Bitcoin Forum

Sharp decline follows negative news, after the hack of a small South Korean crypto exchange.


Read Bokka Crypto Technical Analysis BTC/USD 12.06.18: https://bokka.com/cryptocurrency-news-bitcoin-drops-to-new-lows-at-6600

This is confirmed FUD. That was some minor exchange that traded altcoins, even without fiat pairs. Check it's position on the market and daily volume. Do you believe that somebody stealing 20 million USD worth altcoins would cause a crash of an unrelated cryptocurrency (BTC) measured in billions? If you do, you need to have your head examined.

Yes it is FUD and it sure does work.  ;D
Looks like the weak hands are getting larger in population. Just a small trading site hacking can cause this lots of changes in the price.
I cannot say this is fluctuation anymore. That is way to far from just day trading. They cannot shake it for that much. It could be a whale is dying and started withdrawals or the FUD is working.  ;D

I dont care though. It is bitcoin. It will be back.

Why too much hacking has been taken part from the past few months. Till January month they does not know about the hacking huh. I really have big doubts on these whales who is always manipulate the price chart of complete crypto currencies.
This should not be happen from long time, if goes like this people whoever invested on cryptos will be loose their faith on the bitcoin and alts. Hope we find the good and positive change in the market trend.

I don't believe on the link above like the above said it is another FUD, if this news is from well-known article or news site maybe I could believe that it is not another FUD because the article above and the website is not safe and not well-known.

Why honestly they're still spreading a fake news just to keep the price dip then people who spreading fake news will start to buy with a cheap price so that they can make more profit and I think the price of bitcoin today will stop decrease and expect for the bull market to push the price back.

You can see that after touching the $ 6600 level, it has recovered to $ 6800, but at the moment, bitcoin prices are still adjusting and are likely to reach $ 6,000 in the coming days. You can see that bitcoin has broken uptrend in time frame D1, so bitcoin prices will be able to continue to fall deeper at any time.

absolutely FUD. but the volume is very low. so the market is not in good shape. I have studied many graphics and looked at the constricting triangle formation. If reaction purchases do not happen now, there may be a very sharp decline...

Bitcoin prices have fallen sharply in recent days and I am afraid that the market will fall into recession, you can see that bitcoin prices are constantly fluctuating and will be able to continue falling sharply in the coming days. It is very difficult to succeed commercially. The market is bearish in the long term so bitcoin prices may fall further and will touch the $ 4000 mark.

It is itchy.
We will have to wait before all of this will be cleared out.
The good thing is the Korean police made their move quickly. Other governments would be ignoring this kind of problems.
What do they care if they will not get something out of it.
They should make haste looking for the culprit. We are losing a lot of investors here and there. ;D

That is all FUD, and news sites trying to get web traffic for their sites, by showing those headlines, and trying to create relations where they don't exist. Crypto doesn't really react to news like that, otherwise it would be rising in value, because it's actually improving from a technical point of view. Normal declines happen, because the interest in buying crypto has decreases, which is perfectly normal after what happen last year. I mean, the price went up to fast, without any developments happening. Now it's development needs to catch up with it's price. What sites do, is to get any piece of information they have, and they simply create a relation, even though they can't really prove it.

He would really need up his head to be examined if he do really believes such thing  ;D

Total FUD and same on most people do say on here, This is only a small exchange with have Millions been stolen but it doesnt mean it is the main cause of such nose dive price decrease of bitcoin.There are lots of factors actually why we do on dumping state but pointing out the main would really remain unanswered.

Absolutely your correct and right another sad time for all bitcoins holder's but of course need to be patience time has comes those people always keep their faith for bitcoin become huge again and expensive decentralized curreny in the world of crypto's.

It is true, this is absolute FUD, there's no way that altcoins can contribute in the drop of bitcoin, both are crypto currency but they are still separate entities. I know if we look st the chart of bitcoin now, we can say we alreadt had hit three bottoms, but this move is just part of a normal cycle, soon we'll see bitcoin going uo again, but for it to happen, I suggest we wait till Mt. Gox makes a a move so we can preare ourselves, becuase once they release the remaining bitcoins they have, the value will drop and it will be a sale, and since it is a sale, a lot will buy the dip, and the value wil rise again in no time.

