Bitcoin Forum

Hello, guys!
The price has dropped by almost 100$ and I am wondering if anyone can properly explain why this happened.
As far as I know, the following things happened:
1. The DAO got robbed - improper term, as this was done using the tools that came with it.
2. Bitfinex was down 3 times yesterday.
3. The Chinese have been pumping over the past 2 weeks. Have they decided to make a profit now?

Is there anything else that contributed to this drop? Can you explain this in layman terms?
Thanks for the time.

Add two more points
4: big whales are dumping their coins to get huge profit. this is resulting in massive price decrease.
5: before the halving, bitcoin is just going back to get ready for taking a huge ride.

I sold my 1M bitcoins to get my profit. ;D ;D ;D....Just kidding.

Maybe a lot of people stopped buying bitcoins because they are holding enough btc and waiting for price

increase.The demand went down and the price dropped down too.

If people just holding their btc, it doesnt give any effect with price. Btc price decreased a lot because some of people think if that was best time for sold their btc (approx $760), and then they make a big dump, thats why btc price decreased like now.

By this you mean another pump?

As expected before halving all the rise that went though in last weeks had to be profited and this is what happened. Only thing that was not know when. So now some have hugely sold btc and few others who still hold good number may sell in coming time or will wait once halving times go off then it may be on cards.

700$-750$ point was something that people waited for a loooong time. I am pretty sure there were people who waited this pump since 2013 just to dump their overpriced coins. They did it and they will never come back and join the game again. That's why it didn't hold there.

It may go 700$+ or maybe 800+ but every new high, will be followed by huge dump sessions. That's how it is.

I dont think the price of the bitcoin will drop and other people are telling you that the halving will cause a price drop but they dont know what they are saying because the halving only affect the mining people and dont affect direclty the price of the bitcoin so dont be afraid of a big price drop.

None of the exchanges are particularly liquid, which means one big seller can crash through a lot of orders. Add in that bots sell based on price movement, you had a lot of automatic selling going on at the same time.

Is it really that important that we know why?  I don't think it is, nor do I think there's a good explanation anyway.   The price rises and falls,  and lately there have been more speculators in the market.   Just accept that bitcoin is going to be volatile.   Everyone wants reasons but they do little good anyway.

Well, the problem will always come bitcoin bitcoin if prices rise very high. but that is not unusual, in fact it is already happening when bitcoin prices are still very high in the previous year. but I guess it will always show the same thing. Sure bitcoin prices will go up again, at a higher price than the price when he reduced

many thing that can be Patoka in bitcoin decline. I think some of them are influential factors are the number of users who perform the bitcoin owned holding. they still believe that halving will be profitable. This makes the exchange market to be very quiet on the transaction.

Yeah the price drop has happened when users were expecting more and more increase of price. I believe this price drop is due to the accumulation of bitcoin by most users. Because of accumulation, circulation have been reduced.

Early profit takers

I reckon it was 100% Bitfinex screwing up. That's biggest exchange in terms of real money coming and going, forget China, and there's margin trading everywhere which makes the falls worse as things get triggered. It would still be in the 700s if it hadn't failed.

Will not say early profit takers, as there is no right price where profits needs to be booked. It could be set target and if achieved booking of profit can be done or various global scenarios could also play role now.

1. See no linked for the decrease of bitcoin price.

2. Others can transfer to other exchanges without selling their coins

3. This is the near reason why the price decrease in my own speculation. I will just add too those big whales.

But overall, this is usual. If there's a price rally for at least a large margin of price, possibility of a price decrease has a chance to happen with also the same margin days or weeks after the scene.

