Bitcoin Forum

Bitcoin traders woke up to some bad news Monday morning, as the price of the coin dropped by nearly 4%. The move brought the price down below the previously held support at $8,500 and left many wondering what caused the struggle.

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

For the full news, continue reading here (https://beincrypto.com/heres-why-bitcoin-just-dropped-nearly-4/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

Do you guys agree about this kind of reason why Bitcoin dropped nearly 4% as of now? I know that there are many factors or reasons behind this, but I am not really sure if Cache is actually doing this.

Same thing goes for the bull run or price spike. We can't tell exactly the true reason behind the sudden price changes.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

It's just the usual drop before the end of the year. Google launching any kind of "banking" product does not really have an effect on Bitcoin, from what I've read about it, it's just an Apple Card competitor, nothing less, nothing more. Not to mention that it's just "announced" there's still a long way. Until it's released.

How is a checking account even going to compete with bitcoin though? They're in different categories. To add to that, are people even still being sold with the "bitcoin killer" to hype up a project? There have been so much "bitcoin killers" throughout the years and nothing has even came close to killing Bitcoin.

Everyone wants to have a piece of the fame of bitcoin. But honestly speaking it's not going to effect bitcoin at all.
Why a company is doing something will effect bitcoin is beyond my imagination. People are too much paranoid about bitcoin that they like to connect bitcoin with anything out there.

Who give a F**k what Google did?
Please stop spreading these kind of low level articles from some random sites and twitter/facebook are full of ignorant people who really do not have any idea about bitcoin or crypto but they like to show the world that they know a lot.

Blind is following the blind.

the graph shows bitcoin is still in a bearish condition, some level of price increase does not trigger an accumulative direction and makes many traders finally change their minds to at least return to a point below $8000.

there is no fundamental influence on the BTC sharply, even after China began to have an attitude towards the blockchain and not enough to bring up a long trend.

Do you think bitcoin price drop should always give reasons? I would like to assume that this is purely due to market demand, but I guess it's hard at the challenge because the increase and decrease in bitcoin price is always linked to the news in circulation and somehow it seems to be true.

Every time Bitcoin's price makes a rapid movement, crypto media will immediately try to tie it to some event that happened recently. If you look at the charts, Bitcoin was under bearish pressure for weeks - it failed to break past the walls at $9k and since then was defending its current positions. A lot of analysts have predicted that Bitcoin will soon plunge further if it fails to sustain the key $8,500 level, and this is exactly what happened. These Google news are really irrelevant to Bitcoin, it's just another centralized payment processor, it's not a direct competition to Bitcoin.

First if all, decreasing or increasing 4% on any stock price is normal. In cryptocurrency, it's more normal than stock. Therefore, I wouldn't compare it with anything. We very often see such percentage of price gain or loss.
On the other hand, Google's Cache is a competitor of Apple Card, it has nothing to do with Bitcoin or cryptocurrency. Both these terms are very much different. You are spreading some shit propaganda, to be honest.

I think this has nothing to do with the decline in bitcoin today, there may be certain factors that cause price reductions, because we know Google is currently launching a current account product that works with banks and credit unions, this is certainly very crazy if you declare a decrease in bitcoin which is caused by Google's new checking account because basically bitcoin has nothing to do with the banking system and other government financial systems.

Bitcoin is realy volatile no matter , how people do everything to manipulate, the coin is not going to be easy , the price really is just like other type of coins but bitcoin ofcourse is special but since , there are some news coming like bad and good, the price down and up is just normal, so we dont have to panic on the price that bitcoin is showing us in the past few months, its going to be better in 2020 mim sure

whatever Google does will have no effect on the price of bitcoin unless they announce to start using blockchain and bitcoin technology, I see this falling price, maybe a lot of traders are testing how strong the bears have been until now on the market, in mind like this since 2017 bitcoin is almost touching $ 20k and the bear market pushed them to $ 3150 as low as December 2018, at the start of 2019, if not mistaken, prices have risen since February around $ 3,500 to nearly $ 14k last June, at the current price correction testing the price of another low where yesterday just look under $ 7800, at least to get an answer if the bear already looks weak, if YES bitcoin will soon be heading for the next ATH

Nah, I don't think that Google has something to do with the drop. I mean many have been calling a drop to $7+++ and maybe they are just right. Seriously, Bitcoin Killer? many have tried in the past already and no one ever did succeed toppling BTC. We all know how the Bitcoin's price is very volatile so most probably speculators taking profit. We just have to look at the bright side and take advantage of every dip.

