Content adapted from this Zerohedge.com article : Source
The continued weakness in the world of bitcoin continues. After a day of red after the Google announcement of banning cryptocurrency ads, the trend continued into the evening hours.
A continued concerned is the G-20 summit which could see further regulation to control crypto. Also, the continued Mt. Gox sell-off is hanging out there.
Kobayashi is sitting on another $1.9B in bitcoin after selling $400M.
Bitcoin is now in the area wehre a mystery buyer stepped in back in february.
As a reminder, according to BitInfoCharts, a mysterious buyer with a Bitcoin address of 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased an astronomical amount of bitcoins worth $344,000,000 at a blended cost basis around $8,400 from 02-09-18 through 02-12-18.
This account added 41,000 coins pushing the total to 96,000 bitcoins.
It is the third largest bitcoin account.
Non-adapted content found at zerohedge.com: Source
That’s a big chunk of bitcoins. Agree, the institutions, Google and banks are pushing decentralized crypto as much as they possibly can. Of course at the end it’s slippery slope.
They will start buying eventually as well. The smart money are coming into crypto, we just don’t see it yet.
To emotionally avoid these kinds nd of “Bear trends” you definately have to have a plan. When you buy and when you sell. Also you should not invest any capital you can’t afford to loose. If you do, your emotions get involved at any sell off and I can guarantee, you mostly loose. There are people taking loans, selling houses to buy crypto. Unfortunately they bought when there was euphoric buying at high. Now they are forced to sell, because they have to pay off their loans, it’s the same as with the stock market. You are allowed to buy on margins where you need only about 30% of entire investment. However, if the market starts to sell, you are forced to sell as well and if you don’t sell they will sell it for you. Either way, the market has to get rid of these buyers, it sounds unfair, taugh and emotionless, but that’s what any market is “unfair, taugh and emotionless”. I’m a buyer of BTC at these levels as well, but I wouldn’t be surprised if we go much lower. Now we should sit and chill. We are in this all together.
Pretty sharp " Buy The dip" though ! But then again that is the beauty of a bear market, sharp declines with even sharper recovories. It is difficult to trade but definitely profitable :) Would be interesting if someday stories broke for people, who were accumulating here :)
Google ban could be a reasonable reason for the dip, but the reality is that the market is just continuing its correction after the $20K in December.
A lot of speculation on the owner of that account, personally I don´t care who is the owner, but I like what he is doing for crypto; I still think we need to go back to the $6K mark, and then we need to bounce back up for real... Let´s hope when we reach that point this guy/account still wants to buy more, so we make sure BTC price is never going below that support line.
I feel like the markets, the business environment, and really society as a whole is one big divided battlefield right now. Conservatives being censored. Randoms being booted from YouTube. Ads being banned. Crypto subpoenas and crypto regulations. Twitter shadow bans. Twitter suspensions. People boycotting products and services for this, that and every other reason. Feels like a really combative business environment. At least in terms of the internet, online media and cryptos.
Maybe google banning any crypto ads was a a bad thing. Thinking that dip helped most of us buy even more btc. Now this crash has been attributed to alot of reasons but up to now am not yet surw what exactly it is. If he sold $400m and still sitting on $1.9b does that mean it's tricky thing for bitcoin right now.
Guess this dip too will be having a mystery buyer. Hope so.
THE market is declining or the price of bitcoin is driven down by excessive sales by Kobayashi, the Mt Gox trustee? Trading bots will ensure that alts will march in tandem with bitcoin. Another $1.9 billion to go before Kobayashi is done. Unless these bulk disposals are being bought by entities with deep pockets cryptos are going down further. Depending on who's doing the buying, power to move the price will then continue to be vested in the hands of the few. 'The community' should be out there and buying but the small time profiteers and speculators are more interested in running for the hills.
