Bitcoin Forum

We are back to less than 3 dollars again. Why? What happened?

Ninja edit: dropped by a few cents again just now.

Gas goes up, Bitcoins go down.  Duh.

I think a lack of confidence in MtGox is what's driving downturn.  I think if we all chill out and give it a day or two, we'll see things return to normal.

Additionally it's Sunday, maybe the buyers went out of money ;D

Yeah, we're all probably scrutinizing things a little too much and that, in turn, is causing some market fluctuations.  Let's all relax, and maybe buy a pair of alpaca socks.

I sure hope it's not due to the person who deposited 200,000 BTC somewhere.

What did you expect after 400% rise in 1 week?

Neh, this is just correction. The question is where it stops. $2.5 is a nice bump on the way down, but I wonder if that holds it. $1.6 has been mentioned as one of the supports (together with $3, but we're past that).

My completely unqualified guess would be a return to $3 within a week and $4 again within a month.

I'm actually new to BTC. I started for the first time 4-5 days ago, so i am a little nervous in any drops.

I bought at 0.85 and it immediately dropped to 0.55. keep your head the upside potential is huge we are just in a correction after the recent press

It's up to 3.15 right now. This is crazy volatility, but it is to be expected from such a thin market. At the moment BTC/USD is like a penny stock, one small buyer or seller can raise or drop the price drastically.

I'd say let it be and price will slither about for a while until it will reach some point of equilibrium. Then assuming that new bitcoin purchasers/users come and join the party the btc/usd price will rally yet again, and then another correction and then a brief pause, and then another rally...lather, rinse, and repeat like the shampoo commercials say :p

I'm actually very bad with the finance ATM, so it won't be any time soon for me to buy coins in exchange for other kind of currency.

My PC's airflow is also bad so i also need a new cooler, case, new cooling for the GPU as it's overheating and to pay off the debt of 10 grand(which where i live based on the avg salary is converted to A LOT of local currency)

I'm waiting till Monday to start trading just to pile up sommor BTC :)

I thought this flux would happen, IMO its to be expected. Just play it smart

It might be. When I was watching the monitor earlier, I noticed some decent-sized Mt. Gox transactions going through at prices not listed on bid/ask. So it's possible that Mr. 200,000 is darkpooling his sell orders. Pure speculation, obviously.

It's fluctuating rapidly within a ~50 cent window

I sold 55 coins @ 0.86 usd 15 days back. after that i only mined 15 coins only so far.

Price goes up, price goes down.  Never any miscommunication. (I'm guessing meefozio was making this same reference, heh)

Right, so, Bill O. Reilly mode aside, the market is rather volatile.  To be honest I'm amazed that it hit the USD $4 mark to begin with.  Prices will eventually settle to a price that the general public is willing to pay.  Just give it time.

Standard volatility of such a shallow market..

Pimps and blow dealers are cashing in their BTC from Friday and Saturday night ....

Bitcoin had its second major price crash just after I started following it (first was Feb. 18, second was Apr. 4).  Since, unlike the first one, this didn't come during an obvious adjustment phase, it seemed like a lot of people were concerned that the end was near, the bubble had burst, and this would prove that Bitcoin couldn't sustain itself.  After a couple weeks, things strongly rebounded (leading into this current rally), and I suspect that another crash of the same magnitude is unlikely, now that Bitcoin has proven it is not as fragile as was feared.

Agreed. Yesterday, mtgox was DDoS'ed, coinpal's paypal account was locked and bitcoins are still trading above $3.  I think confidence is higher than ever.

I think you nailed it a to the cause.  Many people were moving money in and out through Coinpal and now it is down.  Investment has slowed and I expect that MtGox will lose PayPal access soon as well which means Liberty Mutual or other difficult and fee ridden methods of exchange.  Smart investment is in the ingenuity of the market to come up with an user friendly method for exchange.

Bitcoin values always go up when they get easier to buy/sell.

Prices go down when mtgox is having problems and when coinpal, coincard, and bitcoinmorpheus all get shut down at the same time.

All this uncertainty is why I am experimenting with selling some bitcoins on ebay by way of a Gift Certificate (an already well-established category on ebay):

http://bitcointalk.org/index.php?topic=7072.0