BTC drop: everything you need to know

[bartosimpsonio]

I'm not going to side anyone here lol. I'll sit on the fence.

But there's something more important coming up:
https://www.sec.gov/news/upcoming-events

Feb. 6, 2018 | 10:00 am EST



Whatever is gonna be said will worsen, if not, move the price back up.

Let's stay tune.

The SEC document that will be read tomorrow has already "leaked". It doesn't look as bad for bitcoin as most of us predicted.

Today the stock markets wiped out all of Bitcoin's market cap in a couple of hours. The Nikkei is down 5% as we speak in Japan. VIX was up 100% and XIV down 90% and was terminated by Credit Suisse.

The markets are fucking crumbling around us.

 

[PinkArrow22]

I decided to open this thread to point the real reasons why btc is dropping.
Idiots who believe this is because of fb ads - chinese new year - wallstreet - manipulation, this is just stupid, and if you really belive in those, then u're an idiot.
"crypto is prohibited on fb ads" - yeah, same as penises. Did the penises dropped? I strongly doubt.
"chinese new year - ppl withdraw for holidays" - sure! those millionaires who are all-in into btc just withdrew a few miliions of $$ to celebrate the new year, but they will invest back. sounds resonable.


Real reasons for btc drop:
1. Korea spreading FUD, India/China banned crypto
As you can guess, only China matters from here. They were the biggest traders and boom, the market just got a huge hit.
2. After BTC raised over $12k, BTC got a large attention from televisions and a lot of noobs came here hoping they will get rich quick, of course at the first drop they sold to cut their losses and now it have a domino effect.

Some gurus will try to convince you that their graph/chart is good: BULLSHIT.
Everyone you see is doing TA on bitcoin - trust me - is a scam. Everything that it happens on BTC is just because of the news, laws, govs. Nothing to do with TA (tactical analysis).

I liked what you were saying until you mentioned, TA = Tactical Analysis. It's Technical Analysis, this is such a basic well known term which makes me think you have no idea what your talking about.
Still good advice overall

 

[hairball]

lost me at 100k lolz

 

[The Blackhat Guy]

The SEC document that will be read tomorrow has already "leaked". It doesn't look as bad for bitcoin as most of us predicted.

Today the stock markets wiped out all of Bitcoin's market cap in a couple of hours. The Nikkei is down 5% as we speak in Japan. VIX was up 100% and XIV down 90% and was terminated by Credit Suisse.

The markets are fucking crumbling around us.

link? source?

 

[The Blackhat Guy]

I'm not going to side anyone here lol. I'll sit on the fence.

But there's something more important coming up:
https://www.sec.gov/news/upcoming-events

Feb. 6, 2018 | 10:00 am EST



Whatever is gonna be said will worsen, if not, move the price back up.

Let's stay tune.

Here is an advanced copy of tomorrow's testimony by the SEC on cryptocurrencies before the Senate:
https://www.scribd.com/document/370817097/SEC-Testimony-on-Virtual-Currencies
"There should be no misunderstanding about the law. When investors are offered and sold securities – which to date ICOs have largely been –they are entitled to the benefits of state and federal securities laws and sellers and other market participants must follow these laws."
The conclusion: crypto is the future

 

[Fudnut]

whistling out my arse here.....

but I'd surmise a lot of traditional investors must have looked on in envy at the rise of BTC to the levels it did. Nothing in the traditional finance mkts gave those sort of returns in such a short time, without risking margin at least . I bet they'd love a second chance, as would many others, to have a chance to "wind the clock" back to the low 4 figures.

There was most likely a massive transfer of wealth this past year, but it went to the "wrong" people. That needs to be rectified

Now imagine if a lot of those envious investors where part of the Chinese elite. What better way to bring BTC back to earth then do what they've been doing lately with these "bans". Will these bans be permanent? I don't know, but crypto is here to stay IMO, so I can't see China alienating itself long term, not as the rest of the world embraces crypto.

Now chuck in all the shenanigans of the western finance elite in coming to terms with this new tech, and it's easy to see how crypto has/could of been played. .

What's the bet at some point a steady stream of "good" news will start to flow and prices bounce hard and the "normal" crypto trading cycle begins again, after the "reset" so to speak. But this time with the "right" people all aboard.

...now where do I stock up on tinfoil... rant penned by Talisker & a few co-operating neurons

 

[jazzc]

The OP seems to lack basic understanding of terms ("tactical" ? ). Still I thanked his post for the sole reason that I firmly believe in the long-term value of BTC, hence the drop today doesn't matter in the big picture.

Edit: grammar.

 

[The Blackhat Guy]

I liked what you were saying until you mentioned, TA = Tactical Analysis. It's Technical Analysis, this is such a basic well known term which makes me think you have no idea what your talking about.
Still good advice overall

The OP doesn't seems to lack basic understanding of terms ("tactical" ? ). Still I thanked his post for the sole reason that I firmly believe in the long-term value of BTC, hence the drop today doesn't matter in the big picture.

C'mon, I misspelled a word. My english sucks, nothing new here

 

[Lothric]

Oh, I almost forgot: "price manipulation - they manipulate the price down to can buy more btc" - I dont even want to argue with this, if you are stupid enough to believe this.

Oh, I almost forgot too : "these all crypto gurus suddenly came out from nowhere on bhw and they start to open a thread to teach n00bs" - I dont even want to argue with this, if you are stupid enough to believe this

 

[Trish26]

All the ways of a man are pure in his own eyes,
But the Lord weighs the spirits.
Commit your works to the Lord,
And your thoughts will be established.

 

[The Blackhat Guy]

All the ways of a man are pure in his own eyes,
But the Lord weighs the spirits.
Commit your works to the Lord,
And your thoughts will be established.

