The Bitcoin price took a dive back under the $4,000 level today after hitting a high of $4,430 on Bitfinex. It is now being traded around $3900, so it lost over $500 from its high. That's a huge amount, but don't forget the Bitcoin price was even below $3,000 just 10 days ago and the market hit a low of $1,830 just one month ago. In my opinion this is just a normal correction. Prices won't go up forever.
Most altcoins are seeing price declines as well, but Steem is up today :)
24 Hour Change
7 Day Change
Month-to-Date Change
Market Capitalization
Feel free to use and share my charts, but please mention me as the author.
Bitcoin Daily Chart
The first Fibonacci retracement level has just been hit. This is at least a short term bottom. If we go lower my next targets are $3422 and $3120.
Latest Crypto News - August 15, 2017
Russia Discusses Starting Cryptocurrency Mining With Its 20+ Gigawatt Surplus
Russia’s First Deputy Prime Minister Igor Shuvalov has revealed that discussions are underway regarding the creation of government centers for cryptocurrency mining, according to local publications. Meanwhile, a bill is being finalized to provide a legal framework for digital currency including bitcoin.
Read more: bitcoin.com
A Bitcoin Standard: Lessons from the Gold Standard
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard.
Read more: bankofcanada.ca
Ukraine Issues Clarification on Legal Status of Bitcoin
The National Bank of Ukraine clarified that there is only one currency that is being used in Ukraine and that is the hryvnia. No other currency or substitute currency can be issued or used as a form of payment in the country other than hryvnia.
Read more: cointelegraph.com
After calling latest surge above $4,000, Standpoint's Ronnie Moas raises bitcoin forecast to $7,500
Longtime stock researcher Ronnie Moas raised his price target on bitcoin by $2,500 on Monday after the digital currency hit all-time highs over the weekend.
Read more: cnbc.com
Bitcoin Is Digital Gold, Blockchain Can Change the World, Says Fidelity SVP
Bitcoin is ‘digital gold’ and the blockchain has the potential to ‘change the world,’ according to the senior vice president at Fidelity Labs.
Read more: cryptocoinsnews.com
Bitcoin Bill Delayed as Russian Lawmakers Seek 'Optimal Solution'
A working group within Russia's state legislature is further delaying work on a cryptocurrency legalization bill, according to one of the drafting team.
Read more: coindesk.com
Ethereum Breaks Blockchain Transaction Record, Price Steady
The Ethereum network has recorded a record 410,000 transactions in the last 24 hours - more than any Blockchain ever, reports say.
Read more: cointelegraph.com
Twitter CEO Jack Dorsey Claims that Bitcoin and Blockchain Technology are the ‘Next Big Unlock’
Twitter and Square CEO Jack Dorsey has claimed that Blockchain technology and the digital currency Bitcoin are the “next big unlock.” He also claims to be invested in the digital currency.
Read more: cointelegraph.com
New Bitcoin ETF Effort Launched by Money Management Firm
A US-based money manager wants to launch an exchange-traded fund (ETF) tied to the price of bitcoin. VanEck, which is headquartered in New York, is seeking to create the "VanEck Vectors Bitcoin Strategy ETF". The goal, SEC filings reveal, is to have the ETF listed on the Nasdaq exchange.
Read more: coindesk.com
Key Russian Institution Plans Deposit and Settlement Services for Digital Currencies
Russia has recently announced several initiatives aimed at rivaling China's current lead in Blockchain technology. The Russian National Settlement Depository (NSD) made another such announcement today, advancing a Blockchain-based platform which will offer deposit and settlement services for digital currencies.
Read more: cointelegraph.com
Bitcoin Sets New Record High of $4,483 in Overnight Trading
The price of bitcoin continued its recent bullish surge last night, reaching a new all-time high of over $4,480.
Read more: coindesk.com
Bitcoin... A few years from now...
Still up $604.46 for the week
And $2,091.81 for the month!!!
