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so, I’m sure you guys have all noticed that today, on June 18, there has been a drop in the price of Bitcoin which is led to the drop of the price of many other altcoins Ethereon, Litecoin, you name it. Everything is falling today and right now you can see that Bitcoin is trading at about $10,142, earlier this afternoon it dropped under $10,000, it’s about $9,800 approximately and we’re not really seeing any signs of recovery any time soon, you can see there’s been a little bit of up and down, some people trying to buy on the dip but really, ultimately, we’re going back down and I expect that the price is going to continue to keep going down for quite some time now, and I’m not prophesying this, I’m not predicting this per se, but I’m just looking at the trends and considering what has happened and what is currently happening in the market and I definitely feel that the price is going to continue to go down.
I’Ve Sold Most Of My Cryptocurrency
I actually sold the majority of my cryptocurrency last night right before this dip, I just kind of feeling reading the news about what was going on with Tether, with a variety of things which I’ll get in here in a second, and so I said most of my possessions of cryptocurrency last night, I think I still have about $20,000-$30,000 left in cryptocurrency, some of that is in Tether, some of that is actual cryptocurrencies that have gone down, but for the most part I’ve taken out all my funds, all my earnings and everything. Up over $100, which I had, I have taken out because the market has been too uncertain for me and the time it takes for the prices to fall have been happening very, very quickly and so I’ve taken my money out.
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The question we should be asking ourselves now is why is bitcoin falling?
.Inexperienced investors
Bitcoin was created a decade ago, but it’s been only few years since it went beyond the narrow circle of interested in new technology specialists and got attention of masses. As a result, people of all ages, with no previous experience in financial operations, flooded into the market — and thanks to that in particular we witnessed the amazing performance of Bitcoin rate. Everybody — from teenagers who learnt about Bitcoin from social media posts and decided to buy it with money gifted on Christmas to middle class workers, fascinated by constant rise of Bitcoin price, who see it as a perfect way to get some money and move to a new house — everybody became engaged in cryptocurrency market. While traditional financial market is somehow regulated and run by professional traders, who don’t sell every simple stock they have at the slightest sign of drop, cryptocurrency market, full of amateurs looking only for quick profit, became a victim of its own adherents’ ill-conceived behaviour. Now the inevitable results of such popularity uncloak. In case of usual stocks, investors who buy them are ready to keep it as a long-term investment, but Bitcoin and other cryptocurrencies are different — a lot of non-professional traders flooded into the market, attracted by the skyrocketing price. They wanted an instant profit, cashing out digital coins and affecting the rates.Inexperienced investors
Bitcoin was created a decade ago, but it’s been only few years since it went beyond the narrow circle of interested in new technology specialists and got attention of masses. As a result, people of all ages, with no previous experience in financial operations, flooded into the market — and thanks to that in particular we witnessed the amazing performance of Bitcoin rate. Everybody — from teenagers who learnt about Bitcoin from social media posts and decided to buy it with money gifted on Christmas to middle class workers, fascinated by constant rise of Bitcoin price, who see it as a perfect way to get some money and move to a new house — everybody became engaged in cryptocurrency market. While traditional financial market is somehow regulated and run by professional traders, who don’t sell every simple stock they have at the slightest sign of drop, cryptocurrency market, full of amateurs looking only for quick profit, became a victim of its own adherents’ ill-conceived behaviour. Now the inevitable results of such popularity uncloak. In case of usual stocks, investors who buy them are ready to keep it as a long-term investment, but Bitcoin and other cryptocurrencies are different — a lot of non-professional traders flooded into the market, attracted by the skyrocketing price. They wanted an instant profit, cashing out digital coins and affecting the rates.
.Market manipulations
Small community of investors hold large sums of Bitcoin and can influence the market, causing ascending as well as plunging. As in any asset class, so called whales can manipulate price, but in case of young, speculative cryptocurrency market each action of whales reflect the market state enormously. Orchestrating large sums of digital coins, whales create necessary to them conditions to buy crypto at a low price or sell at a high.
There are many guesses and absolutely no definite answers. One thing that is worth noting is that this is the 4th time BTC dropped by around 30% in just this previous year, and each time it managed to rise for over 100%. So, this is by no means something that wasn’t to be expected. Here’s the latest trends in Bitcoin price.
One difference I would like to underline is that this time, because of the exceptionally high price it reached at one point, there is way more public interest and panic going on because A LOT of amateur investors jumped onboard and invested more than they could afford to lose, which is never a good route to go. Especially in a space that’s as volatile as this one.
phillip nunn prediction
Phillip Nunn, CEO of The Blackmore Group and Wealth Chain Group, piqued the interest of the cryptocurrency and investing communities in January of this year when he made a prediction that the price of Bitcoin, in the year of 2018, would reach a bottom of $6,000 and a high of $60,000. At the time of the prediction, the price of Bitcoin had pulled back a large percentage of its run-up to an all-time high in mid-December of almost $20,000 and was sitting at just over $10,000.
The first half of Nunn’s prediction came true in the first week of February when the price of Bitcoin briefly fell below $6000. Now, many are becoming skeptical that Bitcoin will be able to return to its $20,000 all-time high in 2018, let alone come anywhere close to $60,000.
Nunn remains confident, however, citing his unwavering belief in the underlying blockchain technology as the vehicle that will take Bitcoin and others to new highs in the coming years. He told Business Could
he prediction was based on, first of all, market volatility which we’re experiencing at the moment; I think that’s really apparent. I absolutely stand by my prediction.