Today's tales from the crypt 😱!
Today was a horrible day for cryptocurrencies that made even the staunchest of the hodlers scared 😱. Firstly, the price of Bitcoin fell below $10,000 for the first time since early December. Secondly, Bitconnect closed down its operation, leaving its investors in the lurch, as its token value which was trading as high as $330 at one point is now trading at just $26! And lastly, almost all cryptocurrencies' price fell massively along with Bitcoin.
Here is the change in the market cap of the top currencies in the last 24 hours.
(image taken from https://www.coinmarkets.today)
All of this came in the wake of more governments cracking down on cryptocurrency trading and talking about more stringent regulations. These include countries like China, South Korea, Russia, USA and even France & Germany.
Despite all of this, I haven't sold any coin. I converted some of my Litecoin to STEEM though, because I think STEEM's rise would be more rapid than Litecoin. And the good thing is that there has been some recovery now, with Bitcoin trading slightly above $10,000 at the moment. However, I am still not sure if this recovery is real or just dead cats bouncing.
What was your experience? Did you sell off some of your coins or still hodling all of them? What are your predictions on the future of cryptocurrencies in general. Will they survive this crash, or just go down in flames from here? I would love to read your opinions.
I am holding some bitcoins and steems but waiting for the raising price of these coins as bitcoin has fallen back but experts predict that cryptocurrency will never die so we hope so that it will go up again..
thanks for sharing this nice and informative article @hmushtaq
I hope you are right :)
Brutal day... Specially anyone in bcc.. There were red flags... So... Plsy either fire and yoi will get burnt
I am holding all my coins, I personally think that the market will not disappear and will be corrected, What I do not know, which will be the new band maybe between 8k and 9k for the bitcoin.
I have seen the btc fall and resurge as a daisy
btw It seems to me a good strategy to change some icos for others of faster recovery
Update: We can even see that the market is already correcting and we can see the firsts green numbers in days
We should see this as a buying opportunity ! I am buying more btc tmrw , It stays low i buy more . It goes high i will trade and earn . win win situation .
OK but what if the price starts going down and then keep going down.
I have done lots of research before investing in crypto . Stocks mcap is about 24 Trillion . Gold 8 Trillion . Derivatives 300 Trillions . Our fiat currency usd or whatever is a biggest scam .It is inflinationary and it's value keeps on decreasing every year on the other hand btc got limited supply . crypto mcap will easily reach 1-2 trillion in future .
If it keeps going down i would invest 5% of my salary every month on it . I only invested what i was willing to lose .
Yup, same here, only invested what I can afford to lose. These banksters and their puppet politicians are very against cryptocurrencies though, and would do every thing to kill it. Let's hope they don't succeed.
The main purpose of cryptos were to end bankers monopoly , have financial freedom , free cross border transactions ! It was never meant for profit making but that's okay too Lol
I am just holding onto my btc, I remembered the time when bitcoin reached the $1000 mark and then dropped to less than $200, everyone thought bitcoin was doomed, fast forward some time, bitcoin reached $20000 and now the price is dropping like lead, the history is just repeating itself again.
Yes, it was super scary but holding was the best plan in the end.
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