Well...I dont know how to handle this
Too deep for me

 

[areyou]

Why all these 100k predictions? This crypto topic opened unmature side of BHW for me. more i read crypto currency section - more i think here are a lot of 13 y.o. "investors"

because of "if not, I will eat my dick on national television."

 

[Sherb]

The markets are fucking crumbling around us.

Since last Monday, the S&P 500 has dropped 7.17%. Note that this comprises only 500 stocks.

Since last Monday, the total crypto market cap has dropped almost 50%. Note that this comprises everything.

The market isn't crumbling or crashing. It's going through a minor correction based on a 50%+ increase in the past two years. And that is the actual use of the term "correction". Meanwhile crypto has lost almost 70% of its total value in one month. It's going through a massive RR reversal.

Don't take a few days of market downturn and apply it to a scenario that is almost completely separate from the stock market. Crypto is its own thing, and it's hemorrhaging due to greed, pumping and dumping, and complete lack of regulation or substance.

 

[SamLewis]

Have you even seen Dow Jones, Its like it just fell off a cliff. That wasn't a correction it's a complete plummet.

 

[bartosimpsonio]

Since last Monday, the S&P 500 has dropped 7.17%. Note that this comprises only 500 stocks.

Since last Monday, the total crypto market cap has dropped almost 50%. Note that this comprises everything.

The market isn't crumbling or crashing. It's going through a minor correction based on a 50%+ increase in the past two years. And that is the actual use of the term "correction". Meanwhile crypto has lost almost 70% of its total value in one month. It's going through a massive RR reversal.

Don't take a few days of market downturn and apply it to a scenario that is almost completely separate from the stock market. Crypto is its own thing, and it's hemorrhaging due to greed, pumping and dumping, and complete lack of regulation or substance.

We'll see about the stock market correction. I think it's going to be bigger than a simple "correction". Ever since the Brexit vote I've been noticing 100% artificial movements in these markets.

About cryptos, their market cap calculation is completely flawed. Here's why.

Bitcoin is worth $6000. Then every other coin's U$ market cap is counted based on Bitcoin, so if a no-name coin is worth 1/1000 Bitcoin, its price is listed as U$ 6. This $6 is multiplied by the total available coins. That is inexistent money.

Crypto market cap did not fall by 70 or whatever %. The correction here is simply the way people do market cap calculation. Real crypto market cap is just Bitcoin mcap + a small percentage in the top 3 coins. All the others are vapor.

Again, I would be concerned about the stock markets. The amount of REAL U$ lost yesterday is more than all cryptos market cap combined several times over.

 

[bartosimpsonio]

Here is an advanced copy of tomorrow's testimony by the SEC on cryptocurrencies before the Senate:
https://www.scribd.com/document/370817097/SEC-Testimony-on-Virtual-Currencies
"There should be no misunderstanding about the law. When investors are offered and sold securities – which to date ICOs have largely been –they are entitled to the benefits of state and federal securities laws and sellers and other market participants must follow these laws."
The conclusion: crypto is the future

Other excerpts from that document are great as well. For instance, they recognize the versatility and utility of cryptos and say it shouldn't be banned, but small investors protected. This is awesome for cryptos.

 

[SamLewis]

We'll see about the stock market correction. I think it's going to be bigger than a simple "correction". Ever since the Brexit vote I've been noticing 100% artificial movements in these markets.

About cryptos, their market cap calculation is completely flawed. Here's why.

Bitcoin is worth $6000. Then every other coin's U$ market cap is counted based on Bitcoin, so if a no-name coin is worth 1/1000 Bitcoin, its price is listed as U$ 6. This $6 is multiplied by the total available coins. That is inexistent money.

Crypto market cap did not fall by 70 or whatever %. The correction here is simply the way people do market cap calculation. Real crypto market cap is just Bitcoin mcap + a small percentage in the top 3 coins. All the others are vapor.

Again, I would be concerned about the stock markets. The amount of REAL U$ lost yesterday is more than all cryptos market cap combined several times over.

The calculation was a bit dodgy to start with. If a few people buy some bitcoins for $10,000 each then market cap is max supply of bitcoins 21,000,000 times 10,000 then as you said most alt coins are tied to Bitcoin value not USD so this will increase and decrease the cap as bitcoin goes up and down even more even though the altcoins aren't even touched. Reality is less than a few hundred thousand Bitcoins are being transferred and market value is being calculated on the max of 21,000,000 plus billions for 2,000 alt coins which don't even move.

 

[jazzc]

The calculation was a bit dodgy to start with. If a few people buy some bitcoins for $10,000 each then market cap is max supply of bitcoins 21,000,000 times 10,000 then as you said most alt coins are tied to Bitcoin value not USD so this will increase and decrease the cap as bitcoin goes up and down even more even though the altcoins aren't even touched. Reality is less than a few hundred thousand Bitcoins are being transferred and market value is being calculated on the max of 21,000,000 plus billions for 2,000 alt coins which don't even move.

Do you think that the vast majority of real estate moves? The definition of the market cap is "price of 1 item * the number of items". Moving or not has nothing to do with the cap.

 

[SamLewis]

Do you think that the vast majority of real estate moves? The definition of the market cap is "price of 1 item * the number of items". Moving or not has nothing to do with the cap.

Moving as in stock movement.

I know it has nothing to do with cap which is why we are talking about basing value off of market cap is flawed because it doesnt consider how many of the items are actually being sold over time just that they exist.

 

[jazzc]

basing value off of market cap is flawed

Not only is it flawed, it's not supposed to be used that way at all. It's like judging basketball players by measuring height.