Rumor will has it had gets going everytime when Bitcoin drops a tremendous amount of prices from hundreds to thousands but i suspect that it was another fake news that was circulating again to back up the dropping of prices. Anyway, it may true or not i don't care, i just want them to know that i am not surprise anymore. I am just waiting here to see what moves they would be doing next.

If people keep focusing on nonsensical reasons of why the price might have gone down, they will not understand the actual reason for this longer term decline. Stop being so ignorant.

The market is going down because there is more circulating supply than demand, and this process might take several months to take care of itself. I don't think we'll be seeing anything below the $6000 mark though.

If the demand can't even sustain the $6000 mark, then know that what we went through last year, will partly undo itself this year. It's actually very similar to how the situation was last year, but then in a different direction.

It's a reverse pump.

I have same opinion with BitHolder's, principally the price is going down as the cause of more supply than Demand. This is reasonable, and if connected to some rumors that the supply is increasing since the Mt Gos is releasing around 40K BTC  recently.  

I never said it isn't bearish. What I meant was that this drop wasn't caused by a very small exchange being hacked. One that doesn't even trade BTC for fiat. I believe that it was a cumulation of events mainly the CFTC inquiry, pennant formation on the charts that called for a big price move.
As for the price I'm a believer. IMO the most probable option now is a new bottom somewhere around 5500 USD and a jump up to 7000. The second most probable option is a double bottom at 6k and a jump to 7k from there. I don't believe we're going to 4k and if it ever happens there are going to be multiple upward movers along the way.

Don't look at this as a negative, look at this opportunity as a positive.  Great time to buy at dirt cheap prices.  It's only a matter of time before it reaches a new all time high.

The market depends upon these kind of news and these sort of panic will push the market down, the fact is that huge players will manipulate the situation so that the price goes down so that they will be able to short the price and get back again when the market falls, what you have said is the truth and a few million dollars worth of alt coins should not affect the market

You can see that after bitcoin fell sharply and hit $ 6100, then at the moment there are signs of recovery and is at $ 6500. According to my analysis, the bitcoin price could reach $ 7100 then turn around and will continue to fall sharply. Therefore, I think that at this time you may trade bitcoin and altcoin only in the short term to minimize the risk.

This bad news always affecting the price of cryptocurrencies, so we cant know or analyze this growth, or fall. Some king of event would just happen in the world, and we just need to accept that.

We can say, bitcoin is a double sided profit for every user. Like in other sources of income, when prices get down, users start tentioning and they become worried over shortfall of prices. But here the scenario is totally changed. They are okay to make good profits even in the shortfall. Or it would be better to say that shortfalls are awaited for long times to come and users start buying.

Previously the price of Bitcoin went nearly 5500$ in the month of February, but now it is managing at 6600$. We don't know whether it can survive at this point but people are very negative about the Bitcoin price and which some people can't manage to sell at this price. So it is good to buy the Bitcoin at this position.

As far as I can remember, a few months ago, when it became known about the hack of the TETHER USD, then it was stated that hackers stole the amount of about $ 30,000,000. But at that time the market did not react with such a strong fall as now. Therefore, I believe that the information about breaking the South Korean stock exchange and the subsequent drop in the market is a usual manipulation by big players.

There's always been a manipulation from the start, it is just that its more effective if operated at the same time a -ve news pops out.

AFAIK the causes of the market deterioration are..
1. Sudden bad news (breached exchanges/scams)
2. Decline in market (due to investors being afraid to part in)
3. Manipulation
4. Absence of positive news.

You can see that the market in recent days is fluctuating complex, bitcoin and altcoin prices are constantly decreasing and now bitcoin price is at 6500 $. According to my analysis, bitcoin prices are showing signs of strong recovery in the coming days, bitcoin is very strong recovery, so you should buy bitcoin right now to be able to lose profit.

At this price range, many new investors with a foresight will start investing in Bitcoin as the future of Bitcoin will certainly increase and all venture capital investments at this time will be the result of your life. I think Bitcoin's down trend will soon end and the uptrend will start soon because Bitcoin has been down for more than six months and this should soon be over.

But how can we confirm surely that this is the only news that is getting the bitcoin prices dumped to such lows.  ???

I mean its not about the hacks always and about this hack no one knew before after you posted it here. At least for me and my friends this news was completely new. So if that wasn't known so far then how can it affect the market so severely that it dropped the prices to that bottom.

