunity they were given. I'm wondering what they are thinking, that crytpo is going to die or what? If it's not going to die then surely we will see $8k+ soon and $20k+ at some point next year. Another option is that maybe many people actually know about the bright future of Bitcoin and they are buying little by little during these days, but the amount they are buying, combined, is lesser than that what the "hash warriors" are selling striving to win the war.

[coolcoinz]

There used to be losses of over 90% in Bitcoin's history, and the "biggest yearly loss" doesn't mean anything, since it's still a smaller total bear market loss than the one in 2014/15. The previous bear market lasted for 2 years and this time there's a good chance that this bear market will end in the next 3 months, with a shorter and swifter action. Also, such a rise in prices requires usually ends with a big correction.

Headlines like this one are feeding off negativity and abusing the panic, while not providing any valuable information.

[1Referee]

It's a pity that most people don't see what opportunity they were given.

Unfortunately, most people are pure gamblers that were attracted to this market, all because of how the prices were going up. They don't buy dips, just dump all their money in the market at one specific level, then wait to become filthy rich because Tom Lee and Novograts kept saying that it would go back up. Blindly investing in an asset never works. People hopefully learned now.

Another option is that maybe many people actually know about the bright future of Bitcoin and they are buying little by little during these days, but the amount they are buying, combined, is lesser than that what the "hash warriors" are selling striving to win the war.

Do you still believe in the BCash con artists selling their coins? Think about it, if these dudes can literally rekkt the crap out of this market, don't you think governments would wipe the floor with crypto if they want to?

I'm pretty certain that it were institutions lowering their exposure to risky assets, which is why in the last couple of months there was some tight correlation between tech stock dumps and Bitcoin dumps.

[KryptoKai]

It's not just the amount of loss but the speed at which things suddenly went pear shaped. It suddenly plummeted around 50% in a week, so if you were abroad with no access to your accounts then you would have no chance to sell or switch to stablecoins

[Kakmakr]

It all depends on how you look at the statistics, for example - https://www.blockchain.com/charts/market-price?timespan=2years

Two years ago on the 6th of Dec, the Bitcoin price was $757  and now the Bitcoin price is $3800+ <Almost 5 times more than what it was 2 years ago>

Anyone can cherry pick stats to push an agenda for their articles and this article is just one of those "clickbait" fud articles that are used to discredit Bitcoin. 

[LeGaulois]

Though their has being a significant drop on one side and on other side it has being a early Christmas for people to start investing int he market with such low rates who would have not thought it can anytime be bought as such low rates. So it is a good time to start buying rather than again seeing btc rising high and reaching to 8k levels soon.

It's a pity that most people don't see what opportunity they were given. I'm wondering what they are thinking, that crytpo is going to die or what? If it's not going to die then surely we will see $8k+ soon and $20k+ at some point next year. Another option is that maybe many people actually know about the bright future of Bitcoin and they are buying little by little during these days, but the amount they are buying, combined, is lesser than that what the "hash warriors" are selling striving to win the war.

From the point of view of someone who invested back when it was between $10k and $20k he surely has another opinion and I can sure understand a person not ready to invest any time soon.

When you see how big a drop can be, it can be normal to be reluctant to invest. If I was a person who entered in BTC back in 2017 I wouldn't.
Sure it can be an opportunity but currently, facts show BTC is doing the opposite. High risk=High return but better to be safe.

[Slow death]

Bitcoin’s (BTC) recent drop to 14-month lows has left the cryptocurrency on track for its biggest ever yearly loss. 

in these last 3 weeks we do not talk about anything else, all news channels are talking about the price fall, the price fall became a headline in all news channels

Top 5 Largest Bitcoin Crashes in History

it's becoming tiring

It suddenly plummeted around 50% in a week

this was very strange, it seems to me that people got scared because of the bitcoin cash fight and because they realized that there would be no good news for this year.

so if you were abroad with no access to your accounts then you would have no chance to sell or switch to stablecoins

The technology is very advanced, so advanced that people can take with them a laptop, cell phone or tablet.

[Betwrong]

~

Another option is that maybe many people actually know about the bright future of Bitcoin and they are buying little by little during these days, but the amount they are buying, combined, is lesser than that what the "hash warriors" are selling striving to win the war.

