Bitcoin Hits $5,000 Then Pulls Back Strongly
The bitcoin price touched $5,000 last Saturday morning, ushering in a historic moment for the cryptocurrency ecosystem. This achievement also triggered a market sell-off. Almost every major cryptocurrency experienced significant price decreases. At press time, the total value of all publicly traded cryptocurrencies was $160 billion, a figure that was down more than 11 percent from a high of nearly $180 billion last Friday.
Bitcoin's average global prices declined from a high of $5,013.91 on Saturday to a low of $4,407.06 on Sunday, a more than $600 decline.
Currently sitting at $4,460, the BTC price has dropped the 4500$ line for the third time, with over $412M worth of BTC exchanged in the markets in the last 24 hours
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It's a bloodbath! If it drops below $4300 I will be buying a ton.
That fall is because of the China's government saying that they will banned the ICOs.
Except the pullback started a day and a half before the Chinese government made that declaration.
Sat night the price started dropping.
Yeah, but the price continues to fall because of that too...
Always after a quickly rise, we have a huge drop... But this drop intensifies also because of China.
Very true. It just added to the fear....which is crazy since we know the Chinese are the biggest miners of bitcoin.
Does anyone believe they are pulling back or trying to kill this market?
The Chinese have huge incentive to see it succeed.
I don't think so, since if they do that, the market will be back in a few months (if not, in days).
Remember, since they put the market down, they can't do it forever, and for me, the majority part of miners were in that, is a good thing, since know the difficult maybe will be decrease.
I agree...my optimism for crypto nor BTC hasnt been shaken in the slightest.
The longer this downdraft continues, the better it is. We needed a shakeout and are getting it. I am looking to add to positions so this is ideal.
Rather be at this point than trying to chase a running market.
Good time to buy. Everything is on sale. I am going on a buying spree later today. Too many weak people panic selling
Powerful run up usually means a powerful pullback at some point.
Interesting.
I guess everybody wants a piece of the cake.