Topic: Markets See Massive Sell-Off, Bitcoin Dips Below $5,600 for the First Time 2018 (Read 814 times)

So, you think bitcoin is on uptrend and it will increase its price? I Think now it is on correction phase soon it will go uptrend and price will up accordingly.

if you say the deepest point of course the deepest and cheapest bitcoin price is when it was first created, while now the total supply has become increasingly limited so I think it will never be able to fall cheaper than now.

that 5600 usd was not the deepest point as we all experienced  . i hope now we have seen the dip in 2019 and an uptrend is going to start like old days. lets wait and see 

It is not that quite easy to go back up in price just because there are no more sales. I understand that we have dropped significantly in price because some whales sold off their coins all together and that made the price go down but that was a reason for the price to go down, not rebound back. Hence if the price goes down after a huge sell off, do not expect the price to go back up quickly, you need the same thing for it to go back up as well. If the price goes down after a big sell, it will go up after a big buy. Simple as that. If no one is buying after this big sell off, the price won't go up neither. We need couple of whales to get into the market and buy as much as they can (like ETF banks and all that) in order to make it go higher. I think the price will be around these prices for another 1-2 months until ETF starts and we will see the price go up during those times.

Now it seems that the big players have retreated for a while and we seem to be in the same place and we do not fall and do not grow, is it a bad sign, perhaps, but it is better to stand on the one place than to fall. The bakkt exchange has greatly influenced the cryptocurrency market and bitcoin, because with its transfer, the market growth is again postponed, fork bitcoin cash hit the market very hard and you should not forget about the miners, but the main factor of the market decline is of course the manipulation of big players they just play with the market as they want.

Everyone has misjudged the cryptocurrency market in 2018. The market is always cruel. In this month, the cryptocurrency hit a record low, depreciating $1,000 in a week and the lowest price of $3,700. Such a market shocked all investors.

Sure, because right now even in the traditional markets, there is still some sell off going on, but since a lot of people actually got into a market because of cryptocurrency, since it is readily opened to all, and we all know the readiness of people to want to make huge money off of it, they really do not have an idea how general market operates.

There is always a time for an uptrend and downtrend, time for bulls or the bears, time for accumulating or time to be selling, but as long as you have no understanding of the conditions of market at certain points in time based on your knowledge, it will be hard to always figure out which is why a lot of people tend to think this is just a thing common with cryptocurrency alone.

Do not worry I have seen my fair share of crashes since I have been here and I know the market will recover but like I said I will be lying if I said I was not scared about the movements in the market, this is because I am going to try a new strategy that according to my tests should work but I have no guarantees this will happen and the crash in the market is not helping me at all.

Of course, any older member in this space right now that is panicking should be flogged and may be have a brain reset, considering that this is not something that is new, and even for those who have been here at least throughout early last year, they should understand the market better by now.
There is always a season to every market and this is just one of them, so in a way, there should always be that mentality that no matter what, the market cannot go down forever, and recovery is always a lot better considering that this market has not even started a huge growth yet.

As you can see, the whole cryptocurrency market is going down. The price of the bitcoin is now in $4000 per each and its seems that its price will go down more. I think the support and the resistance of the bitcoin is the reason why its price is going down.

Well, that is obviously one of the main things we just have to get used to one way or the other, so in this case, we pretty much can figure out that the bears are still so much in the picture, but whether a sell off or not, who really cares, what is more important basically now is to just stick with the idea that the market is of course giving chances to be picking at the lowest points you can if you have the money to do so, and if you do not, just hold on to what you have if you have been holding all these while.

The market will eventually recover, there is no doubt about that, this is just a scheme to try to get the weak hands out, so if you do not want to end up being a weak hand, be taking advantage of the market now, instead of letting the market takes advantage of you.

people still trust on bitcoin, but they still hold their money.maybe waiting best price around $2k could be their decision.and after it reached and positive news come , market capitalization growth massively.

Unfortunately, the market capitalization dropped a lot. However, I am glad to see that Bitcoin domination is still over 53%. This means that people trust the leading cryptocurrency, and give all chances to BTC to grow.

So much to come and much to go. Bitcoin is in its starting phase. Notwithstanding the nine years it has passed, still it has just started as compared to other developed currencies of different countries.

for older investors maybe they ever felt this moment.but for beginner investors, this condition really blamed them.we could not accept this condition for their first time investment.

Do not worry if you have seen more fall than this in the past. It has always being recovered from where it has fall and it has bounced back much better than what it has fall. So consider it as the opportunity to buy now and sell it later on when the market rises.