To me, many of these things seem tied together. The timing of most of these events seems more than coincidental. BTC was peaked, ether was at recent peaked, it got drained, ether was now btc and much price. BTC was used to scoop the cheap ethers, big sell offs happened, they can be observed in graphs and as these huge amounts were slowly pulled out converted from BTC to fiat the price has dropped. I honestly think it was pumped in anticipation of the attack. Seems like a small community for something so big and coordinated, but it wasn't just one guy. Too many people just believe these articles on the internet although many of the articles are spun to manipulate how you think so they can profit from the mass. Especially the Americans with 9-5's. It's not as much supply and demand as people lead on. Hell, if you think the halving is going to cause the same pattern has 4 years ago or the "it could multiple X times because it multipled X times before", you are already thinking too simply. There is big players with many monies at stake here, not too mention it's a rather lawless land.

It's a cycle. First, some speculators are happy with their profits and they dump. Then the price crashes. Other speculators now sell their bitcoins as a stop loss which further pushes the price down. Eventually, more and more people sell which causes the price to go down which, in turn, causes people to sell. It's a vicious cycle. If you want a few more days, the price of bitcoins could very well go below 600.

People are selling right now hoping that the price will go down in anticipation for the up coming halving event.

Im completely new to this an excuse me as im sure i sound like an idiot here, but i started this about a week ago and had $270 bucks worth of btc and now im down to $210 ish. Should i sell or hold out? Any advice from someone with experience in this?

if you still feel insecure just cut your loss by now . but as many people prediction that bitcoin halving would make bitcoin price skyrocket to the highest ever above $1,200 i suggest you to keep holding and wait for a good time to sell. just don't panic, price dropped no problem it's a sign of skyrocket price for me.

It is unnerving to see the price decline by so much over just a few days when it took a few weeks to shoot up. Not sure whether this bodes well when halving comes, or it's a pullback slingshot. Either way, i'm keeping my BTC and getting more whenever possible.

However, it's quite apparent that BTC sellers went into ETH instead. Just look at ETH's rise even in the crapstorm recently. Way too many strange events happening over this period that is too coincidental. DAO Exploit, Bitfinex going down, BTC dumping, Gatecoin's fundrising to reimburse users (i would say what good timing to buy when ETH was at 0.012 levels!),etc.

I would start putting that amount of BTC into other altcoins so that it grows.

You can use your bitcoin holdings to learn how to trade. Or branch off into the altcoin scene. Be warned, that the crypto scene is like the wild west, and is not for everyone. If you do not think you want to play around in this sandbox, I recommend that you sell now and cut your losses.

Those are just paper losses and there's still a chance to recoup those losses. Just don't rush in trying to recover what you've lost because that might wipe everything that you have. As mentioned above, bitcoin and altcoin trading is not for everyone, and unless you have a good entry or exit point strategy, stay away from trading.

Last month, the profit from BTC is good enough. If I was playing on FOREX, I would procure myself with  dollars for the show,  expected this night - BREXIT. When it ended, however I would looked around to open new positions in BTC.

http://www.independent.co.uk/news/business/news/eu-referendum-brexit-currency-pound-traders-exchange-rates-barclays-jpmorgan-chase-a7096951.html

The price drop might get continued till touching $500. In my view there's nothing to get panic on the decrease. During the close days of halving surely we'll experience steep rise which takes the price to touch 4digit.

Well this uptrend will have to be a dead cat bounce then if it is going to touch 500. Let's keep our fingers crossed that it isn't a dead cat bounce.

the bitcoin block is halving, so that the volatile bitcoin activity happened, apart from what you just said, in fact.
:P by the way, you can risk a little of like $10 if you believe the price will go up after this drop.

The price is still around $660 at the moment. It is consolidating after the big price. It might stay here for a few weeks.

Bitcoin price appears to be moving sideways between $620 and $680 while traders wait for larger market catalysts. If sellers push harder, a break below support could send bitcoin lower by $60 or the same size as the range.

