Bitcoin Forum

If it closes below 8800 it will be ugly!
Yen is over 50 percent of volume!
We are at their mercy!

Lol 😆 funny guy ..

In some areas maybe this is true since japan is one of bitcoins sweet haven ,and japan is oneof the most user of bitcoin in the whole world..

But i doubt that theres no anticipation of whales here,and for sure not all whales are japanese

Well, the Japanese yen definitely has a huge influence on the global average price on bitcoin, buy saying that they run BTC's price is a huge overstatement. BTC's price on BitFlyer is currently at $9,151.22[1] though. How did you conclude that it might go down to $8800?

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[1] https://coinmarketcap.com/currencies/bitcoin/#markets

He could be using the fibonacci or his margin price. If it closes that low then its going to be critical and will most likely drop more. Fear is always there and those who bought at such price before it went 9K will probably save themselves from loss. Is it possible to test the bottom again to break? If it would then get ready you may be able to buy the cheapest btc as possible.

The MTGox man is on the stage again. He continue to sell the Bitcoin recovered from MTGox hack. This is why the price falling.

Don't be quick to point accusing fingers.  Yes, the MTGox trustee messed up big time then, but I don't think that he might be the reason why the price of bitcoin is dipping recent. Anything could have caused it; the traders who are rushing off to sell since the price moved from 6k for 9k could have been the cause. Moreover,  the recent price that dropped isn't that bad.

I always watch out when the Asian market is opening. It seems to me that between 9:30 a.m. and 12:30 p.m., Japan time, the biggest changes in price usually occur. Unfortunately, in recent days it seems that this price always shows a downward trend. And then the scenario reverts 12 hours later when European and American markets begin to operate.

It's almost a struggle for balance, for the search for the right price. And that gives me the impression that once again we will see the price below the 9k.

Seems we are again testing the base support around $9000. Last time it went to 8800 and held strong there. If Bitcoin holds here in the low 9000s, making a double bottom around 9000, that should mean we're finally reading to take down $10k resistance.

In all the trading threads I read I've genuinely never seen anyone looking to Japan for the next move. I assume it's not that easy for foreigners to get money in and out compared to other places.

They may have volume, they don't have the hearts and minds of traders elsewhere.

Still speculations and without any concrete trace we are still in the range where investors and traders are still holding their positions, we are still lucky as Japan continue to support bitcoin and we are still holding at this level, just waiting for more new investors to come and join the ride, there's still a lots of positive things to come in terms of bitcoin value, Japan is not the only one who supports bitcoin there's also other countries that already using this system if more will adopt then price will be huge again.

It didn't close below $8,800 today. We don't want it to see sit back at that price.

Japan is one of the biggest market players and we can tell that they have their part on the market so are you saying that they are the new China?

It looks like the MtGox man has almost infinite supply of BTC to make the prices fall.
Luckily people keep buying Bitcoin and compensate for this now and then.

Now really. We need better story than this.
My take is that a manipulation is going on, from giving too high importance to the SEC meeting and decision on ETH (whether it's for real or not) to dumping a little to make the people sell.

Also I expect that some that bought at 6-8k have set 10k as the "cash in" price and some take their profits.
But I think that in less than a week we will be more than okay.

I have heard about several countries controlling what the price of bitcoin is or will be. I have heard about the Chinese, India, and Russia but bringing the Japanese into the picture is surely a new one that sounds strange. The price of bitcoin will fall an rise based on forces of the market and other factors. Ascribing it to just one thing especially countries is not only limiting the potential and penetration of bitcoin but making a false conclusion.

Don't they have zero trading commissions on many Japanese exchanges? I know Bitflyer.jp had no fees at some point. It might still not, I'm not sure.

I know a couple traders that always always watch the Bitflyer chart. I'd agree with them that Bitflyer leads sometimes, but not often enough that I particularly care. Same goes for Bithumb in Korea. At the end of the day, all charts reflect the same sentiment. Arbitrage (or the expectation of arbitrage) takes care of that.

Not only Japan but there are many places in all over the world where you can see some bigger investors of bitcoin. They are intelligent personalities and who know the reality of bitcoin and they think for their future and they invest only to give a good future to their coming life that is why they do not care that how is their government for bitcoin but only invest in it. It is right that Japan government is in the favor of bitcoin but it do not mean that all of the bigger investors are from there.

I am sure the MtGox sold a huge amount of coins and that reflected the market going down and if they are selling ten thousand plus coins the other sellers would panic and dump their coins fearing a correction and if they are selling the coins again, it will reflect in the price.

Obviously they have the market share as far as trading volume but it doesn't mean that they can totally manipulated the price. They are just one on the so many factors that can affect the price. There's still the US and the South Korean market and small nations who trades. Where did you get that figures of $8800? Show us your TA so that we discuss and not just trying figures around in which you sounded like creating FUD here.

I think they do which means those volume figures are irrelevant. Bitflyer said it was temporary but it may well still be up there.