I guess I don't understand why some of these guys are even selling off all their BTC. Maybe they're wanting to buy back in lower but it sure seems like there are some shenanigans going on. These whales might just playing the market, selling when any bad news hits and buying back in lower. We really need some big news in crypto, almost doesn't matter which coin succeeds, we just need something to get people's attention in a positive way
it`s not yet time to buy
It is impressive the amount of information found in your blog, in my ignorance of who was in charge of such valuable information at https://www.coinmarkets.today and it is not until now that I realize that it is you, (penguinpablo ) I really apologize for not having gone before and thank you for giving us so many tools to inform us about the world of cryptocurrency, and you see your information through our blog, I have used your portal so many times to inform about crypto, in my blog, and I really always put the source of the information, but never his name! ,,,, why? his name appears at the end of the page and it is not until now that I realize it,
Anyway from now on I am a faithful follower of your post, blog and everything that comes from you, because I love the work that I see is their websites, and of course in every information that comes from their websites you will have his stamp (penguinpablo) greetings and all I try to do is have a little more knowledge of what I love (cryptocurrency) and try to be someone in steemit, without abusing or offending, or plagiarizing someone's information, I do the clarifying because there are many people who think differently,
without more to say my congratulations because you have a great team, and if you work alone you have more credit,
This is awful for some of us that invested in bitcoin earlier this year when it was above $12,000. Many people are in panic mode with lots of these of these factors which can't seem to get resolved; the Mt Gox sell off, Google's ban on cryptocurrency ads, and now having the G-20 summit threatening to see further regulation to control crypto... people are justified to go crazy on the market this time. Prices are getting pushed down daily. And here we are having people sitting on massive bitcoins. Am still wondering the game Kobayashi is playing. After shaking the crytptocurrency market when he sold off $400M worth of bitcoin, the current dip is going to get worse when he decides to sell off the $1.9 billion worth of bitcoins.
I think someone gave Sophia some Bitcoin, and now this Saudi AI and her friends are breaking the market. Yes, the flip trades between Bitcoin and altcoins has been going on for weeks (hyper-inflation), followed by the expected sell-off (hyper-deflation) when markets were deliriously high. There were several waves of sell-offs, and it hasn't finished yet. There will be yet more red on the charts.
This market will get reflated before year's end, so hold tight onto your Litecoin, or whatever, and ride out the volatility.
Great analysis @zer0hedge.... In regards of You bit hack, some people said that hackers cashing out the the money thus driving the market down. Bitcoin vs bitcoin cash drama is just began, we might see a lot of people dump bitcoin and convert it to BCH (nowdays there are massive campaigns to replace bitcoin with BCH) and this could also drive the market down. Profit taking, pump and dump, and also the opening of bitcoin futures at CME & CBOE give new opportunities for hedge funds to play it. A lot of whale investors with billions dollars of money come to this sector. All of these have contribution to the market and give domino effects & panic selling. I guess we will see a lot of volatilities like this in 2018..... so take a deep breath & continue to be rational.
Thanks for the post. Those who invest in bitcoin have to deal with a very difficult asset to valuate. What is it worth? When it starts to drop, where will it stop? Is it all just investing into narrative? With stocks at least you have metrics such as pe, ps, book value etc that are used to at give some idea of the fundamental value, a floor, once a stock start to drop. But the fact that so much energy, resources are used to mine a bitcoin and it's just going to get harder is in a way builds the value in itself for bitcoin even hype is no longer there. Seems like bitcoin can't just one day be considered worthless after all this effort (and the effort is huge). So it seems to me we know at least there's some floor on the price. I want to ask the community if anyone came across a chart that shows the price of bitcoin vs. the energy usage to mine a single bitcoin. Actually per cost of energy is even better metric since means of electricity production is also a vary such as coal, renewable etc..(although this will vary greatly from country to country unless we do weighted average off all countries based on amount of bitcoins mined)
well writing sir,,,, i follow your all post it help us,,,, every know some new metter...
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Thanks for the analysis.
bitcoin is one of the biggest opportunities since the invention of the internet itself.... great times to be around... it was helfull post for aus,, thanks you sir
Nice one, you wrote well
Think the deeps and rises are what make this more intresting becouse the couse if it was only moving on drection it whould no be interseting
Crypocurrence is not for the weak.
Every one should be very stroge to become rich.
I think it is actually good to regulate cryptocurrency at least to avoid fluctuation
Great analysis
thanks for sharing with us @ zer0hedge
It is said "don't reach into a falling knife", but eyactly that belongs to my trading style.
I personally see the green zone as a buy area, starting at the thick red line above.
If we break this zone, we probably will see prices about 4.550, we will see.
that's the thing, for any multi billionaire the Bitcoin market is a joke and for them or an institution or state actor manipulating the market does not really take all that much money.
Could it possible that the market panics once bitcoin is worth over 10K
Very interesting. I don't think I've seen this information anywhere yet.
Interesting. But I don't think the mystery dip buyer is not going to come in to save the world. From what I observed, things are going sideways and a bit of dead cat bounce. If Mt. Gox case is not in the clear, there's always danger. Got to thread safely.