Bitcoin Forum

Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks as of 21st Thursday. I found and interesting article on this, what is your opinion? Let me know.

_{Source:
https://mycryptoparadise.com/bitcoin-refutes-claims-of-a-double-spend-flaw-responsible-for-the-cryptocurrencys-11-decline/}

Advise: Please read title of this topic with a german accent. Thank you!

Bitcoin falls 11% after report suggests a critical flaw in the cryptocurrency called 'double spend' may have occurred. Bitcoin fell as much as 11% on Thursday after a report from BitMEX Research suggested that a critical flaw called "double spend" had occurred in the Bitcoin blockchain.

Just stop it... Bitcoin dropped 11% because it pumped from 10k to 40k in 2 months! Not because of irrelevant rumour. Its bubble time. Get ready for 20% daily candles. Ride the waves instead of trying to find a reason. Reason is here on market ... its money from extreme price movements.

Markets are not rational, at least not in the shorter timeframes. Maybe you can find some logical movements in the macro timeframes, but anything less than that is mostly random movement to the untrained eye.

Bulls need time to recharge their forces, a market can't go up indefinitely even if the fundamentals are rock-solid. Also it is not logical for deep-pocket institutions to continue buying at high prices instead of letting off the gas pedal for a little bit so they can buy in the liquidity created by panic sellers.

Well the reason bitcoins did fall is because :
1. Panic selling because of :
https://www.businessinsider.com/bitcoin-price-double-spend-flaw-critical-report-suggests-2021-1 (https://www.businessinsider.com/bitcoin-price-double-spend-flaw-critical-report-suggests-2021-1)
The problem is because of double spending which didn't actually take place though.
Some of the points in the article:


Now people might have actually seen this news and at the same time they might have sold the bitcoins in a panic but at the same time this didn't have much problem since this didn't happen in reality therefore people started buying again.

2. It could just be a market manipulation done by the big companies which would mean that they sold their bitcoins at a high price tempting the people to sell to and at the same time they now would have brought the coins at a much lower price. This is inevitable with the whales.

3. Plus this is normal after the market increased in price in a couple of days therefore give it time and it would become stable again.

 down?
not a fall, but a correction, there is a slight difference so to be precise bitcoin is just correcting and it will recover, this is temporary. the bullish moment still continues. that is what I often hear lately.

But still, these are just rumors, and BTC is still volatile at its best. As we see its sudden rise from 10s to 40s, we can expect the opposite of it.

The rise may still continue, and also may not. We can definitely predict anything that will happen to the futures market, though we can assume and analyze and take our own risk for this.

At first, I'm all for 50k-60k or something, but now I reflect to myself that I'm becoming greedy and need to correct myself for it.

https://i.imgur.com/b6lrXWx.png

Good one

A mere 11% drop after surging for over 300% isn't a big deal but rather we should be worried about it only in case of continuous fall on consecutive days, I would rather discard negative articles unless we find a concrete proof for fall of bitcoin which i don't think will happen at this moment. I consider the recent fall as correction phase wherein Bitcoin over achieved the new ATH earlier than expected and we may see couple of more correction phase before gaining a bit of stability.

I think that that news caused this fall, otherwise we hit 40K and psychologically, expectation and aim for people was to hit 50K, it was hard to believe for me to imagine so high fall.But this news played it's role despite the fact that double-spend didn't happen. Once the panic selling started, it wouldn't stop even after revealing the truth because of psychological factors again. The same thing happened back in 2016 when one exchange suddenly stopped withdraw for two days.

On market, the higher percentage of people are those who don't actually read the news but there are the ones, who really read, so, imagine: Those who read news started selling that caused price fall and those who don't read news, followed their action. When price significantly went down, more and more people started to sell and it become impossible to quickly return the process back to normal.

The subject is not appropriate. Bitcoin just plays with its volatility and it's expected to happen. I'm not really expecting an easy path to $40,000.

What I'm more curious about is, why the 11% decline becomes a big deal after a massive growth.


