Topic: [2018-04-06] Crypto Market Dips Below $250 Billion, BTC Price Struggles at $6600 (Read 156 times)

Yes, unfortunately, it's a strong and deep downtrend that we have faced since the beginning of 2018, and it continued in April because it's a lot bad news about cryptocurrencies, so they consistently put pressure on the market and not allowing it to rise.

I would love to remain positive about this especially so that whatever negative things we say greatly impacts our readers. In the same vein, I do not like to mislead anybody and so I keep an open mind that is purely based on facts.

There has been a lot of write up especially formulated to create a media that is biased against Bitcoin and so as other cryptocurrencies. And this, lest I have observed, is one of them. Why do I say such? It is because these are merely based on feelings. And feelings, as we all should know, may be true but not necessarily valid.

When we speak of cryptocurrencies, we have to be very careful because it is highly volatile, given the fact that it is not regulated. Its being decentralized gives investors both the good and the bad side of it in extremes. Otherwise stated, it is an investment that involves too much risk.

The dip it is undergoing now has been on since the beginning of 2018, and this is no different from the past years. Hence, based on data, we are very much on the right path. Key is to be patient in the process no matter how others create an environment of panic.

There is nothing left but pray that this crypto winter will be over soon and we'll read only positive news

The crypto market isn't suffering, noobs like you are because you all bought during peak levels. If you are disappointed in the market then that's your fault, and not the market itself. If you put too much confidence in the higher levels that we were rocking a month or two ago, you obviously don't understand anything of this market. You can't even remotely compare current market with the market last year. That what you consider to be a bloody market, is just a market hovering around levels that I consider to be fair. Blame yourself for entering the market during a period of insane hype, ok?

What negative issues are there going on with Bitcoin? You are directly connecting the speculative market that's adjusting itself, with Bitcoin that is only marching forward technically, don't do that.

I also believe with all my heart that everything will stabilize soon and bitcoin will move on up and up.
I would like to say that I am not agree with you about one point. The technology that created bitcoin, Blockchain, is really here to stay, many government faces admitted it already and we may not worry about it's future. But in the sense of bitcoin and crypto currencies I am not sure that they will stay. The government is showing it's negative position to crypto and I think with time this tension and control will only raise. Yes, they can't catch every one who use crypto currencies, but they may cut the use of crypto as much as not you not I will not be able to use it any more.
Bitcoin made my life better in financial sense and I hope that will last long and will be as easy to work on it as it now, but I am really pessimistic about the future.

The answer to this is rather obvious. did you notice that some countries have more enclosed economies? They don't allow foreigners to buy land, don't allow their own people to leave the country with a lot of money, closely monitor huge money transfers and oppose those that are going only one way... The Chinese were aware of that and when BTC trading became available they started moving money abroad, to countries with less government control. Same thing is probably happening in India and that's why their bank is trying to stop it. Once people realize what's going on they will start trading on decentralized exchanges and trading BTC for cash.

Crypto market is suffering . This is a bad phase for the world of crypto and all the red and bloody market disappoint me and many other people who have their investments and stakes on the crypto currnecies. This is the time of year when the world market goes through market correction and revision and that can also be the reason why the crypto currencie are also suffering . More than any other reason is "bitcoin" which affects every other coin's value as well and all the negative issues going on with bitcoin is eventually affecting other coins too.

Bitcoin is struggling to make its way out of the $6,000 region, and it has not been able to test the $7,500 mark since its corrective rally on April 4. The entire cryptocurrency market including both major and minor cryptocurrencies has fallen over the past 48 hours.

Bitcoin’s Lack of Momentum

Since its initial fall from $7,500 to $6,500, bitcoin has not been able to secure momentum to recover to the $7,000 region. Although momentum oscillators including Williams’ Percent Range and Relative Strength Index (RSI) show oversold conditions, the market has not shown any intention to lead a new rally towards the $7,800 mark, which traders have considered as a major test for bitcoin since late March.

The fall in the momentum of bitcoin has coincided with a flurry of negative news, including the decision of the Reserve Bank of India (RBI), the central bank of India, to ban banks involved with the RBI from dealing with cryptocurrencies. While this is not a ban on cryptocurrency trading or exchanges, it could make it more difficult for cryptocurrency exchanges to secure partners and banking services.

Contrary to many reports published this week, the decision of the RBI will not have a profound impact on the Indian cryptocurrency market, given that exchanges are still operating as self-regulated businesses. More importantly, the Indian government has still not offered a clear stance towards the cryptocurrency market, and the federal government’s policies could differ from that of its central bank.

Globally however, the Indian cryptocurrency exchange market has a small market share of the international bitcoin and cryptocurrency markets. Hence, it is unlikely that the announcement will have any major impact on the global bitcoin market.

US Tax Season

Earlier this week, during an interview with CNBC, Wall Street analyst Tom Lee stated that cryptocurrency investors in the US owe as much as $25 billion to the Internal Revenue Service as gains tax. As such, Lee stated that it is likely the prices of cryptocurrencies could rebound after the tax season comes to an end, as CCN reported yesterday.

“April 15 marks the end of tax season in the United States, and it’s just around the corner. Investors who profited from bitcoin’s massive rally in December are having to come up with the money to pay Uncle Sam now, which could explain a percentage of the selling pressure in the bitcoin price in March,” CCN reported.

The end of the tax season along with rising demand from the public towards cryptocurrencies as noted by Augur co-founder Jeremy Gardner could lead to overall recovery from this bear cycle, which the cryptocurrency market has been struggling with since early January.

At the time of reporting, the current correction remains as the third worst correction in the history of the bitcoin market, at a 72 percent decline from its all-time high.

https://www.ccn.com/cryptocurrency-market-dips-below-250-billion-bitcoin-price-struggles-at-6600/