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Bitcoin Drops Below $6,000, An 8-Month Low (reuters.com)
An anonymous reader quotes Reuters:
Bitcoin's value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals. Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year's frenzied interest fizzled. Recent hacks and the "cyber intrusion" of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit.
Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12... So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak... The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.
Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that "None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished."
Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12... So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak... The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.
Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that "None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished."
My guess is that within the next 5 days (maybe as many as 15, but probably closer to 5) it will go back down to between $5000 and $5500, basing it off of the unscientific theory of what my gut says.
So this means that all you peeps that want to get in and HODL at a lower price will have your chance.
Let the games begin!
Or not. NOBODY KNOWS
“Common sense is not so common.” — Voltaire
"BitCoin defies logic by remaining just under $6000 over priced."
"Fratboys across the country pissed as their 'sure thing' trust fund investment continues to fall"
"Drug dealers pleased to inform customers of lower bitcoin prices to increase sales"
I was the pizza guy who received the first BTC (assuming I didnâ(TM)t lose them).
There is still too much corruption and non-hardened exchanges for me to take BTC seriously.
However, the tech is cool and some people made a lot of money.
It's actually up 8% since yesterday. That's an awesome return for 1 day. This is more proof of why investment analysts do worse the the market as a whole.... They are either lying or don't know what they are talking about. I'll assume the later.
And the last time I played Black Jack, I got a 100% payout. Now that's an even more awesome return for 1 day.
If you don't understand statistics and stochastics, don't come crying once you've lost.
Actually it possibly is. If Bitcoin is slowly inflating, rather than violently oscillating between extremes, it might start to be possible to take it seriously as a "currency".
You are not alone. This is not normal. None of this is normal.
Time to call them what they are.
...and up 5.36% (at 2pm EDT) for the week so can we stop spamming click-bait stories every time BTC wobbles? It's erratic and unstable, we all know that. It goes up, it goes down, it goes round and round.
I browse on +1 so AC's need not respond, I won't see it.
...bitcoin actually becomes a seamless, ubiquitous and useful currency and is not just an instrument of speculation and gambling for desperate suckers. In the meantime, I will just keep accumulating greenbacks.
One year ago it was about $2,400. For US tax purposes, long term investing starts at a year of holding an asset. So for the minimum definition of a long term investing, bitcoin has more then tripped. At this very moment it's up 262% over the last year. Now of course most sane people would say that bitcoin is gambling not not investing, but for those that insist it's investing, an over 250% return in a year is pretty damn good. Two years ago the price was about $650 or a 974% return. Three years ago it was about $250 or a 2533% return.
The Chinese gang who own most Bitcoins can afford to buy back a few at inflated prices to make you think it's "recovering", yes.
No sig today...
Should have read "and not investing", I didn't intend a double negative.
Hopefully as more halving cycles occur most miners will give up as it's not worth the effort, reducing the damage to the planet in the process. I'd rather have a healthy planet than some fancy 0s and 1s.
The story (click-bait or not) is about the overarching trend - which is, "Sell, sell, SELL!" $20,000 down to $6300 is quite a turn in a matter of six months.
Like another person suggested already: Current Bitcoin owners are holding the hyper-inflated bag of Dutch tulips.
LMGTFY: https://www.google.com/search?...
No sig today...
Well, mandatory admonishment for the ad hominem attack, and suggestion you go to cox.io and watch the transactions real-time there.
- Tjp
I am in wallow with my inner money grubbing capitalistic pig. ... Oink!
Bitcoin seems to be the tech equivalent of playing the lottery. I know several out of work techs, under employed or underpaid techs who bought a bit of some odd ball currency to see if they could make it rich. Mostly those "Proof of Stake" schemes.
I don't think Bitcoin's value will drop too much more. Maybe to $5k. Money laundering and drug traffic will keep it around there. I could be wrong though. Canada just legalized pot. If the US follow suit (it would require Trump losing in 2020 since his people are vehemently opposed to legalization even if he doesn't care; maybe even a few senate seats and the Dems taking the house...) then that'll drop it below $3k. Crack down on money laundering and currency manipulation and we might see it back below a grand. But it would take all those things.
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It's actually up 8% since yesterday. That's an awesome return for 1 day.
Because it is a gamble, not an investment. Gambling sometimes pays off. But it mostly does not.
It's almost as if the gambling is set up by organized operations just to rip you off or something.
Except volume is up too. Typically one manipulates a market by taking advantage of opportunities to move the market on the cheap.
My guess is that within the next 5 days (maybe as many as 15, but probably closer to 5) it will go back down to between $5000 and $5500, basing it off of the unscientific theory of what my gut says.
Well a few months ago an Ars Technica article pointed out that Bitcoin has had 3 declines of about 75% and then plateaued at that point for 2 or 3 years. So $20K'ish to $5K'ish is about right using the existing pattern. In general, not necessarily on your stated timeframe.
Of course the previous patterns were established with speculators coming from the techie community, this time around we have had a massive influx of new speculators from wall street.
Watch for the volume to go way up, but not spike the price overly much, then the volume will trend down, and then shortly after the volume stabilizes at a low volume (relatively low) the price will begin to plummet. Anyway, that's what "My Gut"(TM) says.
Dude, correction territory is a 10-15% decline. $20k to $5k isn't a correction, it's a goddamn bloodbath.
Not for bitcoin. Wild extremes are the norm. Also you must consider the exponential rise from $400 to $20,000, a correction to $5,000 is not a bloodbath to some. As was the 2014 exponential rise from $20 to $1,000, which was followed by a correction to $250, again not a bloodbath to some.
Its hardly fair to call a 75% decline a bloodbath when that peak it is referenced against represents a recent 5,000% increase.
It is inappropriate to apply the normal rules and perspectives of investing in traditional stocks and commodities to Bitcoin.
Time to buy tron. Much better model.
But GOD I wish I'd had $100 worth of Bitcoin when it was still kinda young.
I'd be a millionaire several times over.
But, honestly, it always has seemed less reliable than the Lottery.
Seriously guys.