Crypto World #8 Bitcoin: That's What Crashing the Market of Cryptocurrencies:
The controversial crypto Bitcoin continues to lose in value. For the first time since November, the oldest and best-known digital system on the dominant trading platform fell below $ 6,000 recently.
The low reached $ 5920. This result in a price decline of around 15 percent compared to the first week of February. Bitcoin has lost more than half of its value since the beginning of the year.
Bitcoin counterparts such as Ether, Ripple or Litecoin also fell in the double-digit percentage range. Of the rapid increase in prices, which many of the current around 1,500 cryptosystems had completed in 2017, a large part has now been erased. Bitcoin, for example, had reached a record high of nearly $ 20,000 in mid-December. Since then, however, it has been almost entirely downhill.
The Key Causes:
The cause of the fall in price can be found on the one hand in the digital currencies themselves. These include above all increasing regulatory efforts of so far unregulated trade and repeated hacker attacks on major exchanges.
The bad mood is being amplified by the currently sharp price declines on the international stock markets. Risky investments, which include virtual currency, are charged.
Meanwhile, more and more politicians and regulators want to control on trade with Bitcoin & Co. Japan's central bank recently called on providers of crypto-related services to ensure the security of their services. Investors should also be made aware of the risks. In America, too, the discussion is gaining momentum.
It has become a bit quieter among Bitcoin fans after this news. The price continues its negative trend at the beginning of the current week. Since reaching the high of $ 20,000, it has lost about 60% in value.
The majority of investors come from developing countries:
The current price decline is primarily due to the regulatory measures of some but especially of Asian governments. That makes two things clear in my view.
On the one hand that the proportion of Bitcoin investors from the more developed countries, compared to the investors from the developing countries, is lower. That, in turn, confirms the following assumption:
In a functioning democracy, there are fewer benefits to Cryptocurrencies:
A cryptocurrency attracts large numbers of investors if democracy if one exists, is less developed. That also makes sense because there is a reason to want to escape the excessive control.
In all other cases, the benefits of a Cryptocurrency against the existing legal and monetary system are in short supply. The more developed the legal and financial system, the less non-ideological incentives are to escape control.
Only one crucial support is left:
If one looks at the price on a weekly basis and in the logarithmic scale, then the next technical chart target could be at the level of the lower trend channel line. This currently amounts to approximately $ 6,700, which would indicate a further downside potential of roughly 16%.
This support, and maybe even the 50-week average just below, should be by far the most important regarding technical performance, as if they did not hold, the long-term uptrend would be over.
Interested in my previous blogs:
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- How To #13 How can you exchange Bitcoin or any other cryptocurrency for real money?
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A.D.S.A.C.T.L.Y = Autonomous Decentralized Society Acting Cooperatively to Leverage You!
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The value in bitcoin is based on the amount in the pressure isfrstor that connects large amounts of bitcoin, this can increase crypto and become a high number in the number.
Bitcoin now a days :) I hope it will rise again![tenor.gif](https://steemitimages.com/0x0/https://steemitimages.com/DQmbFBmeW2VtiT1vRNP5VK3UeUEVXL8uN7h56WpswZLxyS4/tenor.gif)
Hahahaha very funny :)
Well explained the causes of bitcoin fall...i agree with you..thanks for sharing you point of view with us☺
The world is increasing the value of digital currency or bitcoin into an expensive currency, this weekend it's a matter of bitcoin, a variety of market prices and sources of prices are up and down in this week
Bitcoin becomes the subject of conversation, the world and the market price is not yet fully perfect.
The problem with using VPN's to use exchanges is that you are limited to the lowest tiered of verification levels and while you might argue that these limits are more than enough for lots of these people I would say that exchanges has been freezing the accounts of the lowest tiered users randomly in the name of "compliance" forcefully requesting the next tiered verification level which usually demands the user to take a selfie holding their ID, proof of address, etc and if the user can't provide these because they lied about their location, well their funds are locked forever with the possibly only way of temporarily moving to the location the user said they were from in order to complete verification there, too much overhead costs, might have to live there for months, if the value on the account is not that great might not be worth it. So yeah VPN's do work, but when the account gets randomly frozen in the name of "KYC" "Compliance", etc then the user is screwed.
@mann I signed up with airdrop, which you recommended yesterday
Good :)
Good :)
bitcoin market prices are still in a state of up and down
Bitcoin cryptocurrency steemit money, now chasing us to get us, why we should run ..
I like your posts and I really want to join you, bitcoin is always on the forefront ..