As was posted by myself, and others, February 6th turned out to be an important date for cryptocurrencies.
Not just for calling a bottom in prices, but because we finally got past a date that provided some major uncertainty.
I first mentioned it here:
Basically, it turned out to be a day of not so much what did happen, but instead, what didn't happen.
The Senate Committee Hearing on banking and cryptocurrencies turned out to not provide the fireworks that some were fearing, at least to the downside.
Instead, they basically acknowledged that bitcoin and cryptocurrencies are a legitimate asset class that is likely here to stay.
Phew.
Crisis averted?
Some were fearful that the SEC and/or the CFTC might offer some heavy handed remarks that would further push prices down at a time when they were already sitting at 2 month lows.
More bad news when prices are already down 65% isn't a very welcome thought for most people.
However, as it turned out, sometimes what you don't say is more important than what you do say.
Overall, nothing earth shattering, ground breaking, or even outright positive was said.
However, once that uncertainty and fear of the unknown was removed, prices were allowed to rebound, and rebound quite significantly!
After hitting a low around $5,900 yesterday morning, bitcoin prices are currently trading around $8,400.
A bounce of $2,500, or about 48%!
More good news on the horizon?
Now only are we finally past February 6th, but we are also inching closer and closer to the Chinese Lunar New Year, which is February 16th.
More about that can be read here:
https://steemit.com/cryptocurrency/@jrcornel/february-16th-is-a-very-important-date-for-the-cryptocurrency-markets
Yes, China is doing their best to keep their people from purchasing cryptocurrencies, however, that likely won't stop every one.
Once we get past that holiday there is likely to be a lot of fiat money from that entire region looking to get back into cryptocurrencies.
It won't happen exactly on that day, but as you are seeing currently, much of the selling from that area has likely finally dried up.
What that means going forward?
That is impossible to predict in terms of bitcoin's price or steem's price or any other cryptocurrency.
But, given the current market environment and where we are going seasonally, I would not be surprised to see things turn decidedly more bullish for bitcoin and the entire space over the coming weeks/months.
Not only that, but you can even see a change in the headlines today vs. the last few weeks.
There are quite a bit of positive headlines out there today whereas it was nothing but negative headlines before.
Heck, even this one calling for bitcoin $50k by the end of the year came out this morning.
https://www.cnbc.com/2018/02/07/bitcoin-price-could-hit-50000-this-year-experts-say.html
I'm not sure bitcoin gets that high, but I also didn't think it would hit $20k last year and there are certainly a lot of days left this year, so you never know.
If bitcoin were to hit $50k this year, I can't imagine where steem might trade to with all the positive developments coming over the next few months.
Here's to hoping!
Stay informed my friends.
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Tethergate is still a dark cloud hanging over the market, unfortunately. I don't think we're out of the woods just yet. If Tether publishes some kind of audit or clears up the uncertainty in some way, markets will rally like a bat out of hell!
UpBit came out yesterday and said that all their customers will get equivalent USD if Tether collapses, which was a little weird:
I think a lot of exchanges might end up doing that, considering the amount of profits they have been taking in over the past year. Given than, I think the tether situation is massively overblown to be honest.
Agreed on overblown. What is Tether worth? $2 Billion in a market that is $400 Billion.
Would be like Barnes and Noble declaring bankruptcy, while Amazon was growing.
Barely a ripple on the water.
"Tethergate is still a dark cloud hanging over the market" agree it seems very very dodgy,
HODL and hope for the best!
I really hope you are right about the bottom being in (I think you are). In addition to new Chinese money, we have all the new users added over the past 6 months by the exchanges. They have also beefed up staff so new sign ups should get accounts quicker. Added to all the new apps such as Robin Hood etc which are adding crypto support and you have a mass of new ebterabts able to buy in when the price starts to move! That has to be positive for prices!!
My thoughts exactly. Sprinkle in some large tax returns coming in the next few months for US citizens and we have the recipe for a very good spring for cryptocurrencies. :)
We will look back at this time of 2018 , at the end of 2018 and think why were we even worried lol... just hold.
I think you could be right. Got the past few years, btc has dropped at the start of the year, only to go on and do well for the rest of the year. I’m not worried and won’t be selling yet!
The market is starting to stabilize. More profits to gain again for the next months
Feeling very relaxed now after learning about this encouraging news....
This is just the beginning for cryptocurrencies or crypto assets ad the government calls it. We hope for greener views.
My problem atm is whether i should BTC or STEEM or FUN, or another coin, i really don't know... you should make a list about the coins that you think have the greatest potential...
I like steem, btc, ether, eos, xrp, and neo... In that order ;)
I hodl some of altcoins
Wow Great post! You were dead on! Great work! I agree, we already hit rock bottom!
People call it scam when they lose and call it an opportunity when they gain. Humans are such funny creatures aren't we?
thanks for the information @jrcornel and i choose mu @jrcornel
I really liked of Senator Mark’s speak and of the two members of committee.