If the price drops below %600, it can come back very quickly. The balance of the price is between $630 to 680.

i dont think that the price is going to drop that much, though if it will happen there might be a panic sell then and the price might recover only after really long period of time

the price drop is not going to happen any time soon, in my opinion we can expect a big growth really soon, it would make us all some good money really fast, that would be cool to be honest

indeed bitcoin prices could drop, priced $ 740 to $ 630, but the current bitcoin prices are rising quite slowly, and the price of bitcoin in preev.com now be $ 688. only a matter of time until bitcoin prices returned to the price of $ 740 or more

You better hold for a long-term since the price will not constantly fall down, there is and always be an ups on the coin and more ups will be coming for next years. Just have a patience and that patience will result to something good.

The drop is normal with bitcoin. So are pumps. I've checked and on some exchanges we already see the price going to 700 dolars.
Perhaps a mini pump for the halving?

It may be or may be not as no one can know what will be the price in coming days, only halving can show us the real scenario and exact price of bitcoin, so holding and waiting is the only choice left for us.

I think the price of bitcoin will not rise a lot in the short term. The price has already rise in the past few months.

I think no rise will happen until block halving because many news all cloud mining site are turn into scam and i think those bitcoin scam by some will be converted into fiat or they sell it so the price will decrease..

though i cannot agree with you, to be honest i think that bitcoins will have a lot of potential to grow in an upcoming week before the halving because a lot of people will be buying

after the halvingwe might see a small drop down as a lot of people will be selling their bitcoins really fast what will have a negative impact on bitcoins in my opinion

Many people will buy, many people will also sell. The price is staying around the $650 range for a few weeks.

The price of the bitcoin is always dropping not very much but sometimes he needs to drop becaus there are to many people holding their coins
just for non reasons and that is not good because coins need to rol.

Do you mean when the price drop will force people to sell? I think we should encourage people to use bitcoin.

Well, for anyone who held their btc for a long time they are ready to selling when the price is good to sell.
But, for many people who's not buying btc yet, down of the price maybe is a good day. Whatever the reason of price down, its always good for traders.

Bitcoin has finally found it's stable price point devoid of volatility which makes people to hold their coins tightly. if price start to drop people begin to sell their coins automatically.

I think so. The bitcoin price is trading around $650 now. That could be the balance price for the next few months.

That stabilization of the price is not forever, it will surely moved wether falling down or up in upcoming month. Bitcoin's volatility is still there as long as we still didn't reach the maximum mined block in bitcoin, the volatility will not disappear.

Yes bitcoin is quiet stable since the halving every body expected the price will increase but that is not happended.Halving proved wrong all the speculations so far.That is what we see mostly with bitcoins.No one can predict correctly about it.

You can't be serious? Quite stable it is not and hasn't been for a few months lol 'Everybody expected' that is not right either, many expected it would increase and what has it done in the run up to the halving? It has increased. Halving has not proved wrong all speculations in the slightest.

Yeah price was stuck at $450 few months back and as halving got closer it started to go higher and higher, and it nearly touched $800, and it went back, but I think $660 is also an descent price to hold.

I guess after the last increase in bitcoin, bitcoin prices today are always stable. This is pretty good, but I think it's very many people who are bored with it. everyone waits bitcoin prices rose to the height, but until now the price has been very stable at the price $ 630 $ 670, I hope his price could go back up

i think bitcoin will more increase its price because bitcoin getting more popularity day by day and more people get interest to invest their money in bitcoin and i hope bitcoin will never drop its price .

It's funny how some people want to see stability in the price, and as soon as we finally have some sort of stability, people start complaining directly that the market is boring. It's basically the same as the weather. We all want to have sun, but as soon as the sun is there, it's too hot and people want it to rain so they can cool off.

Compared to a few years ago, there are more users of bitcoin. So the price also rises a lot as a result.

It would not be a bad thing if the price would drop again because that would allow more people to buy coins which is good because the more users the better.
Maybe after the halving the price can drop down again we have to wait it out.

Small time users will not make an big impact on the price if you ask me. With all regards to their budget, the volume they bring (buy pressure) is not enough.
The amount of users which is growing can trigger merchants to adapt bitcoin and that can give the price a boost, but remember it also creates sell pressure.

