Bitcoin’s Biggest Daily Price Drop In 7 Years !

DigiCambio · #1 03-13-2020

Hello Every One !

After a 50% daily drop, everything is possible. We can see price tomorrow going to $2-3k area or a bounce above $6k ! what do you think guys ?

rsot · #2 03-13-2020

Very volatile indeed - ppl who bought at around 9k are being hurt badly. Buy some if you figure on holding long

rsot · #3 03-13-2020

Quote:

Originally Posted by phaz0rz

Seems to be following the stock market. I blame institutional investors who make up the whales with enough holdings to manipulate the BTC price. I lost $2k+.

Sorry to hear that phaz - we are all taking beatings in some financial manner with this Corona :(

Blackjack90 · #4 03-13-2020

I think I will invest some money into bitcoin when it reaches 3k-ish points.

james_112233 · #5 03-13-2020

Should I invest into BTC then when it reaches the 3k mark ? Never been a fan of cryptocurrencies

phaz0rz · #6 03-13-2020

Quote:

Originally Posted by tinsoldier

Should have put your money into gold when agent advised you to.

Gold is way down too.

phaz0rz · #7 03-13-2020

Quote:

Originally Posted by james_112233

Should I invest into BTC then when it reaches the 3k mark ? Never been a fan of cryptocurrencies

Probably not, unless you have a use for it.

HODLing is a joke. What are you going to do.. just sit on it forever until it's banned for facilitating drug transactions?

james_112233 · #8 03-13-2020

The problem is I legitimately have no use for BTC so you're right phaz. Buying and flipping a mid range luxury used car is more profitable than waiting for BTC in my opinion.

ebaystealth1974 · #9 03-13-2020

Quote:

Originally Posted by james_112233

Buying and flipping a mid range luxury used car is more profitable than waiting for BTC in my opinion.

And something you can predict. Which is very important!

slokor · #10 03-13-2020

Quote:

Originally Posted by phaz0rz

... until it's banned for facilitating drug transactions?

So the only use for crypto is to finance drug transactions? I guess those cannot be facilitated in any other way (such as cash).
Maybe watch the Netflix show Narcos and see how things were done before crypto - and in what volume.
And maybe get a bit more educated on crypto in general before writing such nonsense.

prodigyace · #11 03-13-2020

Quote:

Originally Posted by phaz0rz

Seems to be following the stock market. I blame institutional investors who make up the whales with enough holdings to manipulate the BTC price. I lost $2k+.

Not a loss until you sell

phaz0rz · #12 03-13-2020

Quote:

Originally Posted by slokor

So the only use for crypto is to finance drug transactions? I guess those cannot be facilitated in any other way (such as cash).
Maybe watch the Netflix show Narcos and see how things were done before crypto - and in what volume.
And maybe get a bit more educated on crypto in general before writing such nonsense.

lol, it's not nonsense. The majority of bitcoin moving revolves around drugs. Do you have any idea how hard it is to buy large quantities of drugs with cash? KYC, SAR's, CTR's, WU banning you, USPS seizing your cash.. the possible problems are endless. Crypto has eliminated all of those issues for the drug industry. There are over a half dozen dark net markets active currently, with the largest grossing tens of millions of $'s in global sales weekly.. almost exclusively in bitcoin (they allow monero too, I think). I doubt whatever you're taking in selling eBay accounts comes anywhere close to the volume of bitcoin moving every week for illicit something or another.

Hundreds of pounds of Cannabis are flowing out of California to the rest of the country every single day and it's all funded by bitcoin. I don't need to watch bullsh!t shows on Netflix to get an understanding of how the modern drug trade works.

slokor · #13 03-13-2020

Sorry but youre clueless if you think the majority of Bitcoin transactions involve drugs.
Complete and absolute nonsense.

phaz0rz · #14 03-13-2020

Yeah, ok pal.

ebaystealth1974 · #15 03-13-2020

Maybe he thinks stealth account transactions are somehow comparable? lolz

DigiCambio · #16 03-13-2020

The reason for the beginning of the drop is fear about coronavirus but the main reason for big capitulation was leverage trading, especially on Bitmex. When you allow people to use high leverage without proper education, we get squeezes like the one we saw yesterday.

DigiCambio · #17 03-13-2020

Quote:

Originally Posted by rsot

Very volatile indeed - ppl who bought at around 9k are being hurt badly. Buy some if you figure on holding long

Yes but short term it doesn’t look good at all !

DigiCambio · #18 03-13-2020

Bitmex lost 2000 Bitcoin yesterday for their leverage trading program !

agent006140 · #19 03-14-2020

how is the virus related to bitcoin trading?
do people trust bitcoin more since you dont have to touch it?
or people think their government is no longer trustworthy?
are there still retail stores like restaurants which accept bitcoin?

There is a cash shortage out there,most businesses are drawing,have drawn or expected to draw down their line of credit with their banks,Uber,Lyft,UAL,Carnival Cruise,Boeing ,practically every corporation !

Quote:

Originally Posted by rsot

And this will go to bitcoin how?

no,but bitcoin has always been a sideshow,main street never consider bitcoins,now with this chaos,it has very limited potential.
Can you buy a respirator with bitcoin,can it cure the viral infection,can you buy toilet paper,rice,pasta,drug,food ?

Quote:

Originally Posted by Beautiful

forget bitcoin, toilet paper is the new 2020 currency/store of value

I dont understand this rush to hoard toilet paper?
This virus does not cause diarhea,may be a few exception?
Paper towel is a better choice,stronger and cheaper.
newspaper is also good.
I would think rice,pasta,flour ,honey,bleach are better.
how about detergent,you want to wear clean clothes,clean dishes

gold,silver,currencies are stores of value in civilised world.
Did you watch the movie Book of Eli?
chewing gum,shampoo,water,fuel ,grains,chicken which can lay eggs,cows,even aspirin ,antibiotis past expiration dates are worth more.

Quote:

Originally Posted by tinsoldier

Are you saying you now you want me to rub honey on my ringpiece?

use voided USPS shipping label!

speak for yourself,you like to dabble in cryto,you know what to expect.
If you are a Saudi sheik,what is a few million dollars loss?
But Cryto is still better than cabbage dolls,at one time a father was going to build a portfolio around such dolls for his kids college fund !

Beautiful · #20 03-14-2020

forget bitcoin, toilet paper is the new 2020 currency/store of value

DigiCambio · #21 03-14-2020

Quote:

Originally Posted by agent006140

how is the virus related to bitcoin trading?
do people trust bitcoin more since you dont have to touch it?
or people think their government is no longer trustworthy?
are there still retail stores like restaurants which accept bitcoin?

The virus caused big market gaps in traditional markets that can create fear and transfer it to crypto markets as well.

nate · #22 03-22-2020

Average life span of a fait currency is 30-40 years. British pound has been around for 300 and change.
I just find it ironic the next bitcoin halving will coincide with the greatest financial collapse of all time.
At this rate, S2F (stock to flow) projection of $100,000 per BTC doesn't seem all that far-fetched.
Seeing that at the end of 2021, $100k won't buy you that much.