Pump turns to dump — bitcoin and cryptocurrency prices plummet

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Peter

Well-Known Member
Cryptocurrencies have been heavily sold off, amid fresh fears of a major regulatory crackdown in South Korea.

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Bitcoin has seen its price drop by more than 20 per cent, to well under $US11,000, after the South Korean finance minister said in a radio interview that a ban on trading cryptocurrencies was a live option.

It follows a sell-off last week when the idea of a law to ban trading was first raised by the minister.

It is the biggest sell-off in bitcoin in at least three years, which peaked at nearly $US20,000 back in December, but it did not suffer as badly as many of its cryptocurrency rivals.

Number two by market capitalisation, Ethereum, dropped by more than 25 per cent while Ripple, the number three, dropped by more than 40 per cent.

In total, there
http://mobile.abc.net.au/news/2018-01-17/bitcoin-and-other-cryptocurrencies-tumble/9335774
 
As i have mentioned before (to many times probably) this is a bubble and most of the crypto around now will cease to exist BUT this might not be it.
I have a sneaking suspicion that this will make for some great buying and then things will rebound.
The big mumma in Bitcoin is not living upto what everyone was sold and will certainly be worthless in the next 2 years.
It is to slow and expensive and those sticking with it are either inexperienced or have fallen into the religion and are blinded.
If you have a bit of luck on your side to pick the bouncers (which will be many) then some big money can be made in the next 14 days.
 
Well the regulations have been exaggerated. They are regulating, but recent news articles suggest it’s not as bad as previously thought. Also, South Korean government officials are now under investigation for insider trading. Apparently they picked the perfect time to sell their coins - right before they leaked the fud about over regulation. They probably already bought back in. Lol.
 
goldpelican said:
Went through exactly the same cycle in 2014. If it all goes to 10% then hodl until 2020.
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But wouldn't it be prudent to sell now buy back later. Why HODL of course one needs to factor everything in but.... it not a rare value artifact, its a investment.

1. One believes it will go backup to 20k or more in the short term. Yes HODL
2. One believes it will fall more to maybe 8k or 5k than go back up to 20k plus, wouldnt it natural to sell now and buy back in?
 
^ That depends upon when you first entered the market.

That depends upon your goals.

That depends upon whether you can pick the current trend.

That depends upon your investment strategy.

That depends upon your constitution.

That depends upon whether you have any skin in the game or are a spectator.

What I'm doing: holding those long term assets I think have long term potential, cashing out any profits on short term tradable assets, cashing out and taking losses on short term tradable assets, holding short term tradable assets in the hope I will get my money back or even make a small profit and then cash out.

I should have sold that last group at my stop loss position, but it's not a lot of money and I live in hope.
 
Plummeted relevant to when ? End of Nov last year, Beginning of Nov, or the gidd%y heights of 20 K ? BTC's total market cap alone is still up over $100 billion in the last six months, Crypto's total market cap is still up over $300 billion in three months. I've sat on shares for years that are still to realize a 100% gain.
Go back twelve months and take a look at the numbers, then compare to a high interest account over the same timeframe.
 
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