Price fall always comes first prior to the news.

People who read the news and those who don't are both parts of the domino effect done by the big fish.

The latest move, which brings Bitcoin down over 13% versus its highs from Tuesday, came amid increased selling at Coinbase Pro, the professional trading arm of United States cryptocurrency exchange Coinbase.
As Cointelegraph reported, major spikes in volume at Coinbase Pro had accompanied price volatility in recent weeks. This time, it was a dip in the so-called "Coinbase Premium" which signalled selling was underway — the difference in price between the BTC/USD pair at the venue and others suddenly decreased.

Because of the articles that have brought fear to the people who don't have much experience in bitcoin. They've thought that the news that came out about double spending is for real.
And that made them able to sell and panic.

You would really be expecting lots of words or speculations in regards to this one on why did bitcoin fall its price.?

Also that 11% isn't something that someone could be shocked off since if you've been here on this market for a while now then you wont really be get shocked into this kind of decrease.

It might be called as the ultimate lowest level for past 3 weeks or whatsoever but still these movements can be seen on an ordinary day here on crypto.

Why would rather worry if you can actually take this as an opportunity to buy more while its still cheap?

One of the reasons may be people starting to convert their Bitcoin to potential altcoins to soar in altcoin season. Many people now are telling about the upcoming altcoin season to come soon. So, most people are busy buying altcoins, especially top altcoins that already begin to increase their prices. Don't be so surprised if top coins like Ethereum, XLM, LTC, DOT, ADA, LINK, TRON, XEM, or EOS become the favorite coins to buy now.

+1

Everyone is trying to pinpoint the exact reason why bitcoins dropped, while all these little fuds and news doesn't really matter and don't affect the price as much as people like to think. Sometimes, people will just take the profits which is understandable after going from 10 k to 40 in a matter of few months.


I honestly think that this drop would most likely happen with or without the news. But people feel better when they think that they know the exact reason why price drops or goes down. I wish it was that simple..

You're right. When it had gone through the peak of $41k-$42k it didn't push anymore.
It will always be volatile and we get to taste the worse of it in 2018 and March of 2020. This is nothing compared to those times.

why are you so surprised by today's market correction of 11%...
are you very new to monitoring the Bitcoin price? Bitcoin has been at the level of $ 27k- $ 30k for almost 1 month so it is very natural for the market to experience a correction. the market needs stretching so as not to be boring.

This is the important part. First Bitcoin went up to a new high and you could say it's at the highest level ever and then as it started going down a bit you could say:
"It's at the lowest level since last weekend, last week, last 2 weeks, last 3 weeks" so what does that mean? Nothing!

This is such a random statement you could make literally at any point in time. Like now Bitcoin is at the lowest point in the last 2 hours and it's still in the highest point since January 22. :P

In my opinion, it dropped because that is it's nature. It is bound to make movements. It could be a positive, or maybe a negative price movement but, that volatility is the nature of Bitcoin, so don't always expect it to keep going up 24/7. Secondly, just in case you're panicking because of that then I'm really hoping that you don't have all your money in Bitcoin cause to me, that drop isn't worth being afraid for.

No need to be surprised by the current decline in Bitcoin prices, those of us who have been investing in Bitcoin for a long time must be familiar
with the decline in the price of Bitcoin. Maybe a lot of newbies are panicking because of this, because it is very natural that Bitcoin increases so fast,
then finally some investors took profit. This is what causes the Bitcoin price to drop, but keep calm. In the end those who are already selling Bitcoin
at peak prices, will buy more Bitcoin and finally the price of Bitcoin can go up again. So what needs to be done now is to be patient.

Bitcoin's price fall down because people sells off to make a profit from their invesments and obviously this is actually market works, a pretty normal flow of crypto trading.

I have a bunch of lists that we'll discuss about it in the near future:

• Tether FUD
• Crypto Law FUD
• The government banned Crypto FUD
• Mining bitcoin harms the living environment.
• Bitcoin is not safe.

