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Crypto crash or market correction?

DutchTexan
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I think everyone who has been watching crypto closely or gpu mining has noticed the intense speculation and price jumps last month. I think we are seeing a major correction now. I think Bitcoin and the other ~52% of the cryptocurrency market is going to keep dropping for a few days or even weeks.

 

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I only have around .067BTC atm. Which would have been worth nearly $330 on the 1st of this month. Fourteen days later, it is now worth ~$220(~3,300USD/BTC). Regardless, I am holding this and continuing to mine. I do not plan on getting out of hobby mining for a few years.

 

Just my thoughts, wondering where everyone else is on the subject.

 

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Posted
2 minutes ago, Technicolors said:

is it because difficulty is rising? 

This has been triggered by legal action that has been taken in china by the government. Give it a google for some in depth information, at the same time you could speculate that crytos have been in a small bubble, that has now burst, causing the drop. 

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Posted

"Bitcoin cash", zcash, or monero is becoming the popular target right now...
These are actually easier to mine, and zcash is actually profitable right now

 

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Posted
1 minute ago, Ben Quigley said:

This has been triggered by legal action that has been taken in china by the government. Give it a google for some in depth information, at the same time you could speculate that crytos have been in a small bubble, that has now burst, causing the drop. 

Small bubble is an understatement.  It's a massive bubble when you need a fucking log scale to plot the price movement.

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Posted
  • Author

 

Normal growth 

59bac2db83e86_Capturenormal.png.af2762d64b8223d8aca0185226f3a28f.png

 

 

 

Almost pure speculation 

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Posted
Just now, AnonymousGuy said:

Small bubble is an understatement.  It's a massive bubble when you need a fucking log scale to plot the price movement.

Okay maybe small was the wrong term, I just meant it wont drop to almost nothing... hopefully. 

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Posted (edited)
36 minutes ago, frozeNNN said:

Bitcoin going to be banned in China on 30th of September, that's why.

So... people in China may sell GTX 980's and GTX 1060's for throw away money?

Edited by AmbarChakrabarti
Awful Vocabulary -_-

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Posted
17 minutes ago, frozeNNN said:

Bitcoin going to be banned in China on 30th of September, that's why.

Are they banning bitcoin or cryptos in general? 

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Posted
8 minutes ago, Ben Quigley said:

Are they banning bitcoin or cryptos in general? 

No idea. But since many other coins are connected with Bitcoin they all going down

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Posted
12 minutes ago, AmbarChakrabarti said:

So... Chinese people may sell GTX 980's and GTX 1060's for throw away money?

I doubt Chinese people might do that, more like people in China :)

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Posted
12 minutes ago, frozeNNN said:

No idea. But since many other coins are connected with Bitcoin they all going down

The reason I'm asking is, if it is only bitcoin, then GPUs may not flood the market. My thinking is, a lot of the small timers, home miners and the like are likely to pull out, the big guys will just stick at it enjoy the dropped difficulty and wait to cash in the coins. 

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Posted
9 minutes ago, frozeNNN said:

I doubt Chinese people might do that, more like people in China :)

Kill me pls

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Posted
Just now, Ben Quigley said:

The reason I,m asking is, if it is only bitcoin, then GPUs may not flood the market. My thinking is, a lot of the small timers, home miners and the like are likely to pull out, the big guys will just stick at it enjoy the dropped difficulty and wait to cash in the coins. 

GPUs probably won't flood the market. Coins will be back and will rise in price again soon. It's just a panic effect which does this at this time.

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Just now, frozeNNN said:

GPUs probably won't flood the market. Coins will be back and will rise in price again soon. It's just a panic effect which does this at this time.

I'm hoping home miners do pull out, may at least ease some demand... 

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Posted
3 minutes ago, Ben Quigley said:

The reason I,m asking is, if it is only bitcoin, then GPUs may not flood the market. My thinking is, a lot of the small timers, home miners and the like are likely to pull out, the big guys will just stick at it enjoy the dropped difficulty and wait to cash in the coins. 

it seems to  be bitcoin only for now. Though crypto currency ban is on the cards. 

 

This was what I found out after a quick Google search.

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Posted
Just now, AmbarChakrabarti said:

it seems to  be bitcoin only for now. Though crypto currency ban is on the cards. 

 

This was what I found out after a quick Google search.

Thanks for that

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Posted
58 minutes ago, Ben Quigley said:

Thanks for that

Here's a bloomberg article linked from the HardOCP forum article on this...

 

https://www.bloomberg.com/news/articles/2017-09-14/bitcoin-tumbles-as-chinese-exchange-says-it-will-halt-trading

Quote

The communist nation plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, Bloomberg News reported Monday. The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private. Authorities don’t have plans to stop over-the-counter transactions, the people said.

 

https://www.hardocp.com/news/2017/09/14/bitcoin_crashes_after_chinese_exchange_says_will_halt_trading

 

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Posted

Looking at bitcoin:

There's support around 3000$ (or a tad below, depends on which chart you're looking at). If that fails it looks like all air down to the 200DMA @ around 2500$. Exciting :D

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