Bitcoin Forum

Bitcoin prices slumping for more then a week, usually its easy to point out the reason or reasons for the slump, this time I have no idea. Coindesk seems to be all positive news yet the price is slumping  ???

Guys any ideas, hope the whales are not silently cashing out  :o are people getting tired of bitcoin and alts in general.
The number of coins released is staggering, madcowcoin  ;D piggycoin  ;) nigeriacoin lol hongkongcoin its nonstop.

I am happy knc is getting in the scrypt asic business, will end all these crapcoins. 

I watched the graphs and the Chinese dumped first today. Don't know why.

check out the LTC dump on huobi, fucking insane! Probably made the BTC traders panic aswell.

has to be something with china. so its best we wait for a chinese speaking person to raid their forums and reports back here

Well hard to say what's going on, but IMO it's a good time to invest some money on btc.
I'm gonna buy some after this weekend, maybe this low price got some connection with blocked bank accounts to high positions guys from Russia?

I saw in specforum that the Chinese central bank just banned bitcoin-- ordered to halt bitcoin transactions before April 15.

people are just sheeps

This have been posted all over

I have no idea if it is real or not.

fack the chinese goverment, they should have banned bitcoin completely last year.

Thank god for this......

I hope this time we will eventually leave China for good. Why do sheeps keep looking at Chinese exchanges? while all their order books are fake...

a few idea's
1) karpeles is selling off his hidden 540k coin out of the 740k total (giving back 200k to the community)
2) the whales of gox received their 200k and are cashing out
3) bitcoin is now diluted, less demand for bitcoin as people are now spreading their orders over 200 different altcoins instead of just bitcoin to dollar orders
4) everyone knows that the biggest periods of volume in retail is winter (now over) so there is a dull period where less are buying
5) stock markets using sell off just before the new financial year as its easier to fill in tax returns and change investments at this time
6) the gox fiasco has made people afraid and less people are throwing money into exchanges, so demand is low
7) chinese banks themselves invested in bitcoin prior to december (causing the $1200 price) then told they had to sell off by april.

i personally think 3,6 and 7 are the best contenders. but it is worth keeping in mind. the seller that sold below $600, gave it to a guy at below $600.. and that buyer (hopefully smarter then seller) would not want to sell below $600.

so i hope that the panicked/fearful sellers move away and a new breed of confident buyers are entering the economy

Well done! So i guess now it's the time to invest money on btc :)

dont quote a media outlet that has no proof.. instead wait until you find "the document" and post that.

people need to stop quoting media. especially when media dont show proof. as it causes misrepresentation of facts. and then when other lazy media groups see a dozen different sources talking about the same topic they then join the band wagon.

EG everyone is reading "china bank bans bitcoin" due t an article that says "it has been reported that china bank has released a document"
which people dont read, and also ignore the part that says "So far the central bank noncommittal on the news."

so dont post links like this. just post the document. again. so please dont quote media. only quote from the source. avoid the "chinese whispers" game.

to add to that, bobby lee (btcchina) said it best banks and regulated institutions cannot themselves buy bitcoin direct so only individuals can buy bitcoin. i think another theory of the slump from $1200 is that chinese banks were investing in bitcoin and now they have to sell off before april. so i will add that to my last post

I definitely think 3 is playing a major part.  Escpecially with the get rich quick group.  So much of BTC's price is held up by speculation about future use/growth, and many of these people don't want to leave money sitting around when the price of BTC is stable, so it wouldn't shock me if there are many people out there trying to find the next big thing.

The scary guess though is that it could be a fad trend.  A new amazing product is created, people go crazy and fall in love with it, then a month later, they tire of it and move on.

Whoever is dumping btc will run out very soon at this rate, this is worse than when empty gox went belly-up.

No it's not, back then we went below 500 :)

guys, it's been said so many times already but clearly not many enough -- bitcoin price action is not motivated by news, generally speaking. "looking" for a reason for the recent slide is foolish. we moved down because we were overbought, that is, the ticker price was above the "true" value, and many traders thought that $600 was a good price to sell at. that is pretty much it ;)

--arepo

Sounds like pure TA junkie talk.  At the least, news can serve as a catalyst for the direction it was already drifting; increasing the speed and degree the market acts.

if this was a reference to my post, i actually intentionally left out the TA aspect besides the word "overbought". all that really means is that trader consensus is that the price is "too high", anyway.

and what you say makes sense. news influences price, but each dip and spike is not attributable to some news somewhere, as many newbies here seem to take for granted.

a weeklong slide is cause for concern, newbie or vet.

Just fake news.

not so sure about that. it's best to limit how your emotions affect your trading and make a plan for all possible contingencies and simply follow through. the moment you start getting concerned is the moment you sell at a market bottom, and the moment you start getting excited is the moment you buy at a top ;)

--arepo

News does affect price, but most of the time not in the sense that many people think. High profile news (good or bad) are a great opportunity for pump&dump whales because news make the crowd easier to control.

Other than that, I agree that we haven't finished the downtrend after the all time high -- and occasional dips are rather normal in this situation. However, it would've been a lot shallower without the panic selling from the China BTC ban fake news.

And why does banning BTC in China still matter?

Dont we already have a mind set that BTC cant flourish in China? Didnt we go thro this emotion last fall?

Because people are sheeple...

Bitcoin is in same trend since beginning of January. It will change at point when real big players will join. Recently there were already some rumors and news about bigger investors trying to get into bitcoin ATMs and currency exchanges. Then the trend will change dramatically.


http://live.sina.com.cn/zt/l/v/finance/globalnews1/?update It might change soon