... there are many more that I have not thought of and in the future we will see more interesting than that quantum computers can destroy BTC, and then news comes from China, Korea. In general, what can be influential in the near future, every growth season only has many repeated FUDs.

The market was going to witness another dip or we can say correction soon because the prices were going too high at $40k and its the part of crypto market that pump and dump in prices which we called volatility factor of Bitcoin and other altcoins.But we can say that the prices went slightly down due to the FUD spread by Cointelegraph which states that there was double spend flaw in Bitcoin amounting of $21 but actually there were two blocks mined simultaneously and the problem will be resolved with new blocks mined afterwards as there cannot be such a situation in btc due to its design on blockchain.Many will try to create such rumours on which we do not need to beleive and stay calm and enjoy btc rise as they will rise to another levels this year maybe $50-$60k soon.

I dont see any interesting fact in the article that OP gave above. That was a common idea and I think the author gives some basic predictions of bitcoin price. Yes, we experienced a short correction but the price of bitcoin was always resisted, did not fall beyond the $30K price in the market.

Why bitcoin fall? My assumption is because whales or big players on the market trying to manipulate the price. But that is not easy as that, I think for now it's hard for them to manipulate because bitcoin has real investors. Individual and institutional investors are on in bitcoin and we are not on hype, bitcoin price increase is an organic growth made by real big-time investors.

Supply, demand, risk the reason can be anything but after a massive rally from 3.5k to 40k now it has dropped 11% do you think it's big deal. We merely saw a dip after all time high, to me this dip is not different from the past corrections. The price has already surpassed new highs and this downfall was expected and nothing new people are spreading propaganda as BTC bearish as started if this is true then take this as opportunity and invest for better future.

Unexpected, seriously?

Bitcoin has a lot of bettors on it, some want to short it so a dump is normal, and besides bitcoin is a high volatile asset, there's no way it's called that way if the market does not fluctuate big time, so don't get surprise, because of the huge pump, a dump or a correction is what we are witnessing now.

On one hand, many attributed the Bitcoin fall to the fud about double spend while it can also be attributed to market correction. Also, this price fall which I see as market correction is anticipated, because with every bull run comes price fall which is healthy for the market and in many case where it will pick strength and start growing again as seen in several cases before Bitcoin set a new ATH, in some cases it might lead to a bear market, hence the need to understand the market can't be predicted and always necessary to take profit if need be. Lastly, just know that there are people who are always ready to spread various news in order to bring down the price of Bitcoin thus the need for a good understanding of Bitcoin in order to stand against such.

 Its was a fall I thought has not reach it potential maximum, the correction is what I expect from Bitcoin, this year after the preceding year was very exciting, for Bitcoin price, I think more correction in price will happen, it price may go as to $15,000 my opinion, but I think the rise will pick up before 2021 draws to a close and end with a new all time high.

Price movement in the market is just a normal thing if the demand does not too much hype there is a possibility of being stable. Also, there are a lot of factors why does the price of the coin falls or increases, news, investment, adaptation, possibly growth, and other factors. Still just need to keep aware of the possible chance of the coin through the use of the market analysis, if there is a downfall there is another rise but make sure you made a good investment before risking.

Clearly the person who wrote the article doesn't know anything about bitcoin or how it works.
There were no double spending. No couns were spent twice. It was a block reorganization.
Bitcoin price rose from ~$15k to ~$40k in few days and everyone were expecting this correction. Nothing more nothing less.
Stop spreading FUD!

There will be more price drop in the future, it's the nature of Bitcoin, or let me say the free market with a decentralized coin. when you realize the nature of Bitcoin, you will see that price changes, volatility is a part of the system. it actually sweetens the whole thing for investors and especially day traders.

That's not the only reason of price fall. Most of the market is still controlled by bug whales and they manipulate it to their advantage. When price reaches a certain point, they sell and cause price fall. Once they made profit from their sell, they buy back at lower price.

What are "bug whales". Sorry for the newbie question. ;)