Merchants will convert their bitcoin almost instantly to fiat (like bitpay does).

Price may drop in next few weeks, but I don't think we will see major dump now price may drop to $600 not more then that if price goes there then may people will start buying bitcoins.

I think that is the same thing that makes some merchant think twice about accepting bitcoin as payment. The relatively volatile price is something that adds uncertainty to their business and that is the least that they want right now. Stability and security are bigger priorities for them.

when Bitfinex drop its price for longer period then people stopped the trust on bitcoin, but now people again trust in bitcoin and  i think that bitcoin nowadays never drop its price and now bitcoin increasing its price and bitcoin users much more trusted in bitcoin i think they know that bitcoin is future currency and still hold their currency .

Even if price drops in coming days then I don't think there is anything to worry, as it will again rise in future, so I am trying to buy as much as possible at a moment.

The price can always drop to such low price levels where the majority of the people here were thinking these price levels would never get hit again. Good example is the +$1100 peak in 2013 and the deep fall to well below $200 in 2015. This just shows.... Never say never. :)

This peak was insane,i remember it back then,and i was like shocked what have happened with my
30 $ in bitcoin there haha :D but well bitcoin can still surprise us i think,even when big whales are into it.

Bitcoin is full of surprises and anything can happen at any stage either it can reach to the moon overnight or else it can go down dramatically.

That might be what it did in the past, but in the future, the bitcoin price will be much more stable.

In the future, when the bitcoin market cap becomes much bigger, it is more difficult for big whales to change the price.

I think they can be still control it and i think for now they have waiting for something before they can take a move..
For now we still seen the price of bitcoins.. but this is not stable and i think more price will come..

Panic kicking in nicely again. It's getting harder and harder to suppress the truth about this failing coin.

It will not drop unless we are tired of using it.
No more drop in price ,its so clear that it will go up the way we want to.

calm down, it has fallen less then 3% in the last 24 hours . No need to panic. even 10%-15 % is norma with Bitcoin

That is right. If the bitcoin trade between $650 to $750, there is no need to worry about it at all. It is normal.

You're joking right?
There is only one coin can you use to buy Steam games, items on Overstock.com, fund accounts on several major poker sites, and tons of illegal goods on the darknet markets.
In what way is Bitcoin failing?

if it declines a little, I guess we do not need to panic about it, and I guess we do not have to worry about the price of bitcoin, because bitcoin prices will surely rise. you're right, maybe bitcoin price will be $ 750, but maybe it will happen in a few months, whether it's fast or a long time, but make sure you have plenty of bitcoin when it happens

Bitcoin eco system is large, there is no altcoin which is even close to competing with bitcoin.
The price drop from 770 was a logic market correction. Bitcoin at this moment has done quite good.

I think it got overpriced before the halving. I'm assuming the price drop was a correction to the actual price. There must not have been demand to support the higher pricing.

there was no drop in price to be honest i think we will only make money

Keep in mind there were some movements and a lot of the value was pushed through speculation about the halving and nothing else. The push back to $660 is kind of surprising in my opinion because of the move that was down to the mid/low $650s. It makes sense that it's back up again, but I guess I wasn't expecting it to be over the course of a day or whatever it was.

You are right. Bitcoin got really expensive in anticipation of incoming halving, that normal.
But now when we are past halving already and price stabilized some people are unaware that. Therefore they expect another 2nd price spike, which is very unreasonable at this point.
That price shifts Op described is nothing, normal market fluctuation. We now have stable price of ~$650.

There is a balance of buyers and sellers at this point and that is good. It means that bitcoin will stay at current prices and will not fluctuate wildly. But if you are looking to buy bitcoin I would advice to wait a bit longer because I expect the price to go down a little. Why? Because there are lower highs in the BTC market. That is a sign that buying is not as strong.

When things are going well, and the fundamentals of a stock are strong, the same process happens in reverse during a price decline, or bear market. Both of these processes run away for a while until they reach enough extreme.
Bitcoin at this point is certainly somewhere in the despair side of the pendulum.

