CEO Shapeshift: a sharp drop in Bitcoin is a sign of euphoria bears When to expect the growth of cryptocurrencies

The market has dropped, Bitcoin will never recover, and instead Lamby have to continue to drive on the Volga?! As it is not so. Erik Voorhees believes that everything will work out, and quite soon.

Cryptocurrency market is heading into the abyss — it is this idea appears after you look at the fully red coins on Coinmarketcap. Last week the cryptocurrency has broken some important resistance levels and is on track to $ 3,000. It would seem, hopes for Lamba has long dried up. However, Shapeshift CEO Eric Voorhis have a different opinion on this.

The triumph of the bears

Sunday on Twitter businessman appeared quite interesting message.

“Collapse is a sign that the bears reach the stage of euphoria.”

By this phrase, Voorhees implies the famous market cycle, which is known to everyone on wall street. Remember in December everyone was talking about Bitcoins for $ 100,000? Then the bulls were at the peak of euphoria and didn’t notice any signs of an impending bloody correction. Now you can draw a parallel — now everyone is talking about “futility of the crypts” and lower the price of Bitcoin down to zero.

However, no one yet knows how long the current phase of the market cycle. Most analysts agree that the “real bottom” is waiting for Bitcoin in the area of $ 3,000. Before this also said chief analyst, eToro’s Mati Greenspan.

Recently, the Voorhees added one more detailed remark about the future of the stock market.

“Of course, much time has passed since then, when I got to the crypt. Every financial institution in the world is closely watching her. Every government is interested, or at least trying to regulate cryptocurrency. Tens of millions of people used Bitcoin, a large part of the world at least knows about the crypt. So Yes, it progresses, but there is still a long way.”

Finally, Voorhees explained that the invention of digital assets can be compared with the advent of the printing press or the Internet. In addition, the cryptocurrency will bring “great benefits to mankind” through decentralization.

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A College student lost cryptocurrency $ 755 000 (119,28 BTC): Blame the bears?

A bear market has hit many cryptocurrency traders. But while many investors have had to withdraw their funds left, and those who now literally crying from damages.

For example, a College student who bought the Bitcoin at a price of $ 5,000 in 2017, have expressed their disappointment with the loss of $ 755,000 (119,28 BTC), asking like-minded people, not if he destroyed his life. The fact that the guy was left alone with taxes on cryptocurrency trading in the $ 400 000, which he is unable to pay.

A user under the name Throwaway283921 explained on Reddit that started trading cryptocurrency in may 2017, after he learned that his friend traded Ethereum. He signed up for Coinbase and invested $ 5 000, which was half of his savings.

He’s started to sell Bitcoin in a pair of Ethereum, driving means back and forth, making the end of 2017 more than ten-fold increase in initial investment and in December of 2017 earned a whopping $ 880 000 (139,03 BTC).

The purpose of “Throwaway” was to withdraw money after he crossed the 1 000 000 dollars. It is a peculiar tradition followed by most cryptocurrency investors, but the hero of our story foolishly invested in a fraudulent ICO, which has led to irreparable loss of his condition. On arrival of bears on the market the guy managed to lose about 755 000 dollars, saving all of $ 125,000.

He explained:

“I didn’t know anything about taxes, so I didn’t bother putting nothing on hold. Me that nobody taught. I invested in several failed ICO, tokens which fell without any chance of recovery. Today my portfolio is $ 125 000 and not $ 880 000. The amount of taxes I have to pay for 2017, is approximately $ 400 000 (lives in California)”.

Now the student, following the advice of the cryptocurrency community to consult with a tax lawyer specializing in crypto-currencies and alternative investments.

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