Bitcoin Forum

I am very busy and not pretty good informed what is going on in the Bitcoin world at the moment.
Is there a special event what causes the current Bitcoin price dump?

cryptsy closing or maybe mike hearn's supporters following his footsteps and dumps their coins. we'll never know for sure, like always.

Okay, thanks. I have just read through articles which treat these topics. Both news could really cause the problem, whereby the cryptsy problem is more likely to have a bigger negative impact.

I heard the rumors about chinese new years. But it's long way to go, still need more 3 weeks.

Also on twitter many people talk about "Mike Hearn". But i still don't know who he is and what the people talking about.

You can check yourself on twitter to make sure what exactly happen. And bitcoin is trending on twitter now with 66.2k tweets

some people get scared too easy and sell

This is the main issue, I think most of the scaredy cats are in it for the short term though.

They're not here to invest into bitcoin for a long time.

Does someone know how many Bitcoins Mike Hearn sold? Would be interesting, how many Bitcoins he really owned.

https://bitcointalk.org/index.php?topic=1329377.0

Don't worry, just give it a few days and the price will go bounce up again back to normal ;)
But cryptsy problem could left a negative impact for a long time, just like mt.gox tragedy :(

The drop is the result of panic selling after bitcoin being massively oversold.

This is bound to correct upwards again when people realize the effect is minimal.

Also, up to this morning , the coins stolen from cryptsy hadn't moved yet, so that should not cause the drop.