Bitcoin Forum

Bitcoin has dropped more than $60 dollars since yesterday.

What do you think it could be the cause for this dump?

Nothing really, because if you see the couple of years the price always have been going down in the beginning of the year.
I am sure if we take some time the price will go up again is nothing new.
The good thing about it that is now cheaper to buy.

And most stock portfolios are down the same percentage since the beginning of 2016. I'm down 7% myself. It's emotional selling. Bitcoin was oversold anyway.

i think the main reason is Mike Hearn's announce and situation on cryptsy

yeah some people expected this to happend and they also say that the prices will get more higher after this
i think it culd be an opportunity to buy before it goes up again

it's probably a combination of the cryptsy shut down and the news about mike hearn. the news here reports with big letters "BITCOIN IS ABOUT TO COLLAPSE" due to what mike hearn said. it amazes me time on time again that bad news about bitcoin gets picked up and published very fast, and when bitcoin has some good news, then it takes a few days before the media here writes or say anything about it.

Cryptsy.... is 100% the reason.  For better or worse I still believe they are not thieves and just got screwed and are trying to fix the situation... We should start looking for who took those 10k BTC and 300K LTC..

It's normal. For the last couple years I've sold my coin before Christmas to buy presents then bought the coin back in Jan-Feb when the price goes down. Nothing to see here.

I agree with you there.
I think these are the reasons as to why bitcoin is dropping

Yes, I agree. I believe this massive dump started because of Craptsy. They are saying they got hacked, but it is just a move to enable them to dump all the BTC and LTC they stole from us. The Hack thing is all a charade to fool us to believe they were hacked when in the reality they are a bunch of conniving bastards.

all the unregulated exchangers may do that sooner or later. BTC-e, Bitfinex, BTC China, Bitstamp...they can all do the same. They are just shady companies(even they seem "huge") and they can disappear overnight.

that supposed 10k btc was from 18 months ago

imagine it 1 person holding just 1btc. trades 2 times a day (=0.01btc fee's)
100 days=1btc fees
500 days=5btc fee's

now multiply that by just 2000 people = 10k

now also take into account all of the other altcoins, 200 of them.. and you will see that after 18 months fee's would easily cover losses hundreds of times over.

also.. if only bitcoin and litecoin were affected. then they can easily hand out the altcoins..
but oh wait. the order book was not filled with genuine orders from holders.. so buys and sells wont tally holdings either..(fake orders=fractional reserve) which explains where all the altcoins went

It's very hard to predict and belive. I'm guessing it's the cryptsy scam? Though there is no logic that I can figure out and relate how it will affect the market prices but I'm starting to belive it now. Good time to buy them though.

I believe this is the reason as well. I don't mind it at all though. Bitcoin was bound to come down at some point. Bitcoin can't keep on rising without it falling down again. I'm actually glad to see this happen. It gives some of us a chance to buy again.

no, it will not happen at this time, how much was the price reduction bitcoin today it would not be served until at the price of $ 60 for the moment, I believe it

hope it stay cheap so i can buy some huge volume when i get payed the 25th :D , was getting kinda concered that the price was getting to expensive before the halvening , but thanks to this random dude writing for times and the scam , was thinking anything under 500 was a buy until the halvening , so anything under 400 has to be a must buy then :)

Just wait until R3CEV/HyperLedger/BigBanks/IBM/Cisco/IMF/Global Govts release the new global fed coin.

You ain't seen nothing yet.  It could have been avoided.  Bitcoin could have been the coin.  Odds of this happening are dropping like a rock right now.  Bitcoin Core/Blockstream has destroyed the integrity of bitcoin.  Nobody at any serious level of intelligence trusts the governance team.  And there is too much at stake fianncially.

If Classic doesn't shut the hell up and just DO the fork to 2mb, then I think Bitcoin IS effectively dead within 2 - 3 months.  It may not die to Zero - but it may very well get dumped to permanent altcoin status.

You simply cannot make as many mistakes as have been made (pointing at CoreDev/Blockstream) without their being consequences.  The Consequence is that everyone who believed.... is about to lose a ton of money.

Just look for 'Mike Hearn' on Twitter and you'll see quite a lot of people sharing his Medium article ( https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.fxetdnlw9 (https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.fxetdnlw9) )
Even by people who are not really into Bitcoin, so I think it's pretty obvious that this is the cause of it.

PS.... I have warned and warned and warned..... there is no time.  Things are getting ready to happen FAST.

Apparently Mike Haern, one of the prominent bitcoin developers said that Bitcoin has 'failed'. Also Cryptsy situation which is by many considered to be MtGox 2.0.
People are now panicking and selling everything. More info: https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html (https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html)

Man I wish I had extra crap fiat to buy BTC right now. China is happy they can buy all the bitcoins the pannicking sellers are selling. Man I thought we were done with the scared stiff seller. I also think a lot of people are dumping to buy back before halving. I wish I had some extra  crap fiat.

