Bitcoin correction sees nearly $4 billion wiped off value of the cryptocurrency

olubams

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Quote from: KeyGenKing on May 29, 2017, 06:37:12 AM

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.

BAM! Now let´s go back up!

All I see here is just a form of cosmetic defence for bitcoin price because anyone who understand how things work will know that the increase being witnessed that last week is highly unsustainable and its bound to fall which is exactly what eventually happened without any regret. Whether correction or non-correction, the price of bitcoin is just volatile in that when one is ready to make some money through trading, you need to be so careful when the price is just showing upward trends alone like last week.

BitcoinzB

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Quote from: soul-impact on May 30, 2017, 01:42:38 AM

Quote from: KeyGenKing on May 29, 2017, 06:37:12 AM

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.

BAM! Now let´s go back up!

Technically, the bitcoin value adjustment is extremely necessary, and it is very reasonable, due to the fact that the process of legalization has made the demand for bitcoin increase rapidly, while the market is not sufficient to supply. The value of the bitcoin increase rapidly, causing developers to worry about its development, and they are forced to adjust the market.

And that makes me wonder what developers will think of next, considering the increase of demand and more people gaining interest in the currency in recent times.
I believe a change in the current protocol is due to be made soon.

soul-impact

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Quote from: KeyGenKing on May 29, 2017, 06:37:12 AM

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.

BAM! Now let´s go back up!

Technically, the bitcoin value adjustment is extremely necessary, and it is very reasonable, due to the fact that the process of legalization has made the demand for bitcoin increase rapidly, while the market is not sufficient to supply. The value of the bitcoin increase rapidly, causing developers to worry about its development, and they are forced to adjust the market.

davis196

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Quote from: LFC_Bitcoin on May 29, 2017, 06:41:59 AM

It's nothing to worry about, I'm still happy with the current price when you look at what we were at a year ago.
I think the drop is as simple as you say, profit taking. I'm HODLING for at least another few years but yeah, let's get ready for the next upwards breakout.

The speculation bubble bursted and this is good news.
Now it`s time for stable bitcoin growth and no gambling.
The price went down because a lot of HODLERS started selling btc. Grin

deisik

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Quote from: arransiv on May 29, 2017, 12:56:32 PM

Well,it was an expected thing to happen but it won't make a huge difference in the crpyto world.The rise has been so big that a correction may be some kind of a hit but it for sure isn't something which will radically hurt the crypto sphere.All in alll,it's just a good entry for people wanting more coins

It looks like we are slowly consolidating now (no more spiraling down)

And the longer the price stays at these levels of 2,000-2,300 dollars per coin, the less likely it is going to drop lower. Basically, it is all about market sentiment. And the sentiment, as we have all witnessed, is bullish in the long run (which is quite understandable). So we should as well witness both traders and holders become more confident which is going to push prices higher (rather than lower). In short, it may be a good time again to buy some coins

Pettuh4

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Quote from: smartbitcoininvestor on May 29, 2017, 02:29:31 PM

$4 Billion is nothing compared to the Trillions of dollars within the ecosystem. Grin

Yeah do I think people should stop hyping this loss as if something terrible had gone wrong with Bitcoin. It's normal there are corrections every now and then and som value is lost as a result.

NoNetwork

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Quote from: smartbitcoininvestor on May 29, 2017, 02:29:31 PM

$4 Billion is nothing compared to the Trillions of dollars within the ecosystem. Grin

I think not much of that $4 billion wipe off, it is just the market cap, not the price. Besides, that is far less than the National debt of USA. Roll Eyes

iluvpie60

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Quote from: KeyGenKing on May 29, 2017, 06:37:12 AM

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.

BAM! Now let´s go back up!

Well currently the price is going back up if you take a look

.

Whales or exchanges are buying a ton more right now.

I am seeing current prices at coinbase of 2,350 and btc-e 2,260 or so.

Likely price will rise a bit more today and go back down. Remember, it only takes selling 10,000 bitcoins at once to crash the price a few hundred dollars, usually that is what happens across a few exchanges.

bettercrypto

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In a year history of bitcoin price, I believe we are still in positive track. It is normal to have correction and that marketcap correction is nothing to what Bitcoin had achieved in its 1 year performance.