What if you cannot buyback those bitcoins? I means its hard to sell at a loss and buy at the rate of $20k to just prove that your money is in a safe position.

I would regret making that decision. LOL

no one knows which market will move, technically, we see a breakout down, which means the downtrend will continue. but we all hope that by the end of this year there will be a high surge

For the time being we see that the cryptoa currency continues to fall steadily in price. And this is at the end of November, when we almost a year expected this time as the last hope for the recovery of the cryptocurrency market.
 Bitcoin, according to CoinMarketCap, fell in price to $ 4,286 and has a capitalization of $ 74 billion, and ethereum has a price of only $ 124 with a capitalization of less than $ 13 billion.
Will we still see Bitcoin falling to $ 1,500?

I would not be so sure yet this is something related at all to the bitcoin cash fork, and from the look of things, this is a market that is actually set to trying to go down the more, even after the bitcoin cash fork is over. As it is now, I will only stick with the opinion that the market is manipulated, the whales saw a chance to strike, and then before you know it people panicked and here we are now. I honestly was not even expecting something like this to be happening, but as it is, unless there is a good push up back, I see us being in the downtrend for a longer period of time.

Problem is that Bakkt launch is postponed until January 24
now we will have FUD that is because of SEC
But look markets Nasdaq yet another 2% down
Nividia lost 50% from October 1 33% last three days
Apple 20 % down
Bitcoin is not alone in that massive sell off

And now the price is even lower than that after just a few days, even if I have been expecting that the bear market is going to continue and that there was the possibility of a decrease in the price of bitcoin and as such of all the market as well I'm not going to lie I'm scared about what it's happening, I know the market will recover but it is getting harder to hold my coins.

Well, some were panicking while others were rejoicing.  Those who bought at the ATH would be the one who is worried right now but I guess they can even out these losses if they buy now.  I am not a fan of ETH but I believe it will recover.  They still have plans for ETH and development and upgrade of the network is on its way, so yeah the price will recover but who knows when.

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Bitcoin had reached less than $5k, i really am wondering if this is just a manipulation to get more Bitcoin or maybe Bitcoin is a goner.  But, I always believe the first.  Bitcoin is about to explode massive manipulation and accumulation by the whales that is what my instinct told me, since here comes BAKKT in December.

Well the market in general is an eyesore with ripple the only top coin staying above water. This selloff has seen bitcoin below 5k and eth way below 200 usd. Both lowest this year. I agree about eth being more concerning since they've been tanking even when btc was steady above 6k. Guess we just have to cross our fingers for december.

I still think these are great prices and even if it falls further it is still great time to buy because the price is as cheap as it gets for the past year or so. When something hits under the past 365 day mark it is either going down so low that it won't be fixed for a long time or even vanish OR it will go higher very quickly to correct itself. I am one of those people who believe the market will eventually correct itself, it can't  stay like this as long as people keep buying.

In order to keep the price at these levels the sellers have to keep on selling at these cheap prices and only people who are stupid enough to do it are the hashwar guys and panic sellers. Hashwar guys will eventually stop, they have to because they will have no money left if they continue like this and of course panic sellers are limited and will be over, probably even ended now.

This is a terrible news. The price of Bitcoin is now $4,800, which is still a downward trend. This is a crazy feast. The cryptocurrency market has been hit hard and the cryptocurrency industry may disappear in the future.

Yes that’s true, $5,561 as we currently speak. I’m not even surprised cause I know already that the price is still going to drop more. I wasn’t expecting any bull run this year and there is likely not to be any this year. I have plans to buy Bitcoin but not now, cause even before now I saw an expert predict that Bitcoin will drop below the $6000 rate. So we should expect another drop after December too. So I’m waiting till then to know if I will be buying any coin or not.

market cap is very important, because it is highlighting complete value of coin
i agree that XRP is pumped to be second, and ETH does not have support from big players, that will dump it when upswing happen

We are back again from August 2017 BITCOIN PRICE.
there is nothing to panic as we are just in normal market.
we can see a big rise again once everything is settled.
I am buying more to get more profit.

Wow. This is the time to buy more than what I am capable of. I have allocated funds monthly thru cost averaging method, and I think this is a really great time to seize this buying opportunity. My crypto investment is for retirement, so I don't need fiat from it yet. I will only sell if there's an emergency or when I have reached the target price I've set.

Really surprised to see Bitcoin prices below 6000 dollars first time in 2018 as against the prediction of recovery ,but I still feel that is is a buying opportunity.

