Kvě 27

Bitcoin Plummets $600 Following Volatile Thursday Trading

· May 27, 2017 · 5:51 pm

Bitcoin’s price suffered more losses on Friday following Thursday’s drop and subsequent rebound, plummeting 25% in a single day.


While it appeared that Bitcoin had regained its historic upward momentum following Thursday’s $500 drop, Friday proved even more turbulent as prices dived $600 from $2.5k towards $1.9k. As of Saturday afternoon, Bitcoin’s price appears to have stabilized around $2.1k.

Bitcoin price chart

What Goes Up, Must Come Down

Bitcoin’s price drop follows a week of unprecedented growth, in which it climbed from $2000 to an all-time high of $2800. Many claimed that a correction was overdue and that Bitcoin is back on its way towards $3,000.

Others have issued dire warnings of a Bitcoin bubble that may just now be popping. Older investors can still recall the sting of Bitcoin’s infamous 2013 crash (and subsequent destruction of the Mt. Gox exchange), and are wary of repeating the same mistakes. Bitcoin’s price also has a repeatable history of spiking suddenly before crashing to a higher, more stable level.

Friday, Bloody Friday

Traders have historically used Fridays to sell off securities or place shorts, anticipating a price drop come Monday morning due to what has been called the “weekend effect“. The upcoming long weekend combined with Thursday’s high volatility likely fueled a large sell-off in the cryptocurrency market. Bitcoin’s influx of new investors following its price increases may have also spurred a panic sell.

You Bought the Ticket, Now Ride the Coaster

Experienced traders have continuously warned new investors about Bitcoin’s notorious volatility. In a Reddit thread chastising those who bought at the top on FOMO (“fear of missing out”), one Reddit user had some choice words to share:

Now here’s the question: did you buy Bitcoin just because it was worth a certain amount of dollars, or did you buy it to hold a piece of the action? This is a piece of the action. Roller coaster to the moon has its ups and downs.” – zomgitsduke

Another thread was created by a user claiming to have dumped $45k into BTC at its top. He intends to exercise discipline and hold:

“Genuinely don’t give a s— that the price has corrected/crashed/whatever you want to call it. It’ll be back sooner or later. Bitcoin is long term. Don’t weep.” – thesilentwitness

Bitcoin To The Moon

Despite these recent setbacks, many are still confident that Bitcoin’s run isn’t over yet. The market appears to remain Bullish as traders look to buy in on the massive price dip.

Do you think Bitcoin is headed back up? Or do you think that the Bitcoin bubble has finally burst? Tell us in the comments below!


Images courtesy of WorldCoinIndex, Shutterstock

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Kvě 26

Bitcoin’s $500 Price Drop Sets Community Abuzz

· May 26, 2017 · 12:00 pm

Bitcoin prices dropped yesterday from $2800 down to $2460, sparking concern and speculation across the cryptocurrency community.


The large drop in value has come alongside the largest Bitcoin Bull run in the currencies history, it caused panicked posts on social media with one Reddit user posting;

“What the hell happened with the drop from 2800 to 2460?!!!!!” – TakinBackMyLove, a distressed Reddit user.

Many other new Bitcoin users, drawn to cryptocurrency investment by the current upward cycle of the market, also voiced their concerns while Bitcoin veterans remained calm, having seen this all before, and much worse.

Welcome to Bitcoin

The drop follows three straight days of price increases for Bitcoin as the price climbed from $2000 to $2800, which is was an all-time high for coin. In financial markets, it is not uncommon to see corrections like this after relatively large gains over a short period of time, which really does bring a touch of sanity to a frenzied market. That the decrease was not more substantial, given what has overall been a very large rise, should give investors comfort.

Bitcoin Historical Prices

Past Volatility

Bitcoin has been historically famous for its massive volatility, with its price declining by several orders of magnitude in just the space of minutes. In August 2011 the price dropped by almost 50% from $13.50 down to just $7 in the period of 7 hours. However, the coin is also famous for its sudden gains too, as Bitcoin prices began hitting $80 dollars in the same year.

