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Bitcoin The Almighty Buck

Bitcoin Drops Below $6,000, An 8-Month Low (reuters.com) 106

Posted by EditorDavid from the magic-disappearing-money dept.
An anonymous reader quotes Reuters: Bitcoin's value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals. Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year's frenzied interest fizzled. Recent hacks and the "cyber intrusion" of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit.

Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12... So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak... The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.
Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that "None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished."
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Bitcoin Drops Below $6,000, An 8-Month Low More

Bitcoin Drops Below $6,000, An 8-Month Low

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  • My guess is that within the next 5 days (maybe as many as 15, but probably closer to 5) it will go back down to between $5000 and $5500, basing it off of the unscientific theory of what my gut says.

    So this means that all you peeps that want to get in and HODL at a lower price will have your chance.

    Let the games begin!

    • basing it off of the unscientific theory of what my gut says

      That's conforting!

    • Wasn't it supposed to be over a million by now? I haven't been paying much attention.

    • Re: (Score:2, Insightful)

      by Arkham ( 10779 )
      Hopefully it will drop down to zero where its actual value is.
    • So your saying we should short Nvidia GTX futures? (Yes I know hardcore miners don't use those anymore). This is fiat currency and always has been, it's just that you can't go full Zimbabwe and start printing million dollar bills. If the market decides it's worthless paper the effect is the same.

    • My guess is that within the next 5 days (maybe as many as 15, but probably closer to 5) it will go back down to between $5000 and $5500, basing it off of the unscientific theory of what my gut says.

      Well a few months ago an Ars Technica article pointed out that Bitcoin has had 3 declines of about 75% and then plateaued at that point for 2 or 3 years. So $20K'ish to $5K'ish is about right using the existing pattern. In general, not necessarily on your stated timeframe.

      Of course the previous patterns were established with speculators coming from the techie community, this time around we have had a massive influx of new speculators from wall street.

      • $20K to $5K matches previous BTC corrections

        Dude, correction territory is a 10-15% decline. $20k to $5k isn't a correction, it's a goddamn bloodbath.

        • $20K to $5K matches previous BTC corrections

          Dude, correction territory is a 10-15% decline. $20k to $5k isn't a correction, it's a goddamn bloodbath.

          Not for bitcoin. Wild extremes are the norm. Also you must consider the exponential rise from $400 to $20,000, a correction to $5,000 is not a bloodbath to some. As was the 2014 exponential rise from $20 to $1,000, which was followed by a correction to $250, again not a bloodbath to some.

          Its hardly fair to call a 75% decline a bloodbath when that peak it is referenced against represents a recent 5,000% increase.

          It is inappropriate to apply the normal rules and perspectives of investing in traditional

    • Aaaaaaand it's back to $6400.

  • Or not. NOBODY KNOWS

    • This is the difference between investing and gambling.

      • At least with gambling in Vegas, you can get a free drink whilst letting it ride...

        • At least with gambling in Vegas, you can get a free drink whilst letting it ride...

          TANSTAAFL, or a free drink. ;-)

      • This is the difference between investing and gambling.

        This ain't even gambling. I can do a lot better at the blackjack tables than people who buy bitcoin in 2018.

  • Alt Headlines: (Score:2, Insightful)

    by Dallas May ( 4891515 )

    "BitCoin defies logic by remaining just under $6000 over priced."

    "Fratboys across the country pissed as their 'sure thing' trust fund investment continues to fall"

    "Drug dealers pleased to inform customers of lower bitcoin prices to increase sales"

    • "Drug dealers pleased to inform customers of lower bitcoin prices to increase sales"

      Sadly, I don't think that's the case.

      The importance of crypto-currency to the black market is that it exists at all, the value is almost irrelevant. As long as they can convert to-from the fiat currency, and then anonymize the exchange with the crypto-currency (depends on the specific currency), they're fine.

      The only sketchy activity this might cut down on it's the hackers, the lower the reward for mining the fewer people looking to hijack your devices.

  • Just wish... (Score:3)

    by Ronin Developer ( 67677 ) on Saturday June 30, 2018 @01:49PM (#56871372)

    I was the pizza guy who received the first BTC (assuming I didnâ(TM)t lose them).

    There is still too much corruption and non-hardened exchanges for me to take BTC seriously.

    However, the tech is cool and some people made a lot of money.

    • and non-hardened exchanges

      Why do you need your exchanges to be hardened? Keep your wallet to yourself.

      • Re: (Score:2)

        by tlhIngan ( 30335 )

        Why do you need your exchanges to be hardened? Keep your wallet to yourself.

