Bitcoin Forum

Any idea on why their prices are dropping in the past 3 to 5 days and are continue to do so?

It's a global correction including the stock market so I guess everybody are affected with it and not just bitcoin and eth.

It may continue and it won't. Not all the time the price will be always at dip as it will make the people keep on buying.

And be ready as it will be rising soon.

Prices go up and down. Nothing out of the ordinary. It has been going up for weeks now so a correction was imminent.

BTC is probably down due to the Bitmain debacle about hardforking on Aug 1 2017
https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/

ETH is probably down due to the whalepanda post
https://medium.com/@WhalePanda/i-was-wrong-about-ethereum-804c9a906d36

Pretty much everything else is probably being dragged down by the turmoil regarding BTC and ETH.
No worries, it'll recover in time. :)

Support of the bitcoin at 2200 (a strong wall) has crashed, now we are heading to the biggest support from 2000-3000$ area - 2000$. Strong Resistance seen on 2200$, replacing the former support, huge sell orders on 2200$.

I think the panic sell at 2000 may drive BTC to 1500 again.

If it hits $1500 buy , buy , buy!

It probably has to do with US congress being... well, the US congress:

https://www.reddit.com/r/Bitcoin/comments/6hbis7/us_congress_going_full_1984_on_bitcoin_and_assets/

The bankers already did FUD to the cryptocurrency users. All of this caused by the statement on the businessinsider site that makes those are feeling panic caused by it. I think the price will rebound again asap.

Prices will fluctuate it's part of the stock. They will fall and rise. I personally will be reinvesting more during this fall.

In ETH and alts.

I guess there is a lot of news that could be correlated with the drop of Bitcoin and Ethereum, but I believe the most important one (not mentioned here) is the launch of IOTA. IOTA has reached $1.5 billion marketcap being in the top 10 crypto currency, and it threats all altcoins by its non-blockchain technology known as tangle. I believe that's the reason for the FUD and red markets today.

This will be the biggest buying opportunity in a long time.

Your image is of today. What I meant by $1.5 billion was on its launch day between June 13th and 14th. All altcoins as well as Bitcoin have been dropping in price since yesterday. Everyone should be afraid from IOTA, if he/she holds Blockchain-dependable altcoins (which is pretty much all of them).

normal price correction, people panic and get out or people dump now and get at better price later. it can't go up forever, it is common sense.

I think you are right. The big whales in the cryto market may also big whales in the other market. I think they just decide to sell some of coins, which have a significant effect on the price.

Not sure what is the reason. But maybe possible either of the following -
1. Is hardfork rumors going louder again? Maybe these buzzes putting price down.
2. Due to natural break from $3000 to $2700 within few hours panic the holders and they ran for sell which further weaken the price to $2200

I dont think either of those things are anything but coincidence and a correlation cannot be drawn. far worse news has hit both coins, and the price not moved.
The comments previously about natural corrections when something has been booming upwards for a long period, and also the global stock market movement are much more likely.
point being, it is normal.
welcome to the emotions of trading.  

LOL! :D

But, FlamingFingers, I got your point.

It's hard to say if it's due to an event or not, sometimes, BTC is crashing and we are searching a important reason, so if we find one, we say it's because of that, even if it's not, and a bigger dumps occurs  :D

what makes crypto market so attractive is people are buying and selling with emotions, if you panic is good opportunity for me to buy 8)

We have seen quite a big rally for some time and we need to have some correction for the market to grow further,lets see how deep the correction is going to be and then we can decide on whether the market is planning to make another rally,it might take a longer time to see another rally,lets see how it goes.

Can't go up a straight line. Earthquake to the Moon.

As was stated previously, it's a healthy correction to an overbought market, Ethereum in particular. There's always a disconnect between the market and fundamentals and when that gap becomes too wide we get a correction.

There are still several currencies out there that are undervalued. Find these and you'll find fresh opportunity! :-X

Thanks for posting that link. I think a must read for anyone invested in ETH.

It's too bad that the Ethereum Platform is going to get a bad reputation because of the con job ETH the token has become. On the other hand since members of the Ethereum Foundation have been involved maybe good riddance. Besides lots of good competitors have released smart contract platforms without participating in a scam.

Some said the price dropped was due to this:

Proposed Bill Requires Travelers to Declare Bitcoin at US Border
http://www.investopedia.com/news/congress-bill-require-declaration-digital-currencies-us-border-bitcoin-homeland-security/

"A controversial new Congressional bill regarding digital currency has just been introduced by Sen. Chuck Grassley (R-IA). The bill would require the Secretary of Homeland Security to work with the Commissioner of U.S. Customs and Border Protection in order to put forward a "border protection strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States." This bill, if passed, would have significant implications for digital currency holders around the world....."

Just the normal correction after it has been going up for a while now.

It maybe because of this, and adoption of countries that are on process of legalizing it, but in this month even last month, btc were really pump and dump. Value were unpredictable for a span of few hours it may goes high then suddenly drop.

One of the factors is that, when prices rise people immediately sell simultaneously. So the price plummeted. Other than that the factor of many traders than bitcoin users can also affect the drop in bitcoin prices. ;D

Long read but worthwhile. Many speculations here there and everywhere. Points are all valid. In other words, even if the BTC or Eth and other altcoins godown, there is no way in the future but to go up.

Yap and it was just recently that the price went down like this. I am still suprised that many people are still wondering why the price is at that kind of scale. That is just normal for veterans traders. What was new i think was the price increase in transaction fee that a hardfork or segwit is starting to get implemented in the blockchain. This is a new deal for all of us especially we are just low traders and think high about those prices. I guess with segwit implemented another problem could arise sooner again.

Yes it's possible that they are also playing with the market of other alt coins as they are investors, they will take over every place as long as it is profitable.

This guy is also right

I have read theymos' post about bitmain's creating an alt coin if bip148 succeeds - https://bitcointalk.org/index.php?topic=1966169.0

The same thing as what did Ver had done.

Whalepanda is the "conjob" not eth, and WP is totally loaded in favor of bitcoin (and the core dev dictatorship for that matter)
Whalepanda attacks Eth because Whalepanda fears Eth.

at the very least see the bias in this matter. WP did not move the price

more likely is; it touched $3K and triggered sells from people at that price. it is common to see selling in trading at key price points. and as we see today it has bounced down the last few days and now on strength is returning to have another go probably bounce again off the 3K point a few times before breaking it, or maybe it will move down and set a new trend south. this is the world of trading.

either way, WP has nothing to do with it other than being a voice for bitcoin and terrified of eth taking its leadership on the Marketcap stage. which really means nothing.

 If you replace most of the negative/fear driven "advice" in WPs post with BTC instead of ETH he would also have a valid point. but he only ever focuses his attacks on Eth and only ever lordes his ''precious" bitcoin. there are a lot of the old school bitcoin users who are like this. its a common theme.

face it, ALL crypto is in a bubble and built on uncertain business and technology not just Eth, it is the nature of the process because it is still growing and evolving. in this respect, no one in crypto can really be trusted, it is all a gamble. come back in 10 years and it may be finally showing some stability, or be completely gone. sunk without trace, or controlled by regulators and lawmen.

neutrally speaking, for real world uses eth surpasses bitcoin at the moment simply for usability. everything else is loaded emotion. WPs comments and yours included. (scam? really? back that up with something or move along.)

Good point.  I hope it survived after 10 years.  But I do not agree that is a gamble though as gamble is too strong of a word.  I would call it speculation.