Bitcoin and the rest of the crypto space is seeing red in a major way today.
(Source: https://coinmarketcap.com/)
Unlike in other cases recently though, it isn't entirely clear what is causing the selling.
My guess would be that this is a big part of it:
https://www.ccn.com/bitcoin-gold-hit-by-double-spend-attack-exchanges-lose-millions/
This marks 3 coins in the past week or so that have been manipulated and taken advantage of by bad actors.
While the blockchains themselves weren't exactly hacked, the end result might as well have been the same.
People seeing how easily this could happen are likely throwing in the towel on cryptocurrencies.
Confidence is a tricky thing in financial markets.
Then there was also this playing out in the background:
Bitfinex was forced to asked some of their customers for identification which can then be used by local governments to enforce taxes on cryptocurrency gains.
As you can imagine, many in the bitfinex community that had enjoyed staying anonymous were not at all happy about this development and have been moving their holdings off the exchange, likely contributing to the recent selling.
Then you can't ignore the fact that risky assets globally are being sold currently.
Especially in Asia.
Check this out:
(Source: https://sg.finance.yahoo.com/news/bitcoin-gold-hit-double-spend-155222119.html)
As you can see, Asian stock markets are down significantly as well.
With some down nearly 2% on the day.
Steem had been outperforming in the past few days.
Even today it wasn't down nearly as much as everything else:
(Source: https://coinmarketcap.com/)
Though, now it is quickly catching up to everything else.
Today is a terrible day to be long any cryptocurrency. The question now becomes whether this is a one off event or likely the beginning of a much bigger slide?
I wish I had the answer to that question...
Stay informed my friends.
Follow me: @jrcornel
I just keep buying every time we have a $250 or greater drop in BTC; after it fell below $8,000.
Wish me luck @jcornel 🤓😬🤓
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is so depressing I need a break from crypto for a while. Im gunna leave everything where it is and do something else for a couple months :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
gd job
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
should take some time off, market is not yet to recover.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think this is going to go for a bit then big investors are going to enter the market. And it is good to see how well steem is holding in all this.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We will likely test 6k again i believe. And its very important we hold else its free fall to 1.5k
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
we can see more red i`m not buying yet
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Petro fuel perhaps? Atleast, Steem is green :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm tired of the current state if crypto market.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is exactly how big money market manipulators want you to feel. They want to make you feel afraid of losing your money, so you'll "cut your losses" and sell out at a low price. When you sell, you will then make your loss a real thing - for you. Do not doubt that crypto is the way of the future. BitCoin is solid and will rise, massively, in the future. This is when you Hold On For Dear Life, HODL. Hopefully you're not depending on your crypto money for everyday survival and paying bills. If so, you're over-invested in cryptos and that was your first mistake. Do not make it worse by selling at a loss. This is temporary. Mt. Gox is dumping BitCoin on the open market to settle their lawsuits - and they are almost out of BitCoin. So, moving forward, they will be much less able to hammer the crypto markets in this manner.
BitCoin will catch a bounce at $7,800 - $6,000. It could be lower, maybe $5,000 - $3,500 - but I don't think that it's likely at this point in time. We'll be seeing at least double or triple the current price before the end of the year. By the end of 2019, if you HODL, you will be excited again. Patience.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Buy the dip?! :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Buy all you can now.When the next big pump starts,you must be ready.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Time to take the coffee can approach. Look back at prices in 2020.
How many hours can I last? My guess would be a couple of hours max. My biggest addiction is hard to break :P
The problem with this strategy is I will miss out on the best up and coming opportunities. Hopefully this will not be too much of a problem by owning some BLX tokens (go go iconomi).
Any resources that cover the latest Crypto's which only takes a few minutes to review each day/week?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice read.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Looks like you found the reasons. Great article.
Yes, this is a bad day for us who are long on crypto.
But this is not the first time, and it will not be the last.
There will always be massive dumps some times.
Long term however we are going up and up.
You have to see the big picture.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You're a contrarian aren't you? Everybody here is depressed about the Bitcoin price. So that tells me we are pretty close to the bottom. Human psychology my man.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Exactly, true words. Yes, I am a contrarian.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Another factor is looming regulation. Surprising that even after consensus 2018, positive comments from CME and SEC and institutional investors coming on to crypto market, the market tanked!!! I was expecting this to go up.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Binance was also offline a little bit longer than anticipated this morning!
I think there is some more fud coming out of China at the moment but also in the U.S. with the SEC sweeping ICOs
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The question now becomes whether this is a one off event or likely the beginning of a much bigger slide?
No one can say anything my friend, it's a unpredictable market, whats going to come next no one can say.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
What's your guess?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think it will go up
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I have some clue about it :) Here's my view:
https://steemit.com/cryptocurrency/@andriustovis/total-cryptocurrency-market-update-red-color-is-going-to-stay-for-some-time
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I can predict there will be more bad news. The only question is when? And how bad will it be?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think crypto price movement is nearly based on nearly 100% TA. You have to remember that BTC is being traded by 1) traders with some big money and 2) bots. I don't think these traders give a sht about any news and I know for a fact the bots don't give a sht. But that's what makes this market so easy to read, it's all TA. I don't care what any talking head says, I look at what the charts tell me and go from there. I love BTC, but I'm not going to fight the market.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Where do the charts tell you prices are going in the near term?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
BTC bottoming at $4250-$5000
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
MYSTERY SOLVED. Mt. Gox trustee continues to dump large amounts of BTC on the open market. They claim they are trying to do it in a way which will not effect BTC prices - but I think that's complete B.S. This drop is simply a manipulation by big money to drive the price down, shake out weak hands, and buy it all back up at reduced prices.
