The cryptocurrency market continues to correct – Paula Gate
Bitcoin and the cryptocurrency market are experiencing a new diving session.
The cryptocurrency market connects the diving sessions. Bitcoin dropped to $ 4200 (-18%) before rising to 4725 (-8%). The main crypto had lost between 15% and 20% to rise during the day and limit the damage with falls below 10%. Of the first 100 cryptocurrencies, only two are up: USD coin (+ 0.1%), and Paxos (+ 0.24%), two stable chips or ‘stable-corners’.
The market bends under the bad news: chaotic hard-fork split of bitcoin cash, sanctions of the American regulator against “ICO”, massive liquidations of portfolios by the speculators and in particular the hedge funds. The US Department of Justice is launching an investigation into the Tether cryptocurrency and its link with the soaring bitcoin at the end of 2017 according to Bloomberg. The manipulation of the bitcoin price is suspected by the US authorities. Another bad news that also weighed on the entire market.
Collapse of the chips.
This fall will mark a serious blow to stop “ICO”, the issue of chips, which are in the sights of the Securities and Exchange Commission, which has just cracked down against two of them (Airfox, Paragon).
Most chips have lost between 95% and 97% of their value according to Joseph Young, cryptocurrency analyst. $ 41 billion went up in smoke in seven days.
Andreas Antonopoulos, a respected figure in the industry called for calm on Twitter: “The time has come for compassion, patience and respect. Many people have lost a lot of money recently and there is no point in making promises in the air or criticizing their choices. “ Nouriel Roubini, the notoriously negative economist with regard to cryptocurrencies, has answered him sharply. “Save us your crocodile tears. You have been peddling your crypto-hogwarts to ignorant investors for years and now you pretend to be worried about their losses. “
On his blog, Michael Harris, a former trader on stocks, commodities and currencies who have worked in the world of hedge funds, points out that the crypto market is a new market impossible to predict in the long term. His subjective feeling is that bitcoin can still fall to around $ 1,000.00.
Many hedge funds that had rushed to surf the bubble will close and swallow the savings of their customers. Panic sales and volatility have made their comeback in the cryptocurrency market.
Each decline in prices is seen as a buying opportunity. This increases losses during extended corrections. Inertia in the face of falling prices is decked with virtue. Speculators then become long-term investors. Behavioral finance shows that investors struggle to accept their losses and let them worsen too long.
Many operators and individuals use technical analysis for lack of anything better. However, the technical analysis on bitcoin has “a very unstable profitability and has decreased over time (between 2013 and July 2017),” conclude work.
Published at Sun, 15 Sep 2019 14:50:56 +0000
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By trendingtopics on 2019-03-15 08:32:46
