Bitcoin Forum

What could be the real reasons behind the recent price dropping of bitcoin?
Do people really control the rises and drops of the price?
From near $700 to $550 in 2 days is a huge risk for anyone to consider entering bitcoin don't you think?

You do not need to worry, this is not something a problem for those who have long been using bitcoin, because they already know and understand about the assurance given by the bitcoin (profit) so never doubt it. Calm yourself and begin to reflect on what you have to do for the next step in the situation this time

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

I tend to agree with the above,  that people were anticipating a drop and so they started selling.  That's why I've said this is a major overreaction and is a great buying opportunity.  It's hard to tell what drives markets but in this case I'm pretty sure it was the recent hack.  There's nothing else that's happened really.

I think as well as this people will withdraw from exchanges fearing they could lose bitcoins, this could also cause the volume to fall and could lead to the price falling. Since it was taken from an exchange less people will be buying and selling Bitcoin.

Then bitcoin is that weak to react to a single hack in some exchange site? I never thought bitcoin could be this much easy to manipulate.

I think Bitcoin prices fell due to a reaction to a closed meeting between the developer Bitcoin miners core with China. Read more https://www.cryptocoinsnews.com/bitcoin-price-falls-as-miners-meet-bitcoin-core-developers/ (https://www.cryptocoinsnews.com/bitcoin-price-falls-as-miners-meet-bitcoin-core-developers/)
Plus bitfinex were closed temporarily because of security breach. But according to information circulating they recently hacked and lost their clients' money. IMO

i doubt that simple withdrawals can cause this much drop. people who are withdrawing will withdraw both bitcoin and cash from exchanges so both supply and demand will go down so price should change that much.

the only other possibility is panic selling.


if you call fear of 77 million dollar dump a simple manipulation, then ok.

For this sudden decrease  of price of bitcoin some experts said that the reason behind that decrease was after the Hong kong based exchanges Bitfinex discovery of security breach or being hacked by some hackers. And confirmed  over 120,000 btc was lost or approximately $60m. And I guess that was the cause also of this loss. :'(

I think the current value of bitcoin should be around $600. The increase to >$700 is just a small bubble. The recent hack triggered and dump (and pump) action which likely due to a small population expecting a drop in price, and which actually translated into a real drop.

The price should recover back to $600 within days to a few weeks.

I agree with you it's just a temporary set back I am closely watching it on preev and Yobit and as I am writing this they are recovering very fast at $590,so we expect it to get back again at $650 level next week,stakes holders will resolve this issue..

This is rhe right answer for you. Go back to bitcoin discussions and read some comments there. There are also links provided to prove the facts.

it doesnt matter as im long time bitcoin holder. i believe price will surely go up soon...

The hack of bitfinex is a major drawback for bitcoiners but there are even more reasons that the price is falling so rapidly. Till yesterday, the price was dropping by $10 and it's suddenly $70-$80 lower and it reached $490 yesterday night. The panic has caused the price drop.

i wonder why they could getting affected by bitfinex's problem even thought they're not using bitfinex's service,for the proof they still could use their bitcoin,and the market is so volatile if got affected a little bit it'll getting more bigger

Bitcoin can not be manipulated.
However bitcoin speculators can be pushed around by even sophomoric attempts. I guess it's just human nature to assume that someone is "doing this" as opposed to basic market forces. It should be no surprise though, the Mt.Gox hack led to an even bigger drop.

it's indeed a very disappointing moment that once again a major exchange got hacked. the confidence in bitcoin exchanges was already low, but with this it reached an even deeper low. it's a shame that such a large exchange gets hacked and bitcoin is receiving the beatings. as always, it's the people that are messing up, and not bitcoin. i wish the average joe would also understand this.

This price drops isn't very nice to see but I don't think that there is any special reason behind it. It's just part of regular Bircoin circle with ups and downs. Nothing dramatic price will go to about 650 very soon.

I think there is a special reason; Bitfinex was hacked and that has been something that has been slightly hushed up and it hasn't been publicized a lot yet. I think the price began to go down because of the hacker or some whales beginning to sell of because they could sense the downward trend beginning, and they happened to be right. If the price does begin to shoot up dramatically, though, I hope I get in on it. I think it might be more like a trickle rather than anything else.

Well, some said the price of bitcoin dropped because bitfinex hacked and i think it's also because many people panic and sell panic all their bitcoins.

Bitfinex is dictating the entire market right now. It will be interesting to see how the market will react as soon as Bitfinex opens up again for trading.

For the average Joe these kind of heavy fluctuations are indeed killing, while for the more experienced Bitcoiners it's not much to worry about as we have seen this happen before.

people look panic when bitfinex lost around 120kBTC, so they assume prices will fall, and in fact they panic and dumped, lol.

there can be so many reasons for that but to me the most common reason is that there is psychological barrier above 600 $ which is really stopping bitcoin from raising further more, when the price of bitcoin cross the 650 level people fell reluctant and at that level they do not like to trade bitcoin and that is the reason that bitcoin stay there around 660 for a long time, but hope this time the price of bitcoin is going to break all the barrier and will rise so high.

Technicals... Everything else is just a catalyst to make it unfold faster. A number of us knew it would go down once a certain level was broken, but the hack  (between some insiders front running and the market panic after the fact) made it move sooner than expected.

Bitcoin dropped because bitfinex is hacked

thats true, it is sad that people are still panic selling their bitcoins from time to time, i think that people will buy it back pretty soon and we will make money again

people are on panic.Also Bitfinex was hacked that's the big cause.People are now on selling panic I think bitcoin will recover this situation and again back over $600.guys dont be panic every time wait for an week don't sell your bitcoin price must be rise.

The real reason is that this BTC price drop was going to happen whether or not the hack took place. BTC was going to drop sooner or later; it just took this bad news to make it happen.

BTC still has its fundamental problems, which Block Halving does not solve, so to begin with, there was no real reason for Block Halving to make price go up and stay up.

The current value should be what it is right now. That's how the market works.

Here some guy sharing serious doubts about the "Hack".

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

As for me the price was manipulated by the traders, who were hired by  hedge funds to buy big amounts of BTC for their investors.
And of course the "hack news" ;) maybe they acted together to buy cheap btc ::)

if the real value of bitcoin was $550 then it could never stay up after the $780 bubble and the drop afterwards. it stayed up above $640 for well over a month with little fluctuation but with high volume.

Yes I have noticed several experienced bitcoiners welcoming the fall and seeing it to buy more bitcoins. Then I looked at the max chart and indeed it is true. the quick 1 day drops were followed by slow recoveries like what is happening right now. But I still see bitcoin could still go back down and by under $600 by then end of the year. It needs to accumulation for now.

Simple reason is large dumps coming from panic sellers after news of bitfinex got hacked came out. However even before this news bitcoin was dumping slowly for few days that may be job from insiders who know that bitfinex are getting attacked. Although feeling relified to see price is recovering in faster rate.

Actually the first reason is Bitfinex. It has been hacked, so suddenly bitcoin's price down, but it is a good news for the buyers, i mean, buy the bitcoins in this time, and safe it now, otherwise i don't think that bitcoin has any problem for the price decrease. But bitcoin would be cover it very soon, may be within 2 months bitcoin price growing up.       

That is right. The bitcoin price dropped 25% at one stage due to the hack of the Bitfinex exchange a few days ago.

yes

There are lot many reasons behind market growth of each coin. Main reason behind the investors and marketcap. More demand and less supply makes the growth. It depends on the media, how the products are taken to the people and etc. When there is a positive vibration towards a product, the value grows up like wise how the media takes a product / incident to the audience makes the difference. So we have many reasons behind the price growth.