Bitcoin price drop August 2013

Another example is the 2013 crash, often attributed to the downfall of the infamous Japanese based exchange, Mt. Gox, when the site went down it took many Investors coins with it. Bitcoin took its time recovering, and cryptocurrency as a whole entered a bear market. Bitcoin has made slow and steady gains since then, however, it is only since March that the gains have started to rise at a disproportionately increased rate.

It comes as no surprise that in the wake of such massive gains that Bitcoin fever seems to have struck again.

Still Bullish

With daily candles ultimately still in the Green, all signs still point to the coin remaining Bullish and, at the current time of this writing, it has since started climbing back towards $2,550.

Bitcoin Still Bullish

What do you think of Bitcoin’s volatile history? Do you think prices will continue to climb or is it a bubble that is about to pop? Let us know in the comments below!


Images courtesy of BitcoinCharts, AdobeStock

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Bře 18

Bitcoin Price Loses Another $100 in Value – Here’s Why

· March 18, 2017 · 11:00 am

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Bitcoin has suffered back-to-back losses, losing over 7% in value on Friday and over $2 Billion in market cap over the last 48 hours. Bitcoin price has fallen under $1100 USD for the first time in almost a month. Here, we break down the reasons and the industry fallout.


Apparently, the most powerful companies in the Bitcoin community feel a hard fork is becoming all but inevitable. Their statement surely stunned the investment market. Many of the world’s leading Bitcoin exchanges, including Bitfinex, Shapeshift, BTCC, Kraken, Bitstamp and ten others put out a statement detailing their contingency plans if the Bitcoin Unlimited fork against Bitcoin is launched. Here is an excerpt of the statement (you can view in its entirety here):

If a contentious hard fork occurs, the Bitcoin Core implementation will continue to be listed as BTC (or XBT) and the new fork as BTU (or XBU), but not without adequate replay protection. We do this not out of judgment or philosophical reasons but rather for practical and operational considerations.

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WHO WINS IN THIS SCENARIO?

Who is benefiting the most from this issue is up for debate, but some are telling the mainstream media that Ethereum is the most direct beneficiary, as Ethereum has been moving up in leaps and bounds recently.

Aurélien Menant, CEO of Gatecoin

Aurélien Menant, CEO of Gatecoin, told CNBC:

Bitcoin traders may have wanted to offset some of their exposure should a fork occur or the scaling deadlock continues, and ether seems to be the most promising alternative. Bitcoin-ether volumes have surged since and are currently rivaling bitcoin-fiat currency trading liquidity.

In my opinion, people are using Dash as a hedge against Bitcoin forking drama, and the numbers from yesterday bear that out. Gold and Ethereum prices hardly moved, Bitcoin lost about 10% in value while Dash gained over 11%, at the time of this writing, and passed $101 earlier in the day. Since the Enterprise Ethereum Alliance was announced a month ago, ETH value has taken off. The timing of the fork debate may be coincidental.

LOOK WHO SHOWED UP

There was a very interesting quote about the potential hard fork from an unexpected source yesterday, as former Mt. Gox chief Mark Karpeles added this Tweet to the ecosystem:

Regardless of who wins or why it is hard to take yesterday’s events as a positive turn in the narrative, Bitcoin may end up better off if a split leads to adoption of additions like Segregated Witness, once upgrade dissenters leave the system to form what would become an altcoin. Ethereum has flourished since their fork last year, so all may not be lost, in the event of what may be inevitable. At least according to some of the biggest players in the market, we look like we’re headed for a fork in the road.

Will the price of Bitcoin rebound? Who do you think is benefitting the most from the current scenario? Let us know what you think below.


Images courtesy of Bitcoin Average, 121 Tech Investment, AdobeStock

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Říj 21

Bitcoin Price Drops: Where do We Go From Here?

Source: bitcoin

bitcoin price

A bit of a fall has occurred on bitcoin’s side. Since our last price piece, the bitcoin price has stumbled by about $12 and now hovers at $628.

Also read: Bitcoin Price Breaks $640, Are We About to Go Even Higher?