The current dumps and pumps are all related to something unknown to us. No one is getting exact idea on whats going on and thus making it conflicting situation.

The trend of price movements that occur against Bitcoin is always changing all the time, so nothing can be predicted correctly. we all here can only speculate and wait for what happened. But when things get worse then make sure you do not experience panic, because by experiencing panic then it will only add to the bad situation. panic makes a lot of people do the selling and it makes the price of Bitcoin decline.

The value of bitcoin dropped down too much these days and as for me, it is the right time to purchase more and to buy in this dip. I believe that we must just take advantage of this dip and just grab more opportunities to buy more coins. Don't panic because it is just a part of bitcoin'c votality. It happened already.

That's not the real deal why bitcoin has the price downtrend you cannot even see that exchange from the market of bitcoin from CMC, most probably altcoins are getting hacked from that exchange and the volume is too low from that exchange so do not expect that it will influence the bitcoin price so bad it is different compared to the MT.Gox incident.

Indeed, person who didn't mind reading deeper from current situations are very prone to do a wild decisions, they can easily be move by the events where they seen that their investment already at risk, without analyzing the real issue and make additional plans to still survive the market, we do see a lots of ups and downs movement those who played shorts are really risking their money, but for those who can wait and handle the pressure, better success will follow, forget about your investment at this moment move on to your life and leave everything on hold.

This is expected as the negative news do affects the market more than the positive news.  The USD proving of bitcoin price manipulations is also affecting bitcoin price and it has created indecision in the market.  If we really want to makes money from trading then I will advise us to study how to place a trade and make money either bitcoin is falling down or is going up.  Margin and speculative trading at 1 fox or other popular margin market will provide us with such opportunity.

I was totally disagree with this.If our money is keeps on hacked by some people.How we will inverse in the hacking Crypto.Hope it will rectify in the short term.If it is rectified soon.More people start to inverse in the crypto currency.Then the price will increase in very short time period.

it's possible this is just accumulation. Too many big players want to refresh their stacks from lower prices after picking up profits

Honestly, it is unfortunate that this big drop lasted for a long period and until now the price of Bitcoin has become in a total and sudden decline (less than $ 6700), and I guess that this is the worst year for Bitcoin in terms of statistics and bad development due to there are many problems in order to destroy the cryptocurrencies and it is certainly the main reason for this continuous decrease is the attacks of the governments.

On the other hand, it is hard to know what will happen in the near future, but we can give some opinions or predictions, and IMO this big crisis of boats will continue within a week, and after that, possibly, the value of Bitcoin will rise to more than $ 8000 in a slow way (within 2 weeks), and I think that in the next months (2-4), we will so the new evolution of Bitcoin. So we must wait for the good surprise.

Let me correct you then, Bitcoin has dropped below $6,600 and this situation has created panic in many users due to which total market cap has decreased at a very fast rate touching the lowest point of $6,299 in the last 2 months period time. But the impressive thing is that Bitcoin Dominance in this low market cap is nearly same about 40% which indicates that in harsh conditions people will always switch to the coin they trust the most i.e. Bitcoin.

Bitcoin can test for a minimum, and this is in my opinion 6K.

I believe this fall of Bitcoin is still stable than other ones.I also think the will continue till 6000$ or further below. Even the alts are in red from few days but there is nothing to worry. If choosen wisely this altcoins can generate awesome profit.Coins like EOS and Ethereum have performed well

But the dominance will not keep on falling as long as Bitcoin works as intended. Some people say that it will go down because new altcoins are being launched every month, but also the number of people who come into the market is growing. If 40% of newcomers choose Bitcoin instead of one of those new altcoins the dominance will remain the same.

Maybe then, it is nothing more, than a fake news, called to discourage us here... I have heard, that the Whales can submit those fake news in order to lower the price of some coins and buy them cheaper...

you can see that after when the bitcoin boost to the main 6700 $, on the current point at which has the chars marking, the price of the bitcoin adjustment complete the horizontal making for the field of the field should be highly, many many altcoin increaseing and this is a great time for you can be trade altcoin.

Indeed the evidence is like that, because this year (2018) All Time Down is priced at $ 5,800.
If I see maybe $ 6,600 starts to go up a little.

And yesterday I saw that Bitcoin has gone up at $ 8,300 but the price is now down again to $ 7,200. ahhhh man!