Yes... Thats Staggering - at 50% fall from the Gain would be Ideal..for new people to enter. (If at all it happens)
I was just noticing this from another part of your post:
"Russia’s First Deputy Prime Minister Igor Shuvalov has revealed that discussions are underway regarding the creation of government centers for cryptocurrency mining,"
Looking forward to a new arms race, hold on and hodl!
Russia will start making their own ASICs if necessary and will start their own competitive blockchains too perhaps.. so you think the NSA is not doing this already?
Thanks for all the updates, happy to see Steem moving back in the right direction!
Great information! I would normally be looking for a pull back to weed out the weak hands and gain support for a move higher, but this market is anything but normal, lol. Very glad to see this pullback and hopefully we see some more with money flowing back into some alt coins and taking profit.
Great info as always @penguinpablo, I'm more than happy to see BTC correcting as the pumping/ speculation was getting out of hand lol. Hope some altcoins (other than NEO) will start performing decently if BTC becomes temporarily more bearish
Sometimes we need some correlation to new entries, to get it higher and higher!
It's too bad Steem hasn't been performing better, especially in the last week or so.
I'm not too worried about BTC over the short term, as a correction was long overdue after such an impressive rally.
I hope there's a flash-crash so I can get some at 10 cents (;
ha ha ha ha...
Time to buy more in a few days.. Been waiting for it for a long time.
looks like your wait will be over soon :)
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Can't wait to see Steem in this chart
great article as usual ... analyst expect a drop from $4000 down to $2500 before trending upward again
I like this correction ;-)
Great post!!
I was waiting for this correction. I hope as from today all altcoins prices will go up.
I think the price of the Bitcoin will continue to soar, because price increases are so significant in these last few days. but I agree with you Sir @penguinpablo, that the price of Bitcoin can still go up and down because it's a normal thing. your post is very complete, easy to understand, and very informative Sir. Thank you for share it to us all.
Expected correction..next stop is 5000!!
Very normal and healthy. I am holding funds for any major correction.
Correction is inevitable. It has to happen. But for me it doesn't matter because I don't trade Bitcoin, the KING. I simply HODL it. Now may be we may see some movements with Altcoins. Wait and watch game begins...
Nice analysis and the correction is a very good sign for the coin. It inyect air on the market
Looks like it's holding and bouncing off the 3800 price nicely though. Looks like there's a huge sell wall at $4000 though so I may be putting some btc up for sale just before that price in case that wall causes it to drop below 3800 to the next level of support.
Best time to buy before it hits a new high :)
I was hoping for that and waiting for alts growth!
this correction is the best thing for bitcoin on the long term run
A lot of people did. Most people were not expecting a correction, at least not a big of a correction as this one!
Thanks for the information!
Any price between $2800 - $3200 would be good to enter (If at all it comes down)
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STOPThanks for your report! A correction is very good for the market because hockey sticks always go wrong at the end. Dear market, take some weeks of time to balance and cool down.
I was expecting this moment :) My gut was telling me that it cannot go just up forever, need to have some periods of correction. Even though looks like a big dump I believe it will go back up again just not that fast anymore.
Just a natural part of being in a highly volatile asset class. Probably unnerving if you're a day trader... I'm just in for the long haul so dips are simply an opportunity to buy more "on sale."
Just wish the overall market size (available cash on the sidelines) would grow so the alt coins don't suffer systemic sell-offs every time BTC is on the rise... we need more aggregate money IN the market, not just the same money flowing back and forth between different coins.
Bitcoin is really volatile at the moment
Thank you @penguinpablo for an update on the crypto currency performance. Russia wants to centralize cryptos now? Very interesting news.
"The Bitcoin price took a dive back under the $4,000 ..."
Still it's higher than my wildest expectations. I would say, once you invest, sit back and don't panic. Never panic. Just enjoy the ride. Whether Bitcoin goes up or down, it's trajectory is always up.
(This is not advice. This is just my opinion.)
Joe
@joe.nobel
nice post..thank you for sharing...upvote me.
Don't spam. Stop this nuisance.