I have a post about it on my blog, but will not be posting a link on another steemians more successful post - as that is bad SteemIt ettiquete. However, there's a good video there from Bix Weir and he gives an excellent report about what's going on.
This is a temporary situation. HODL for a while longer and we're all going to start seeing a massive rally, I believe.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Do you have a link?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes, I have a link. Here you go. Check out the video from Bix Weir.
https://steemit.com/bitcoin/@bi5h0p/blood-on-the-streets-mt-gox-bitcoin-dump-nearing-an-end
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The major factor causing this huge dip is called
"Operation Crypto Sweep"
The U.S. and Canada have announced that they will investigate 70 ICO scams and cryptocurrency's.
https://nz.finance.yahoo.com/news/operation-crypto-sweep-us-canada-044523682.html?guccounter=1
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's just a correction of previous impulse upwards:
https://steemit.com/cryptocurrency/@andriustovis/total-cryptocurrency-market-update-red-color-is-going-to-stay-for-some-time
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Trying to look at your chart, but can't tell what price point your charting is pointing to?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's total crypto market chart valued in $bln, so it's not about the price! My chart is showing that we will see more red color in this market during upcoming days
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes, what valuation is your chart pointing to?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
300-280$ bln
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think there’s also a correlation between the low volume and the price decrease. Maybe not causation but definitely a contributing factor
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You are going to see a break of the February lows....been pounding the table on that one for weeks
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes you have. $5k in play?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
$5k is in play, the feb lows at 5800...I preferably would like to see the crack, break 5k touch 4500ish and a rip back up....
Then I will be the bullish bitcoin analyst on Steem :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's possible. I see lower support in the $5,000 - $3,500 range - but I don't think it will not last for long, given the current environment. We'll get support bounces at various levels if we are on the way down to all-time lows. This is simply another case of market manipulation by "big money," who are waiting to enter the space after they shake out the weak hands. After they buy it up at super-low prices, they'll be happy to sell it all back to people for 1,000% of what they bought it for.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's a really bad day, both steem and sbd are in red. Looks like is time to hold it up until it goes up again.
Maybe there will be a bounce the following days.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Really very helpful.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Moves like this can really be scary... crypto trading is not for the fainthearted. I just hope the market bounces back as soon as possible. In the meantime, it's time to HODL!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Coincido contigo estimado @jrcornel, Ojalá tuviera la respuesta a esa pregunta ...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Subir o bajar dentro de un mercado que de igual forma como en los valores de la bolsa, se ven afectados por situaciones y cálculos basados en esas situaciones a mi parecer. Son negocios de paciencia y de tacto para quienes viven al día, entre compras y ventas.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
cool ! check out my last post! 150 ghz free mining available
https://www.hashmania.net/?ref=471
use my refferal link if you appreciate the sharing ! it really works, i started 3 days ago and i was already able to withdraw without depositing anything! no reffering necessary but i like to share good platforms to create a thrusted community.
thank you for sharing :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
On days like today going to the gym to take my mind off the markets is super helpful. I feel a lot better after getting back from my workout and things don't seem so bad!
Who knows- maybe this will result in a nice bounce back tomorrow :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Upvote,resteemed,comment Done
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We need lots of patience here fellow Steemians! The market is still relatively young and corrections are a necessity. It's like we are in the first years of the Internet, but in this case we all know the impact cryptos can have onto the world...
There are so many benefits in using them and so many use cases for blockchain that eventually it's going to literally INVADE our lives in every aspects, i guarantee you.
Keep having faith, don't listen to FUDders and HODL for the win. If we stay together we will change the world and ina couple of years we will laugh from hour private jets at all negative people who prayed for us to fail.
Let's keep blockchaining everyone! ;)
Cheers from Prague
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You wrote:
The question now becomes whether this is a one off event or likely the beginning of a much bigger slide?
Is this a rhetorical question?
I mean I still hope that crypto will become mainstream. But in the past months I have seen to many bad news items. There should really be some great changes on short term to prevent crypto having an early dead.
Or do you think there is a simple explanation for all the bad news?
Like the bankers are now active in crypto? 😋
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
MOST crypto news have no effect on the market.
What it all comes down to? Market cycles and herd mentality. Understand these two, leverage them, and you'll be set. If you understood some stuff about swing trading, you would have seen this dip coming a mile away.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Beautiful post.i like this.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i think bitcoin might fall towards 6000. put in a buy around 6k or slightly above/below.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Probably see a splash of green today to get a few excited before the red days continue
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I Wish you know ,thanks for information
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
In terms of that it might be indicating sth big is going underway , while hope the small investors do not get in the harms way.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i think it will go high very soon
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I love it Bitcoin and your blog
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello. Woooww!!!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
HODL
Do you think it's possible that SBD>Steem sometime? I still have some SBD and I want to buy some steem
cheers @jrcornel
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
What I've learned from my experience, crypoworld is a place of ups and downs, like most of the things in this world... The secret is, don't worry about it if you believe in it... Cryptos go down, I buy more of them :D It's a circle of neverending happiness (if only it existed)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thats why we need ascii resistive algorithms or pos with risk of losing everything if they try something like this.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Don't miss this a drop this giving you a huge profit...#$1000 airdrops
Reffral reference - jeygupt
https://docs.google.com/forms/d/e/1FAIpQLSdHnPWGR-0V6J_mW_ebEw7T1zKwKSlResW5AkB61fyTar3uQQ/viewform?fbzx=-7766866557157351000

Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
When it rains it pours! The 51% consensus attack on BTG seems to be the most troubling because it undercuts the root of what makes crypto valuable.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit