Bitcoin Crashes Below $9,000 - Lowest Since Thanksgiving
Content adapted from this Zerohedge.com article : Source
by Tyler Durden
Bitcoin is now down 50% from its record highs in mid-December, plunging to an $8000 handle this morning following headlines from India (which appear to have been misunderstood)...
Bitcoin is at its lowest level since Nov 26th 2017...
Specific catalysts for the latest leg lowere are unclear but perhaps there is some anxiety ahead of next week's US regulatory hearings. As CoinTelegraph reports, the US's two major financial regulatory authorities have announced that they will hold a dedicated hearing on virtual currencies on February 6, 2018.
The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will meet to discuss what an advance notice describes as their "oversight role", as the industry becomes an increasingly prioritized focus of lawmakers around the world.
SEC chairman Jay Clayton will join CFTC chairman J. Christopher Giancarlo as chief witnesses.
Bitcoin and other cryptocurrencies entered the public spotlight anew during last week's World Economic Forum (WEF) 2018, with senior politicians from various major economies stating their intention to heighten legislative interaction.
Calls for an international effort on crypto regulation have received support from France, Germany and others, the stage likely to be set for a major discussion during the G20 Summit in Argentina in March 2018.
Clayton and Giancarlo have both also been vocal on the topic of cryptocurrency, discussing at length what they consider is the "task" of regulators in a co-authored article published in the Wall Street Journal during the WEF event.
"The CFTC and SEC, along with other federal and state regulators and criminal authorities, will continue to work together to bring transparency and integrity to these markets and, importantly, to deter and prosecute fraud and abuse," they concluded in the article, adding:
"These markets are new, evolving and international. As such they require us to be nimble and forward-looking[.]"
Earlier this month, the SEC told Wall Street trade groups it had "outstanding questions" about how their Bitcoin-based ETFs and mutual funds were regulation-compliant, and asked the sponsors to withdraw registration statements.
While all cryptos are tumbling today, we note that Bitcoin is down 36% YTD and Ethereum is up 38% YTD...
And finally, one more reminder, while Bitcoin's drop is large, it fits the seasonal norm...
Close to the bottom I think..
It could also be on the back of a secret Davos agreement. Oh well that's me @ break even on Bitcoin. I was late to the party. I am sticking with the investment though because the lightning network is taking off nicely and at a very rapid pace. Let's hope this is just the pull back we all knew was coming and not something more permanent.
Time will tell who might edge out some of the big boys. Master Card made some big money last month facilitating crypto purchases. They will make more next month lending to those same people to help them pay their bills once their crypto money for nothing dreams are crushed.
Most peoples assets are encumbered by the debt behind them, illiquid because of their nature or non existent because they are capital poor. So it seems that some huge rush to "protect wealth" in the crypto space is not likely. Especially now that the parabolic up trend has been solidly interrupted.
For merchants the prospect of accepting payment in the form of such unstable "currencies" is not nearly as interesting now that the trend is not up every day. Added to the variety of other obstacles in the utilization and acceptance of these payment protocol tokens it is going to be a while yet before a clear winner emerges. BTC $8820 look out below.
Those that get burned will not jump back in any time soon, another obstacle to acceptance.
That's true, we should also consider that bitcoin might get down to rank 2 as it's highly manipulated from futures and maybe ethereum will bring us back to the light!
I think that all of these FUDs that have been recently affected the imature market. Almost daily we had FUD news which is so annoying tbh...
Besides that, Tether and Bitconnect ponzi scam adds up to the story which represents another involvment in bitcoinprice/ market drop.
In the end we can also think at a scenario where Ethereum maybe flip on bitcoin and get rank 1 starting a new ERA!
This is par for the course for cryptocurrency. There is nothing new here except the recent additions who are freaking out. Crypto is very volatile. We see this all the time.
In the past we witnessed pullback this large (percentage wise). This time, I feel all the weaker hands who joined the crypto world in the last few months are making it worse. Sure there is a lot of negative publicity out there with the ponzi schemes and what not. However, things will bounce back in a big way. It actually is a good time to buy.
A lot of tensions rising because of the latest prices. People are panicking, It's so unbelievble. The US Securities and Exchange Commission and Commodity Futures Trading Commission meeting up is great news for the industry. Let's wait for next week, I believe they will come to a reasonably fair agreement.
This will as well be a huge boost for improving on the security of the industry, after a series of incidents of robbery that hit various cryptocurrency centres.
If it does that, all cryptos will take off.
There are also rumors about Amazon is looking at accepting BTC and ETH as payment.
Bitcoin cash is the future! 😊
That doesn't have the problems bitcoin has?
One word: Futures.
Bankers control the USD and its dominance. That's why nothing will be allowed to take a foot hold and circumvent the banking establishment and Fed until the USD shows international strain and is re monetized. And haven't we been through this before a number of times? But for some reason when a computer token is involved, it's 'legitimate'.
Truly naive to think the Fed would rollover and allow another currency, regardless of form, to accelerate in value and compete with the MIC dollar.
Well said!
These cocksuckers won't let us have ANYTHING without trying to take a cut. It's sickening.
Lets see them come grab these Bitcoins...
Bitcoin declined initially during today's trading, but found the $ 8000 support level. However, although we have formed a hammer on the daily candle, there is still a very small size. That is why I feel that any progress at this point will not be able to hold firm. However, if we reach a new high, a break above $ 11,000 leads me to expect that the market will continue to collide with the $ 8,000 handle and eventually break below it. If we do, the market is likely to be heading towards the $ 6,000 level thereafter. If we can break higher, then I think we will start to see a move towards the $ 13,000 level, but now I am not fully convinced, because while the USD is under pressure, the encoded currency market was not able to take advantage of it.
We hope to go up but do not fear them
No offence but I think TA in cryptomarkets is completely BS . Crypto market is imature market, not mature like forex. The more the people respect the rules ( technical analysis ) the more game works in the favor of the rules.
News>TA! I see people daily having their analysis failed by the news. TA can be used as final confirmations once you want to place an order in my opinion.
In the end of the day everyone has his methods!
I think TA does apply, these market don't move with small money, it's the big money that is moving the markets, and they follow TA and move the markets they want. I almost think the crypto market is now managed, buy the big boys... at least the major coins.