I do not see any price drop at the moment. The price of bitcoin is very stable. It is preparing for the next rise.

That is right. The price of bitcoin has been between $645 to $655 for the last 2 weeks. It is amazingly stable.

if the price will fall then I don't think that it will fall much lower but a smallest drop will occur and as you said it will recover back very sooner , as today's generation prefer new technologies which provide convenience to them, and bitcoin is a more beneficial tool for those people who do their business online or on digital ways.

There is a price drop but the price is not huge crash its just a small pump and dump the price is very stable at 600 value level and i think we will still have a chance to see that the price of bitcoin will increase more.

because there is no price drop at the moment, in my opinion the price of the bitcoin is going to go up only right now, though anything might happen

I believe the bitcoin will consolidate at the current level for a few more months. After that, it will rise further.

The bitcoin price is consolidating around th e$570 range now. It might rise faster after the exchange hack.

yeah the buy power is there but unfortunately there are sell walls that are preventing the rise. and these sell walls are of the kind tha whales put up not normal sell walls because of bigger supply. so i am expecting a big breakout soon.

The price might rise to $700 again. But it will not happen in the next few weeks. It could happen in October.

yes we say some panic selling in previous  days because of the hacking news about the bitfinex and the price drops from a very high level about 150 $ decrease just in 2 to 3 days, but after that the market recover a little and still increasing from time to time i am hopeful that in next few days the price of bitcoin will reach to its previous position very soon.

The problem is not the panic selling and the huge dump. The problem is there is no more buying happening anymore before the hack on Bitfinex occurred. I said before that I expected this to be under $600 and stay there until the end of the year. But I expected it to go under $600 around the end of August. So I guess we might see this go up above $600 for a while due to speculations but then go back down and stay there. Many of you will be discouraged by this and that will cause further dumping.

there are buyers, they are just undecided if it's good to buy now or wait for more dumping, i doubt all the 120k coins were already dumped

The Bitfinex hacker shorted the bitcoins before he did the hack. So he has already made a lot of money due to the hack.

So even thought the Bitfinex hacker does not sell the 120k hacked coin, he has already made millions of money.

Lucky for those who take advantage to buy some Bitcoins when Bitfinex was hacked. The price dropped to $520+ that time and now recovering to $600+  for a few days. Lucky bastards by hacking they become a millionaire, what an easy life for them. By the way, I would like to ask how many people involved in the hacking?  Just a one or a team?

The Bitfinex hacker made more money. He shorted the bitcoin in several exchanges before the hack.

So if the police investigate the abnormal tradings in the exchanges, the bitfinex hacker could be caught.

I doubt if the hacker would be caught when the we are living in a anonymous world. The exchange sites should be more busy in strengthening their system rather than looking for the hacker when it is hard to find such person. The hacker should be very rich now and have already enjoyed the money he got.

I think he must be traveling the world with stolen and hard earned money of people, and I don't it will be easy to trace him, bitcoins once stolen are stolen, not easy to recover it.

the hacker will never dump the 120K bitcoin on an exchange site because that will raise a lot of red flags and selling on and exchange requires you to give your personal information and connect your bank account, all of which can reveal his identity and lead to his arrest.

so they will either be sold super slowly in tiny batches or will be sold off the market.

its simply because the price is not dropping right now, i think it is soon going to grow a lot

It should grow a lot in the future, assuming people start to join up and investors start to put more money into Bitcoin. Until we can see something like that happening, it is going to be a pretty big challenge for the value to grow a lot. The money must flow.

it dropped only because of that stupid hack on finex, it will recover very quickly just a matter on when the next wave will begin, panic pump it's on its way

just do not panic be clam price can fall a little bit more from these passing days let it reach 300$ or near it then we can continoue buying coins again.till then go for altcoin trading egc is huge right now

I do not see much price fall in the last few days. The price is quite stable around the $585 level so far.

and I think a lot of people get carried away in panic by news bitfinex hack, so they sell their bitcoin.
to the current price of bitcoin has recovered, and soon returned to $600, maybe it could happen later this month.

