Crypto Carnage Continues - Bitcoin Below $9000

After a triple whammy of FUD this week (SEC crackdown, Mt.Gox overhang, and Japan shutdowns), cryptocurrencies are seeing broad-based selling pressure (majors down around 20-25%) with Bitcoin back under $9000.

Correlation has picked up once again as cryptos push lower...

 

And Bitcoin quickly broke through $10k and $9k barriers...

 

But it's a sea of red across the crypto-space...

There are three big catalysts driving the fear and uncertainty derisking in crypto this week, as Bloomberg reports, Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi, disclosed on Wednesday in Tokyo that he sold about $400 million of Bitcoin and Bitcoin Cash since late September, part of the hoard left behind when the exchange collapsed four years ago. Kobayashi is studying further sales of the $1.8 billion remaining.

“The screen is flashing red today and people are getting fearful,” said Caleb Yap, co-founder of Singapore Bitcoin Club. “Weak hands are definitely wanting to sell. If Mt. Gox can dump $400 million of Bitcoin just like that and there’s still billions left, the fear is when is the big drop coming.”

Signs of growing regulatory scrutiny have added to investor jitters. On Thursday, Japan’s Financial Services Agency ordered two exchanges to halt operations for a month and penalized four others. That announcement came just hours after a warning from the U.S. Securities and Exchange Commission that many online trading platforms should register with the agency.

Even Ethereum is back in the red year-to-date...

Comments

pods lookatmyclevername Fri, 03/09/2018 - 09:19 Permalink

Sorry all, that was me. I was gonna cash out some Zec.  Oh well, now gonna have to wait a week or so.  

This is pretty normal in cryptoland. Makes for some great trading. I might have to go against my own better thoughts and start trading this crap.  The pretend paper trades I have done have made bank. I know that would change with actual $$, but there is a lot of opportunity here.

This should actually be helpful in the long run.  Get rid of some of the Chinese wash trading exchange shenanigans (hello Bitfinex), get to the bottom of the tether issue (again, hello Bitfinex), and bring a bit of maturity to the system. Also it will hasten the move towards P2P exchanges, which would be a death blow to the "kill it through regulation" movement.

pods

In reply to by lookatmyclevername

lookslikecraptome Coinista Fri, 03/09/2018 - 11:46 Permalink

I have always though of responding to u because u r so immature. Kinda like spanking a baby's ass when they are stupid. Then I would go what? get in a discussion with a moron, NO THANKs. However today I lost all mental faculties and decided to jump right in. Ur r a meathead as exemplified by ur monosyllabic cognitive processes and room temperature IQ. 

Ok, I gave in against my better judgement and "talked" to u. Do not wait with baited breath for the next time. 

I have coin so STFU

In reply to by Coinista

PT ThinkerNotEmoter Fri, 03/09/2018 - 11:49 Permalink

The evidence suggests that bitcoin is fundamentally unstable.  This ain't the first time it has crashed and there is no reason to believe it will never crash again and recover again.  The fundamental value of bitcoin is neither zero, nor one nor infinity.  The fundamental value of bitcoin is some kind of sine wave with a few harmonics.

Okay, I am not smart enough to say it will never flatten out to a stable value.  Why would it flatten out?  Because too many people jump on board the instability bandwagon and trade those booms and busts, that's what will flatten it out.  It'll all be good fun until it isn't.

In reply to by ThinkerNotEmoter

lookslikecraptome pods Fri, 03/09/2018 - 11:20 Permalink

You better believe it changes. like going from a five and dime poker game to a 200 400 blind game. or higher. That is where the big boys chew u up. Not saying do not do it.Money and risk bring out a ton of stuff u have to manage about urself. I dink with the cryptos. My suggestion is go to the dax order book and trade history, it is very clear. Open up bitfinex charts, pick ur timelines and remember indicators r ancient history. Good luck, watch out for spoofers and wash traders.  But, with all the exchange problems and confirmation time problems and the general problems with trading it. y not do the es.

Cryptos travel a bit differently than the es or SP which is y they r fun. And seriously, good luck. 