The 2 main causes could be because of Cryptsy a Bitcoin/cryptocurrency exchange being hacked. 13,000 bitcoins is quite a lot to steer downward pressure on the price. Also, probably cause of the bad news around about Mike Hear quitting Bitcoin and also selling his Bitcoins.

It seems like negative news also has some sort of effect on bitcoin. I think some of it also has to do with people who are panic selling. I do believe bitcoin is able to recover from this.

Down with bitcoin is not a problem, because it can go up again.
Also you can buy more with this kind of price.
We can see this year also a maybe a 1000 dollar.

Soon there will be threads like "Bitcoin drops to $60".

ekstream predictions so I thought. clear bitcoin according to my observations will not fall below $ 400. I consider as it will block the halving in the middle of this year.

If people will turn out to be brainless idiots then yes, we will see these threads. But there is no logical explanation for selling if you ask me, Cryptsy fail and Harn leave are exaggerated facts.
Bitcoin is not ending, nothing is changed, stop with the panic, please.

I am so fed up with all the panic and fud. I wish people like Hearn would fuck off. If he quit BTC, why is he still

chattering about it? He may have been a major dumper, methinks. I don't know for sure. And Craptsy goxxing

everyone makes me mad as they may have had something to do with causing a big panic.

we should take advantage of this golden opportunity, because btc price is bound to go up again, who knows we might not get an opportunity like this again.

the reason prices going down :
1.Crispy dead and declared 13.000btc and 30.000ltc stolen
2.Mike said "btc's done" and declared crispy situation.

this's just only panic sell because they think 13k btc'll dump exchange.because until now that's btc havent been sold.

BUT.

there's around 1k and more buy wall on exchange at 350$ so,dont worry because this time to buy.
just ignoring that crispy statement,they wont sold their btc right now.because if they sold it.

PRISON AWAITS THEM

One week ago we saw fake volume and a cheap pump in China although signs looked 50/50 with a slight bearish tendency. The correction was very likely and partly already visible with bitstamp "leading" the price in a negative way. There were several minor dumps yesterday, followed by bad news from Mr. Hearn and Cryptsy finally coming out with their "hack" confession. I believe Cryptsy could be of larger importance here since its fall will effect the entire altcoin market and many people probably got burned.

I was convinced that Cryptsy was the only reason, but after reading Mike Hearn's bullshit, he may be also a bit responsible. Writing such a bunch of lies is unfair. However, the main reason is still Cryptsy, because if people that trusted in Bitcoin can change their mind for a text, there's a big problem :-\...

A drop of 60 $ isn't that much to be worried about because this is trend in Bitcoin so see 50 $ rise within hours or similar drop in the same way many times happened.This Cryptsy story many of us already were imagining will fold this way.Bitcoin isn't this weak to finish so quickly after all it is market of billions of dollars.All this will be over soon ,just keep watching if don't believe me.

I don't see the drop as problem but the problem is they way Cryptsy came out this is very suspicious and became fashion first hide bitcoins somewhere and claim of hack attack and then sell them off after some time.This thing is not good for Bitcoin and it should have some full stop to not happen in future.

Exactly, why would they come out with this hacking news right now, if it happened over a year ago?

I read that it happened in 2014, doesn't make sense, maybe they are just abusing the bitcoin system by selling all now and exiting out.

Cryptsy is probably the reason for the current price fall. I was also reading about Mike Hearn's rant about Bitcoin. According to Coindesk there has been a theft of 13,000 BTC and 300,000 LTC being worth around 2,400 BTC. I am not sure why people are making a lot panic about this as this all happened in Juli 2014.

Late December and early January is the transition phase between people selling Bitcoins in order to buy stuffs for enjoying their holidays.
I don't really understand why are people so worried about a simple drop?
I wonder whether you all had a heart attack when the price fell down drastically after Ross' wallets got confiscated.

BTW, let's enjoy some pun and forget about it - https://www.youtube.com/watch?v=NDl1dJoH0mI

---

That's not how Bitcoin works. ;)

It's because most people, when they invest into something, they only want bitcoin to go up.

Those people are not in it for the long term, they rather invest into something and sit on their profits real quick

Its because of scandal issue of cryptsy and i think before end of this issue the price will rise again.Not sure when but i think to weeks from now
The price should back above 400..

I agree with that. I don't mind seeing this price drop though. Bitcoin has been going up and staying at a good $400 for a while now.
It's good that it's coming down beginning of this year. I can't wait to move forward.

