Bitcoin Forum

Monitored by CoinNess App, as of 03:20 (UTC), the market value of Bitcoin is about $99.2 billion, which is the first time to drop below $100 billion since October 2017. The total market value of the cryptocurrencies decreased by $15 billion within 24 hours.
Does anyone know why?

There was a battle between bitmain and nchain. a lot of hash power have been moving to the bitcoin cash. That makes the miners of bitcoin will be so easy to mine bitcoin and that means they can dump it anytime. Because miners will get more bitcoin to be dumped to the market.

So this should explain why we are in this current scenes. I look around to find an answer and this seems to make sense. But my question is, why move to bitcoin cash? Is this related to BCH hard fork?

Yes, it is. remember there will be two coins after BCH hardfork. The first should be bitcoin ABC that created by Jihan and Roger, the second will be bitcoin SV that created by craight wright aka faketoshi.
As far as i know, Bitcoin ABC is against bitcoin SV. Craight wright didn't agree about bitcoin ABC which will have used POS system.
He was trying to create its own bitcoin called bitcoin SV which will be following faketoshi's vision.
That's why bitmain tried to decrease its hash power on the bitcoin blokchain and then try to put all of the hashpower in bitcoin cash.
https://ambcrypto.com/bitcoin-cash-bch-chain-is-70-controlled-by-craig-faketoshi-wright-as-bitmain-prepares-to-deploy-90000-new-miners/

Nchain and bitmain case still related to that problem.

And in my opinion, this is what i call that as a manipulation.

Maybe because we are hearing the news about BCH hard fork from many days, maybe big whales want to manipulate the Bitcoin market in order accumulate more coins in the market by pumping the BCH coin after the hard fork .

This is a terrible event that today shows how the market can still develop and how correctly it can still move in the direction of the bottom, because today the market still shows negative sentiment.

all i know is hash war is going on, miner on a dilemma to choosing what coin to support, bch or btc. This is unpredictable, my asset losing 25% value in last 24hours :(

How can a hard BCH plug cause the current bitcoin drop by 11 percent, if BCH itself fell in price by almost 18 percent, that is, even more than bitcoin itself? The reason for the current fall is something else. It cannot be said that there is no reason either, it happened too quickly and abruptly. Let's see what happens next, maybe the reason will be found.

There can be several reasons, the true reason we will never know. I assume this is the final drop before the uptrend starts. Today morning, some altcoins are looking good compared to yesterday. Im waiting for BAkkt launch and how the market will react.

The market downtrend is disappointing in a time when we are all anticipating for bull run but I guess it's part of the build up to the bullish market ahead, there has been some adjustments lately and eventually the market will come through after all these scenes we are experiencing right now played out

The explanation makes sense to me so for now, I'll believe that what's going on has something to do with the BCH hardfork, even at a very least connection. But I am not closing the possibility that something else is going on. It seems the year could end so bad.

Yes that’s true, I read the story on CNBC news just this morning and rushed to check the market cap on coinmarketcap and it was down to $97 billion. Entire market capitalization dropped by $15 billion over 24hrs. They said the downturn has to do with Bitcoin Cash. People are selling off.

It seems to me that the crypto market is now heavily manipulated. And the price fell so much precisely because someone decided to lower the price. After all, there was no negative news. It is made artificially.

Well a lot of news also spreads like this and BCH seems to be skyrocketing but BTC will not continue to fall very hard,the fight will definitely end the problem maybe not this year.

The recent price decline has brought us down as well as the market value. Especially the price of Ethereum's so low was not good for the altcoins.

The price drop of Bitcoin did not exceed my expectations, because I know that most investors in the market are keen on ICO, but now ICO makes investors bankrupt!

It will seem that a lot of people are selling off their coins due to the clash with bitcoin cash and a lot of the hash power being moved to bitcoin cash, this makes bitcoin so much easier to mine and if it is that easy to mine then it is not as valuable as it was before. Also there is the issue of a lot of dumping happening when people see that the coins are going down

The situation with btc and overall crypto market has really been disappointed i think more and more people will exit the market if the situatio n stays like this for some more weeks as most of people are still holfing just in hope of extreme bull rum that they expect in december but i think january will also be very important this time aroumd so i will suggest everyone to keep holding for few more months for good gains.

It's now $97-B so that's lower when OP posted this. The market drop was potentiall caused by the hash war. If you haven't heard this, the fork of BCH made this happen. Two camps that are supporting different chains and now they are declaring war against each other. CSW's BCH SV and Ver's ABC.

If you aren't aware there's also Bitcoin Unlimited which isn't getting too much attention.

You should try to learn how POW system works. It looks like you didn't even watched properly. Bitcoin hashrate getting less and then that makes the difficulty of bitcoin will decrease and the miners can get the more bitcoin. BCH was the main reason why bitcoin gets a lot of decrease on its price.

not sure why it happened, but the biggest possibility is, there are some people who have large amounts of bitcoin and sell it instantly in the market, making the price of bitcoin drop dramatically, and that also causes a number of panic sales that occur, and further worsens the price

I think it happened because of the hash wars and in general, because of such a market conditions. The market keeps bleeding and nobody knows when it is going to end. Hope in 2019, we will see a new wave of the green market.

Don't panic! I think it's temporary. I think in 2019, Bitcoin will cost $ 20,000+. That's when the market value will rise.

Bitcoin is definitely going through bearish period and the usd valuation of bitcoin is droping. Bitcoin itself is still the same bitcoin. However, next year looks promising for bitcoin as there are many developmental roadmap slated for bitcoin!

In all types of market there is a bearish and bullish market, and now there is a bearish market, the market does not have any critical news now, just a bearish trend and it will end soon