The dax order book is good. I could tell it was going down last nite when all the sell orders started lining up with no buy orders. It was very clear. 

Oh and cryptos are so small, in the world of larger finance, they are hugely susceptible to "NEWS". However the order book can keep u on the right side regardless of the news. The effect of the news shows up in the order books. 

In reply to by pods

smallblockchevy350 IH8OBAMA Fri, 03/09/2018 - 22:15 Permalink

NANO is the only crypto that can scale to 7000 transactions per second on the network. VISA averages about 5k/s. Zero transaction fees. You could buy a cup of coffee with it and not get cornholed by miners with fees. None of the rest of the shitcoins even come close to it at this time. The only reason I'm bothering to mention this here is that I genuinely like most of you people. Many of you will probably call bullshit on that but it's true. It's at like $12 bucks right now. Go throw $100-200 at it if nothing else because it's probably going to go up like ETH did. I have the Nano wallet on my desktop PC and it works flawlessly. When the wallet gets released for android phones it's going to start getting big

In reply to by IH8OBAMA

lookslikecraptome Yellow_Snow Fri, 03/09/2018 - 11:32 Permalink

u guys mindlessly throwing out trading crap kill me. How can u call ursleves investors or traders when the bulk of you let your profits tank from 19 to 7.5 and throw out crap like it is consolidating at 7.5 and putting in support at 8. Money and trading management take decision making. Not sitting around and losing gazillions of hard cash profits from a LUCKY decision to buy at $250. Good for u I am happy for u. I have taken the shot more than once. But I damn sure never let 19 grand turn into 7.5 grand. 

BTW, I dink with  btc, I like first hand knowledge of something b4 I start making comments about it. 

In reply to by Yellow_Snow

bcking Fri, 03/09/2018 - 08:18 Permalink

yawn. If you've been in bitcoin since $250 like me, you really don't give a shit. BTFD. Also, there's only one Bitcoin. The rest are shitcoins.

DillyDilly Ban KKiller Fri, 03/09/2018 - 08:30 Permalink

Kobayashi again ~ All anyone needs to know is right here:

 

https://www.newsbtc.com/2018/03/09/trustee-triggers-second-major-bitcoin-price-crash-related-to-mt-gox/

 

Let it shake out, then BTFD

 

"It appears a total of 40,000 BTC need to be liquidated quickly. That represents a hefty chunk of money, which needs to be bought up by individuals and investors. Selling this amount of Bitcoin on the open market in large batches is not the correct approach. In fact, it is one of the biggest mistakes the Mt. Gox trustee can make. In doing so, this one person is effectively crashing the entire cryptocurrency market.

For anyone holding Bitcoin or altcoins, this is not good news. While everyone wants to put Mt. Gox behind them, this sell-off is not the right way to go. There are plenty of other options to sell this money without disrupting overall prices. Several service providers are even willing to help in this regard. So far, their advice is falling on deaf ears, as the Mt. Gox trustee just does what he thinks is best.

Purposefully Crashing the Bitcoin Price

Even though Kraken offered to aid in the sale, their request has been blatantly ignored. The company runs a dark pool where people can buy and sell large quantities which do not disrupt open market trading prices. Additionally, the funds could easily be sold through an auction and net even more money. For some reason, the Mt. Gox trustee isn’t even entertaining that idea either."

In reply to by Ban KKiller

pods DillyDilly Fri, 03/09/2018 - 09:24 Permalink

Trustee received a small envelope with pictures of everyone he loves and a note about how to go about the sale no doubt.

(((They))) need to get a handle on this crypto thing. GS buying Poloniex, SEC, CFTC, etc all gunning for cryptos shows that (((they))) have taken notice about what could happen if this thing were to get out of hand.

I would think Europe is shitting bricks right now about this, with their repressive taxation, and for some of them, a pressing need for more revenue. A dark market of people exchanging goods and services outside their purview would not be good for the EU.

pods

In reply to by DillyDilly

DillyDilly pods Fri, 03/09/2018 - 09:54 Permalink

Thing is, pods, it's almost like you have to DANCE WITH THE DEVIL at this point.

