I think I've figured out what's going on with Bitcoin Prices - please read.
Okay, so, I have the bulk of my savings in Bitcoin. If you're in the market, you're probably wondering, like everyone else, "WTF". Here we are, 4 weeks from the Bitcoin Halving, the markets have been moving good, great, these last 3+ weeks..., and then "Bam!", last night, things went south. I went LONG at $764+/- (and I'm still holding) but now I'm stuck holding. So I went digging for answers and I found a few things:
Profit taking (on a major scale) is occurring - Check out the following piece.
https://www.cryptocoinsnews.com/bitcoin-price-crash/One of the major exchanges is working through technical difficulties - Read this article.
https://www.cryptocoinsnews.com/bitfinex-market-freeze-bitcoin-crashing/
Now, a few things to keep in mind:
A. The Chinese are putting over 1 billion of their hard-earned [dollars] into Bitcoin (and other cryptocurrencies) every week. Yes because the halving is upon us, but primarily because the CNY (Yuan) is losing value and will continue to lose value, going into the future.
B. Other nations (people) are experiencing similar pressures and will increasingly turn to Bitcoin, going into the future.
In other words money is pouring into this sector of finance, and will continue to pour in, because centralize banking is the only other option, and we already know how we feel about that. All of humanity feels similarly.
I believe that what we are seeing in Bitcoin prices is a very temporary thing, AND, another opportunity to buy Bitcoin at the mid-$600 price range, 1 last time. Get rich. Good luck.
I hear ya! :-)
1 up-vote, and thanks for checking me out.
It's now 18 days till halving; time flies.
And this played a role today, it's a pity that the chain really is as strong as its weakest links. https://www.cryptocoinsnews.com/bitfinex-market-freeze-bitcoin-crashing/
I included that link in my post. Thanks + 1 up-vote.
If you're looking to let off a little STEEM post 7/4 ... a pre 7/4 STEEM rise during this BTC dip, followed by another BTC rise mid/late July would be perfection to do just that.
What is 7/4? I'm new around here. + 1 up-vote, for the comment.
Payday. After that it's daily. All earnings from the time Steemit went live are in hodl mode until 7/4.
Good post. I hope you are right about Bitcoin, but just remember that people were saying the same thing in 2013, when it was selling for $900. Sure thing, once in a lifetime opportunity to snap it up below $1000, it was headed to a million, headed to the moon. There are a lot of reasons for Bitcoin to go up. But it still has a lot of flaws. There are no sure things, either.
over the next 5-10 years I think that Cryptocurrencies will "become" the defacto monies that more than 60% of humanity will buy and sell in, from homes to concert tickets to weed to McDonalds. Bitcoins value is its' accessibility. I can now board a plane for anywhere with $1,000,000 (or more) in my pocket and the existing system can't counter, yet. knock on wood. 1 up-vote. Thanks.
#1 seems the most likely to me, but it's anyone's guess. It's impossible to know what is motivating all of the marginal traders at any given moment, but it's quite normal to see this kind of pullback after the seemingly non-stop gains BTC has had this year.
Great comment. Thank you. 1 up-vote.
Yeah it seems like this move has stalled so not sure where it stabilizes. I don't think there will be a quick rebound before leveling out some more. Maybe leveling out at 570 to 610 or so for a couple weeks is my guess at the moment.. I guess it's back to reading tea leaves..
Actually I think if the downswing continues it could go back towards around $460 or so too...that's a possibility before leveling off for a few months and possibly making another move. IMO At this stage I don't think the halving will have much more of an impact.