Bitcoin sinking like a stone with cryptocurrency market in freefall

https://www.rt.com/business/417964-bitcoin-cryptocurrencies-fall-ethereum-ripple/

Leading cryptocurrency bitcoin has lost 24 percent in the last 24 hours, plunging to $6,000 on Tuesday. Bitcoin has lost more than two-thirds of its value in less than two months.

The entire cryptocurrency market was in double-digit losses on the day. Ethereum was down almost 30 percent at $589, losing all the gains it saw this year. It peaked $1,433 less than a month ago. Ripple plunged to $0.59 from a high of $3.80 in January.

“There are quite a few reasons for the decline. Recently, the US financial authorities interrogated Bitfinex exchange, Indian authorities announced the possibility of a ban of cryptocurrencies. Many other states have decided to impose stricter regulation and control in this new financial market,” Gleb Zadoya, head of analytics at Analitika Online, said in an email to RT.

On Monday, Britain’s Lloyds Banking Group, which unites Lloyds Bank, Bank of Scotland, Halifax and MBNA, announced it bans cryptocurrency purchases from credit cards. The move was followed by the same decision from American giants Bank of America, JP Morgan Chase and Citigroup.

China’s Financial News reported on Sunday that authorities will increase the pressure on virtual currency trading platforms, especially those that may have moved overseas following the Chinese ban on initial coin offerings in September.

Despite the regulation attempts, bitcoin is still several hundred percent higher since January last year with rivals ethereum and ripple up several thousand percent.

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some would say buy on the dips..this is a big dip..i say..be very, very aware of what you are doing..

“Leading cryptocurrency bitcoin has lost 24 percent in the last 24 hours, plunging to $6,000 on Tuesday. Bitcoin has lost more than two-thirds of its value in less than two months.”

401

~ by seeker401 on February 8, 2018.

8 Responses to “Bitcoin sinking like a stone with cryptocurrency market in freefall”

  1. Bitcoin leads huge cryptocurrency market rebound after record losses

    https://www.rt.com/business/418104-bitcoin-leads-cryptocurrency-market/

  2. Will Regulation Mainstream Crypto?

    https://philosophyofmetrics.com/will-regulation-mainstream-crypto/

  3. This is why bitcoin and other cryptos act like hedge funds, or some other stock market item not based on a tangible commodity. Stocks are more tangible than bitcoin. As long as cryptos are not being exchanged for tangible goods based products and businesses, then it will need the big money, the trillion dollar club money to stabilize it would seem. It was already announced last week maybe, it was an article on FTM, that hedge funders will not touch cyrptos until they reach the trillion dollar values.

    • hedge funders will not touch cyrptos until they reach the trillion dollar values.

      bingo..

      • Without big money or tangible good support, cryptos may fail. They may become too volatile without something to encourage the cryptos along. More tangible investments gain in value due to circumstances, such as lack of land increases the value of land, a new product for a company that might be valued and widespread increase the value of the company. People with trillion dollar investments need trillion dollar values to support all their investments are tied into. The only two supports to increase the value of cryptos in their current state have been media exposure of their rise, so it was not a tangible rise in value only media hyped. The second is the possibilities – read possibilities – of what crypotos might – read might – do in a virtual reality. Without an increased value and actual use of a virtual reality, then cryptos have no place and use.

        Either the media will drum up the value of cryptos, or anything in the virtual reality sector (AI technology, etc.) has to improve and gain application. The virtual reality sector has to be tied to non-virtual reality exchanges (tangible goods), too, because if virtural reality is disconnected from where real economic activities take place, then there is no value in it. Hedge funds are nearly ethereal, but they are still tied to the tangible market. I have yet to see a growing virtual reality tied to the tangible market. I know they are working on it, but will it happen anytime soon is the question. A drop in crypto value and then a big release or unveiling of a virtual reality application in the real world could drive crypto values high very quickly. So if somebody is invested in cryptos it might help to stay in if that is lurking around the corner, because those who are out might not be able to get back in. So we will see.

  4. And, the score is A.I. transhumanism 0 – People life 1

  5. Reblogged this on UZA – a people's court of conscience.

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