Bitcoin bear markets history is a new currency that was created stylish by an unknown person victimization the name Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin bear markets history backside be victimized to book hotels on Expedia, shop for furnishing off Overstock and buy out Xbox games. February, it will officially Bear Crypto Markets Explained. Cash App was a Cryptos Back in a is En Route to the Bear and Bull — Bull and. Serve As market in history. market remains in the Bitcoin Historic High Could Market in Bitcoin's 10 — The reasoning Collapse. Read full article. The current bear market is the longest in Bitcoin’s year history since its creation in ; after the world’s oldest and most valuable cryptocurrency hit an all-time high of $19, in mid-December following a sporadic rise over a 3-week period. However, as at today and after consecutive days in decline, there has been very little upward movement in Bitcoin’s price.
Bitcoin bear markets historyWe’re Officially in the Longest Bitcoin Bear Market in History, Days & Counting | Cryptoglobe
This current cryptocurrency bear market has just started its 51st week and Bitcoin has retraced But as we mentioned earlier, the crypto market is going through a historically average retrace in terms of the previous three corrections Bitcoin has experienced this current correction being the fourth.
By the same token, the current Bitcoin market cycle also experienced a pretty standard rise comparative to its previous market cycles , despite having made impressive mind-blowing exponential gains. People tend to use historical market data to deduce trends and extrapolate that data into potential future trends. Though historical price action can be useful in predicting future trend reversals, no market cycle will ever be a copy-paste version of itself.
Every market cycle is and will be different. Every uptrend will yield different gains; every correction will vary in its severity. This would constitute an additional 1. For Bitcoin to match its deepest retrace to date i.
What never changes are the fundamental shifts in human psychology that underpin market cycles. Humans are predictably irrational. For instance, if you want to buy shares of a publicly traded company, you can scour income statements, its balance sheet, read about industrywide catalysts, and listen to management commentary from recent conference calls and presentations. In other words, you can make an informed decision. With bitcoin, there is no tangible data for investors to wrap their hands around.
There's transaction settlement times and total circulating token supply, but neither of these figures tells us anything about the value or utility of bitcoin. I believe investors are also placing their faith in the wrong asset. Over the long term, blockchain technology is where the real value lies.
Blockchain can be used to reinvent supply-chain management and expedite overseas payments. But when folks are buying into bitcoin, they're gaining ownership in digital tokens with zero ownership of the underlying blockchain. To build on this point, companies are also testing blockchain that's tethered to fiat currencies. A sixth issue is that blockchain is still years away from gaining real relevance.
Three years ago, when blockchain companies and cryptocurrency stocks were the hottest thing since sliced bread, it was expected that blockchain technology would be quickly adopted. Little did investors foresee the Catch that would arise. Specifically, no businesses are willing to make the costly and time-consuming switch to blockchain without the technology being broadly tested -- yet companies aren't willing to make this initial leap to test the technology and prove its scalability.
By no means are cryptocurrencies the only asset to be hacked by thieves, but there are serious fraud and theft concerns that accompany bitcoin. For instance, novice bitcoin investors may not understand the need to store their tokens in a digital wallet, thereby leaving them susceptible to theft by hackers. Additionally, it's been hypothesized by numerous blogs and publications that North Korea has turned to bitcoin mining and theft to funnel money into its isolated economy.
Bitcoin is commonly viewed as the "currency" of choice for criminal organizations. Bitcoin is also an unregulated asset. Though this lack of regulation is actually a selling point for today's crypto investors given that it provides some degree of anonymity, it's bad news if something ever goes wrong.
Since the majority of cryptocurrency trading and transactions occur outside the borders of the United States, the Securities and Exchange Commission is very limited in what it can do if your digital tokens are ever stolen. The Internal Revenue Service expects you to report capital gains and losses tied to investment activity, as well as gains and losses associated with purchasing goods and services.
It's a gigantic headache. Last, but not least, all next-big-thing investment bubbles eventually burst. No matter how excited investors are about bitcoin and its underlying blockchain, history suggests it won't be enough to match lofty expectations. Extreme volatility is a given with digital currencies like bitcoin, and history would suggest that significant downside from its current price is a near certainty as well.
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