Bitcoin Forum

I'm not sure how much it took exactly , 24-48 hours but how this happened... I was really optimistic about the whole thing and I was kinda sure that It's going to rise as hell , now I woke up (once again, things happens when I'm sleeping) , I checked preev and I found this huge price decrease ... So what's the matter ? Pure manipulation by the Chinese?

I saw it also on litecoin .. i didnt understand but I lost alot of money, do you think chinese can affect these market so strongly ?

Maybe yes or maybe no..we dont know whos behind of this decrease in the price of bitcoin.
Some whales make a huge dump to make profit and make bitcoin price goes down ,and thier next step is to buy again to make the price go up again..

Is there really someone who can control the price of bitcoin?

I think we don't need to worry because we still have the same amount of bitcoin even if the price goes down or up.
The problem is, if time comes that you need money in fiat and the price is still very low, you're screwed.

Yeah, we can afford to wait longer to earn higher profits, as price is not too good at a moment to sell as it will not allow you to make higher profits.

I don't understand people like you. We were in the ~250$ range for a very long time after which the price went to around ~450$. This sudden rise is not something that can ever be stable. It has to correct itself (i.e. come down) from time to time. Last night Bitfinex was down for a few hours as far as I know. That could have been a contributing factor (as the people there were losing money not being able to trade, while other exchanges were going down). You should not be looking to solely profit, and know by now that this is the wrong section for price speculation.

Bitcoin was meant to be used not "wait longer to earn higher profits".

I think it's not the China alone, many Bitcoin holders seeing such a high price start selling their coins and the result of this selling we are seeing now.

First get this silly notion that all chinese people act as one
most mining farms MOVED to china so most transactions would obviously be located in China
China as a country has no influence
and saying manipulation by chinese, is a very naive comment, like they all get together and plan sht

There is always a chance of miners manipulating prices,
but all we are seeing at present is profit taking by big whales

dont expect price of BTC to be one way only,
of course many price rises are the speculative trading
and many (big whale) traders will take profit along the way,
when they do this causes a price drop, which usually then many other traders follow suit,
closing trades to take profit
and then buy back in once price has stopped falling

If price falls by so much, its a clear sign it was previously overpriced due to speculation
in trading the drop is then called a correction
which means BTC is now at a more realistic price at present
which is still higher than it was months ago
and still lower than it will be in a few months time

with the halving coming up (dont expect magic on one day)
we will see quite a few bubbles and corrections over the next 6 months

This is the true nature of bitcoin. The price is dynamic and the fluctuation is a normal thing.

However, the sudden huge decrease in price is due to the huge selling by the Chinese. Traders have booked their profits at $780 level and due to the huge volume of sell trades, the price went down. These dynamic pricing is the main reason why it is not accepted by the major e-retailers like amazon and all.

However, I see no reason to panic as of now. The price will bounce back soon.

obviously you dont know too much about trading,
and with that way of thinking, you will never sell or use your satoshi
(i would say BTC but not many here actual have coins)

you must clearly be american

get this silly notion of "the Chinese" "China" out of your head.

that's simple, get thousand of bitcoin,sell it at the same time,you can dump the bitcoin price at your own
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the main reason that make bitcoin price down maybe people panicking when the price fall even a little bit and now starting to sell his bitcoin to keep em in profit

I don't have a big problem with this as we know bitcoin price is never steady and it can not always increase.As for the reason why this happened now i think the answer is here http://www.coindesk.com/19-million-bitcoin-australia-auction/

I heard there was a brief period that Bitfinex went offline... Maybe that triggered some fear.

Anyway, I think the correction in price is normal and a price of $700 before the halving to me is healthy. It will worry me if it goes beyond $1000 bubble.

less then 3 weeks to halving will show us how strong is BTC.
best of all BTC price movement should equalize with the difficulty raise and the halving in a 3-6 month period

lol

I read into 3 topics about this crash but nobody mentioned bitfinex was down for hours at that time

I believe in bitcoin. I can not believe it happened in the first hour, but I believe, bitcoin prices will go up, I guess it just happened a few panic. but, the price will definitely go up to the height.

The only thing we can do at a moment is to sit quietly and keep a watch on price movements, as no one is willing to sell their coins now so its better to wait n watch.

It will be 800 next week. You can't top out so far in advance of the actual halving. It's going 1000+ BEFORE the halving. Mark my words.

Wow. I am all hopes for wishing that that dream would actually come true. Lol on me I know, but I really am holding on to this.

One minute everyone is saying Bitcoin volatility is a great thing as it allows you make profits.

The next minute they are bitching as the price dropped.

Volatility works both ways unfortunately.

Its said an exchange was offline with 39m leveraged longs, some might been squeezed.
Stocks have been up yesterday.
Brexit might not happen, newest polls suggest that.
Btc market might have been overbought.
... some things I missed.

in the same way ti went from 450 to 780 in few days, but people seems to remember only the bad thing lately

bitcoin with its tiny marketcap will always be very unstable, wait for trillion marketcap if you want stability

Stock market has trillions but it seems highly unstable, no?

Yeah you are right..Halvening will hopefully make us happy again..It is the only thing for which I am waiting damn eagerly.. Also here Lauda's point is quite reasonable and I agree with his point..

Some of us have been telling people to take some profits. Hopefully some people did, and are now able to buy back some more.

Those that have secured profits far above $700 are doing fine. I have sold around 15% of my coins between $700-$750. Those that have been waiting to sell even a single Satoshi are not that happy now. The only thing they can do is waiting for the price to go up again.

r0ach jinxed it, blame him.

Yes, there is people who can control the price and those are the whales majority from china.

You wouldnt have that problem if you just sell it when you have a feeling that it will go down dont hesitate to sell. Like what I did. Good thing I sold mine around $750 yesterday.

This correction in a bull market was healthy actually. Price was starting to go parabolic. This shakes out the weak hands and leveraged positions, get ready for a little consolidation then on to a new ATH.

If the price go es to $800 next week, it is better to buy now. But I think the price will be around $650 for a few weeks.

Yeah at the moment the price is rising really fast and I did not expect something like this to happen at all. It did not even know it was possible for the price to rise so fast as it is right now.

The price of Bitcoin is now quite stable so that is nice but you can see that it is still rising slowly so that is nice for people who already have Bitcoin.
And maybe the time will be there soon that they can sell it with a lot of profit.

It even went to ~650$. So more than 100$ lost in about a day. There's not to be worried about it. Each rise has to be counter-balanced by a fall in order to buy more cheap coins and rise more. That's how markets work.

this is one of the things that i do not like about bitcoin.

the price is so volatile and it can go up and down a lot, although in this case it was just going down after the huge rise that has happened in a short time but in general it is not good.

yep , buy more bitcoin because we still have the halving days , ints only need a few more days until the halving

There is no need to hurry. The bitcoin price will stay around the current level for the next few weeks.

well not a lot of time left until the bitcoin block reward halving so i think we should hurry up a little bit in order to make bitcoin possible to be really huge, i hope we will make money out of it

Yeah. We can also make profits by thinking of the opposite way. Price drops sometimes are beneficial too.
Some of us just don't realize that.