The global crypto market cap fell again today, as capital flowed out of the markets for another session. Taking the total below $150bln for the first time this year.
The Bitcoin Cash hardfork on the 15th has been a catalyst for support to break and demand be overwhelmed by sellers wanting to cut losses.
Confidence has been shaken this week so hard that many crypto traders have decided to pack up shop and cut their losses. Tweets in the past 24 hours show the extent of pain the current sell off has caused.
I’m capitulating- fuck you all. I lost a lot of money. Fuck crypto, worst year of my life. Keep gambling fuckwits. I lost 7 grand. Fuck the lot of you I hate crypto and I hope you all commit suicide.— Godl Member (@godlmember) 18 November 2018
This is bullshit. I'm broke, I hate myself, BTC is slow and useless, at least my money in the bank doesn't drop by 80% if I hodl. Satoshi is the devil, you're all in over your head. Go to hell, I sold it all and I'm out! $BTC $ETH #cryptocurrency— RunTheGauntlet B.T.C (@Kiwialter) 19 November 2018
I'm out fuck this crypto bullshit I'm done I'm not wasting anymore time here... fuck CT, fuck bitcoin, fuck Mathew Mcconaughey. Call it capitulation idc. Goodbye.— Mr. Panini (@Cryptopanini) 19 November 2018
Although currently there is not any support forming on the orderbooks, demand may start to enter as Bitcoin breaks lower levels towards the $3k range or lower, due to the cheap level. At this price mining profitability is really getting squeezed and there is not so much to be made, unless running on cheap / owned power.
Will cost of production be a support floor on bitcoin and serve the market similar to the cost of production on gold? Or will this recent shake up be enough to put a tilt on the market taking it even lower. Presently we must wait and see.
As analyst Joseph Young posted earlier in only 33 days Bitcoin jumped from $6k to $19k. If you have the patience to stay in for the long ride, you will be rewarded.
I've always been vocal about not knowing where Bitcoin price will go, because no one really knows.— Joseph Young (@iamjosephyoung) 20 November 2018
Last year, in 33 days, BTC went from $6k to $19k. Crypto is highly volatile and unpredictable.
If you have confidence in the long-term growth of crypto, patience will be rewarded