        Because exchanges typically require you to submit a lot of rather personal information to use... there aren't many that will simply cut you a cheque. They all insist on some sort of banking information and many are required to submit tax information as well.

        Naturally, if the exchange can't be trusted with the information, that's a lot of juicy personal identify theft information ready for stealing.

        Buying bitcoin is remarkably simple

        • Right I was thinking in terms of the BTC itself.

          Speaking of banking information, can you help me with something: Why do people in the USA insist on keeping this stuff secret? Do your banks typically allow others to withdraw from your account with your bank details? In most places I've lived that just isn't the case and I have no problem giving people bank account numbers, in fact I actively do because usually when I do the balance increases.

    • Re: (Score:2)

      by Rolgar ( 556636 )

      Surely the transaction was completed digitally before the pizza was delivered.

  • Re: (Score:2, Interesting)

    by account_deleted ( 4530225 )
    Comment removed based on user account deletion

    • Re:This is good news for Bitcoin (Score:4, Insightful)

      by ISayWeOnlyToBePolite ( 721679 ) on Saturday June 30, 2018 @03:10PM (#56871674)

      Actually it possibly is. If Bitcoin is slowly inflating, rather than violently oscillating between extremes, it might start to be possible to take it seriously as a "currency".

      Your hypothesis might be correct, but for the fact that bitcoin by no reasonable definition is "slowly" inflating.

    • If Bitcoin is slowly inflating

      It's not. It's massively price correcting after a huge bubble.

    • If Bitcoin is slowly inflating, rather than violently oscillating between extremes, it might start to be possible to take it seriously as a "currency".

      Per arth1 above, it's up 8% since yesterday. So, still violently oscillating.

  • Bag Hodlers (Score:5, Insightful)

    by DatbeDank ( 4580343 ) on Saturday June 30, 2018 @02:09PM (#56871468)

    Time to call them what they are.

    • Bitcoin seems to be the tech equivalent of playing the lottery. I know several out of work techs, under employed or underpaid techs who bought a bit of some odd ball currency to see if they could make it rich. Mostly those "Proof of Stake" schemes.

      I don't think Bitcoin's value will drop too much more. Maybe to $5k. Money laundering and drug traffic will keep it around there. I could be wrong though. Canada just legalized pot. If the US follow suit (it would require Trump losing in 2020 since his people

  • And today it's above $6,300... (Score:3)

    by EvilSS ( 557649 ) on Saturday June 30, 2018 @02:10PM (#56871472)
    ...and up 5.36% (at 2pm EDT) for the week so can we stop spamming click-bait stories every time BTC wobbles? It's erratic and unstable, we all know that. It goes up, it goes down, it goes round and round.

    • The story (click-bait or not) is about the overarching trend - which is, "Sell, sell, SELL!" $20,000 down to $6300 is quite a turn in a matter of six months.

      Like another person suggested already: Current Bitcoin owners are holding the hyper-inflated bag of Dutch tulips.

    • Re:And today it's above $6,300... (Score:4, Interesting)

      by Joce640k ( 829181 ) on Saturday June 30, 2018 @02:33PM (#56871552) Homepage

      ...and up 5.36% (at 2pm EDT) for the week.

      Only because there was another mini-crash exactly 7 days ago.

      If you look at 8 or 6 days, it's down.

      If you look at 30 days, it's down... a LOT.

      • If you look over a year, it’s up. A lot.

  • Someone tell when... (Score:1)

    by Anonymous Coward

    ...bitcoin actually becomes a seamless, ubiquitous and useful currency and is not just an instrument of speculation and gambling for desperate suckers. In the meantime, I will just keep accumulating greenbacks.

  • One year ago it was about $2,400. For US tax purposes, long term investing starts at a year of holding an asset. So for the minimum definition of a long term investing, bitcoin has more then tripped. At this very moment it's up 262% over the last year. Now of course most sane people would say that bitcoin is gambling not not investing, but for those that insist it's investing, an over 250% return in a year is pretty damn good. Two years ago the price was about $650 or a 974% return. Three years ago it was a

  • We need it to go down further. (Score:1)

    by Anonymous Coward
    Hopefully as more halving cycles occur most miners will give up as it's not worth the effort, reducing the damage to the planet in the process. I'd rather have a healthy planet than some fancy 0s and 1s.

  • Time to buy tron. Much better model.

  • But GOD I wish I'd had $100 worth of Bitcoin when it was still kinda young.

    I'd be a millionaire several times over.

    But, honestly, it always has seemed less reliable than the Lottery.

    Seriously guys.

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