Even XRP is doing that now, how long will it have to do that before it gets dumped back eventually? It is not really important, as that does not change what they are, by just trying to manage to pump their prices to increase their market capitalization.

However, this is not something I should be worried about when it comes to bloodbath like this, and in a way, I am feeling like this is like the final drop in price to shake out more weak hands, and I won't be surprised. However, it is all good when the market ends up giving more chance to at least buy at a lower price, which is always good enough for me.

Sold the rest of my BTC too. Maybe I;d be back if BTC price goes more than $20k again, this is tragedy anymore lol.

Whether Bakkt or ETF can raise the price up again, I may have to wait til BTC goes more than substantial amount other wise its just going to be a playing field for the financial firms to make money out of thin air.

During the year, there was repeatedly a decline in the price of the game of speculation in order to buy bitcoin at a low price, after which growth and sale began, so more than 1 billion dollars was earned on the price of the year.

I remember last time there was a discussion about bitcoin cash going on in the summer of 2017 the altcoins dropped like hell, the price of bitcoin was rising because everyone wanted to hold bitcoin in order to be capable of getting bitcoin cash but right now no one really needs to hold anything considering it won't affect all others including bitcoin.

Also there was a ton of bitcoin sell and the volume got real low in the past 24 hours, which means everyone was just "lets see what happens first" and during that time someone from either side got up and sold a bunch of bitcoin to pay people and that really crippled the market. I don't know which side did it but it will not beneficial to anyone in the crypto space, doing this in spite of knowing you will make a lot of people lose money just to get your own coin out there is evil, I hope both sides lose.

The price was falling because people were selling off because of the Bitcoin Cash fork which will be happening soon. I’m not bothered, after the fork I’m sure that the price will even drop more than this. By that time it will get even more cheap for us to buy more and add to what we have. Then I can keep the coins and wait for when there will be a Bull run cause I’m very sure that after the fork there will be a Bull run, and that will be next year.

Well, see it this way, this week the market decided to give chance for the smart people to see a chance to buy in at a much lower price and then the dumb people to pave way for them and come back later on to join FOMO which is what will most definitely happen anyway.

This is crypto market, things like this should be expected, but instead of panicking and worrying over something you cannot change, why not look for the opportunity that is lurked within the happenings and be patient enough not to worry at all. The last time I checked, there is actually nothing worry helps in achieving except to make silly mistakes or do nothing to help your situation.

Bakkt or ETF's aren't going to suddenly reverse bitcoin's fortunes. The people who are likely to invest through these methods will be experienced investors or big institutions with many advisors, they're not just going to throw money at bitcoin, they'll wait until a good point to buy, if the market is still bearish they will wait until there's a clear sign of reversal.

I agree with you two, we have to be patient, and also this could be great opportunity for buying more. I think that this is gift for us who wants to invest more.

right, right now it is indeed an opportunity to invest, market up and down is a natural thing, where both are opportunities. when prices are high, then it's an opportunity to sell, don't expect market to always rise

LOL, why is it everyone starts panicking when the market is in bloodbath? Some might not going to agree with me but I see this as an oppurtunity to buy Ethereum at $175  , I just need a few more cents to get another 1 ETH!.

I hope the report will stay at the 2nd Quarter of year 2019 to get into the race.

Few could have imagined that the cryptocurrency market could collapse even more, within a few hours, but we need to be even stronger and more patient so that we can make a profit in the longer term. Also, it is not necessary to refer to the opinions of various experts and their forecasts, since they all cannot know how events will develop further.

Don't be too pessimistic, the cryptocurrency market is still immature. The decline at this time is related to the competition between the two major mines. When the war subsides, the cryptocurrency will gradually rise. This is the best way for investors to wait patiently.

I agree with the statement of Mike Novogratz that the rise in prices in the entire crypto market will start no earlier than Q2 2019, when the industry will get more institutional influence. After that, an optimistic mood among people should appear and an interest in cryptocurrencies that will push Bitcoin and other cryptocurrencies up.

bitcoin get the negative effect form BCH supporter.and this is not good and could make bitcoin panic.it proved on bitcoin price right now.and we hope BAKKT trading launched could be solution for bitcoin price at this moment.

It's not as simple as because BCH had a fork, it's because of the people involved and the war they are now having, it steals away mining power from bitcoin. If that's prolonged over several months it will be a big negative. Couple that with the fact these big guys have to sell their bitcoin holdings to fund the war they're having.