Korea should be discounted completely as there's absolutely no way foreign money can access it whatsoever. Like I said I've never seen anyone anywhere mention the JPY price. I'm sure the Japanese do.

Everyone else is looking at the usual Western places.

That's just volume and not total holdings, so we aren't at their mercy. Other countries like Russia, America, etc. have more holders when compared to Japan, and them dumping would just look puny when compared to holders of those countries dumping. Do not worry about volume since it will subside soon when btc becomes more adopted by countries. Volume will eventually be evenly distributed among many countries.

The only exchanges that matter are GDAX, Bitfinex, Gemini and Bitstamp. All foreign trading volumes do contribute somewhat, but they mainly affect their own market. I remember when South Korean exchanges were trading $5000 above western exchanges, which is beyond insane, but the western markets didn't give one single damn. Later on South Korean premiums vanished and became just a few hundred instead of thousands -- this perfectly indicates that continents have different demand standards and don't necessarily steer the other side up or down with it. That's the benefit of having different exchanges all operating different order books. :)

btc price higher with pair fiat money not japan market
you can read in coinmarketcap, click here https://coinmarketcap.com/currencies/bitcoin/#markets , and then click price, to get rank list about bitcoin price

Japan holding a large volume of user network has the ability to manipulate the price to some extent, even though the network is a complete decentralized. Moreover in the past this was done by China who holds the majority of the miners as well the user community. On the whole I don't think that Yen is making an influence over bitcoin, because the forex market is far apart from the cryptocurrency.

prices fall not completely wrong MTGox, man! we should as users and investors who have a weak mentality self-conscious, that the fall of this price can also be caused by people panicked (mentally weak) because hearing negative news just sell it directly  :D

I was thinking before that Chinese run the market and that is why news from that region do affects bitcoin in the most negative or positive ways.  Japanese also have some influence but I don't think that they control the market as there are many factors that determine price.

Totally agree. We have witness South Korea exchanges at a premium high but it didn't significantly affected the price globally. Although Japan has a huge chunk of trading volumes, I think its not enough to offset the Western exchanges to really bring a dent of the price (positive or negative). The price is going on another minor correction, but I do think that it has nothing to do with the Japanese market though.


Chinese case is different. They are faking the volumes and manipulating the price until PBoC caught them.

Of course the MTGox trustee is not the only cause. But he is the spark of this recent fall. He sells and a lot of people sell with him.

He said his sales were OTC and he didn't specify when they took place. How would anyone manage to pin the 'blame' on him when they don't have the facts?

The lack of brainpower on display when people roll these stillborn facts out is very tiresome to witness.

If I remember correctly, he is selling his BTC on 3 public exchanges. And the fall of the Bitcoin price is always happening just after he moved his BTC from his wallet.

Other than that you can ignore the messages or the poster that you think is rubbish, if you have enough brainpower.  ;)

Witness the power of my brain and cower - https://news.bitcoin.com/the-mt-gox-whale-explains-his-crypto-selling-strategy/

“Following consultation with cryptocurrency experts, I sold BTC and BCH, not by an ordinary sale through the BTC/BCH exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible,” Kobayashi details.   

Which means OTC.

https://cointelegraph.com/news/effects-of-mt-gox-trustees-400-mln-sale-on-bitcoin-market

"Over the past three months, Nobuaki Kobayashi has sold over $300 mln in Bitcoin on two public exchanges. Some critics believe Kobayashi's sales put so many Bitcoin back into circulation, that the sales contributed to severe drops in the price of Bitcoin."

You can believe what you want.

I predicted it would be ugly!

Where did you get that number from?

https://i.imgur.com/m6XkHjh.png


And slowly SK turns into China, faking numbers and volume...

.

If they've faked balances I'm pretty sure they've faked everything.
I'm always puzzled how exchanges come out of nowhere and suddenly they have hundred of millions in trade.
Yet on 1000BTC dump and it's the end of the world... ;D

Direct quote from the man himself, who presumably like other legal and financial professionals in other countries gets fired and blacklisted for lying, or random sentence - probably bot generated - from piece of shit crypto press? Hmm...

I'm going to settle for the former myself but that's just me.

People who are balls deep in crypto seem to forget that elsewhere deception has actual consequences because there's this new thing out called being accountable.

Bitcoin is legal in Japan so there is lot of influence of Japan in bitcoin price volatile and more important south Korea too influence bitcoin prices

I'd take the word of the trustee himself over some random crypto media article. ;)

Also, many exchanges have OTC brokering services, so it's possible the whole "selling on exchanges" thing was mischaracterized based on that. He'd have to be very dumb to sell directly on spot markets too, which I doubt.

Direct quote must be quoted from the official statement of the MtGox trustee himself. Not from a translator which writes news on a crypto news site. Cointelegraph and news.bitcoin.com have the same trust level.

