Why bitcoin dropped ?
It’s mainly because of the investors who are holding thousands of bitcoins in their stupid wallets hoping its value will raise even more where as at the same time thousands of people need it on daily basis on the deep web and surface net!!
This trend and limited supply has made many people to divert to other coins!!
Secondly bitcoin is old and can be tracked! This market boomed to moon and a drop was obvious.. don’t fear countries banning CryptoCurrency, the nature of these currencies will always stay decentralised so a government ban literally means nothing!!
bitcoins is not needed anymore by the deepeeb because people can’t find it anywhere, all the investors are holding them in their asses!! At the same time mining difficulty is touching skies and takes months to break a single block!! And it’s easily traced creates problem for many people..
The future is Monero (XMR)!
So as there is more demand than the supply, people are actually shifting to other coins that’s why the value will fall even more, one the market becomes stable other coins will raise and bitcoin will stay low.
It’s better to sell your fucking coins and stop fucking the block chain trends!
What an aggressive and unsubstantiated rant.
lolz
Wonderful article, your all points are valid with very solid reasons, like shifting to others coins and specifically difficulties of bitcoin mining.
Although my Steem Power and upvote worth is very low butI really appreciate your hard work with upvote and resteemed.
That's a bit easy don't you think ? If it were like you're painting it the price wouldn't be dropping as the demand is increasing vs the supply staying in wallet thus not be available...No, It would automatically make the price surge because of the basics of markets....
Hope it will rebound in short term...
There is always another coin and ban of cryptocurrency is useless. Cos they decentralized. Market rise and fall no prediction is 100% correct.
Really, the whole market is going down at the moment. The market goes as bitcoin goes. If Blockchain is the future, why would I want to sell them. The biggest problem is that is impossible to mine them.
Totally agree with you, just as the trend of digital currencies is to continue growing. Thank you for sharing your ideas with the Steemit community.
Good points but why XMR?
According to the firm Autonomous Next, the number of hedge funds investing in digital assets like Bitcoin has grown rapidly to more than 100. Since the launch of Bitcoin Futures on the Chicago Mercantile Exchange in December 2017, it shouldn’t be a surprise to anyone why the price of Bitcoin is down 50% from the high.
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Only Retail Investors chase price and buy high and sell low, while the Professionals buy low and sell high. The Hedge Funds have purposely sold Bitcoin futures to get in a better price.
At the moment, there is a war taking place between the buyers (Hedge Funds) and the sellers (Retail Investors) called capitulation. That line in the sand was at $9000. Capitulation is when investors give up any previous gains, by selling, in an effort to get out of the market. Capitulations are outcomes that result from the maximum psychological and financial pain that can be endured by a group before throwing in the towel. The Retail Investors are throwing in the towel after seeing a more than 50% correction in the Bitcoin price to the buyers, the Hedge Funds. With 100s of millions of dollars to invest, we are witnessing an accumulation phase by the Hedge Funds between $6000 and $9000.
The Hedge Funds are loading up and buying from the Retail Investors. But to fill all their buy orders, as the sell orders dry up, price must go down to the next stack of sell orders. We are approaching what I believe will be the bottom of bitcoin at $6000. My first target is $12,000 and my second target is $17,000 over the next 3 - 9 months.
The easy money has been made over the last 12-18 months. With the big boys in the game now, the rules have changes. The question is, are you ready to play to win with a new play book?
This post is my personal opinion. I’m not a financial advisor. Do your own research before making investment decisions. By reading this post, you acknowledge and accept full responsibility of any gains or losses.