Bitcoin Forum

Hey everyone, I'm new on here but have started investing in crypto recently and built up a nice (albeit small) portfolio.

Just noticed that pretty much everything has fallen 10-15% in literally a few minutes. I know the weekend and China announcement caused drops over the space of a day but this is insane. Maybe these things happen often on a Friday... Profit taking day etc, and they'll correct in the next hour or so as people buy in this huge dip.

I've not seen anything anywhere near this in the few months I've been trading. Have I just missed them previously or is something fishy going on?

i expect the same answer hahaha ... and one more question ... every time when all cryptocurrency price fall , the price of tether rise  . why?

I am wondering too.  I can't find anything.  ????

Could be something to do with the earthquake / hurricane... Do world events cause these changes? Big holders selling up as they've just lost everything else / helping others with aid etc and they have big reserves in BTC? Maybe I'm being silly, just cant find any concrete news of something within the market causing this.

Probably some issue with an exchange.

Must be a problem on the exchanges. Profit taking never happens this sharply!

China is shutting down local exchanges:

http://www.zerohedge.com/news/2017-09-08/bitcoin-crashes-massive-volume-china-plans-shut-local-exchanges

http://finance.caixin.com/2017-09-08/101142797.html

Just found this...

"Abstract: According to the China Securities Journal, Bitco currency trading platform has become illegal economic activities, money laundering and bankers manipulate the price of looting of retail channels, supervision that should be banned as soon as possible.

Close to regulators said:

➤ Bitcoin trading platform has become illegal economic activities Money laundering and bankers manipulate the price of looting of retail channels, should be banned as soon as possible.

➤ In addition to the illegal economy and extortion, the basic application of Bitcoin is not currently seen.

➤ Money laundering with Bitcoin can bypass the regulation of the transfer of funds, especially in China, there are still capital controls in the case of such acts should be introduced as soon as possible regulatory measures.

➤ bets a bit currency trading platform, not a ban on Bitcoin. The banned platform is a channel to cancel a large amount of currency and currency exchange."

No wonder that price of Bitcoin and altcoins are falling. Thanks for the information.
Or maybe some people are manipulating the market to get more bitcoins and altcoins. But it is a sad news for people having money in this Exchange.
But maybe they were real scams. China want to control everything.

Looks like speculative panic based on questionable interpretations of the China stance on ICOs and how that affects the exchanges still.

I do not think the hurricane problems in US are causing the fall. China and other Asian countries are the big holders of altcoins. That's where the cause will come from.

I am not sure why cryptocurrencies prices fall almost in the same time, mostly red in the market, but bitcoin price in my local exchange recover just in minutes, lol. Whales in act to dump (maybe) but people already prepared to buy whenever dips occurs ;D. Yes, it is discount time, I'm glad to buy more cheaper bitcoins. Just waiting until the time comes and I will sell it again, get extra profit. Friday discount

I agree now, just hadn't seen this news before. This sounds worse than the ICO ban on the face of it but we'll have to wait and see, markets are picking up a bit now so hopefully it's a quick panic sell and wont carry on for too long... This is the second time in a week that I've bought hours before a crash, what a fool. Much to learn  :o

You didn't miss anything. Bitcoin goes up and down. It's called volatility and is caused by several factors. Big buys/sells, bad/good news, media hype/doom. Has nothing to do with the day of the week.

Some people are just looking to buy bitcoins for cheap, and mislead people...


Look like the summer discount was not enough. In 3-4 days everything will be back t normal. Shopping time!

Get used to stuff like this happening, and if you don't have the stomach for volatility, you're in the wrong market. This is a dip of what, $250 or whatever?  That's nothing.  If it dropped by 50%, then that'd be something.

Think of it as a chance to get in at a cheaper price.  And we may not be done dropping, either.

What basically happened is that the Chinese markets fell sharply. The western markets didn't know what was going on, and fell in sympathy "just in case there was a real reason for the fall".

Then the news reports came in about what it was about and the western markets recovered a little.

If China is really serious about closing their local exchanges, then these shenannigans will end finally.

Fake News coming from nowhere will shift the markets when people panic early. Things like this will definitely have people running

scared : http://www.zerohedge.com/news/2017-09-08/bitcoin-crashes-massive-volume-china-plans-shut-local-exchanges

Anything to do with China and their government decisions will shift the Bitcoin price. {positive or negative} We are getting used to

them throwing their weight around.  :P

from the last price which was around $4600 down to the lowest price which was $4200ish is just 8% ;)

and this is another dip caused by another Chinese news. and some crap about banning crytpocurrencies. and i don't know when people are going to stop paying attention to the news coming out of China!

we all saw that during the couple of months where China was off (the exchanges closed for months) the market continued even stronger than before!

