I have just decided to shift half my USD from Bitstamp back to the safety of my EUR bank account.
Why am I announcing this in speculation?
Because I suspect that many other traders or investors looking for good entry for longer term investment are going to be doing the same thing right now. Lets face it, Bitcoin isn't going to be doing anything much, anytime soon other than trend and grind, predominantly in a downward direction. I feel it, you all feel it, the hackers with thousands and thousands of stolen coins feel it, so why risk having tens of thousands of USD sitting in some exchange with each of it's feet planted in different countries jurisdictions with still lots of uncertainty shrouding security of Bitcoin exchanges, (yes, even Bitstamp)?
I have this apathetic sentiment towards Bitcoin as do lots of other Bitcoin investors, which kind of adds to the snowballing effect of bearish apathy.
I am holding zero Bitcoin. I still have an amount of Fiat on exchange, some of which will be turned back into GBP via BTC and LocalBitcoins, with a small amount left on exchange, 'just in case'. But the reality is that I don't expect any of my 'flash crash' buy-ins to be fulfilled, at least not until Bitcoin is trending in these sort of ranges anyhow, and I don't need preset buy-in tranches to buy Bitcoins in ranges where I will have all the time in the world to decide on whether to buy or not. Sure, there will still be swings in both directions that I could take advantage off, but will they really be worth the hassles and risks?
That is my sentiment and suspect it is widespread and growing. We were all waiting on the spectacular bottom to occur, to get our buy-ins, and then for Bitcoin to go shooting way back up to the moon but with that one day of Ukraine banking system panic put to one side, things aren't going to work out quite as simple as that. Indeed, I have seen convincing Elliot Wave analysis suggest that the bottom needs to be retested (and according to fibbonacci time ratio principles it aint happening anytime soon), or indeed that the bottom isn't even yet in from the post $10-$1200 bubble crash.
So you sold all your coins and hope to buy back in lower? I hope this thread helps you to try and manipulate the price lower!