Thank stupid miners and small-blockers for this crash. God knows what's the bottom but it can be even in low 200s. Mike Hearn did the right thing. It's wake up call for miners or else Bitcoin will die and get replaced by Ethereum probably.

I think both Mike Hearn exit (who says he sold his coins too, and probably has close friends and relatives who did the same) and the cryptsy issue have a hand in this. By the way... it is a lot of coincidence isn`t it?

Think we should buy in lows, price should go up again.

Bitcoin price is sinking. Only the "small players" are keeping their BTC now and they will face big loses. BTC lost over 100 USD overnight and it's only weekend. The price will go down starting with Monday.

Mike Hearn was a VERY close friend with many BTC investors, exchangers, miners. He knows a lot of dirty "secrets" from the BTC market; who owns it, who manipulate it. So, I would rather trust someone like him than any BTC media like Coindesk who "was" owned by the same investors who owned BTC exchangers... so they have MANY interests.

Mike Hearn: ". Bitcoin has no future whilst it’s controlled by fewer than 10 people"   :)

I think that it is because of cryptsy and not because of an employee which left the job at bitcoin core.

seem confused to see price drop around $60 in 2 days, i think this is like manipulated but i'm not sure. i take a risk to buy some coin maybe price will back fast too :)

i have bought at various prices when the price was heading down. you just need to do it before the price goes back up.

the coins at various prices that i have bought when the price dipped under $400.

2+ bitcoins at $393
1 bitcoin at $385
1 bitcoin at $360
1 bitcoin at $357

Soon you'll make profits, price will surely go up again. The current low value is sure a price manipulation due to a combination of Crypsty news and Mike Hearn news

i have no doubt that i will make a nice profit once the price comes back up again. i'll hold these coins till the block halving. by that time the price will be much higher than $500. manipulation isn't always bad, it allows us to buy at low rates.

i beleive the price is down to the developer that stepped away saying bitcoin is lost and done for, if the devs dont beleive in the coin, why should other people?

Bitcoin is now not only with developer as it is now distributed worldwide only one developer leaving or to be exact stating that he will leave bitcoin community doesn't make other to loss their believe in bitcoin. Bitcoin will be back on track within this weak i think.

Development is worldwide only if you think the entire world is made up of English speaking countries and North America makes up 3/4 of the world.

i was never know why bitcoin drop with very fast but some people said it because cryptsy exchange

but i hope the price will be back to $400 in the near future

We need to be realustic price wont go below 300 and not less go to 60
Cmon dude do you realy think it can be done

I think the most recent news that surrounds bitcoin has to do with the price drop.
The mike thing and the crypto thing had something to do with it.

why dont people save their bitcoin in cold storage? blame yourselves.

it doesn't matter how much you are telling people to keep their coins in offline storage under their own control. they keep their coins in exchanges because it allows them to just log-in and start trading directly. making deposits can take a hour to get a few confirmations which depends on the exchange. they think they are saving themself some time, but in fact it may cost them their coins. they don't realize that.

The miners are supporting the 2MB block size increase. That will be implemented in the next few months. So the price will recover.

yup, it's because of dump, but after every dump comes pump, so don't be afraid, it will rise

That $60 drop was due to the last two bad news that happens, and after a month I think it is now fully recovered and starting to move to where its price should be at this time..  :)

So why did the price drop from $450 to $410 now?

For me its just a nature of bitcoin that the price will pump and dump.. Honestly if there's no pump and dump there's no traders out there and we cannot get any profit with our bitcoin...If you see old price chart of the bitcoin the price is not stable but year by year the price is gradually increasing..

because the whales who pumped the price up can sell at the right time and make a lot of money.  Then they can do it again in a week or so.

Btc price doesnt have to go through the roof for whales to make money, they just need to time things right.

I think so. The bitcoin price is very volatile. So any price action is possible in this range. No surprise.

That wont happen $60 is very low. And if you are now looking at it the price is now rising slowly so that is very good.
Dont be negative and just wait for what is going to happen. You never know what can happen in the future.

But i really don't think it can really last that long, in no time it will go back to it's usual.

The sudden decrease $60 in the price made most of the users get panic. But the same time because of the sudden fall most users sold all the bitcoin they own. This just increased the circulation of bitcoin in the trading point.

It wont be that low ! Bitcoin will rise. If you can now see you see that the value is now rising very slowly.
And that is good. We all hope that more people will use Bitcoin and that the value will also rise for a long time. But you dont know when it stops.

yeah it's because of dumping, that happens always, of course 60$ is huge dump,  but it will rise again now, because chine intrested  in bitcoins now,so prise will rise

Its not going down. You can see now that the value is rising slowly and that is very good for the people that made an investment.
But it is very good to predict a currency. You never know what can happen later in the future.