 

Face it, cryptos came out of mom's basement last year and a lot of biggies missed the boat... They're trying to play 'catch up' & get their hooks in, but it's a tricky process... It's kind of like trying to reel in a big game fish (you don't want to pull too hard or you might snap the line)... You gotta let it run, tire itself out, etc. Takes time.

 

One thing that is evident is that the long term technical charts ARE NOT BROKEN on any of the major cryptos... If, you break those, cryptos are DONE (but is something that whales are keenly aware of and are, for all intents & purposes, the de facto PPT).

 

So there's the conundrum, because:

 

1. Entities like Goldman, & CGTC are 'gettin in' (why the investment if they didn't see profits)?

2. Taxation regulatory bodies are salivating at potential revenues

 

Those are the DEVILS that I mentioned above... So, based on the total market cap of cryptos (and the POTENTIALS for market cap), and the brain drain from old school ways of banking (vis-a-vis, the comment below of math whizzes wanting to work in AI & cryptos, not Google)... What's not to like (except, if you board this flight, you're gonna have to accept that they're gonna have their fat asses sitting up in the first class seats).

 

One thing I do see is this:

 

Technically speaking, BTC has "way farther to fall" (arbitraged against other major cryptos), before it risks technically breaking down. That might put a drag on the whole crypto space as it plays out, but I think if you know what you're looking for, the other ALT coins that are just getting churned around in the wake provide nice opportunities.

In reply to by pods

pods DillyDilly Fri, 03/09/2018 - 10:27 Permalink

Yep, agree on all fronts. I have spent a bunch of time looking at some of the Alts. Many are really unknown (for quick mining returns) and I have noticed the space is chock full of never were coins/tokens. All have cute websites, but they are a dime a dozen.  I give it a year or two and things will be weeded out. In that time a lot of coin can be made by knowing when an unknown will pump. Biggest problem is the software: Wallets, exchange, miners.  Nobody is speaking the same language when it comes to alts and their wallets.

Wild West in the shitcoin ecosystem.

pods

In reply to by DillyDilly

DillyDilly pods Fri, 03/09/2018 - 11:31 Permalink

Exactly ~ & I refuse be the 'daytrading asshole' who just treads water while the exchanges get rich siphoning fees off my buys & sells. They don't deserve it anyway because their customer service (in aggregate), is for shit!

 

One good lesson (& habit) I've learned (from being a STACKER), is patience.

In reply to by pods

DillyDilly lookslikecraptome Fri, 03/09/2018 - 12:48 Permalink

I know all about day trading & it amounts to this...

 

- You can know ALL THE IMPORTANT LEVELS (any ignoramus can learn how to figure those out).

- ALL the important levels are there to put buyers/sellers at MAX PAIN

- at that point, it's the "wafer thin mint" scenario & you're either on the right side or the wrong side

- 9 times out of ten, even if you're on the wrong side, your price will come back and you can make your move then

- However, you're just back in the same scenario as you were before. This is what the exchanges are hoping for (CHURN)... The fucking dealers at Texas Hold' Em tables don't give a fuck whether you win or lose, they just take the rake.

- I don't have time to lose sleep or jeopardize my health to be conflicted with that day & night

- So the alternative is to BE PATIENT, SEE THE OVERALL PICTURE, and let clowns like like the people who 'need lessons in day trading' go bald worrying about shit.

 

Have a nice day! :-)

In reply to by lookslikecraptome

lookslikecraptome bcking Fri, 03/09/2018 - 11:35 Permalink

u guys mindlessly throwing out trading crap kill me. How can u call ursleves investors or traders when the bulk of you let your profits tank from 19 to 7.5 and throw out crap like it is consolidating at 7.5 and putting in support at 8. Money and trading management take decision making. Not sitting around and losing gazillions of hard cash profits from a LUCKY decision to buy at $250. Good for u I am happy for u. I have taken the shot more than once. But I damn sure never let 19 grand turn into 7.5 grand. 

BTFD??    U morons ever hear of STFT or some where near it. 

BTW, I dink with trading BTC. So, yeah, I know more that u. 