The bitcoin price is 70% down from the highest while other major cryptocurrencies like Ethereum (ETH) and Ripple (XRP) are 80% down. The major coin has felt below the psychological $6000 mark for just the second time this year. Earlier, Bitcoin dipped to $5534 on the Luxembourg-based Bitstamp exchange, Today the bitcoin price indicator known as the "death cross" and it is visible again for the first time since December 2014.

Cryprocurrency market was hit again by its unpredictability. Before November 14, I thought the market was preparing for the bullish market. Then, this sharp drop happened. All of a sudden, we're back to the lowest price of 2018 again.

If you're finding that you can not control your hysteria then you've likely invested too much or you've got the wrong outlook on investing. Risk is every present and you at all times need to be acceptant of the fact that you could lose everything you have invested in a moments notice.

Let me honour your request then, because I am very optimistic. 

A lot of traders have sold some Bitcoin prior to Bitcoin Cash fork to cash in on some free coins. Those people will buy back those coins and even use the proceeds from selling those free coins to buy back the bitcoins that they have sold. 

Just give them some time to complete all these transactions and you will see a recovery in the price. A lot of Bitcoin Cash supporters might also be pissed off by the drama that occurred with this fork and they might sell their Bitcoin Cash to buy some real Bitcoin

Well, it is quite possible that the cryptocurrency market will begin to recover only in the second quarter of next year. Now there is practically no activity on it, and besides, instead of traditional growth, it is now showing a decent fall. If the cryptocurrency does not rise now, it will cause a new wave of frustration for cryptocurrency owners and investors, and this will prolong the stagnation period for a long time.

This week, market cap value decrease more than $25billions and its more than 10% in just one day. I am believe there is panic in market and makes peoples selling their coin below $6000. Its sad to see most coin and token price drop but i do believe it will bounce back

We should not be on this position again, this is really unexpected and for whatever reason hopefully bitcoin will bounce back and end this year on a great price. The market keeps on dumping after a month of a stable price, now people are panicking again which contribute a lot to dump the market.

Yeah, because of this recent dump, ETH was replaced by XRP on top. My portfolio is hurting much but we must stay focus and do the right thing, don’t sold your coin at a cheaper price have your patience, we can survive on this.

I honestly just see a great opportunity to buy again, these past months have been excellent for trading.
The drop is a little bit bigger than we were used to, especially in these past couple of months, but it's not a reason to panic.

I know that I'm still in it for the long haul and that I've seen this exact scenario play out many times before.
Now, if I was planning on cashing a little bit out, I'd probably be more bummed than I am now.

https://www.nasdaq.com/markets/crude-oil-brent.aspx
Just one of many examples. Oil prices went down from 86 to 66 USD in a month. If you look at Bitcoin 1d chart, this recent leg down looks tiny compared to the ones from December and January, but people are panicking and calling it a crash. Bitcoin was stable for 2 months, then it lost 10% and people are panicking, and it's just a market worth as much as Amazon. If Jeff Bezos sold his house and invested, he'd be able to pump Bitcoin back above 6000. Try to do the same with oil prices.

That is true in an investors and traders perspective has having a large dip in certain market situations does provide good opportunities, but so does risks because if the market still does goes down in the next few weeks to come the position of these investors and traders when they make a long offer will take time to gain some profits.

What stock market crash are you talking about?  Certainly the US markets haven't crashed--the Dow is still above 25,000 and the NASDAQ is at 7259 as I write this.  Those levels are as high as I've seen them since I started my career as a stock market junkie in 1998.  Yes, there has been a bit of a dip, but there's hardly been a crash.

I agree with both of those thoughts.  If you think this is just a temporary dip, it could be a very good buying opportunity.  But you're absolutely right, it is certainly possible that bitcoin (and altcoins) could go even lower.  Nobody knows.  On the other hand, I don't think this is anything to worry much about.  Bitcoin has a long history of being extremely volatile and of 10% (or more) drops in very short periods of time.  There hasn't been any bad news that's come out which would suggest that bitcoin is going to fall even further, so I'm of the opinion that this represents a better price to get into bitcoin at. 

Oh come on.  I don't think many bitcoin investors actually want the price to be stable.  The more stable it gets, the harder it gets to make money from it. 

Also, you say you're alarmed, which makes me think you haven't been around crypto all that long.  This sort of crap happens a lot--it just hasn't happened in a few months. 

And as for the "guilty" parties, they'll never be known and shouldn't be blamed anyway.  This is how the free market works.