These are all speculations and guessing but actualy there is no proof of pattern of Bitcoin price behaviour at the end of the year. Some claim the price always falls and some that always rises at the end of the year but I would tell there are no other market rules or conditions that are different for end of the year compared to the rest of it.
Also, Google doesn't influence the price of Bitcoin, there is no connection.

Sometimes misinformation leads to panic and formulating conclusions that are not appropriate. If you are long enough here dealing with crypto, such drop is just part of the normal trend of up and down movement. That is the usual behavior of bitcoin and the same with other alts. And remember, we cant really give a connection between what had happened last year and to the current scenario. People just want to  give some correlation, maybe for the sake of argument.

Nah.. I don't think that Google's new product had any impact on the Bitcoin price. It is just the law of supply and demand. We don't have big liquidity in the crypto markets as you are probably aware of so this is why we get these kind of more brutal moves. Hopefully it ain't going to be too long before we resume the bull trend. Until then smart people accumulate BTC. I think most of the people underestimate the power of scarcity and limited supply.

Think about this: the total estimated gold in the world today is around 181,900 tonnes. If each ton has 32150 ounces then G has a supply of around 5,8 BILLION ounces with 1 oz of gold = $1400 you can figure out what kind of numbers can BTC hit with only 21M supply. 5.8B/21M = 276 ( the supply is 276x lower than GOLD's CURRENT supply.) If BTC global evaluation would be equal to GOLD then we get a price of: 276x$1400 =  $386,400/BTC

When we take into account that ~4M BTC are considered lost then we get a 17M supply which is 341x lower. Making the same maths as above we get a price of $477,400/BTC

No... I think it's far from that, from recent years, there's always been a small to medium price fall during the November to December period, and my theory is that it's just people cashing out at the end of the year, but it could be a range of things.

It's probably people selling BTC for Christmas presents :P

Yep... Google is long from QC technology and the video they made aired weeks ago.

Relax mate, small dips in the market happen all the time - no need to make huge articles for such price movements.

It's normal that the prices fall, it can be considered as correction as we experienced a bit of increase this past months. I don't think that there is something to do with the Google as bitcoin is always been volatile, dump and pump happens due to manipulators andbecause of countries adoption not merely on updates of other apps as they are different in focus.

Bitcoin doesn't need exposure anymore... those giant companies who looking for opportunity creating business in financial technology is the one who did it ;D.
No wonder the media force themselves to correlates it to bitcoin , market did respond it quickly and weak hands pull themselves out piece by piece but don't worry we have strong support at $7,000 we are still safe from the price plunge at this point.

I would scared to the death if in the next couple of weeks the price plunge did occurred.

Anything that is being advertised to be this or that killer ends up being a huge disappointment. Many Bitcoin, Ethereum, Coinbase, Binance, etc killers have all ended up either failing directly or perform below average for a long period of time to fail later on.

I do somewhat like it though, because it means that Bitcoin is doing something very well, otherwise there wouldn't be a need to be referred to as Bitcoin killer. It means that you want to deliver something that's better than Bitcoin. In other words, Bitcoin is the main benchmark when it comes to financial projects and whatnot.

It’s just standard, regular bitcoin price volatility. It’s nothing to do with Google, the halving is in 6 months & the price is relatively stable (in bitcoin terms) so it’s easy for whales the move the market whichever way they desire to.

Your point is logical that's why I agree with you. This is common scenario for BTC dive deeper after a thrilling week of green bar. The price is still normal unless it goes deeper below 7900 support. If that happens the price might go deeper to lower support and this is not a good sign for BTC.

But this current dip is just a normal day for BTC. :)

I don't think that the dropped of bitcoin price is because of Google. There should be something else which we don't know, but I think the dropped is always happen. It is normal if then the media related the dropped of bitcoin price with something happen in out there so they can make people will think twice to invest in crypto. The media needs the audience, so they blew the whisper to make people afraid. I hope that the situations will be back to normal so the media cannot make people worry.

And that's why I think "support levels" are complete bullshit, as well as TA in general.  I've seen so-called support levels broken through so many times in crypto and in the stock market that I just cringe when I hear that phrase.

Gotta love the journalistic weasel words in an attempt to explain what amounts to a paltry percentage drop for bitcoin.  It's not something that needs to be explained in the first place, nor do I think that Google had anything to do with it. 

Oh, by the way:  This article brought to you by Google.

I was a little surprised to see bitcoin drop as much as it did, but I know I shouldn't be.  This is basically a normal fluctuation, but I was hoping and half expecting the next semi-big movement to be to the upside.  Bitcoin surprises me yet again. 