It's not that I don't have the stomach for it, makes it all the more exciting. Just interested to see peoples perspective on what is going on and causing these changes. I realise they happen all the time but this was the most rapid drop I've seen in such a short space of time... Although I've not been in the game for long haha.

it's all happen because issue about chinese goverment wanna ban crypto exchange and make crypto value all down because chinese is the most country that using crypto

There were much harder drops in the past.

https://i.ytimg.com/vi/1k6fbLzMBKc/hqdefault.jpg

This is most likely because some whale or early adopter dumped a lot of Bitcoin thinking the price is going to crash soon. Can't blame them, really with the bubble we are currently in. :P

Such is the nature of crypto. One minute you are reaping huge profits, then you go out to eat, come back and the market tanked 10%. :D

I'm learning that quickly haha, it's great fun :D kicking myself for buying more just before the dip but that's how things go hey!

Atleast with novaexchange. Earlier today I was not able to see my wallet balance. Now I can see balance but it won't allow trade my deeponion

Yes, of course. The biggest holder of altcoin are the Asian countries. They invest their in altcoin to see things of benefits of having them. Altcoin contributes lot of coins and can be used wherever you want.

Think before you act, buying coins is the same as selling your coins at a higher price. This is not a disturbance for the crash of coins.

Bitcoin just went on sale ... buy the dips

Well! I saw a news flash that China is planning crackdown on exchanges

https://hacked.com/flash-crash-crypto-world-china-plans-crackdown-exchanges/

Searched the full google but did not found any new news about Bitcoin related bad news, but i think that china is trying fully to bring down the bitcoin price but he is getting failure as when ever he is selling other country is ready to buy it.

i heard that chinas was shutting down local exchange that i think one factor that we a have a big dip right know. But this is one factor I am looking for thats maybe the reasons why people are selling their coins right now, but it will not take too long, the price will be back again soon.

LOL. But at least you can wear gold; it's one of the 'features'  of an actual, physical substance. You really can't do anything with a Crypto except spend it, or possess it. You can use gold for art, technology, medicine. In addition to all that utility, it's a really old, really trusted store of value. Bitcoin is just numbers, information in a database.

Yeah, it has grown a lot, in price, but why? What has changed that suddenly makes bitcoin so valuable, that we have reached these price levels? This is the same bitcoin we have had, with a fee tweaks, since the beginning.

I would say that tanked is a strong word. There are things that affect the price and it is still much higher than it has been since day 1. The price will go back up and there is really nothing to complain about if not, as $4300 is a quite respectable price considering the short life span of the commodity

I would not go spreading fear and doubt, this is just how the markets work and it is going to be like that forever. Bitcoin has been a good currecny and those who are involved in it already know that these up down are normal and happens every now and then.

Definitely caused by reports of China planning on shutting down all exchanges.

They've attempted to do the same thing back in 2015, but then later on lifted the ban. So it really seems dodgy to me that they are trying to do it again. If they are determined to ban exchanges then they would have done so in 2015, and not have reconsidered their decision at all.

Anyways, just keep in mind that this is unconfirmed news. So therefore, this is a great buying opportunity if you think the news source of Caixin is incorrect/unreliable and the news is false. If it turned out to be fake news then we could potentially see $5000+ levels after the dust has settled.

Rumors related China and all decisions it make fluctuations high enough for a few days to bitcoin. If we realize it, this includes a form of economic speculation. And it's a signs are October bitcoin continues to journey for higher rides.

There are so many factors that causes the recent ups and downs in the market.

1. China's news to regulate if not shutdown all local Cryptocurrency exchanges.

2. FUD speculations, people are saying things they want about the market which may sometimes makes others panic and dump their coins because they are afraid.

3. The weekend, may also be the factor of contributing the recent ups and downs in the market.

I think Bitcoin price already was due for a correction. The news just aligns with it and becomes the narrative at some moment. Although we have seen Bitcoin price being resilient and resisting really major drops, I could imagine a drop below the $4,000 zone in this correction. Just HODL and perhaps accumulate some extra during extreme moves downwards. For further thoughts: https://steemit.com/bitcoin/@wekkel/bitcoin-chart-analysis-10-september-2017

It's futile to try and guess where the price of bitcoin is going. The market has gone up more than 100% in the last few months and it went up 100% in the 12 months before that, so a drop of a few percent is small in comparison. If you are going to be trading in any global markets you'll have to have a decent strategy, a lot of patience and nerve