The World of Cryptocurrency - The Big Dip!

in bitcoin •  8 months ago

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Its another bloodbath happening now in coinmarketcap and almost all of the altcoins were in red. Some of our fellow cryptonians were in a panic mode of selling their hard-earned coins hoping to at least salvage some and not totally wiped-out. There are so much FUD on the web about bitcoin and cryptocurrency as a whole and these will somehow have an effect on the entire market of cryptoworld. Everybody is looking for an answer on why does bitcoin dropped down to 7k dollars and still going down. Same also with steem and steem dollars were both dipped down to less than 2 dollars and still dropping. It seems cyptoworld was constantly shaken in this year 2018, it is a survival mode year for cryptocurrency and the roller coaster ride was so wild that the weak were eliminated and those who remain strongly hold their ground hoping to survive this tragic moment.

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Many believed that the caused of bitcoin crash was due to the huge amount bitcoin that was sold by Mt. Gox trustee named Nobuaki Kobayashi. He sold 400m dollars of Bitcoin (BTC) and Bitcoin Cash (BCC) in an attempt to refund the users who lost their money after the hacking incident that happened in Mt. Gox exchange that was based on Japan and lost around 850k BTC last February 2014. Due to the huge amount of sales of BTC and BCC that Kobayashi did, the market crashed and there was a bloodbath all around. But Kobayashi believes otherwise and this was his statement:

I sold BTC and BCC from December 2017 to February 2018 with the cooperation of a cryptocurrency exchange in light of the market price at the time of the sale. Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible. The method of sale of BTC and BCC was approved by the court as well.

I would like to refrain from explaining the details of the method of sale; otherwise, the future sale of BTC and BCC could be hindered. However, at present, nothing has been determined regarding the sale of BTC and BCC in the future.
Source

Whatever the real reason on why the market crashed, I think its high time to buy some coins and take advantage of its very low price and we'll hope in that soon it will recover and rise again.


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hope it recovers soon waiting for that day

Hang in there - and if you have some cash buy buy buy. Ig you got em, smoke em :-)

Those who have been around for a while know that this is a great buying opportunity, once we hit the predetermined rock bottom, the whales will return to get some crypto on the cheap, at which point their goal will be to long BTC and the prices will rocket out of reach of the average guy.

So stop fretting and buy. and whatever you do - do not sell!!!

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This is indeed the biggest clearance sale of all time for crypto the drops have been crazy comparative to other years, there we dips but proportionally this is probably the biggest.

Over the past three months, Nobuaki Kobayashi has sold over $300 mln in Bitcoin on two public exchanges. Some critics believe Kobayashi's sales put so many Bitcoin back into circulation, that the sales contributed to severe drops in the price of Bitcoin. Bitcoin has declined 51.6 percent since its Dec. 17 peak of almost $20,000, and it is suspected that Kobayashi was a significant factor in the decline.
It has sucked the crypto market, and the effect can be seen on the steem too, who sells this much of amount to a single person.?

I don't think it's going to crash. It will get to the bottom,then hold for a while and then it will go up again.
I don't see this as a threat, but I see this as an opportunity. An opportunity to invest and make a fortune.

Yes tough time in cryptos world. Blood bath in all coins, The way the cryptos is capturing the market in the last quarter of 2017 is working in reverse direction which is so scary for cryptonians. All we can say better time will come. Thanks for sharing your input.

its good that coins are crashing, its good time to invest over crypto and now it will only rise in coming time... Screenshot_2018-03-18-13-39-40-403_com.discord.png

Yes, @elizahfhaye ..Bitcoin is now freefall....Its very bad news for bitcoin holders....I think, this falling continue in next days...Now bitcoin is below 8000 USD.. If this falling continue,Its price will fall below 5000 USD.

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Hodl...Some are calling for 3600> . think it will go that low?

since the day I joined steemit
crypto is continously declining
don't know if i am also the reason
bdw testing times for crypto

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hahahah u are curse for crypto

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haha i should stay away,
may be crypto will recover

When you thought bitcoin hitting 5k was a big deal, its hard to see this as a crash

Many of us here want to sell Steemit ID. If the price goes down, people's mind will be broken.

You got a 4.76% upvote from @postpromoter courtesy of @elizahfhaye!

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You got a 35.09% upvote from @bid4joy courtesy of @elizahfhaye!

Hold on! There's tons more FUD coming in about 1 week when China will announce the launch of their "Petro-Yuan" market, directly competing with the Petro-Dollar. That's going to cause much FUD. It could even cause a stock market crash?? Whatever happens in one week, it's going to throw a bunch more uncertainty into the mix. Also, lots of big money hedge funds are poised to enter BitCoin & they're going to do all they can to shake out the weak hands so they can buy-in at the lowest possible prices. I have a feeling the next 3 weeks is going to make crazy volatility in the crypto prices. Everyone would do well to have cash ready to buy back in at a lower price. Below $5K is not out of the question.

Thanks buddy 🙏
Best information!
Its good the bitcoin!

Hey!

I like your post, I will follow !

Useful information about the day opening price, For all current and future readers.

Today's date 18/03/2018:
Bitcoin: 8011$
Ethereum: 564$
Ripple: 0,65$
Bitcoin Cash: 970$
Litecoin: 154$
NEO: 69$
Cardano: 0,15$
Stellar: 0,21$
MIOTA: 1,14 $
EOS: 4,71 $

Have a good day everyone!

If it stops at 5K, it will be fine. If it goes below 5K, then it'll be a real bloodbath and tears for many.

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I think under 4K is the bottom! We might not see for months...years!

you ate tight @elizahfhaye. agree with you. bitcoin holders are now facing trouble here. we know when crypto will be ok but we hope crypto will back very strongly as soon.

Its a human psychology that needs to be improved to improve the market. Be smart, take advantages. Great post!

This is now very sad... but hopefully steem dollar price will rise up

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