Bitcoin Forum

Does anyone know the reason behind Today's drop in the BTC market price? (2013 December 6th)
It was the Government in China that caused a drop a few days ago when they gave the banks a warning to stay away from BTC as a currency, they maintain they do not mind if people trade it online, but they do not want anyone buying or selling services for BTC in China.
 :-[
On a lighter note, I hear Santa will be keeping his BTC in his sack when he is passing through China this year. So lets hope he may have a little more to give the rest of the World.
 :D

The weekend is starting. No panic xD

It is just heavy speculation. Do not worry. If you do have some bitcoin - hold on to them. They will be worth a lot more by the end of the next year than they were even a few days ago.

Thats speculation in itself lol  ;)

There is probably more than one reason. One could be that Chinese "Baidu" (announced earlier today, which caused the sudden drop, but went back up again) stopped accepting bitcoin together with the news about China "banning" banks from using bitcoin a few days ago. It is also weekend now and during the weekends the price usually go down a little bit.

But the prices are not only going down. Its going up and down. I believe the reason for that is since there is also a few "good" news such as the bank of america report or South Korea Central bank news.

Ups and downs are normal, but I dont such fall as your title suggest as really bad Bitcoin fall in its history  ;)

This PBOC announcement really has been blown out of proportion by those who can't read and think in Chinese terms. It's nothing more than the Chinese government's attempt to clarify its stances announced previously. Bitcoin is not the country's official currency of course, it has never been. If I were the government I too felt compelled to clarify again that people shouldn't be confused between the country's fiat currency renminbi and something like bitcoin, some people in China surely showed signs of such confusion lately. This announcement was more specifically targeted at the country's banks and financial services companies as most of them are backed by the PBOC. So the government is essentially saying if private entities want to try bitcoin that's their own risky ordeal but don't play it with my money, yet. Chinese policy makers are smart enough to know banning the county's bitcoin exchanges will likely not do much to banning bitcoin or any other altcoin to that fact. Rather than imposing premature, restrictive policies that will surely hamper the country's technological competitive edge the gov is going to stay put and to observe as long as its massive citizenries don't turn insane believing this thing has arrived to replace the renminbi. We can be as wishful as we want apart from reality, but bitcoin is still more of a technology, a new pilot tool for the world to experience real-time low-cost distributed transactions online, than a new economic model, financial revolution or as some had wished a different way of wealth distribution. If bitcoin proves itself to be a good technology that benefits the local economy it will get blessed; otherwise if it becomes too disruptive as a harmful tool it will get banned. That's just my 2 bits.

chinese new year and chiristmas is coming i think thats the reason

Yes its people realizing that the bank of china notice it's serious because baidu already stopped accepting bitcoins. Add some "bitcoin is banned in china" fud and voila.

Yes, but there are some good news as well, tommorow will be interesting

200 bitcoins also were hacked and stolen from somewhere I will not name. I am no expert, I dont know if this would effect anything (I.E. selling off 200 coins way underprice would dent the network?) but hey its worth a mention I guess

Why it is dropping? Will it going up again?

Thank you

Companies such as Baidu tend to error on the cautious side. The significance of their initial announcement to accept bitcoin was also over stated by many news outlets IMHO. I seriously doubt whether accepting bitcoin or not has any meaningful impact on Baidu's bottom line. If FAA decides to ban private companies from flying drones to delivery packages people won't freak out on Amazon's future. Or they probably do as well.

Given the lack of central broker dealer setup and the still limited liquidity the unit price of bitcoin is deemed to fluctuate, in ways that are more than people used to. Fluctuation means ups and downs, or downs and ups. Having said that, I won't be surprised if the price is going to hover around $1K range for a little while. Simply because $1000 is a major phycological barrier to the world's many households, too there is this general lack of understanding and forget that bitcoin can be traded as fractions of any unit on most exchanges. This is also why I raised this question on a different thread:https://bitcointalk.org/index.php?topic=356773.msg3816159#msg3816159
I personally would like to see more people making frequent profits by taking an advantage of the price swings. As long as they don't try to manipulate the market, profitable investors may actually be helpful to price stabilization. Again these are just my shallow 2 bits, believing them may get you in serious trouble.

No, 200 bitcoins wont change the price much (just +- few dollars).

double top of rally. the rally is over, folks. bear market coming, long slow side and all that. hopefully you dont lose your shirt! remember, bitcoin will rise again!

I think it's an opportunity to buy some while it's cheap. I trust in the cryptocurrency market to rebound in the long run.

I think in a few days, major Chinese companies will turn down bitcoins.

If more does, I think the prices will drop way more than the current price.

Then is the time we invest in more btc :)

What are the good news? The bank of america 1300$ thing? I don't see it having any impact whatsoever.

What about the bitcoin Tesla S?

I think that's more bad news. I mean it looks like bitcoiners are a bunch of idiots that are buying tesla's instead of real cars.  :-[

Haha yeah.

That guy who bought the car when btc was high was lucky.

Got a good deal.

you need to think long term, where will bitcoin be in 5 years or even 10? I believe in it.

the grinch >:(

Buy it while its cheap

True, this is why spending bitcoins is as good as selling.