The Cryptocurrency Market ‘Bleeds’ - What Next?

Vanie Ghamta
Sep 6, 2018 · 3 min read

Setting an ‘All-time High’ record in December 2017, the cryptocurrency market is bleeding innumerably after 8 months, for the year 2018.

We were ‘To the Moon’, but the Gravity played us!!

Another bearish week was marked on Wednesday with the fall of Bitcoin price. The prices are plunging towards the previous lows, and this has led to the panic in the market. It might make us think what solution The Bulls can have to this “Blood on the Street”.

The trounce is still not over for Bitcoin. The ‘Flagship Cryptocurrency’ has slipped again below the Critical $6800 mark, which many analysts pinned for short-term anticipation.

I think that the market will remain stable in mid - $6000 for the rest months of the year 2018.

As I write this article, the price of Bitcoin on Coin Market Cap dipped as low as $6,432.86.

‘Ethereum’, a primary cryptocurrency after Bitcoin, is also plummeting. We saw the slump of Ethereum at $226.41. The Smart Contract- Cryptocurrency Platform, Ethereum, faced a depression of more than 20% in the last 24 hours.

We can only hope the ‘King of Cryptocurrency’ (Bitcoin) regain its price in the market and make it stable. The current dominance of Bitcoin is 54.8%, which is an ‘All-Time High’ for 2018.

Apart from the two, most significant altcoins are also in firm red, and always moving towards the depression of 5–25% or more. Litecoin (LTC), an altcoin, plummeted to 17.62% (approx.) in the last 24 hours. Other prominent altcoins have also suffered substantially.

“Total Market Cap of all cryptocurrencies is $202 billion, which dipped more than 25 billion over 24 hours.”

While analyzing the past, I saw that it’s not the first time Bitcoin has trifled the mark. Now that the support broke out at $6800 and price went down to $6432.86; it’s not the bottom of the year 2018.

I am positive about the future to come.

A likely scenario of this week’s red cryptocurrency market can be the “Pulling back near-term Crypto Trading Desk Plans by Goldman Sachs.

In response to client interest in various digital products we are exploring how best to serve them in this space,” a spokesman for Goldman Sachs said. “At this point, we have not concluded the scope of our digital asset offering.

According to reports, Goldman Sachs took $74m short position 2 days before announcing the pull-off.

Data scientists believe that the whole incident was either market manipulation or insider trading, but are resistant to give the reasons.

We can think that the occurrence of all the plausible events has likely lead the market to bleed on such a high scale.


What can we do??

We HODL during Bear Market!!

The market is always volatile with high fluctuations, and this is normal in itself. The most important thing to do during the market bleed is to HODL.

Do not sell-off your assets in panic.

There is only one advice you will come across from experts or people having good market experience: “BUY- when there is blood on the streets.”

If you believe in cryptocurrencies and want to buy instantly to your secure wallets, then try buying using an instant exchange. Instant non-custodial exchanges help you buy cryptocurrency directly into your wallet without keeping your funds to an external exchange account.

For Users, who are new in crypto-sphere, it’s a great time to buy small amounts of bitcoin/ethereum ($50–100) in their wallets and HODL.

Let me know your thoughts on the Bearish start to the week or for the coming weeks!!

Disclaimer: The views expressed in this article are not intended as investment advice. The views on the market remain purely personal.

Thanks to Oleg Belousov and n.exchange

Vanie Ghamta

Written by

A regular mountain girl who loves writing:) ;)

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