In reply to by bcking

marysimmons Exposer of Int… Fri, 03/09/2018 - 08:56 Permalink

Co-ordinated FUD from Japan, India, SEC, and Binance, but what's ACTUALLY happening: - Japan and SEC just asking for improved exchange security - Binance sell-off was from malicious trading bot, not hack - 2 India exchanges shut down only had 46k USD daily volume.

US, China, Korea are all still trading at high volumes, Coinbase is expanding to index funds, which could be huge, and crypto will change the world.  https://am.coinbase.com

In reply to by Exposer of Int…

pods Seasmoke Fri, 03/09/2018 - 09:28 Permalink

Gold will go from unbelievably underpriced to unavailable for physical purchase when this thing blows.  Only after the dust settles and people are trying to rebuild will you see the $5k, $10K per ounce price.  During the crash finding gold will be like finding a virgin girl at the Bunny Ranch.

Best to stock up now and wait. And, or course, buy physical.

pods

In reply to by Seasmoke

DillyDilly pods Fri, 03/09/2018 - 10:08 Permalink

@pods

 

Frankly ~ My instincts tell me that cryptos are gonna become the next 'synthetic' way of siphoning precious metals (very similar to the BIG GAME FISH analogy I described above).

 

My take on PM's (since, lol, they KILLED BIN LADEN and his twin brother "Argento Bin Laden"), is that it was pretty easy to do the naked shorting paper contract thingy going for several years while they pumped the S&P... Both of those games are kind of over, but anyone who has been watching over all these years (certainly not FANG stock holders), but 'stackers', yes... over the past 2-3 years, the same phenomenon has occurred... Every friggin December, spot bullion prices seem to dip to their lowest... Some clown who watches CNBC for info will probably come on here and tell me something about Indian weddings that they're parroting from some pez dispenser talking head, but I see it different... I see it as BANKER BONUS money getting paid out, and, getting those prices knocked down just in time to do a little skim...

 

So now I see the same thing potentially may happen using cryptos as a synthetic way of accomplishing the same thing... Perhaps we'll see price spikes in cryptos over the last quarter (similar to last year) coupled with pressure in the precious metal space, then, flip-o, rinse & repeat.

 

Maybe just a lazy prediction, but I'll be looking out to see if it happens.

In reply to by pods

pods DillyDilly Fri, 03/09/2018 - 10:29 Permalink

Well, you have one December that backs up that theory.  I wouldn't put it past (((them))) to publicly deride cryptos, and privately be buying with both hands. Its a market that is easy to spook and move. Easy for them to accumulate too.

pods

In reply to by DillyDilly

DillyDilly pods Fri, 03/09/2018 - 11:38 Permalink

Oh I have more than one year (to back that up)... One year in CRYPTOS, yes... But this phenomenon in PM spot prices has been going on...consecutively... for 2013, 2014, 2015, 2016, 2017...

 

It's harder to see in '16 and '17 because (from my take), they finally figured out the level that they simply can't push it down anymore, but the effort is still there... I started figuring out this thesis several years back, &, as a stacker, I just decided to 'go with the flow', and only made trips to the LCS during the month of December (2015 sucked because there was actually a shortage in getting bullion to dealers, or so they say, it meant that premiums were ridiculous, so, 2016/2017 the spot prices were higher but the premiums were lower) ... This year was the first year I did the opposite... I waited for PM spot prices to crater in December, then spring back up in January, unloaded a small amount of PM's, and then went fishing for bargains in cryptos as they started selling off...

 

All I need to confirm now is that the same phenomenon continues, with the added 'pairs trade' of cryptos going forward.

In reply to by pods

HRClinton Seasmoke Fri, 03/09/2018 - 09:34 Permalink

Gold is fine, but it's for those with excess fiat to play with. And that's fine too.

But if there is a Crash, you're gonna find, that a host of other items are far more useful and life saving than shiny coins. You also need to consider that you may not get Fair Market Value (FMV) for your Au in a crash scenario, as you will deal with Frontier mentality and behavior.

In reply to by Seasmoke