Gives hope about how seriously cryptocurrencies is in world.
Come on!!
love your posts...........
very nice post.. Thank you for sharing with us @jrcornel
wow... nice post @jrcornel . i really like your As it turns out, February 6th was indeed a very important day for Cryptocurrencies post. thanks for share the post.
celebrating day!!! considerable post @jrcornel
resteemed!!!!
Thank you for information. Waiting for updates
Our own - Steemit crypto-experts says that we gonna hit $40k this year. Why not?
https://steemit.com/cryptocurrency/@famunger/bitcoin-ta-summary-of-analysts-7-feb-18
i think bitcoin hit know bitcoin were to hit $50k this year, love you dear friend follow you! it celebrating day for all member!
good
And for the record It will burst again @jrcornel :)
What do you think the downtrend is over or is it just a minor break and we still can see below 5900$ btc?
This is very informative news about cryptocurrency.Thanks for such a information
February 6th should have a holiday put on it for crypto currencies. 🎉🎊🎉🎊
Haha, yeah, maybe we should make it an official crypto celebration day ;)
I am sure cryptos won't go down forever. The next Bitcoin bull run will be huge 🔥
Great post, @jrcornel! I love seeing green numbers and some positive news about bitcoin and the crypto market again, and I am very excited to see how the final half of February will play out once the Asian New Year celebration is done. I have high hopes for the price of Steem, and as you say, there is a lot of good development going on here, and I believe the market will definitely notice it when we get SMTs and Communities!
Personally, I've never been more excited about #Cryptos.
Really great article...thank you. I was scared of the Senate hearing but so glad it came out very positive. Now can we go test the ATH for the Bitcoin, please!😍
Which makes me think that there is hope . If bitcoin can turn like that or what it’s done in the past, we have to realize the whole markets potential
I always appreciate how you bring important dates to our attention. It is one thing to read charts all day but the psychology of people moves markets. Looking at February 16th as a launching point for the crypto year.
Thank you! Usually the selling of bitcoin related to the Lunar New Year tends to die down about a week before the actual date, which is right where we are now.
@jrcornel Great point :) Thank you for the info!
Thought Bitcoin died already, don't know what is doing in the green zone
The Senators are like Jamie Dimon badmouth it so they can get a better BTC entry price... then let it go!
I was actually impressed with the senator's comments. They seemed more open to bitcoin than the SEC's speaker did.
Good cop bad cop!
Very nice article. Personally i'm glad that the Crypto market crashed so hard. It weeded out all the HYIP's and other ponzi's, effectively making their tokens worthless. Now a nice amount of space in cleared for new player's to enter the arena. VERY excited to see what 2018 brings for crypto, STEEM especially!!!
Now if they can have a friendly tax system for US residents who crypto.
Yeah it was the day our lives fell apart
Great news for today!Confirmed: the evolution can't be stopped!
What you mean is, people who already bought it, want it to go up. RT Crypto Experts Predict 2018 Bull Run: Bitcoin To $50k, Overall Market Cap To $1 Trln
well i think crypto currency will grow .. and we all have to wait for that moment
I posted the crash was over, and in fact recommendes getting in on the buttom (Sunday), if you did´t time the market right, my recommendation is to increase exposure, in the alt market. Check out my channel for more information.
Good call if you did! Though the bottom was yesterday morning, as opposed to Sunday. ;)
Yes yesterday was the all time low for the current slump. It all bounced back today. China will regulate but not deny - too many experts in crypto live there as well as most miners...I think the market will only really get back in May.
Thanks for the informative post!
Indeed it was a great day for crypto! But do you guys think we'll get another major price drop before the end of the month? I believe it is possible and Bitcoin may even reach close to 5k before the real bull run starts.
That is certainly possible. It is not out of the woods yet. This was just the most significant bounce since prices broke that $10k support. If I had to guess, I'd say we saw the lows for the next couple months already, but only with about 70% conviction.
Very encouraging indeed thanks for that
I sure hope the price stays low for a little bit longer. I want to purchase some soon, once I close on the sale of my home.
At the hearing the US they sad that crypto is here to saty they understand that this is future and i thing that regulations maybe be good on scams .
Careful ... think we may still retest new lows in the next few days. We haven't broken out quite yet.
i'm glad they didn't further punish the concurrency market, the potential that the crypto market have to change the world for the better is unthinkable. the banks and governments might be only fearing what they dont understand or cant control .
I wouldnt mind a few more dips so that I can up my positions in certain coins. This is my first January in the crypto market, so it was devastating to see my cryptos halving in value over the past month.
Trying to convince myself that this correction is necessary to continue an upward trend in next few months :) crosses fingers
you are not save yet. If you want to be smart, you will want to wait till januari 2019 to start trade bitcoin.
Price will bounce back gradually.thanks for sharing.