Japan's community allows the use of bitcoin due the high tech environment but I dont beleive the community is large and strong enough  to solely drive bitcoin price now. The country does not make the top 5 for the nymber of ICOs and the number of ICOs per million people. The population when compare to some cryptocurrency is not large enough to solely claim the ability to drive the price but the crypto community is well regulated to allow any form of its trade

so you afraid, let's think positive


the crypto sites are not very credible and reliable, so I would say that we always have to be on our feet with these crypto news sites because they live on rumors, they like to publish rumors


I disagree, the second is totally turned to promote the altcoin cash and it seems that its journalists have the same opinion, I did not see any journalist in the newsbtc criticize the altcoin cash and it is not possible that all people have the same opinion

The rise in the price in the past few months was unnatural and I worried that it will down as big as its growth and we saw it happened. I didn’t surprise about big fall in the price because it was not according to the market value of bitcoin. Now it is normal and people are investing again in bitcoin because the growth now is according to the investment ratio.

This is the false assumption and we should believe in the Bitcoin because if you stop believe then consider that is the end of your life. Just focus on your investment and try to be more positive as compared to negative mind. This negativity let the people to sell out their coins and thus there is a decrease happens in the market price. Avoiding such negativity will benefit us in this market.

Maybe some whales would have manipulated bitcoin prices and doing right now also but it will not last for long. So, some country will be controlling the price of bitcoin may happen but it will not happen for all the times. Over time they will lose their power and bitcoin will become completely decentralized in near future itself.

if that was true then bitcoin price would have already been at least $100k by now because the demand for bitcoin is increasing every second in Japan and with that a lot more money is being invested in bitcoin.
if anything the rest of the world (like the US market) is bringing down the price and the price that Japan sets.

it can happen because Japan is one of the big countries that legalize bitcoin and big investors are there. Therefore Japan has a big share in price movements.

It could happen if seen in the direction of japan has indeed strengthened BTC by legalizing crypto there,but it can't be ascertained that Japan can control the movement of BTC value cause all countries participate in the market along with mutually multiply demand.

It's not the Japanese controls the price of bitcoin, it's a very small group of people controlling the price .
It's proved that there is a small group of people that own million of bitcoins, those bitcoins are easy to be liquidated and they can just sell off/buy them off based on their willing to decrease/increase the price of single bitcoin, we should learn how to ride the waves, as can't really fight them.

The price discrepancies between exchanges have more to do with peculiarities and issues like withdrawal and deposit fees on fiat transfers rather than "continents having different demand standards". If everyone were able to both flawlessly withdraw and deposit fiat (and sometimes crypto as was the issue with Chinese exchanges in the first half of 2017), the arbitrageurs would quickly jump at the opportunity to make easy money and level out prices. If there were equal conditions at every exchange out there, the prices would be pretty much the same everywhere in the neighborhood. Things like withdrawal and deposit fees, limits on withdrawal amounts, times to withdraw and deposit, etc explain such big differences in prices on various exchanges.

even though Japan hodl most of bitcoin market and price superiority we cant completely say they only manipulate the price it is global news affects the bitcoin price

The price of bitcoin went below $8800 this time around and it did not turn ugly, expect the market to go down in the short period of time, as an investor i do not bother about these short term corrections, the main reason might be because of the sell off by Mt Gox team and they will keep on selling the coins but the price will recover. Japan is not having the entire volume and the price is not dependent on their volume alone.

I think he want to mention that Japan has dominates Asian market volume, but the market that has a big influence in the world of crypto trading is still in the USA, so I'm not sure japan run the whole BTC price.

You may have a point, we can't conclude that Japan controlled the price of Bitcoin because still nobody knows who controlled its value. Japan totally accepted cryptos and it's good that they totally make used of the technology and I think they contributed a lot in terms of making the crypto to be more popular. But still, Bitcoin is decentralized and data are being spread globally so it is not the Japan who controlled the price but the people who uses it IMO.

Big countries decisions effect price of bitcoin because people think that if they are making decisions about bitcoin certainly they thoroughly investigate it and finally gave their decision. My country has banned bitcoin and I know it is for the time being but it will take long time that the government legalizes bitcoin in my country. China has banned bitcoin two times but now they allow their people to trade and invest in bitcoin.

In the end all news from China were fake, to much noise about nothing. In your country bitcoin is banned maybe but you are still here, they can't stop you from using crypto. Bitcoin is a world stage, I'm sure there are strong groups in every country, and individuals, they affect price with their actions but wellbeing of bitcoin is mutual for all. In big countries lives a lot of people, positive or negative news from big countries  governments affect big masses, later their decisions affect price.
Bitcoin is still decentralized, nobody can fully control it, until bitcoin is decentralized we will not need to worry about who controls it.

I dont think so, this is just a slight drop and this is normal. We have been constanly rising in the past weeks and now the drop is just normal and expected by seasoned traders and investors.  I know it will be recovered soon!

Japanese are not the most users and investors in bitcoin they are just supporting bitcoin from the acceptance of many countries in the world. Yen is just another currency that is being used by people in japan. Bitcoin's price will increase in just matter of time.