I have been following the price of bitcoin just about every day. It seems, however, that right now bitcoin is crashing quite a bit.
It has lost 7% today according to Coinbase, and has plummeted to $2360.57 at the time of this writing.
Coinbase is not the only place where it is plummeting. Btc-e also shows the same problem (As is expected in the cryptocurrency market).
If we look at the google search suggestions when we write, "Why is bitcoin", we see that the first three are positive, but that the bottom most one seems to be starting to gain popularity.
All of this is compounded in the fact that there is a crash in Ethereum:
And Litecoin.
As is seen, ethereum seems to be the hardest hit. Let's see if we can find any trends on poloniex with regards to the trade volume of a cryptocurrency and a change in it's price.
https://gyazo.com/37cb42e823fc4ef8d6a0eea70c290a27
As is seen, it seems that no such correlation exists. However, it is also problematic that many cryptocurrencies are losing value.
Even worse is that Steem Dollars are being hit,
but Steem is being hit even harder.
I hope that you all can see that today was not a good day in the cryptocurrency world. Hopefully the markets can recover over the next few days.
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Last couple weeks have been hard on the crypto world :(. Thanks for your post. I think bitcoin will be rising again soon! 3k and beyond this year!
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I hope so too!
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I wouldn't go far as to say "Crashing" but definitely a buyers market...
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Maybe I am exaggerating a bit trader-wise, but as someone who does not have an insanely huge amount of bitcoin, losing a few hundred dollars on what I do have sure feels a bit like a crash to me.
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Following the trend, it should return to the high where it was last Thursday by this Thursday :)
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There will be panic sellers and weak hands exiting the market. All we need to remember is "Price is what you pay, value is what you get". In a few years we will all probably be saying "I wish I put more in during the dips in 2017"...
The price will probably drop more until we see what happens on August 1st so if you would like to reposition your investments it might not be a bad idea to cash out now and repurchase later.
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Yeah, I guess we will see. Am I right in believing that if the new soft fork is accepted, there may be a faster transaction speed?
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SegWit activation will mostly just lower transaction fee's when it is first implemented. It does however pave the way for the lightning network (payment channels) which will drastically speed up transactions.
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Looks like it's time to buy!
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I guess so!
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Welcome to cryptodom. This rollercoaster is part of it, and has been for a long time. This is just another day.
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Yeah, I guess so. Considering I started with bitcoin back when you could still gpu mine it (back in 2012) I should be expecting this, but I guess after making a considerable amount of bitcoin using steemit it matters a lot more.
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I've been around since about the same time. The crash from 250 in April 2013 was far more spectacular - when it fell to 60, bounced to 220, fell to 100, bounced to 200, then fell again, all in the space of 5 minutes.
If you wanted to preserve purchasing power, you should have turned it into bitUSD/bitCNY/Hero.
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Traders are probably worried about the August hard fork coming up.
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That seems like a sound explanation to me.
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