Topic: [2018-03-29] Bitcoin Price Slides Under $7,600 as Market Dips Below $300 Billion (Read 159 times)

Guess this is another effect of the Mt.Gox liquidation. They have been pouring in more and more bitcoins back into the economy which is causing abnormal shift in supply that is why the price is moving down a lot. And with the futures also coming into play this is causing a lot of trouble in the price causing it to fluctuate heavily in this ranges. I am guessing after the liquidation, this could end up going sky high again.

It's just a matter of adjusting yourself to the new situation. If we can happily enjoy the bull run pumping the market from $1000 to $20,000, we should be accepting a reverse pump in the same manner.

I'm obviously not saying we'll be falling back to the levels we started at last year, but we shouldn't believe in a recovery any time soon, especially with how the sentiment has changed significantly, negatively speaking.

For hodlers it isn't all that bad, but for people having bought at near peak levels things are a bit different. They tried, failed, and keep hoping for a recovery that won't happen any time soon.

We can tell them that they won't lose anything as long as they aren't selling, but they don't believe in that like we do, because they don't see Bitcoin the way we see it. For them it's just one way traffic to the lower side.

Indeed, and bumpy is not even accurate right now. We hit the top and after the December hangover we are getting back to bears comfort zone. I personally don't care at the moment, I've been here during 2014/2015 and I am ready to hold my stash to see bitcoin where it should be.

Been a bumpy ride the past few months.  Hard to imagine BTC was basically 20K in late Dec.  I didn't sell then but its left a "scar" it hurts so bad.  I am in for the long haul but these times are rough.

This news seems quite strange, since only two days ago I submitted statistics on futures on CME, and most of the positions were long..(https://bitcointalksearch.org/topic/m.33222278) . Futures have certain expiration dates and they do not change during the week, the next date is April 18. Perhaps Phil means termless contracts, without specific deadlines.

 

If we get the ETF this year, the price of Bitcoin and the entire crypto market will move vertically upward!

Bitcoin has fallen below the $7,600 mark for the first time since March 19. Earlier today, the price of bitcoin dropped to $7,530, after peaking at $8,150 less than 20 hours ago.

Futures Market

Throughout the past 4 hours, sell volumes intensified across all major cryptocurrency exchanges, and the market was likely affected by the spike in volumes in the US bitcoin futures market operated by the Chicago Board Options Exchange (Cboe) and CME Group.

Phil, a well known cryptocurrency analyst better recognized as PhilCrypto, revealed that the bitcoin futures market recorded record volumes over the past 24 hours, and according to the publicly available data shared by CME Group and Cboe, the majority of volumes on both futures market are sell volumes.

CME #Bitcoin futures seeing record volumes right now pic.twitter.com/mf6TJrVSfQ

— Phil⚡️ (@PhilCrypto77) March 28, 2018

Initially, the cryptocurrency community viewed the launch of the bitcoin futures market as an optimistic development for the global cryptocurrency market, as the community believed it would lead to a surge in volumes and improve the cryptocurrency market’s liquidity.

Undoubtedly, the entrance of investors from the traditional finance industry through the futures market led to an improvement in the market’s liquidity. But, although the volumes of the market have increased, the futures market has had a negative impact on the cryptocurrency market over the past few months.

Whereas large-scale institutional investors were not able to take advantage of the market and manipulate the price of cryptocurrencies on exchanges, through the futures market, retail traders have started to move large sums of money to sway the market.

Realistically, some of the factors mentioned by the media such as the cryptocurrency advertisement ban by Twitter and Facebook have had minimal impact on the price of cryptocurrencies. To understand the irrelevance of the advertisements on both platforms, it is important to acknowledge the reason behind the ban.

Both platforms has banned cryptocurrency ads due to increasing advertisements from aggressive initial coin offerings (ICOs). As Nathaniel Poppers from the New York Times previously reported, the vast majority of ICOs have turned out to be either failed projects or scams.

       key takeaway from a dive into ICO data and success rates: 81% of ICO’s were Scams, ~6% Failed, ~5% had Gone Dead, and ~8% went on to trade on a exchange https://t.co/EZ6dMhroy8 pic.twitter.com/Xcj4jvvB8V

— Nathaniel Popper (@nathanielpopper) March 26, 2018

It is only logical in the part of Twitter and Facebook to ban cryptocurrency ads unless they want to be responsible for the losses of investors, given that the government will attempt to accuse the two platforms for promoting ICOs by allowing advertisements from projects.

Hence, it is overreaching to claim that the ban on advertisements by the two social media giants or any other irrelevant factor led to the decline of the price of bitcoin and other cryptocurrencies.

What Happens to the Market?

As CCN reported on March 27, it is unlikely that the market will recover in the short-term, or in the next few weeks. Several experts including bitcoin remittance company Abra CEO Bill Barhydt stated that bitcoin will initiate a strong rally later this year, and all “hell will break loose as a result.”

“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. Once the floodgates are opened, they’re opened,” said Barhydt.

https://www.ccn.com/bitcoin-price-slides-under-7600-as-market-dips-below-300-billion-possible-reasons/