Do you still believe in the BCash con artists selling their coins?

I've changed my mind on the subject several times already, and at the moment I think, yes, their selling is the main cause of the bleeding market we see during the past three weeks. Bitcoin price had stabilized at around $6,400 and then, all of a sudden, exactly at the time when those guys began to struggle for buying more hashing power the price started to drop. It is hard for me to think of it as coincidence.

Think about it, if these dudes can literally rekkt the crap out of this market, don't you think governments would wipe the floor with crypto if they want to?

Well, to be able to do that, governments would have to have a million BTC first. Since they don't have it, they can't dump it, even if they want to kill this market. And if they would start buying in order to kill the market later, that would cause a big jump in price, which they certainly wouldn't want to do. So, I think however rich you were with fiat currencies it would be impossible for you to kill crypto via manipulations, if you had none or little of it from the start.

Another reason why I want to think that the "hash warriors" have been causing the today's downfall, is because I want to stay optimistic and I want to believe that the market will start to recover when they will run out of their money. (can take up to 3 months counting from the beginning of the war, according to my estimations).

Not saying that my opinion is the right one though. This is just my current personal opinion, which is subject to change over time.

[gentlemand]

There used to be losses of over 90% in Bitcoin's history, and the "biggest yearly loss" doesn't mean anything, since it's still a smaller total bear market loss than the one in 2014/15. The previous bear market lasted for 2 years and this time there's a good chance that this bear market will end in the next 3 months

I guess it depends on what your definition of a bear market is.

So far we're following a fairly similar pattern so a similar two years is very possible. The truly painful bit was the never ending nothing after the proper bottom in 2015. We still haven't gotten to that phase yet and that's the one that'll make many a place feel like a ghost town, much more so than the collapsing bit.

[1Referee]

I've changed my mind on the subject several times already, and at the moment I think, yes, their selling is the main cause of the bleeding market we see during the past three weeks. Bitcoin price had stabilized at around $6,400 and then, all of a sudden, exactly at the time when those guys began to struggle for buying more hashing power the price started to drop. It is hard for me to think of it as coincidence.

Firstly, you just blindly assume they have tons of coins to sell, which they might not at all have. Bitmain, Roger, CSW, and a bunch of other fools have done everything they could to unload as many of their BTC to preserve their 10-15-20% BCash pairings, which they failed to do because there just aren't enough coins to utilize.

The likely reason it happened afterwards could very well be an institution or even miners themselves cash out some of their holdings. The difficulty adjustment was around the corner, plus it was clear that Bitmain with its Antpool, BTC.com pools and ViaBTC pool would shift over hashrate to protect their own chain. Lower hashrate + lower difficulty adjustment = lower production cost.

Another reason why I want to think that the "hash warriors" have been causing the today's downfall, is because I want to stay optimistic and I want to believe that the market will start to recover when they will run out of their money. (can take up to 3 months counting from the beginning of the war, according to my estimations).

Not saying that my opinion is the right one though. This is just my current personal opinion, which is subject to change over time.

I'm sorry to say, but with what you just stated you invalidated everything you said regarding this subject.

The whole point is that these idiots are out for attention. They don't have hundreds of thousands of coins ready to be dumped. As I said above, they spent most of their BTC resources on having BCash be paired to Bitcoin as far as they can financially sustain it, and they failed.

I am very disappointed with how poor the 'hash war' actually was, because their big words didn't match their actions. Why? They don't have the financial resources to sustain it.

[BitHodler]

I am very disappointed with how poor the 'hash war' actually was, because their big words didn't match their actions. Why? They don't have the financial resources to sustain it.

Calvin Ayre called it a painful war, and CSW toned down when it comes to his prior statement to dump BTC to $1000. This whole war thing was futile anyway with both ABC and SV adding checkpoints...

The only thing they did was tarnish their own reputation and show that they aren't as wealthy as they want you to believe they are. Too bad exchanges only care about profits, because both ABC and SV should be delisted everywhere.

I'm very curious to see Bitmain's latest report when it comes to their coin holdings. They must be approaching 1.5 million ABC coins by now, and of course how much of their BTC holdings are left.