Bitcoin Forum

What is really happening again, today?
Which country is banning ICOs again?
I know we're done with China!

https://i.imgur.com/qFuX8rc.png

I think this is not the reason why the price drop again and i just read one article and they said it is because china was planning to kill most of the bitcoin mining that i think it can impact to the price today.
But there are still traders are buying more bitcoin while the price is cheap. Well honestly this is just a normal for bitcoin anytime soon we will see the price back to normal just wait for great news..

Market correction is really my first answer. But I didn't expect for other Altcoins to follow where Bitcoin is now. I have been observing the daily and hourly charts of Bitcoin and have come to a conclusion that with declining tops it will go on another correction which it did. But with a wild guess I think that the massive correction of Bitcoin made other Altcoins follow it as all the traders know this would happen as some kind of domino market effect.

It's funny how when the price was hovering between $12,000/$13,000 people were just relaxed, and now the price has gone up to $17,000, and went back down to sub $15,000 levels, people start talking about what happened. ::) It's just the market bouncing up and down like it has been doing for weeks now. It's perfectly normal considering that there is no news or other signals for people to hold on to, so the market jumps up and down within a fairly large range. The market last year had the future markets to hold on to as extremely bullish sign, which we don't have anymore today, so there isn't a clear direction.

i see nothing new today to be honest.
just another massive scale dump after a lot of altcoins have been pumped and people were warning you to get out before it is late. and i have half a mind to say this time the dump began with altcoins and the sheer amount of money exiting caused a drop in bitcoin too. although if this were true, that would be the first time the drop happens in the opposite direction.

It dropped because the rise before it was a bulltrap. And it's only down what 10-20%? Thats nothing. It was a miracle it stopped here.

China is banning miners.
Which will cripple the network, cause even higher fees and confirmation times.

That's it. Nothing we didn't know already.
The future is not blockchain, it's block-lattice.

Yes, I was expecting the climb to last longer as people were buying cheaper Bitcoin and cheaper alts. Took me by surprise also.

Hey, maybe it is just the Monday blues, plus this is the period almost everyone is finally coming back from winter holidays. I know that for years Europe and America take an extra week off after the new year, because of winter break for school and the timing sounds about right. Maybe a lot of people overspent on holidays and just need to sell off a bit of crypto to plug back their finances.

Funny thing is ETH rode the wave really well. I came out way ahead when I noticed ETH wasn't dropping with the rest and put my trade stash all in ETH.  Coming out like a bandit on this one.

China is not banning mining. China is allowing banks to tell electrical grid to stop feeding electricity for mining purposes. Their intention is to discourage mining but its not like all of the miners in China will just stop mining, there is just too much money invested so they will have to gradually do it.

I am so glad China is doing this and they will finally be out of the crypto world permanently. I was so tired of their weird rule changes ever so often, its better they just get out of it and get themselves left behind while the whole world moves to crypto.

China is not banning mining at all. They are just entitling electricity-cap to mining.

IMO it normal correction after 500B-800B rally we saw in last week.

Almost everyone knew that a correction will happen but honestly I am not expecting it too soon. I think it's due to profit taking, as the alts were pumped quite heavily more than their genuine capacity and now they have been dumped. I feel myself extremely blessed as I was about to buy one of the recently pumped alt but then decided to wait for it as it felt like fishy fishy. This is crypto no one know what's gonna happen in the next moment. I am not sure about a correction as nothing has been mentioned about it yet.

Indeed, the correction right now is way too early. In fact, when did bitcoin price recovered from the Xmas correction? Heck, bitcoin is not even fully recovered from the recent correction and it's currently going though another one. Oh my! :(

It's not a correction people.  Coinmarketcap delisted the entire Korean market.  No one sold off, it just looks like it.


https://www.ccn.com/ripple-is-not-actually-down-by-30-coinmarketcap-removes-south-korean-price/

Just was about to refer to that. I do also think that this is the reason for it. However I still expect that Bitcoin will go down some more, its just about right, as there was no real correction after the constant rise. We will see if this healthy correction will come into play anytime soon.

In most cases you're only throwing around with utter nonsense, but in this case I seriously hope that you are right. I think it's safe to say that the majority of the people here want to get rid of them, and that better sooner than later. They have disabled themselves when it comes to their exchanges, and now I am waiting for them to do the same with mining. Miners have several alternative countries that they can choose from to build their farms, which is something we can only be happy about. Scandinavian countries are perfect for that, also due to their colder overall climate. Another major plus is that the power rates there are quite low as well....

I heard the Chinese government wants the local authorities to help Bitcoin miners divest out of China - power reason. It is the reason Chinese miners are switching to locations in Canada, Russia, Europe.

Relax. We cannot see a positive day every single day. BTC has been recovering quite well from $11K to $17K it's only normal to see some correction!

There is no surprise for the recent drops on most coin or token. The market shows bearish run since the beginning of the year so it's just extending its current state. Corrections happen once in a while and there is nothing to be worried about. There were no significant news or happening currently so this is just a normal volatility thing.

Yes, that's right too and one reason of current result but that fees will grow for bitcoin seriously, won't affect much to other altcoins.
And also, whole crypto market just dropped on one data adjustment. See, china's one word and coin market cup's one edit can affect whole crypto market, that's out of control. Are crypto users blind or full of emotions?

In my opinion, This drop of bitcoin is proposed and what happened is necessary because if there are some currencies  fell with  bitcoin ( Such as: Cardano, Litecoin, Ripple, Ethereum , IOTA..)  then we can accreditation on their projects because they are certain that the future of these currencies will be successful and when we buy a lot of value then the  profits in the future will be huge of these Altcoins.

Otherwise, For other currencies that have risen with the fall of bitcoin , then basically  they will not have a good future for the  value of the price and market cap. So we must avoid  all of them ( like: lisk... )

I believe this is merely temporary. This is the result of people moving away from Bitcoins because either they cashed out of bitcoins or they are moving away due to the fact of the network problems with it. It's been the normal course of bitcoins and has been happening again and again in the past. So the best option is always to move to altcoins for now and when bitcoins does pump move out of altcoins and cash out the profits to bitcoins.

Of course, just what we have seen previously, market going down is only short term, I don't know about altcoins market though. And yeah I would agree with one member that it maybe due to coinmarketcap removing Ripple coming from South Korean trading platforms:

https://cryptostreet.co/coinmarketcap-removes-the-south-korean-exchanges-and-provokes-a-sell-off/

And maybe it causes a domino effect and investors started to dump some of their stash. However, when the dust settles and understand what really going on, they will go back to the scene once more pushing the price all over again.

And then there the news coming from China, banning bitcoin mining farms. It's still not clear though, as we all know that there's a lot of contradicting news from the government as far as bitcoin and crypto. We will see how it pans out.

Rather than focusing on the negative aspect, I see this as the perfect opportunity to invest into bitcoin and some other altcoins, considering that their prices will increase in the next 2-3 weeks. Like what you said, the decrease on its price was due to the domino effect caused by bitcoin since almost all of their increase in prices are directly proportional to bitcoin's price.
Nevertheless, this would be the perfect opportunity to risk and to explore other altcoins like ripple due to its potential in the future. Lastly about China's banning of miners, this may be a double-edged sword in the price depending on the extent of damage done.