No way, it's just trader sentiment trying to push the price down. I would be VERY surprised if we manage to fall below $7000 again. I think it's currently just a race to buy the bottom while standing on the sidelines for many participants.

I dont see why a product to work with googlepay a completely different way to access nominal value of a currency has anything to do with the other. :-\
Samsung pay which might I remind has tried to create their own crypto based currency in the past and had finally given up. But will just come out with a multicrypto wallet instead in trying to do the same thing. Announcement of this was not the reason to make the price go up nor down at the time so it wast seen as an underlying factor. So news of this shouldnt either. :-[

Come on man. You cant be serious. Maybe Libra could lose 5% if it would exist because of GooglePay. Not Bitcoin. i would say because of impeachment Trump is not making a clown of himself as he did before. That made Bitcoin way less bullish as did in first half of this year.

If you have traded for any significant amount of time you know that such explanations do not make sense, the market moves by itself and it doesn't need any news to move it, it is only after the fact that people begin to look for explanations about why a move happened and they will try to attribute the drop in the price to whatever negative news that they can find, but the price dropped simply because there is no demand for bitcoin at the moment and as such that price was unsustainable.

There's no way this is an effect of google's account. It can't even be a bitcoin killer because it's a centralized service. How can a centralized service compete with a decentralized one? The only thing in common is that they are both a money transfer systems, but bitcoin also allows you to keep money safe which is something no bank can guarantee.

The drop in price is purely technical. There was a very fast rise to 14k and some people took profit. It's always like that but all cycles in Bitcoin have one thing that keeps happening. Always less people sell it in a bear cycle than buy in a bull. When 100 people buy it on the way up and the price starts to fall oly 90 will sell and 10 will hold. It's not an exact number but the same thing keeps happening for 20 years.

Still got surprised where people being still shocked to these kind of these percentage drops on a short period of time.If they've been here
for a while then these movements are just like typical or normal days in crypto, knowing that 4% isnt really that much because price can
really swing into those direction without even realizing it. Reasons? We can really make one but it isnt really precise about that Cache thing,
as said it has nothing to do with Btc so its a nonsense thing to consider or to point out.

I looked at that 'bitcoin killer' thing of google posted by Forbes. Oh well, aren't we tired of these kind of news? Just because Forbes made a headline of it killing bitcoin, many speculated that it will literally kill it?

That's not the main reason of the drop, it's normal to see 4%, 5% or even more within the day.

in my opinion the decline in bitcoin yesterday is common in fluctuating bitcoin. or maybe this is manipulation of the popes before the end of the year they want the price of bitcoin down and then buy more. and then hold it until the bitcoin bull run after bitcoin is reduced by half in May 2020. In my opinion the decline in bitcoin security has nothing to do with Google's current account. I think the two are very different. and Google's checking account may not be able to affect the price or threaten bitcoin.

Whenever there is an important movement in Bitcoin and especially when it is of a fall, the news is always present, but one reason for not believing it is that the news does not come out before, it occurs after the fact, then it is not relevant .

When another type of eventuality occurs, it can be taken as a "Fundamental" which is something else, even in the Stock Market since the 1800s there have been falls in important actions and the news is generated.

I do not think that Google has such relevance, recently the news  of China when the president announce the acceptance of Blockchain and open the doors to talk about Bitcoin, if it could have been taken as a "Fundamental", but usually the news has no effect Immediately, for me the fall had to do with whale strategies, maybe they are hunting some Stops Loss, they want to buy cheap ...

the cause of the drop you are saying is because of bull trap ; it already start since lot of day or end of semmer . . the halving comming and there is lot of investors who dont know what is halving and it is positive for bitcoin and his prices . for this reason they selling and the whale buy cheap

If that scenario were true, here's what it would mean:

- Bitcoin holders for the most don't know what they're holding and don't understand that Cache/Calibra/whatever you want to call it doesn't in the least impact Bitcoin
- People are sheep and lemmings. They don't actually own Bitcoin, they've just paid for orders and account balances that they liquidate as soon as panic sets it.

Oh wait, I guess those two things are true. Hmm.

This highlight the entire argument.
There is nothing need to be worried about. No point at claiming that market's 4% downward has to do with Google's responsibility, 'cause they as well contradict the future possibility whenever the offering might come in function. In the end, what are they are trying to build up is something far behind with crypto currency nature, besides, alot of group, company had tried such thing and no one stands out.

One more killer of Bitcoin? I thought Libra is the ultimate killer of Bitcoin, until she was killed by the US & EU administration.


