Read more about It’s coming from Huobi and Binance. When a market is sentiment driven, price movement is driven by emotion. Trump has been impeached by the House. In an interview , Wan stated:. The monthly chart above right is also now teasing a bearish reversal.
Global Coin Report
Gitcoin time we were below this level was on Nov. Both the long- and the short-term analyses suggest that the price will soon make a bottom and begin a reversal. As the bitcoin price continues to drop, the cryptocurrency still outperforms other asset classes year to date and via dollar cost bitcooin. The price is largely expected to consolidate for a period of time before the rate of increase accelerates. The weekly outlook remains bearish since the price failed to reach a close above the breakdown level. It broke out from a descending wedge and is currently heading towards the resistance line.
Get the Latest from CoinDesk
We all keep asking ourselves the same question, why is Bitcoin going down? The price of Bitcoin BTC at the moment of writing this, is headed in a direction contrary to what we had all hoped for after the slight recovery due to a decline catalyzed be the Goldman Sachs fake news of September 5th. I think we put in a low yesterday [12th September]. Firstly , on the 16th and 17th of September, Bitcoin experienced its lowest trade volumes since November last year. BTC low trade volumes on the 16th and 17th of September.
Don’t sell your coins for ones that are going up.
It’s not something I didn’t see before, or worrying, for what matters. So I thought it would be useful to share my thoughts about why this inverse correlation between the price of Bitcoin and altcoins happens, if only to get contradicted and proven wrong — if that’s the case.
All altcoins are valued against Bitcoin, not fiat. Although we see in various price trackers the value in fiat, like USD, that’s the value in Bitcoin of that alt, translated into fiat. Well, that means that drips all trades in the crypto universe are made first between Bitcoin and alts, and after that in Bitcoin and fiat. What happens when the price of Bitcoin goes up, is that traders will sell their altcoins for Bitcoin, banking on further price increase and then,when the Bitcoin correction is coming, they sell their Bitcoin and buy ho alts cheaper.
Of course, there are exceptions. Sometimes, the fundamentals of a certain altcoin are fragile, and Bitcoin price rising is just the final clue dorps a major sell off. Some coins are «pegged» to the dollar, like Tether, and dowb will have the same value in fiat, no matter what the Bitcoin price is. And so on and so forth. But the main cause for this inverse correlation is that alts are flowing into Bitcoin, for a future buy back at a cheaper price still in Bitcoin.
Well, I don’t think so. But I also don’t know how electricity works, or how the plural is formed in Swahili, so you should always make your own due diligence when it comes to complex stuff like. I’m a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and when bitcoin drops what will it go down to.
Here on Steemit you may stay updated drips following me dragosroua. If you’re new to Steemit, you may find these articles relevant that’s also part of my witness activity to support new members of the platform :.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:. I enjoy buying when alts. Great Post! I think earlier on in the year all coins were rising together, but now we have, as you say, the trading between BTC and the rest. With a higher inflation rate than Wipl, the only surprise is that Steem does not plunge further, which I believe it.
It will happen in about 20 years, but it’s good to know. Just 5 years from now, if Steemit still exists that is, the total amount of Steem will be over If I bitclin bet safely on it, I would bet Steemit will not exist 20 years from now, and even if it still exists by then, Steem will be already grossly devalued due to inflation than what it is. It may also be less tempting to join a platform which does not reward good content, which is already the situation now, unless you are an established poster.
For the record Steemit wht my previous attempt at commenting, which goes to show you how lousy it is over 18 months since its inception. For the record too I got a Steem undelegate after my previous comment. For the record, there is no «platform» that rewards you, there’s no central authority which establishes your «value» or «non-value», there is only you and wil network of followers. That’s all there is to it.
Yes, it does have a steep learning curve and yes, it’s hard to build an audience. But when it was easy? We are using a platform now, use whatever word you like. Whst you have a better word for it, I am open to adopting your suggestion.
There are rules to it, and the rewards are subject to these rules. Economics is affected by inflation. Some people have hwat grasp of what inflation is, and some when bitcoin drops what will it go down to these people have a nice stash of Bitcoin, fiat, or whatever you may want to trade your Steem.
Such people affect ot value of Steem. Now I should add to my previous comment, that it will stop rewarding spam. The difference being that spam is so much easier to frops than good content. Thank you for explaining about this inverse correlation, it is very useful especially for those who are new in this domein, like me. All the best for you! Bought SP for 5 bitcoin a couple of days ago, which is the bad news : The good news is that I’m using the steem power to offer wht delegation service, on a month to month basis.
It’s an interesting development of willl ecosystem. I came to the same conclusion about the price, but read some hit pieces on btc gold, so underestimated fork fomo. Great post, I appreciate your work, I’m a whn years experienced trader from Italy, I leave you my upvote and follow, it would be an honor to have you among my own followers! Wheh necessarily. I think in order for Steem to rise at the same time as bitcoin rises there needs to be more money in the crypto market.
If bitcoin price ahat, but the marketcap stays flat, that just indicates money is going from altcoins whej bitcoins.
Privacy Policy Terms of Service. So here’s what I think it happens. Ok, so what? Common reasons: Disagreement on rewards Fraud or plagiarism Hate speech or trolling Miscategorized content or spam. Authors get paid when people like you upvote their post. Sign up. Yeah, I know the drill It is a Beautiful Thing. Never have to get caught up in FOMO So you suggest buying promising altcoins while they are cheap?
Since I don’t care about money, but only about the principles, it makes sense for me. Regardless, it makes no harm if you tell your opinion. Makes sense. I’ve bought a couple of batches of Steem this week, using fiat and via Ether.
A few more weeks to wait and Steem should be dfops again The rest is economics, meaning the token is worth whatever people will want to spend for it. Thanks for share. Excellent post thanks for sharing Be optimistic. Good hwat. I’m guessing the entire crypto market would crash at that point. At leastwe now know who the BTC-whales are!
The new triggers of bitcoin drop
The company, which operates 3c. For the best Barrons. Privacy When bitcoin drops what will it go down to. The Rundown. Looking For Jobs After College? Disclosure Read Wilk The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Write to Avi Salzman at avi. But if you do need that cash, you might want to look at those dips as a warning to find somewhere more stable to keep your savings. Thank you This article has been sent to. How they stop from making stupid decisions, vown keep on track with their strategy. Crypto has more retail investors than any other market. The charts are pretty similar, it would seem, The more people that google Bitcoin, the higher the price goes. One thing I realized is that this time, the sell pressure is not coming from like margin exchanges like BitMEX or Deribit. Wnat Jafery October 1. Disclaimer: The above bitcoin price technical analysis is sponsored by Akira Max, founder of thecointop.
Comments
Post a Comment