The fall of $60 is by the time of 2016 start. It is due to the higher authority people making a statement that's opposite to Bitcoins growth. Even at that instance bitcoin has overcome and now it has crossed the 60$ fall.

You scared me. I thought you meant "price dropped to 60$"

if bitcoin down to the price of $ 60, we only need to buy so the price goes up again, and I think it is something that will never happen now, even in the future, I hope

that's a large fall,  i don't think that it is because of pump and dump, might be because everyone started to sell bitcoins, then other sells for even lover price and so on

I hope the bitcoin can drop $60 now, so that I can buy more. Short term price drop is a good buying opportunity.

yeah me too.

i have all kind of low bids set in my exchangers these days just hoping that one little downward dump fills my orders :)

yes, I also do not feel this will happen, because I know, even if the price of bitcoin down, it will only drop in the price of the lowest $ 200, and then it will go up again, because at this time will be very many people who buy bitcoin

I don't like bitcoin price drops, but 60$ is not a tragedy, if it would fall to 60$, thenit would be death of bitcoins, it will rise now anyway

That will not happen. It wont drop. I think that it will be just more worth and that will be good. You can see now that the value is slowly rising and that is good.
Why do you think that the value is going down ? Why so negative ? Just wait and see for what is going to happen.

To drop on 60 not gonna happen it can from now only go up not down in price

you're absolutely right, it will never happen, even to go down to $ 100 alone was very difficult, bitcoin now is very valuable so if the price drops, there will definitely buy it and make the price rise

The bitcoin price will not drop to $60 in the future. It is too low. But it will drop/rise easily by $60 every day in 10 years.

Nah I don't see this happening too. If it happened all miners (even the large ones) should have to stop mining.
In do believe they controll the price rise so they will never let that happen.

This is ridiculious price will not drop in $60 thats impossible.. price of bitcoin will increase more even the price today is low. It will jump again back until bitcoin reach 450 or 500 above.. this is not the end of bitcoin. only chineese can only decide for the price of bitcoin..

it actually did go down with around $60. if you took the time to look at the date this thread was created you would probably know op isn't talking about now. btw... it's very possible to see this happen again as the bitcoin price has seen larger price swings in just a day.

That happened when the price was very volatile. It is very stable recently. It is good time to buy some more.

It wont drop to that low. It will be so bad if that is going to happen. I hope that more people will use Bitcoin later in the future.
And that they also can get some profit. Of course you never know what will happen in the future. But you must see for what is going to happen.

I remember that I sold some of my coins during this fall, the price dropped $100 in a week and there was a lot of panic sellers. it was one of the most volatilite days I have  seen in the btc market

You never know indeed what will happen. But you can see the value and that is now a bit stable so that is pretty good.
It is even rising slowly so that is very good. But you dont know when it stops and for how long and that is the problem.

I believe so for this situation this is normal process and this is not as unusual as per before. Bitcoin status always change and this is according to its exchange and business rate. When the price or demands of bitcoin back on track it will go to its normal rate or better might be high value..

Guys OP it means  a drop of $60 not a price for BTC........

Yeah its good to see that price is rising and also stable at certain level, we are not seeing any major dump at at a moment and that is a good news for bitcoin users.

It will be of course not that low. Because you can see that the value is rising very slowly and that is very good.
That is especially very good for the people that have already Bitcoin so they can have a lot of profit later in the future.

The price is growing gradually and stagnating in a value for a long time and past two days the price has went down, but not to the steep $60 in the past jan 2016.

It will not drop to that low price. You can see now that it has a good value and that the most people can see that the value is rising slowly.
And that is quite good for the people who already have Bitcoin so that is pretty nice. But we must see and wait for what is going to happen.

They are just talking a wrong speculation and i think the price will not reach back to $60 its impossible do you think guys bitcoin will be back again below $100? and do you think all investors in bitcoin accept this.. For me no they are still fighting and if they see that the price is going down they are still buy bitcoin and the price will increase again..

"Bitcoin drops $60", not "Bitcoin drops to $60". The OP followed a $60 drop - they were discussing that $60 drop, not anticipating a drop to $60.

Better to lock this topic since it is talking about the drop that happened in january.. For now the price is a little bit stable..

I guess that will not happen, you must have strong evidence to say that the price of bitcoin will drop $ 60, but I'm sure it will not happen. because if bitcoin prices below $ 300, everyone will buy bitcoin

Strong evidence like it's already happened, the OP was describing something that had just occurred (http://bitcoincharts.com/charts/bitstampUSD#rg2zczsg2016-01-14zeg2016-01-16ztgSzm1g10zm2g25zl)?


Maybe - how do we go about getting a topic locked? I thought the OP had to do that? It does seem to be a magnet for... posts from people who haven't read through the thread - or even the first post.