Bitcoin's Price Just Dropped Over $1,300 in 1.5 Hours

in cryptocurrency •  7 years ago 

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The price of a bitcoin has just plummeted by over $1,300.

Having been on the slide in recent days, in large part seemingly due to new regulatory efforts to calm the enthusiastic crypto market in South Korea, chart analysis had indicated that bitcoin would recover and likely return to $15,000 levels today. However, that did not happen.

The cryptocurrency opened today's session at $13,585, and reached a high of $13,601 before the sudden tumble at soon after 07:00 UTC that saw the price drop from $13,210 down to $11,850 at 08:30 UTC. That's a fall of $1,360 in just 1.5 hours.

The drop puts the price of a bitcoin at a month low. Dec. 5 saw bitcoin at a similar level, however, that was when the cryptocurrency was climbing fast on the way to setting a new price record around $20,000, as the launch of bitcoin futures contracts from CME Group and CBOE was being anticipated by the trading community.

Full story: https://www.coindesk.com/bitcoins-price-just-dropped-over-1300-in-1-5-hours/

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BTC is really not an ideal coin for frequent trading. Every time when its price plunges, you cannot get on the exchanges to either buy or sell the coin.

Interesting feedback. I actually never tried this with Bitcoin, but I've seen this with a lot of altcoins.

Bitcoin prices goes down because :

  1. China wants to ban crypto trading.
  2. Chinese New Year - people selling their crypto to buy tickets for plane, train, gifts etc. Every year around january we had deep probably because of that
  3. And on top of that when people see that prices falling down they're start panicking and becomes panic sell.

It's almost like there's a trigger for a downtrend and if that downtrend continues for too long, maybe because of how its impact is perceived, the short term downtrend doesn't recover because more and more people start to sell, and it becomes a larger (down) trend. So basically your point #3

hold or sell???

HODL and if you have the balls and the liquidity, and if it's part of your strategy ... you start to buy the coins you believe in at a discount

yes!!!! but I must say that it's hard to contain myself of temptations hahaha

thank you for your input