[2020-03-11] Panic Attack: Bitcoin Crashes to USD 6,000, Altcoins Bleed More

[blacky90]

The downturn in the crypto market just accelerated.

As of press time on Thursday (10:50 UTC), bitcoin traded at USD 6,000, down more than 15% over the past 24 hours. The move occurred amidst erratic trading in digital assets, with price reaching as low as the USD 5,500 level before recovering.

https://cryptonews.com/news/panic-attack-bitcoin-crashes-to-usd-6-000-altcoins-bleed-mor-6012.htm

[stomachgrowls]

We did even hit all time low of 4k recently https://www.cnbc.com/2020/03/13/bitcoin-btc-cryptocurrency-prices-plunge-after-stocks-record-fall.html

This doesnt only applied on btc alone but on the entire market experienced that sharp sell off.We dont know on what exactly happened but the most near probably cause
would surely in talks of Corona virus.

Panic sell is a sure thing but luckily i did able to buy some on that possible bottom. 

[gentlemand]

This doesnt only applied on btc alone but on the entire market experienced that sharp sell off.We dont know on what exactly happened but the most near probably cause
would surely in talks of Corona virus.

Panic sell is a sure thing but luckily i did able to buy some on that possible bottom. 

Odd how few have picked up on Bitmex as a factor. That will have driven a ton more action and madness than had it been a less skewed market. I noticed in trading circles the most attention was paid to Bitmex, way more than any exchange. We can be certain that they will never, ever introduce a 'circuit breaker' like real markets and proper Bitcoin futures. Too much money to be made cleaning out their customers.

[leoagro]

Alarmists are to blame for the fact that the price of bitcoin has fallen so low. It is good that they have now come to their senses.

[Vishnu.Reang]

Alarmists are to blame for the fact that the price of bitcoin has fallen so low. It is good that they have now come to their senses.

During Q4 2019, a lot of the users were hoarding Bitcoin, assuming that the prices will move up sharply after the Block reward halving. All these people are in deep red now, as the prices have fallen by almost 50% ($12K to $6K). Now some of these people are booking their losses, and it is further crashing the exchange rates. Alarmists and their FUD was always present here. They are not going to make much of a difference.

[Kounter]

I think that btc price will be restored. The market is the market

[cr1776]

"Price drops" depend on your timeframe. Someone who bought or mined at any point before late fall 2017 is still doing great.  Anyway who panics at all should probably not be investing in bitcoin or they need to think of buying bitcoin is something they should do today and not revisit until 2025 or something. 

The halving and tech upgrades to bitcoin over the next 6-12 months are catalysts that could drive the fiat price higher.  Just remember no one knows though for sure what the price will do.  Plenty of people have said (since I started mining in July 2010) that Bitcoin was doomed etc, the same people are around today except that the price has gone up from way under $1.