Bitcoin Forum

What was the catalyst for the recent drop in price, about $8 in 12 hours?  ???

Someone selling 20k+ coins at once, we don't know why.
Maybe he couldn't buy the villa with Bitcoins yet.

nice!

Wow, that is millions of dollars. Wonder who would be the medium for exchange for such a large transaction!

If this is the reason, I see it being only a temporary drop in price?

I do think that it might cause some slight panic selling however! I would bet on the price dropping even more now...  :-\

This is a recurring problem. They thought that they trading in the derìvatives market. Hence the flinch.

There was a $1 million dollar wall on MtGox and somebody sold into it. It drove the volume's crazy but initially had no effect in price, but afterwards panicked speculators drove the price down to $120, its now fluctuating between $120 and $130

Hours? It has crashed in minutes in the past.

 :(

more ASICs will soon be available to brother public , Butterfly labs who are "testing" their devices are gathering huge amount of coins ,devices from AsicMiner are already shipping USB and 5GH ones , by the time most of us get hold of ASICs price will drop, big guys will eventually need to sell accumulated coins during "test" phase to fund new chips  and this just started to happen IMHO, but I wish they are smart enough to sell at smaller batches of BTC not like this but surely price will drop !

Down another $2, let the panic selling begin! Shit!

That is a lot of Bitcoin... wow, how would you feel pressing 'send' on that transaction.

This could mean nothing , but ASICMINER hash rate drop significantly today http://www.asicminercharts.com/ are they plugging off their ASICs and shipping them massively

http://www.asicminercharts.com/

we should watch this chart

Should be interesting to watch. Perhaps a good time to buy now, if the large block has cleared already?

BTC fluctuates man, it is a good buying point now.

Panic sell.. Or as we call it in the bitcoin community "just another Monday"

We got our action back :D
I would prefer it to be going in the other direction though ^^

How do you know that a 20,000 coin sell would caused the price drop of $8?

if it falls more im buying...

The charts show a straight line down, if it goes down in one go it was one big selloff.
Seems like there are still several smaller sell-offs going right now, if you watch them at http://bitcoinity.org/markets/mtgox/USD you can tell that those are most likely single-selloffs.

aaaand it's going down again, sadly I bought in at 124 :'(

if someone just sold 20k he might be speculating or buying house :D

Every time I see the price fluctuate I look at the YTD or all time charts to get some perspective. 
Remember you don't take a loss unless you sell low.  If you bought at 130 just relax.
I bought reddit gold and some actual gold from amagi with btc over the weekend.  I immediately bought more btc to cover the cost. 
The price didn't affect the transactions at all.  It is trending up overall.

Now down to $115, I can see CoinBase stopping sales claiming they are "high risk transactions". Price down another $-8 since I made this post! (-$15 for the day).

What I am saying is that if the ball gets rolling there will be no stopping its decline!!

Dammit that bastard couldn't have sold those yesterday? I just bought 2 for 130 haha.

Actually this is false.
It gets easier to stop it when it goes lower as you need less money to do so.
Just like it's easier to crash it with less Btc when it's going up.

Price fluctuates, dont worry about it.

Looks like 115 might have been bottom for now.

Yeah, selling now would be plain dumb, the price is going to up again eventually.

Damn that's a nice site, thanks for the link. That's what I wanted - ACTION on a lazy Sunday afternoon!

Buy low, sell high..

Yes, holding seems a good option if you're like me - a pathetic excuse for a day trader. Lost 20 bitcoins so far trying to ride the highs and lows. :-[

There is speculation on Reddit.

Looks like 115 might have been bottom for now.

the normal up and down

I kind of want it to drop to $100 since I was looking at buying a little...

Meh that was spare change didn't hit my buy point  ;D

Trojan, you have 1 post and -5 trust feedback. The hell?

Anyway, it will be interesting to see where btc goes from here...

Panic sell and price fluctuation

It is not really a big drop, now it is at $119, BTC fluctuations are very high given the volatility, nothing to worry about.

Nope that's well within the expected volatility of bitcoin 10% ain't that big for bit :)
Also means the market is resilient :)

drop or up is normal to trading system.
i hope it drop more,than i can buy some.

Today has proved, that even when price drops like $15 panic selling is not as true as many think.  ;D

Maybe when instability is the norm, one tries to take advantage of it.

It's scary for me because i just bought my first coins at $130