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bostonangler

Bitcoin – Sub-$3,000 Here We Come!

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Bitcoin tumbled by 6.37% on Thursday, following a 5.25% fall on Wednesday, to end the day at $3,531.

Hopes of a Bitcoin recovery from Wednesday’s losses may have been felt in the early hours of Thursday, with Bitcoin finding support to rise to an early morning intraday high $3,922.7. It was the only bullish move of the day however, with Bitcoin and the broader market hitting reverse through the remainder of the day.

Sliding through the late morning and afternoon, Bitcoin fell through the first major support level at $3,681.67 to an early afternoon $3,632.5 low before a late in the day sell-off. The late sell-off saw Bitcoin slide through the second major support level at $3,590.53 to an intraday low and new swing lo $3,503.

There was no recovery from the low, with the negative bias firmly intact as the news wires contributed to the broad based market sell-off on the day.

News of the SEC delaying its decision on the 9 Bitcoin ETF applications that were placed under review should have come as little surprise and the market response was also unsurprising.

Regulatory chatter has begun to build and, with the U.S DoJ’s investigation into last year’s Bitcoin rally ongoing, the SEC had little choice but to delay, the alternative being to outright reject the applications.

While investors will take little comfort from the fact that the decision has been delayed, the reality is that there appears to be some willingness within the review board to approve some, if not all, once the regulatory and custodial frameworks are in place.

In a market that once balked at the prospects of regulatory change and increased oversight, its decision time and, judging by the latest sell-off, the combination of the introduction of a regulatory framework and mass inflow of institutional money may not be a bad thing.

Let’s put it this way, it takes more than news for institutional money to start heading for the door en masse, well not this kind of news at least.

How bad is it?

The crypto market cap is now down at $107.69bn and Bitcoin’s dominance is back up at 55.1% in spite of also succumbing to heavy losses.

Some may be cringing at the slide across the global equity markets, but this blood bath is in another stratosphere. Just a week ago, the total market cap was at $139bn and a month ago at $220bn.

We have been talking of Bitcoin $2,000 for some time and for the total market cap to fall below $100bn. This week’s moves have not only made the forecasts plausible, but a reasonable possibility as more investors head for the door.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was down 3.21% to $3,417.8, with Thursday’s late sell-off spilling over to the early hours of this morning.

The news wires have been on the busier side and, just as Bitcoin Cash SV surpasses Bitcoin Cash ABC, news of a lawsuit being filed by United Corp against Roger Ver and the Kraken Bitcoin Exchange couldn’t have come at a worse time.

The suit claims manipulation during the Bitcoin Cash hard fork and when considering the size of the losses coming since the hard fork, it’s surprising that more have not come forward.

For the day ahead, some support will be likely in the early part of the day, price levels likely to draw in the more risk tolerant investor, but even the more fool hardy will unlikely leave any winnings on the table, which should pin back any attempt at a rebound.

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This article was originally posted on FX Empire

 

https://finance.yahoo.com/news/bitcoin-sub-3-000-come-015841130.html

 

Come on $1,500!!!

B/A

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I want to once again say thank to Adam.

 

Cool beans on that investment. I got in on your advice "early" and got out in time for supper. LOL

 

Thank you again...

 

BW

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Didn't know we had a blockchain/bitcoin expert out here in the forums.....

Guess it's time to "run for the hills"......because "the sky is falling".....

Well....Grandma always said...."ignorance is bliss"....

CL

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23 minutes ago, coorslite21 said:

Didn't know we had a blockchain/bitcoin expert out here in the forums.....

Guess it's time to "run for the hills"......because "the sky is falling".....

Well....Grandma always said...."ignorance is bliss"....

CL

 

So are you saying you are invested? As I have said many times I don't understand it and have a hard time investing in digital currency. I do think in the future it will regulated and the true value will be recognized. At this time it seems like the wild west and there is nothing backing it. 

The other thing I don't like is the basic idea of a digital currency and my privacy. I know in today's world most people don't care about privacy because "they have nothing to hide" but I think about cash that I have in a safe or being paid for a freelance gig that falls under the $600 rule and think it's nice to have some money on the side. Of course if money is digital they (the IRS) will know about every cent you have. Not to mention anything digital seems to get hacked in the end... Scary stuff to me, but I'm glad you are an expert.

 

As far as grandma... I doubt she would give her money to someone for pixie dust and a promise. That's like swapping cash for "magic beans" JMHO

 

 

B/A

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Yes I am invested.......and your privacy comments indicate you don't understand it.  Just like in the early 90's when the Internet was born/evolving.......that was the wild wild west back then.........and that turned out pretty well.

 

Blockchain is the next step in that evolution....and right now is in that wild, wild west stage.

