•   
  •   
  •   

Technology Bitcoin Bulls Take to Twitter for Reassurance After Crypto Crash

19:50  27 september  2019
19:50  27 september  2019 Source:   bloomberg.com

Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies

Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies In the crypto world, Bitcoin continues to reign supreme. The largest digital asset is outperforming the next three biggest alternatives this year. It’s managed to hold above the key $10,000 level in the face of increasing headwinds. In times of recent market turbulence, it’s even taken on somewhat of a safe-haven accreditation. But technical indicators show the price action between Bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.

As Bitcoin prices took a plunge this week, crypto evangelists were quick to take to Twitter to soothe frayed nerves and expound on why the drop is nothing to be A string of issues and a lack of catalysts to drive prices higher this week weighed on the crypto market. Bitcoin dropped below ,000 for the

The 2018 cryptocurrency crash (also known as the Bitcoin crash and the Great crypto crash ) was the sell-off of most cryptocurrencies from January 2018.

(Bloomberg) -- As Bitcoin prices took a plunge this week, crypto evangelists were quick to take to Twitter to soothe frayed nerves and expound on why the drop is nothing to be concerned about.

The swiftness of the declines took many by surprise and dozens of tweets were quickly dispatched in support of the nascent and highly volatile market. There’s no reason to panic, they said. Buy now and see it go to $50,000, they said. The worst thing you can do is miss the next wave, they said.

But this week’s price swings were not for the faint of heart. The average daily change for Bitcoin over the past week is more than 4.4%, according to data compiled by Bloomberg. That compares with a move of about 0.7% for gold in the same period -- an asset class Bitcoin is frequently compared with because they’re both seen as a store of value.

Crypto Crash Prompts Guessing Game as Bitcoin Breaches $10,000 Again

Crypto Crash Prompts Guessing Game as Bitcoin Breaches $10,000 Again Cryptocurrencies plunged suddenly in afternoon trading on Wednesday, spurring a guessing game of potential catalyst among enthusiasts and investors. The price of Bitcoin dropped below $10,000 for the first time since July. The largest digital token fell as much as 5.6%, before trading at $9,686 as of 3:40 p.m. in New York. Peer coins also sold off, with Bitcoin Cash falling close to 4% and Litecoin dropping about 8%. © Bloomberg Bitcoin dropped as much as 5.

The latest Tweets from Crush Crypto (@CrushCrypto). High quality fundamental analysis to help Powell: almost no one uses bitcoin for payments, they use IT more as an Loading seems to be taking a while. Twitter may be over capacity or experiencing a momentary

Copy link to Tweet . Embed Tweet . Inversebrah sends out one last screenshot CryptoRand shills one last undisclosed unregistered ICO security Alts fade to zero, everything goes black You wake up at your cubicle, your boss poking you asking if that report is done You google crypto , nobody’s ever heard of it.

a screenshot of a computer: Bitcoin has dropped about 20% this week© Bloomberg Bitcoin has dropped about 20% this week

“Bitcoin was seemingly on the path to redemption this year,” Nicholas Colas, co-founder of DataTrek Research, wrote in a note this week. But this week’s drop is a “big” one, “even for that asset,” he said.

A string of issues and a lack of catalysts to drive prices higher this week weighed on the crypto market. Bitcoin dropped below $8,000 for the first time since June and is on pace to post its worst week since November 2018, with a weekly decline of about 20%. That’s wiped out about $40 billion off its market capitalization, according to data from Coinmarketcap.com. And peer coins, including Ether and XRP, also sold off.

As is often the case in the cryptosphere, ascertaining good reasons for the drop in prices is difficult and investors and skeptics alike struggled to explain the moves. Some cited a lukewarm reception to the first physically deliverable Bitcoin futures contracts, while others pointed to yet another disappointment on the Bitcoin ETF front.

Union Square’s Wilson May Be Losing That Loving Ether Feeling

Union Square’s Wilson May Be Losing That Loving Ether Feeling Fred Wilson, co-founder and managing partner at Union Square Ventures, may be souring on one of his previous favorites in the digital-asset space: Ethereum. Wilson in 2017 said the market cap for Ether, the native digital token on the Ethereum blockchain, would surpass the value of Bitcoin by the end of that year. It never did, and has vastly underperformed Bitcoin, dropping about 23% from the end of May 2017 to today. That compares with a more than 350% gain for Bitcoin over the same period, according to data compiled by crypto research firm Messari Inc.

Unfortunately, Twitter 's biggest bitcoin bull has now turned bearish. In a series of tweets , Majin explains why he suddenly reversed course on If the biggest bull in crypto -land has flipped bearish, then you might want to consider erring on the side of caution. After all, bitcoin has made a fantastic

The latest Tweets from cryptobully (@cryptobully). Only confirmed followers have access to @cryptobully's Tweets and complete profile. Click the "Follow" button to send a follow request.

Yet the crypto universe has some of the most steadfast and ardent of investors and believers. So steadfast, in fact, that a new term had to be invented to explain their devotion. And whatever the cause for this week’s drop, there was no dearth of reasons to keep Holding On For Dear Life.

Here’s a sampling of what some other market-watchers and crypto investors were saying on Twitter:

--With assistance from Kenneth Sexton.

To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Molly Smith in New York at msmith604@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Brendan Walsh

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Mike Novogratz Wants to Bring Bitcoin to the 1% With New Funds .
Michael Novogratz’s Galaxy Digital Holding Ltd. is starting two Bitcoin funds for accredited and institutional investors with a demographic profile that hits close to home. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); The 54-year-old billionaire is targeting “the wealth of America,” or people between 50 and 80 who may have stayed largely on the sidelines of cryptocurrency investing, Novogratz said in a phone interview.

—   Share news in the SOC. Networks

Topical videos:

usr: 3
This is interesting!