The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Capitulation? Long-Term Holders Now Selling BTC, Says Genesis Trading CEO

by Daily Hodl Staff
November 20, 2018
in Bitcoin

The crypto market sell-off is starting to convince some long-time Bitcoin holders who first bought BTC in early 2017 to cave and sell their assets.

At least that’s what Michael Moro, CEO of crypto trading firm Genesis, told The Block. According to Moro, his firm is now “seeing the folks who bought in early 2017 sell for the first time today,” as they “are [now] getting close to their cost basis.”

Investors who bought in Q1 of 2017 would have secured their Bitcoin somewhere between $900 – $1,300. They then watched their assets surge to an all-time high of $19,783.06 on December 17th, 2017. Prices have steadily decreased in 2018, before stabilizing between $6,000 – $,7000 in August.

That stability was rocked last week when prices suddenly plummeted below the psychological barrier of $6,000, culminating in a new low of $4,170 for 2018, according to Coinbase.

Says Danny Kim, head of growth at SFOX, a cryptocurrency prime dealer for large-scale investors and high-net-worth individuals,

“Volatility ultimately boils down to the basic economic forces of supply, demand, and uncertainty. Uncertainty is what’s driving volume and volatility this time around, just as it did earlier this year with the Aug ’17 BTC fork and the Dec ’17 launch of BTC futures. This rampant volatility validates that there’s still a lot of money behind crypto, and that trading infrastructures have improved to handle more flow; we probably won’t see that volume slowing down until the BCH hashwar settles.”

Bitcoin is currently trading at $4,389, according to the latest data from CoinMarketCap at time of publishing. That number represents a 30% drop over the last seven days.

Andy Bromberg, co-founder of CoinList, a platform for listing digital tokens, says an event like the recent Bitcoin Cash fork can be a significant factor across wider crypto markets thanks to their relative immaturity. “Large holders will often make trades across multiple coins, causing ripple effects beyond the asset that instigated the movement.”

According to Jimmy Zhong, co-founder of enterprise-grade blockchain infrastructure IOST,

“The market continues to be unpredictable, the way it has always been. Bitcoin has been declared dead 316 times. This feels like the continuation of a natural cycle, and it’s important to note that even in this turbulence, the blockchain industry is flourishing. We’ve never had as much talent and interest in the space, and the tech has been evolving in leaps and bounds. I try not to concern myself with short-term market volatility, because this space is going to revolutionize nearly every facet of the economy.”

Despite the depth of the 2018 bear market, this is still not Bitcoin’s largest correction ever.

From 2014 to 2015 the price of BTC fell 85% from over $1,000 to under $200 within a year. If BTC were to drop 85% from its all-time high, the price would have to dip just below $3,000.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Radix Babylon Upgrade Marks New Era for Web 3.0 User and Developer Experience
    September 28, 2023
  • Tyrion Set To Decentralize the $377 Billion Digital Advertising Industry
    September 25, 2023
  • Hydranet Launches Layer Three Dex – A Game Changer for Trustless Cross-Chain Trading
    September 25, 2023
  • Ottochain Homage to EVMOS and Ethereum Layer Two
    September 21, 2023
  • Algorand Foundation Announces Build-a-Bull Hackathon in Collaboration With AWS
    September 20, 2023
  • OKX Achieves SOC 2 Type II Certification, Demonstrating Its Industry-Leading User Safety, Security and Compliance Standards
    September 20, 2023
  • Dexalot Unveils SimpleSwap and SimpleView Features for Enhanced User Experience
    September 19, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,877.20
$26,877.20
0.89%
Ethereum
$1,667.13
$1,667.13
0.36%
Cardano
$0.252787
$0.252787
1.25%
XRP
$0.529477
$0.529477
4%
Dogecoin
$0.061819
$0.061819
0.53%

Spotlight

  • Bitcoin Facing an ‘800-Pound Gorilla’ Downside Risk, Says Bloomberg Analyst Mike McGlone – Here Are His Targets
    September 22, 2023
  • Trader Warns One Blue-Chip Altcoin Is ‘Hanging On for Dear Life’, Updates Outlook on Bitcoin and Ethereum
    September 22, 2023
  • Crypto Analyst Issues Bitcoin Alert, Says BTC Could Dip Further if History Repeats Itself – Here Are His Targets
    September 22, 2023
  • Whales Move Over $660,000,000 in Bitcoin, Ethereum and Chainlink – Here’s Where the Crypto’s Headed
    September 22, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash • Financeflux •
Industry Announcements

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl