Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Adrian on October 12, 2018, 06:44:09 PM
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For some couple of days now, the price of bitcoin has been between 6k - 7k (which i actually thought would take a support at the said range).
Knowing now that it has gone below, what is your take on the current situation.
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Bitcoin will not cease to be popular, even if its price will be less than $ 1000. It is only a matter of time. I think that the blockchain technology, along with Bitcoin, will exceed the expectations of millions of people.
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This is the situation where the price of Bitcoin drops again. For now, what we can do is to wait and hope that Bitcon will recover and the market can be good again. In my opinion, this is a natural thing. Because there is still no purchasing power for large amounts of Bitcoin that enters. So later, surely this bitcoin situation will not last long and will later rise again.
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5 Reasons for Today’s Bitcoin (BTC) Price Crash
1. Bitfinex jitters: In the past few days, the relationship between Bitfinex and Tether (USDT) exhibited some curious developments. After Noble Bank showed signs of trouble and stopped servicing Bitfinex and Tether, loss of trust in the exchange and the stablecoin led to fund withdrawals. In the past month, half of the BTC deposited in the Bitfinex cold wallet flowed out. Additionally, 100 million USDT left circulation. On Kraken, someone tried to sell millions of USDT for dollars, depressing the price to $0.98, which is a significant movement for a dollar-pegged coin.
2. Miner worries: The Bitcoin mining economy is also at a crossroads. Competition and farm building peaked in the first half of 2018. It is possible that miners will attempt to sell BTC to recoup costs. In the past days, peak hashing power has coincided with falling rewards for existing miners. One possible reason is that Bitmain has activated ASIC Boost for its mining rigs, making it more difficult for other miners to obtain rewards.
3. Capitulation event: Bitcoin and all other assets had several big shakedowns in recent months despite expectations of one big “capitulation event” bringing down prices once again to much lower levels. In the short term, the latest sell-off may spell the end of hopes for a December rally, seeing Bitcoin behave once again like in 2014 and 2015, when prices were almost flat, with losses pushing them lower and lower. After a very active 2017 and a prolonged price slide in 2018, traders and crypto enthusiasts may be deciding to abandon the market or wait on the sidelines.
4. The stock market crash: Initially, Bitcoin was seen as a hedge against stock market risk since its price movements seemed to defy gravity. However, the slide of the Dow Jones index by 1,000 points within days has rekindled fears for the traditional world of finance. With mainstream financial markets lacking exuberance and a taste for risky investments, Bitcoin may once again have to wait for the inflow of institutional money.
5.US Senate hearing on cryptocurrencies: A hearing before the US Senate Banking Committee is expected to feature heavy criticism of the crypto sector. For enthusiastic newcomers, those pitfalls and flaws were often glossed over. But with the bear market having a sobering effect, the hearing may further sour retail sentiment.
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For some couple of days now, the price of bitcoin has been between 6k - 7k (which i actually thought would take a support at the said range).
Knowing now that it has gone below, what is your take on the current situation.
When the price below may be better we buy back with FIAT and HODL for the long term.
That's why the price goes down and if the altcoins HODL is better, the HODL is high until the price is high again.
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bitcoin is currently in the range of $6287, though the bitcoin down and been $7000, not receding passion for investing in bitcoin, thus make this moment to purchase the coins again and hold it up to the big moment arrived.