 

Cash under the mattress works just fine.....perhaps better than Gold in a safe deposit box worked in in the early 30's........

 

As a DV friend to you....... I strongly suggest you do a little research of this blockchain movement......it just might work out pretty well......

 

I promise you it isn't pixie dust.........Merry Christmas..........CL

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7 minutes ago, coorslite21 said:

Yes I am invested.......and your privacy comments indicate you don't understand it.  Just like in the early 90's when the Internet was born/evolving.......that was the wild wild west back then.........and that turned out pretty well.

 

Blockchain is the next step in that evolution....and right now is in that wild, wild west stage.

 

Cash under the mattress works just fine.....perhaps better than Gold in a safe deposit box worked in in the early 30's........

 

As a DV friend to you....... I strongly suggest you do a little research of this blockchain movement......it just might work out pretty well......

 

I promise you it isn't pixie dust.........Merry Christmas..........CL

 

I'm invested in blockchain technology companies. 2 to be exact. But not digital currency. Are there no concerns about your digital currencies being hacked or stolen?

 

B/A

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2 minutes ago, bostonangler said:

Are there no concerns about your digital currencies being hacked or stolen?

 

B/A

 

None.........you don't keep your funds on an exchange.....those might be hacked......rare.......but has happened........instead you use a wallet.....and only you hold the key/code......

 

Biggest issue there........people forget the code or misplace it........

 

an example of a code/key......digits can be found at the bottom.......

 

You are the only one who holds this.........not a bank, or Govt......

 

Image result for example of a cryptocurrency key

 

 

 

 

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1 minute ago, coorslite21 said:

 

None.........you don't keep your funds on an exchange.....those might be hacked......rare.......but has happened........instead you use a wallet.....and only you hold the key/code......

 

Biggest issue there........people forget the code or misplace it........

 

an example of a code/key......digits can be found at the bottom.......

 

You are the only one who holds this.........not a bank, or Govt......

 

Image result for example of a cryptocurrency key

 

 

 

 

 

Thanks CL... Much to learn.

B/A

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3 minutes ago, bostonangler said:

 

Thanks CL... Much to learn.

B/A

 

one quick stat for you........and I believe there are better choices out there today than Bitcoin.........

 

Bitcoin rose 10,500% in 2011... and fell 94%.
Bitcoin rose 11,400% in 2013... and fell 70%.
Bitcoin rose 1,600% in 2014... and fell 85%.
Bitcoin rose 11,450% in 2017... and fell 71%.

 

Where does it go now.....?

 

Time will tell?.....CL

 

Yes.....much to learn for all of us....!!
 

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24 minutes ago, coorslite21 said:

 

None.........you don't keep your funds on an exchange.....those might be hacked......rare.......but has happened........instead you use a wallet.....and only you hold the key/code......

 

Biggest issue there........people forget the code or misplace it........

 

an example of a code/key......digits can be found at the bottom.......

 

You are the only one who holds this.........not a bank, or Govt......

 

Image result for example of a cryptocurrency key

 

 

 

 

 

"None"

 

:twothumbs: 

 

 

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1 hour ago, coorslite21 said:

 

one quick stat for you........and I believe there are better choices out there today than Bitcoin.........

 

Bitcoin rose 10,500% in 2011... and fell 94%.
Bitcoin rose 11,400% in 2013... and fell 70%.
Bitcoin rose 1,600% in 2014... and fell 85%.
Bitcoin rose 11,450% in 2017... and fell 71%.

 

Where does it go now.....?

 

Time will tell?.....CL

 

Yes.....much to learn for all of us....!!
 

 

I do regret that a buddy told me about bitcoin 4 or 5 years ago when it was around $300... I should have jumped in, but I missed that boat.

 

B/A

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30 minutes ago, bostonangler said:

 

I do regret that a buddy told me about bitcoin 4 or 5 years ago when it was around $300... I should have jumped in, but I missed that boat.

 

B/A

 

I get that....bought $100 worth of bitcoin in 2010.....sold it a little later for $300......tripled my money.....big whoop.....at least the seed was planted

......there is a group here in DV that was real active during 2017....did well....and also using that old seed money philosophy........survived 2018 very well too....CL

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@bostonangler What will happen to cryptos, and especially Bitcoin, in the coming year will be like seeing 

Bitcoin at $300 again only this time on steroids. 

You don't have to worry about being hacked and having your funds stolen. Try this Platform for buying cryptos, Coinbase

Coinbase is really a bank and only 2% of your investment is ever actually online. It's the number one go to site in the world for

those who lack the computer savvy skills to understand Blockchain. One thing I can tell you is that CL is correct Blockchain is 

like looking at the internet in the 90s. It isn't going away, It's the future. 

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