Bitcoin Price Heading South?

One source writes:

“The levels in focus moving forward are in terms support to the downside at 629, and in-term resistance to the upside at 632. Just as with this morning, this width of range is far too tight to go at with an intra-range approach, so it’s all about breakout for now. If price closes above in terms of resistance, we will get in long towards an immediate upside target of 637. A stop on the trade at 630 defines risk. Conversely, if price breaks below support, a close below this level will put us short towards 625.”

It appears most analysts are not fully able to predict where bitcoin will travel from here. The market is showing mixed activity, and there’s nothing specific to give us a better understanding as to whether things will become bullish or bearish. Present sentiment seems to suggest a bull run, but caution remains that a bearish market could emerge from the darkness.

One analyst explains that bitcoin is presently stuck in an “arc,” and whether it will move north or south is relatively left open to chance:

“Price is meandering its way through the third arc pair. Longer term, this is bullish because when it gets out of the arc pair it is likely to rise again, but until it gets to the other side with a strong close above the arc, it’s not so clear what will happen while it’s in the pair itself. Tomorrow is 120 degrees since the spike low of 6/22, so we are at a point in time that we can expect something might begin tomorrow. But what? A reversal or acceleration?”

This same source suggests that if bitcoin closes below $638 in the next day, a bearish market wouldn’t be terribly unlikely. Still, however, one can see that there is no clear evidence to suggest where bitcoin will go or when, and if support breaks, a massive drop may occur.

Investors are warned to lay off major trading until the market “makes a decision,” and clear signs about where things will go are offered.

Do you think bitcoin’s price will rise or sink? Post your comments below!


Image courtesy of Bitcoinist.

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Bitcoin Price Drops: Where do We Go From Here?

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Kvě 15

Will the Bitcoin Price Hang Where It Is for a Little While?

Source: bitcoin

Crix

Since our previous look at the bitcoin price, bitcoin has enjoyed a hike of about two dollars. It’s not terrible; after all, any rise in price is something worth celebrating, but at the same time, $2 is nothing to jump and holler about. Considering bitcoin’s operations in the past, it’s probably safe to say that Bitcoin has found a spot to hover close and settle down for at least a little while.

Also read: Bitcoin Price Stagnates, What Happens Next?

What Is the Bitcoin Price Doing?

As one source puts it:

“The Bitcoin price has not made any significant move during the quiet Saturday trade. The start of the day in the U.S. may change that, but for now, it looks like continuing inaction will be the prospect… A quiet day in the Bitcoin price chart as the price sticks close to the 200-hour moving average… Low volume trade keeps the price within the constraints of the converging support near $449 (Bitstamp), and the horizontal resistance zone between $462 and $470… The recommendation remains that traders and investors wait for the price to establish… The 1-day and 1-week charts explored yesterday imply a risk of decline.”

A risk of decline… This certainly isn’t music to any bitcoin advocate working today.

As we’ve seen before, Bitcoin is more than capable of “sticking to one post” when it finds a comfortable place to hang. Unlucky for us in 2015, Bitcoin slumped down to one of its lowest points in years. Enthusiasts were pulling their hair and drinking their sorrows away, but the shocking truth was that bitcoin, for one reason or another, seemed to be enjoying where it was. Otherwise, would it have taken as long as it did to restart its ascension to the top once again?

Looking at the present situation, we are certainly grateful that the digital currency is choosing the $450 range rather than the $250 range, but we can’t help but wonder if things will be slow-moving from here on out (at least for a while). Will bitcoin stay here for some time? Will it be another 11 months all over again? Or maybe 12 months or 18 months for it to start thinking about another rise? A simple, $2 bump in value doesn’t put these thoughts out of our minds completely, and we can’t help but wonder where things are destined to go from here.

Do you foresee bitcoin continuing its rise, or falling from here on out? Post your thoughts and comments below!


 

Images courtesy of BitcoinAverage.

The post Will the Bitcoin Price Hang Where It Is for a Little While? appeared first on Bitcoinist.net.

Will the Bitcoin Price Hang Where It Is for a Little While?

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