I really don't think you can always blame someone for every drop BTC has made, remember that it is not their fault for being a whale in the market and buying and selling all have there good and bad effects. But of course if BTC has dropped this far I don't think that anyone who already sold and bought back again will have plans to drop it any further not unless they are gonna short BTC again. This is just one of those market cycles where it is really testing a lot of traders as even the unexpected is happening in the market.

Everyone just started talking about market stabilization. And now we see a 15% drop. This is very alarming. I hope that those who are guilty of this bitcoin price drop know what they are doing. Many people after this will be even more afraid to buy cryptocurrencies.

I believe that this is a great opportunity to buy cryptocurrencies cheaper. New Year's sale. )) Those who believe in the cryptocurrency market do just that. But I would not be in a hurry to invest very actively now, as it is possible the market will fall even lower.

I remember looking at the price of bitcoin in the market seems like someone was pushing the price to go down below and it just happen within a couple of minutes. While some of them are trying to panic sell but the market are still going down until it stop at $5500 then suddenly rose up again until $5700 and that's it, it goes down at $5500 again.
So for me it is just some kind of a manipulation in the market to let other follows too and let others to panic sell.

They are all dragged by bitcoin. 

USDT down? Nah. It is not true. Will never happen. It will just show a negative but it will still be 1:1 with USD.
You could look at it now and see the truth. You might see red with them in just seconds and it will just be back again.

Look at the Ticker of it. That says it all. But I am telling you. It will go down hard that they will never get their USDT back. 

What is really happening in the market as some people are saying the hardfork of bitcoin cash is the cause of this massive sell off. I read some news are analysis and some people are saying the news by coinbase is what is causing this massive drop.  I hope that bitcoin should be able to get above $6,000 before end of this.

There's nothing to worry about. ETH, like the rest of the market, is tanking due to Bitcoin flash crash, but XRP taking the number 2 spot doesn't mean much, just that XRP is getting pumped to take advatange of the situation and claim a higher spot in the charts (honestly, market cap isn't that important). And I believe this is only momentary, once the market recovers, ETH will climb back to where it belongs.

Current there is a massive sell off at the moment which is dimpling the price of Bitcoin. Many reasons which are affecting the price of Bitcoin range from negative news about cryptocurrency in general. The most recent negative news that now spark-off the massive sell is that of BCH Hard Fork which is a calculated attempt to destroy Bitcoin.

The recent events that unfolded really is a shocker, and no one really anticipated a flash crash since almost everyone thought that it would just be a sideways market until 2019, but how wrong were we to not count the guys working to get the upper hand on the BCH fork mess to do some dick move and make the market crash intentionally just to tell everyone that he has the bigger dick. Anyway though, still have high hopes for bitcoin since it's going so strong and so well up until this point.

I just wouldn't want to hear or read any overly-optimistic predictions right now since they are really improbable to happen in the short-term.

At present, the school is stopping, and many Altcoins have separated from Bitcoin. There is a lot of information that XRP will get rid of Bitcoin's influence and move independently. Many other Altcoin also shows that it will go its own way. And BCH's hard fork event is also affecting the entire Cryptocurrency.

This is only the time I saw a massive drop of bitcoin from my experience bitcoin is always rising and now it is always decreasing what the hell is happening on the market.

If the bitcoin price is constantly dropping I will bought some to hold and sell at ATH.

This is also what I have heard a news that having a BCH fork and I don't think if that will affect the whole crypto market. I'm still searching now on what is the mean reason of a massive drop by cryptocurrency market. All price dropped too much, but besides, I didn't worry about this because I know it will raise up again soon. However, it is the right time to buy while the market is on sale price and it is very cheap.

This decline is a blow to the minds of Bitcoin owners that they sell easy to understand because no one wants to risk it but Bitcoin sometimes needs some risk to be able to get the surprise.

I have suspected for a while that it was too soon to start any real bullish momentum but I did not expect such a dip as this. I will be following closely and waiting to find out the real reason for the dip, right now it seems mostly that people believe it's either because of BCH fork or because of miners being shut down in China or because of new ASICs being tested. Either way all of those reasons go back to hash power. To me that seems quite feasible because mostly it's been large sell orders instead of lots of smaller orders which is more synonymous with market panic.

I am more worried about the fall of ETH. Now it has slipped to third place (in terms of market capitalization), behind both Bitcoin and Ripple. And I am actually worried that XRP is not falling as much as ETH.

Just another way to scare off people to leave the market. It is obviously a way of making people believe that the market is going down none stop where they are going to start the next bull run again.