That is my thoughts as well. I think the stability of the bitcoin price in the last few days indicates people are not panic.

In fact, the bitcoin price is quite stable now. The price is trading around $590 for a few days already.

Who would have thought that it would recover like that so easy. I guess this is the start of a new baseline is it?

i hope your prediction that the price is going to grow is right at the moment and it will allow me to make some good profit in the near future

Same as well, Even I am hoping that to happen soon in the price chart, I am running out of money now. If Price rise My savings and signature campaign payment will help me to survive some more days. waiting for it...

it will grow or it will not, it is too risky to predict something accurate at the moment, no one is safe that another hack of an exchange will not happen

I think you need to wait for few more days to see higher price and everyone is hoping to see the price of $700 in next month and I think that will be the right time to sell.

I am 100% sure that this wasn't the last hack of an exchange that we have seen. The only thing we can hope for is that when an exchange gets hacked again, that the damage is very low. Other than that, there aren't much solid exchanges left for BTC/USD trading beside Bitstamp and Kraken.

If a small exchange is hacked and a few bitcoins are lost, the damage is low. But for the Bitfinex exchange, 120 k was hacked.

I am agree with your points instead of the question's points, because one main think is that everyone know that after halving, price will be down, so one main reason is that, and the second big whales want to dump the price of bitcoins. But i don't agree with Bitfinex point , because it is only exchange it has no roll to up and down in bitcoin price.

If the hacker does not move the 120k coins or sell it, then it is like holding the coins, the bitcoin price will rise.

thats true though with the whole market he cannot dump that all at once so either way the price is going to grow in order for others not to recover him as the hacker

The hacker cannot sell in exchanges as he will be caught by doing that. He has to use mixers to do the mixing first.

Nope, it will always hang over our heads like a sword.
When the FBI seized silkroad's bitcoins, the price crashed because nobody was sure when those coins will enter the market.

the current bitcoin prices fairly stable. for me decrease occurred a few weeks. however, we can not predict the future price of bitcoin. bitcoin is very difficult to predict.

these crashes are always happening so stupidly because those coins never move this soon. every hacker or (since you mention it) every bitcoin that is seized by the FBI remain in their pocket for at least a year and sometimes a couple of year then they start moving slowly. the hackers wait for people to forget about the stolen coins before spending them.

Some times, I think the hacked coins are taken out of the circulation. So that is a kind of hold, will increase the price.

Stupidest thing I ever heard. Huge difference between FBI seizure and hackers stealing. Hackers turn over as quickly as possible, via regular exchanges or otherwise. They can't wait to get their hands on fiat, they don't have the patience.

Oh look, here we go again... LOL Down another 4%

seriously, i was counting the minutes when you finally would pop up, and it happened. no big deal that the price is dropping. i actually don't mind the price going down a bit further as it will allow me to scoop up some more coins.

Yup, it's a very unusual and special. For if the prices come down we will have an extraordinary opportunity, i.e., get some more coins than when the price of the bitcoin ride. We will get a very big advantage when time price increase bitcoin. We need not worry for the price, because the price of the bitcoin bitcoin can I be sure it will increase. but it takes time

This guy is so anti bitcoin he should be in jail or even better be denied from the world of bitcoin.
So the price drops....yeah duh it happens with all assets.

kwuduck is a troll and it has been statistically proven that he gets his predictions wrong most of the time, but when you are a FUDsters 24/7 you eventually get a downtrend good and then act as if you predicted something.

I think it will reach to $700 sooner, the price is now not dropping to down and the investors are investing more in there and wth that the value will be regained soon

Exactly and there is nothing new for the users who are using it since long time, as everyone knows that even if price goes down at a moment, bitcoin has an potential to rise again.

Hoping to get back in sub $500.  hopefully this or next week I think!