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  Bitcoin Course Loses 28% in Four Days – Background and Assessment | Bit Updates
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Bitcoin Course Loses 28% in Four Days – Background and Assessment

Friday, March 9th, 2018 | bitcoin updates

Read the article: The Bitcoin price has fallen 28% since March 5th. Hacks, regulatory intervention and the closing of stock exchanges led to a general negative sentiment in the markets. How can one interpret the current price development? The week did Bitcoin not good, no question: the Bitcoin price fell between the 5th and 9th March by 2,600 euros. That equates to a loss of 28% – within four days! The other crypto market has also not developed well, as a glance at the price index shows. There have been several similar dramatic price drops since the beginning of the year. A glance at the charts also shows that the situation is not a complete catastrophe in the long term. It is frustrating that the uptrend since early February has been broken. However, we are still above a downward channel that has been in control of the price since the end of December: if the price remains above € 6,191.23, the old downlink channel has not yet reentered. And even if that happens: There is quite hope that the monthly minimum of February at 4,680.00 euros is a strong support, this could prove in the dip of early November. It is only when this support breaks down that there is cause for concern. Possible causes do not change the fundamental value of Bitcoin. However, concern about the future of Bitcoin and the entire Altcoin market is understandable. Above all, many wonder why the entire market has fallen in this way. As in a similar article a month ago, several reasons can be enumerated: The SEC has increased the requirements regarding exchanges in the crypto area. As an American crypto exchange, Bittrex has commented and is cooperative. In Japan, two crypto exchanges have been banned from doing business for a month. More stock exchanges are allowed to continue their activities under increased conditions. With a crypto ban for South Korean officials and a planned regulation of the cryptocurrency in Russia, there is more regulation, which leads to concerns among investors. The phishing attempt on Binance has many investors worried. Even before this scandal, there were several other incidents of hacked exchanges, so investors were very unsure.Mt. Gox continues to have a negative impact on the Bitcoin price long after the stock market closed down. For example, the Mt. Gox trustee sold approximately $ 400 million in Bitcoin and Bitcoin cash, which had an indirect impact on the price February, this list is a little catchy: There are no reasons that specifically concern Bitcoin. There was no vulnerability discovered in the Bitcoin protocol, the number of nodes has changed little and also the hashrates was not lower. From Germany, there was even positive news regarding the use of Bitcoin as a means of payment.Moreover: Segregated Witness is not only activated as default in the software of the Bitcoin Core Client, also Anycoin direct, Bitfinex and Coinbase support this important protocol update. This not only allows more transactions to be processed per block, but the Lightning Network is also possible through Segregated Witness. Overall, this paves the way for a sustainable solution to the scaling problem. Low transaction fees: an incentive to use Finally, transaction fees are at a level that has not existed for five months. This may also be due to the decline in transactions. However, the sharp drop in the transaction fee will once again create an incentive to use Bitcoin, so that interest in cryptocurrencies may rise again. In this sense, like a month ago, keep calm, do not panic or frustrate, but rather buy cheap cryptocurrencies. A few days ago, the issue of cost-average investment was addressed, that is, every month some money is invested in Bitcoin. This advice continues to apply. Above all, a real use of Bitcoin is invited! Only in this way can general bitcoin acceptance and adaptation be promoted.BTC-ECHO Philipp GieseDr. Philipp Giese works as an analyst for BTC-ECHO and specializes in chart analysis and technology. In addition, he is actively involved in the crypto community – both online as a central contact person in the slack channel of BTC-ECHO and offline as a speaker and interviewer, he always maintains an exchange with startups, developers and visionaries. The PhD physicist can draw on many years of professional experience as a project manager and technology consultant. For many years, Philipp has not only been enthusiastic about the technological dimension of cryptocurrencies, but also for the underlying socio-economic vision. Philipp Giese



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