My personal opinion is that there are stupid journalists who write stupid stories, and that there are those who spread them around. For every drop in price we have at least one story that doesn't make any sense.

I see you are only posting links from one site, which means you promote them and their junk journalism.

It’s possible but I doubt that it was a significant factor.  There are constantly new “competitors” to Bitcoin but these  examples are from corporations like Google, Facebook, and Apple.  They are centralized and therefore have flaws.  They aren’t open ledgers of transactions like Bitcoin and they don’t have the privacy functionality that Monero has.

I think this is a generic dump which we have experienced due to market situation and some whales trying to grab quick profit and as I have mentioned in my previous posts there are frequent price dumps followed by some sort of stability to make users believe that the dump was not created by whales wherein it's greedy whales who are using new tactics where they don't dump too much but they do it occasionally to earn enough profit instead of huge dump.

The majority is in it for the money and short term profit.
I always explain these moves to myself like this:

With every pump a group of investors come in. There are 3 types of them from the largest to the smallest fraction.
1. Newbies who don't know what they're buying. No experience in trading or some experience derived from forex and such.
2. Traders who are in it for some time and just want more fiat money.
3. Long term traders and holders.

The first two groups get out as soon as there's some red on the charts and group 1 basically gets raped by the market and exit with a loss, while group 2 profits from the loss of group one and/or exits with a small loss.
When the dust settles only the third group is left holding. Those people don't profit short term, but do profit every cycle, so they get big boost every 3-4 years.

You can see it on the charts. Every cycle ends with a higher low from the previous one and I believe this small bull run of 2019 will also end the same way, stopping somewhere at a low of 5-7k USD, producing another long term higher low along the trendline.

I honestly don't see why people are panicking over such a normal occurrence within the market.

It should be expected with the current lack of bullish sentiment in the market that in the short term, there will be significant dumps and a lack of momentum for rallies. The $8k support is going to get retested and I don't think that it will hold this time, potentially setting up for further losses down to around $6-7k where I think where there WILL be significant support.

There is no reason for panic - the halving will still bring significant price hikes, no doubt about it.

in my opinion the current decline has nothing to do with google or cache current accounts. bitcoin decline at this time I think is the work of the whales who manipulate the price of bitcoin. and the decline as in my opinion is a common thing that happens to bitcoin which is very volatile. maybe the price of bitcoin will continue to decline until the end of this year.
hopefully next year the price of bitcoin starts pumping again.

anything can influence the decline but the most common cause would be manipulation by whales but what happen lately was only a minor decline so i dont think that whales are responsible for that but i think that was only made by natural events such as when normal people sell or cash out thier coins.  i like the last part of your sentence and actually that was also my wish . i wish that btc can make a recovery next year just to make a change or difference

May be your prediction is possible on only few days, because current situation you predict the upcoming trend on Bitcoin. But I hope it will raise next month so before end of this year we can see some good growing. Nowadays everyone waiting for upcoming pump so many peoples are buying the Bitcoin and altcoin, may be it will reflect the further days.

I wouldn't use a payment service run by Google, Ebay, Facebook, Amazon, Ebay or any of that lot.

The article writers of these days need some orientation and there should a rules to penalize them and the company they work for because i don't see any reason why google checking account which was purpose for the seamless of payment of the activities done on the google platform will be the reason for bitcoin dump in price not to mention it to be "bitcoin killer" as said by OP.

Maybe we can see a possible bounce at nearly support approximately $6400 but again its hard to tell where is the bottom because bitcoin is a full of suprises and another reason why bitcoin drop so hard because some miners stop their operation and binance news recently.

the news from binance is clearly FUD, I don't know why the Cointelegraph media gave FUD news,
do they really know or are they really fooling themselves? very funny indeed seeing bitcoin sentiment lately

I don't think the news regarding Binance do that much to the market anyway it's just some misunderstanding and the legal action CZ took is not that significant to the market. It's more likely the pressure that comes from the China about raiding every crypto related maybe to prepare for the release of their own crypto and ofcourse in this case Binance is out from the list because even CZ has clarified himself and goes far to sue the person publishing such FUD. It's just people feel not safe anymore and therefore the bearish market after thing cleared out im sure it will be back to normal again. You know, dawn comes after the darkest night.

This seems to me to be the right explanation, the whales understandably want to get profits and since they are so powerful they will take advantage of that power to try to squeeze any profits from weak hands, but they know that the market sentiment is not what it used to be so if they drop the price of bitcoin too fast people are going to panic and are going to sell their coins before them so they are manufacturing the ups and downs in this weak market in such a way to not cause panic.