Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Bobcrypto on May 17, 2020, 02:42:35 PM
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Sometimes, I take a look back on Bitcoin performance in the past and current the year but will always remember the worst all time low of the first crypto in 2018.
Obvious, it never occurred to me untill recent time that the all time low was caused by fear and the consequent statement that said, "Bitcoin was a bubble" that is ready to burst.
Again, I also concluded that there were also a pull out of huge funds among some big whales and investors from the market. What do you think?
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We should not forget that BTC fell as low as $ 3,208 USD (Dec 15, 2018) from the highest price at the end of 2017: $ 20,089.00 USD (Dec 17, 2017).
Some reasons that I think of:
- As you said, the public's skepticism about "BTC bubble";
- Whales sold BTC for profit taking;
- Many ICO projects selling BTC have been raised to have money to implement the idea;
- Many ponzi projects failed, one of which was Bitconnect, which affected confidence in cryptocurrency, in which BTC was also affected.
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I think the most reasons for that all-time low in 2018 are
1. The lack of interest and trust of investors to buy or invest in Bitcoin. High supply on market but low demand at the same time.
2. Many issues or rumors about the bad future of Bitcoin. It was also supported by some big countries which applied "ban" on Bitcoin.
3. Hack, scams, and other security problems in Bitcoin investments. That triggers doubt & skepticism among investors.
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In December 2018, Bitcoin price dropped drastically to $3200 which was the lowest after Bitcoin hit $20000 in previous year. This is only reason that some whales bubbled the price and went away from the market to take profits but ultimately the small investors suffered.
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At that time there were a lot of frauds in the Cryptocurrency project, so investors were disappointed and they began to doubt Cryptocurrency, so that it had an extraordinary impact on Bitcoin. Many bitcoin investors who sell their assets and demand are quite small, thus making the price of Bitcoin down quite low.
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Scams and low interest of most investors, I think these are the reasons for the bad price ever of Bitcoin in 2018. But it seems to not happen again this year, the condition is very different. We have good news and halving as the spirit of investors to invest in Bitcoin.
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At that time there were a lot of frauds in the Cryptocurrency project, so investors were disappointed and they began to doubt Cryptocurrency, so that it had an extraordinary impact on Bitcoin. Many bitcoin investors who sell their assets and demand are quite small, thus making the price of Bitcoin down quite low.
I also observed a lot of scam ICOs that gave birth to the current IEOs. May be IEOs in its arrival has revived investors confidence as we might have seen currently.
Thanks
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Almost all cryptocurrency was outrageously corrected and its market capitalization hit rock bottom in early April 2018.
In fact, back one year back, 2017 was a year full of euphoria for cryptocurrency because their market capitalization grew from around US $ 18 billion in January 2017 to US $ 800 billion in January 2018, as reported by BitDegree.
Escalation of regulatory threats, bans on purchasing cryptocurrencies, closure of the cryptocurrency exchange, as well as concerns over potential fraud and hacking are some of the reasons behind the decline of cryptocurrency.
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Sometimes, I take a look back on Bitcoin performance in the past and current the year but will always remember the worst all time low of the first crypto in 2018.
Obvious, it never occurred to me untill recent time that the all time low was caused by fear and the consequent statement that said, "Bitcoin was a bubble" that is ready to burst.
Again, I also concluded that there were also a pull out of huge funds among some big whales and investors from the market. What do you think?
I think there is several reason why Bitcoin all time low of 2018. Lacking of trust from investor, negative issue , scam,hack, many country block the crypto currency and economic crysis.
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2018 bitcoin experienced a bad situation because many countries that consider bitcoin is money eyes of illegal and risky to invest in bitcoin a lot of factors also affect the bitcoin live bear markets at that time cryptocurrency regarded as a place to fool ICO scam many countries prohibit ICO because a lot of people has been deceived.