Quote from: CARrency on May 29, 2017, 02:34:18 PM

Bitcoin's price is dropping ever since in the past and I don't think that Market cap is a basis. These posts are just trying to mislead a lot of people here making them panic. These dump is not even that big, Mt.Gox still is bigger dump. I guess there would be another "Bitcoin is dead" thread, there'll be here in 3..2..1.

Market cap is actually flawed reference since it does not compute the exact number of coins that is circulated in the market. It is a lazy way of computing the market cap of coins by simply taking the total and the current price and multiplying them.

CARrency

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Bitcoin's price is dropping ever since in the past and I don't think that Market cap is a basis. These posts are just trying to mislead a lot of people here making them panic. These dump is not even that big, Mt.Gox still is bigger dump. I guess there would be another "Bitcoin is dead" thread, there'll be here in 3..2..1.

smartbitcoininvestor

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$4 Billion is nothing compared to the Trillions of dollars within the ecosystem. Grin

avikz

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That decrease was expected and I don't think anyone is worried about it apart from the short time profit makers. People who are invested in bitcoin for long time, is OK for sure. Many people invested heavily in bitcoin in the last few weeks because the price was increasing. Those investors have started booking their profit by selling off their stake. That's why the price is decreasing.

I don't see any reason to panic because that is the normal rule of the market and correction is very much needed, because a correction in price gives it a strong ground for the prices to go up again. That's very normal.

bamboylee

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The ones that got rekt are those newbies who got in while the price is sky rocketing. And if they have weak hands, they'll be double rekted if they sold their bitcoins at a loss. 4B USD is a lot, but it is not new in bitcoin. It can drop hard but it always bounce back. If the newbies know that, they won't sell.

arransiv

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Well,it was an expected thing to happen but it won't make a huge difference in the crpyto world.The rise has been so big that a correction may be some kind of a hit but it for sure isn't something which will radically hurt the crypto sphere.All in alll,it's just a good entry for people wanting more coins

jc89

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Almost 4 billion USD decline in value is not so shocking at all. We've seen bitcoin's price soared up tremendously, meaning the price of bitcoin is very high and when it falls, a large number is to be expected. So the 3.4 billion USD decline is reasonable. Nothing is to be worried about since it occurred during the correction period, it is normal.

goldenchip

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I think if the altcoins continue to fall, Bitcoin may increase its marketcap, but I'm not sure, since last time Bitcoin also fell in price.

qiwoman2

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This happens every time a currency or commodity pumps too high too fast. We were all expecting it but still Bitcoin has rallied back over 2k USD and it looks like this is the new floor and we will probably see some sideways trading for a while until the next hike upwards.

Flodemaga

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The only people worryed with the drop are those people wich had bought bitcoin above 2200 dollars, if you get back to January you would know price crashed from 1300 to 900 and since then it had raised all months till this first drop to adjust the value, it were expected some correction into the value.

deisik

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Quote from: KeyGenKing on May 29, 2017, 06:37:12 AM

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high.

On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone.

"I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value.

Last week, Nicola Duke, a technical analyst at analysis platform Forex Analytix, told CNBC that $2,800 could mark a level of resistance where bitcoin pulls back. The analysis appeared to be correct with bitcoin reaching within $9 of the price before falling to the lower levels on Monday.

BAM! Now let´s go back up!

It has been told numerous times that market cap is both irrelevant and misleading metric

But people blindly continue to use its values, first to show how impressive was Bitcoin growth and then to whine over how many billions have been wiped away. What actually matters here is how many bitcoins have been actually bought when the price was rising (i.e. how much fiat got poured into Bitcoin) and how many sold on the way down (i.e. how much fiat got extracted from Bitcoin). And I guess you will be greatly surprised to find out how far these figures are from 4 billion dollars, and that's what you should cry over, not some nonexistent billions

Freezingel

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Well, the price increase from $1400 and had a run until almost $3000 (heck, the price even went over $3000 value in my local exchange), so to see corrections wipe off the marketcap is not weird as the cap doubled in the first place.

Topic: Bitcoin correction sees nearly $4 billion wiped off value of the cryptocurrency (Read 1232 times)