There is really no connection on what you are saying, chances are hodlers of stablecoins are also selling off their coins and going back to Fiat that is why it has a value below dollar now. We do think that when the market crashes stablecoins act as a safe heaver for our money, but the truth is when their hodlers also panic in the market, their coins won't be safe to hold as well. The stock market didn't really crash compared to what we are seeing now in the crypto market where most of the coins dropped around -10% or greater.

I also support such a scenario that the market will not start to grow in 2018. I would not even think about the second half of 2019. I think that growth will happen in the summer of 2019. In the July

Well, it's easy to say don't panic but in reality it's really hard to control. Afraid to lose more especially if we are talking about a grand, and we can't control them. Still, this is already happened and it's not a surprise because this is what can volatility do. Always giving us surprises and unexpected situation.

  Crypto and ALTCOIN are bleeding as the market drops to unexpected low, when everyone are looking forward for the good news on the last quarter but it is the other way around...Market Volatility really teach us something... always be prepared for something unpredictable on the market, be patient protect your investment, make a sound decision if you need, but never panic, review all the data you have before making such move.. hold on be more patient....

Tether being down is easy to figure out. Mass amounts of people and funds are leaving the market. They transition from BTC/ALTS in to tether and then they need to sell their tether. Because so many people are selling their tether the price falls just like any other coin.

Well, another brighter perspective to this is that a lot are waiting for the dips to have an entry level. A colleague still mentioned to me that he is waiting for Ethereum to dip to 150$ so he can buy up to 5units worth and later do a sell off later. So, the market dips not necessarily meaning poor market but could create openings for Investors to come in too.

You know, people are getting tired of waiting for stuff and the ETF and BAKKT are starting to look some as a mirage.
And honestly, what is so great about BAKKT?
If big investors would have wanted to get onboard they already have hundred of possibilities to do so already.


Crash? What stock market crash? 3-4%? That's no crash, look at the 1m/3m/6m graph and the crash suddenly disappears...
Stable coins are going down because there is a precedent, people are afraid of storing value n those crapcoins backed by a shady exchange with a shady location and a shady bank and some shady accountants
Tether will be history and I'll be one of the first that will cheer up when it happens.
It's a monstrosity that should have never existed in the first place, not it and not the others.

You know, people are getting tired of waiting for stuff and the ETF and BAKKT are starting to look some as a mirage.
And honestly, what is so great about BAKKT?
If big investors would have wanted to get onboard they already have hundred of possibilities to do so already.


Crash? What stock market crash? 3-4%? That's no crash, look at the 1m/3m/6m graph and the crash suddenly disappears...
Stable coins are going down because there is a precedent, people are afraid of storing value n those crapcoins backed by a shady exchange with a shady location and a shady bank and some shady accountants
Tether will be history and I'll be one of the first that will cheer up when it happens.
It's a monstrosity that should have never existed in the first place, not it and not the others.

Even USDT is down. This must be in connection with the stock market crash and dollar gaining value. I see no other explanation for every coin including stablecoins moving down in value despite there being no bad news, no FUD, and the possibility of BAKKT and ETF. When nobody knows what's going on it looks staged and manipulated, but let's give them time to make something up.

Ahhh, the sea of blood. Oh well guess I will buy coins while they are on sale.

Nov. 14: Crypto markets have suffered sharp losses over the past several hours. The major market drop off took place between 10:30 a.m. (UTC -5) and 12:00 p.m., with some of the top 20 cryptocurrencies dropping by as much as 18 percent at press time, according to data from CoinMarketCap.

According to data from Bitcointicker, after 11:00 a.m. (UTC -5) Bitcoin dropped below the $5,600  price point for the first time in 2018, sinking further to as low as $5,506 at around 2:00PM. Bitcoin is now down around 11 percent on the day, trading at $5,612 at press time.

The recent movement of the market was predicted by a number of industry experts, who also suggest that the bear market would last beyond this year. Technical expert Willy Woo, founder of data webstie Woobull, has recently predicted that the bear market end may end “around Q2 2019,” based on “putting together the blockchain view:”

    “After that we start the true accumulation band, only after that, do we start a long grind upwards.”

Earlier this year, crypto investor and founder of Galaxy Investment Partners Mike Novogratz predicted that Bitcoin will not manage to break $10,000 by the end of 2018, claiming that reverse of the trend will take place by Q2 in 2019, when the industry will get more institutional involvement.


Reference: https://cointelegraph.com/news/markets-see-massive-selloff-bitcoin-dips-below-5-600-for-the-first-time-in-2018