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This One Chart Will Change The Way You Look At The Recent Bitcoin Crash
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Bitcoin

This One Chart Will Change The Way You Look At The Recent Bitcoin Crash

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The cryptocurrency space has taken a beating over the last few weeks. Bitcoin (BTC) is down 65% on highs. Ethereum (ETH) is down just shy of 50% across pretty much the same period. If you factor in the pre-South Korean removal prices from CoinMarketCap, Ripple (XRP) is trading at a more than 80% discount to its early January highs.

But here’s the thing: this is a severe correction, sure, but it’s far from the bubble bursting that many are calling.

What’s important to recognize is that those people that have lost money (the only people that have lost money) are those that entered the markets over the last eight weeks or so. Everyone else in the markets have made money.

In other words, it’s only the newer entrants that are sitting on net losses.

Interestingly, it’s the same people that have been hyping this market and that now are claiming its crashing and burning.

CNBC, Bloomberg, etc., were at the forefront of those outlets pushing people to jump into the markets and buy bitcoin, or Ripple, or whatever, as prices ran up in December. And now, it’s these outlets that are fielding so called experts claiming crypto has had its time.

So how does anyone holding bitcoin or other coins deal with the current crash?

Well, take a look at the chart below.

source

Look familiar? Probably not – it’s the first real collapse we ever saw in the bitcoin price and it happened back in April 2013.

At the time, the price ran up to $260 and then collapsed to a little over $40 within a few days.

But here’s the interesting thing. This period (the end of the third quarter, 2013) coincided with the first time bitcoin started to attract any sort of mainstream media attention. The attention pushed price up as a wave of speculative new money entered the market.

The wave of extra attention pushed the price up and up until it hit an inflection point, the price started to fall and all of the media outlets that caused the run by touting bitcoin to new buyers changed their opinion, called for the death of bitcoin and created a crash.

So, we’ll ask again – sound familiar?

The only difference this time around is that we’re talking about tens of thousands of dollars as opposed to hundreds of dollars in valuation.

The key thing to recognize here is that whatever anyone says, this is far from unprecedented in the bitcoin space and – indeed – it’s something that we’ve seen happen almost to the note, on a number of occasions in the past.

Last time around (so, going back to April 2013), markets took around 7 months to recover. Exactly how long the recovery is going to take this time around is anyone’s guess – it could be longer, because we’re talking about higher per-coin pricing, or it could be shorter based on the dramatically increased daily volume and external interest in the space that exists right now as compares to April 2013 – but that things will recovery is far from a guess.

There are only two sensible things to do at current prices, then.

First, delete Blockfolio (or at least stop checking it every few hours) and ride out the dip. Let the panic sellers exit at the wrong time, do nothing and wait for the price to turn around.

Second, buy buy buy.

We will be updating our subscribers as soon as we know more. For the latest on BTC, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

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Binance Coin (BNB) Stops Following Bitcoin (BTC) — But is it Permanent?

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Binance Coin (BNB) is currently one of the most interesting coins in the vast crypto market. However, the thing that makes it interesting is seemingly unique to BNB at this time, which is the fact that it managed to decouple itself from Bitcoin (BTC).

As many are likely aware of, Bitcoin is the first and the largest cryptocurrency. It is also the most valuable one, in terms of its price. As such, Bitcoin has been dominating the market, as well as dictating the market’s behavior. Whenever Bitcoin’s price goes up or down, the rest of the market tends to follow, and each coin’s chart resembles that of BTC — not completely, but enough for everyone to notice.

Binance Coin, however, is the first coin to successfully say ‘no’ to this trend, and resist the largest cryptocurrency. Many have noticed this phenomenon and were wondering what had caused it. So far, the only explanation is a large number of use cases that BNB now has, thanks to various projects.

Binance Coin use cases

Binance Coin was created by the largest crypto exchange by trading volume, Binance. The exchange developed it to be a native coin in Binance ecosystem, and it is being used within the exchange itself. Many have started buying the coin, as using it within the exchange grants a significant discount on trading fees. The discount is…

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Bitcoin

Why Bitcoin Price Remains Stable Before the Expected Hike

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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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