Bitcoin Forum

As title.

Because it was time for the 4:00am Dump.  ;D

Because before every other bubble there was a drop? Don't fight it, let it drop to ~450$ and in 3~4 months we will have new ATH.

It's summer, so liquidity is low. Somebody drops a load and tear through the sell orders. The arbitrage bots on other exchanges follow suit.

Why did it go up in the first place?

Could be a short term double bottom, we should look out for resistance at $540 now.

High prices can't be sustained for long. The market is saturated. People are realizing that Bitcoin is a bad investment.

I still can't believe it's already over $100.

Because of the leverage on 796, btc-e, okcoin, etc, they collected enough bitcoins to dump and puncture the market depth

Increased seller pressure. Having a look at the bid sum / ask sum ratio at Bitstamp, and then the question
should be 'why did it take so long?', with the answer 'because of hodling'.

http://coinsight.org/graphs/bitstamp_btcusd_depth_ratios.png

1. People get scared.
2. They panic sell.
3. More people get scared.
4. Back to 2.

I suspect most is coming from early adopters that were thinking to become multi millionaires fast but their dream is falling apart now and they panic sell to get what they can before it's too late.

so should you, sell before you still can gain something

We're about to break the quintuple bottom at $562 or where it is exactly. Could be a good thing If we confirm it, but it also may turn out for the worse. We could be destroying a long term support line here!

Most worrisome to me is that this drop is caused by very low volume. Less than 9k btc.
For an individual that's a lot but at the beginning of this year we had 30-50k btc trading volumes.

Since lately supply is higher then demand.

Umm, could you tell me exactly where the volume is decreasing? http://data.bitcoinity.org/markets/volume/2y?c=e&t=a&volume_unit=btc (http://data.bitcoinity.org/markets/volume/2y?c=e&t=a&volume_unit=btc) People always claim it is, yet all the available data seems to indicate that it just isn't true!

Hahah, yeah isn't that the standard assumption or explanation when the price goes down. Everyone just keeps saying that the price is being determined by supply and demand. And I guess it's right, but there's gotta be a reason for why the supply went up or the demand just went down, man!

I think this is manipulation. Someone is just trying to crash the market by withdrawing their FIAT to the sidelines. Now everyone is panicking and they can buy in at a lower price. Proactively shorting the market, if you ask me :)

how about:
most investors / big players / vcs / early adopters / are selling / spending and leaving bitcoin, now everyone is panicking and catching on, bitcoin goes final capitulation crash soon
or you just want an excuse / fake hope for the crashing price?

You may call it manipulation, but it's a normal market behaviour. They will be buying at a lower price, of course, but this may happen when
the ask side will be about twice what it's now and the price about half. In a bear market (or a medium term downtrend), who dumps first, dumps best! :D

If we reach final capitulation, we can start building up a decent price again! It's not as if it's the end of bitcoin. I know you keep spreading that theory, but may I ask since when you're involved with Bitcoin?

Still dropping, $565 right now.... time to sell or hold?

It depends on a lot of things: When you bought, how many coins you have, what you can afford to lose, how you react emotionally to losses, etc.

What was the average price you paid for your coins?

I personally say sell, and I'm a long time hodler, but you must make your own decisions.

I think I'll be able to buy back lower, but that's just my opinion; I could very well get taken for a ride, and have to buy back at a loss.

I think everyone's watching very closely at the moment.

"All of this has happened before, all of it will happen again."

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

Nullius addictus iurare in verba magistri, – quo me cumque rapit tempestas, deferor hospes.

You don't really believe this do you?

I will hold simply because I don't like to risk my btc, sooner or later the price will recover so I don't care for drops :)

Any long-term chart this not logarithmic is useless.

because it was just a china pump, btw the chart of the august 2013 was like that of this year?, i don't remember if it was that stagnant or not

You don't care but in this way you are wasting some potential gains.
I know that playing the market is risky but if you try with a small amount of coins you can have some fun while building up some experience.

just time to buy more BTC.

Yep. Excellent buying time. I was buying up bit coin in February and March. I am quite happy I did. If it drops below $525 I am going to buy another whole coin.

There is no logical explanation for this price drop, the only one i can think of is the ethereum ipo sale. In the long term this is just another good opportunity to enter the market, every little drop helps you to accumulate more and more coins.

Use the low price and buy more coins, longterm it can only go up.

I agree, a sudden unexplained drop seems to often come before a price increase.  I wouldn't be surprised if the price jumps back up to the $600 range in the next few days, or possibly higher.

hope so lol!

i also could not find any logical explanation for this price drop it looks like nothing happened

School start

It's raining.

What? School does start only in September no? Also what does it have to do with supply and demmand of bitcoin?

On the short term scale it looks like a drop, but if you consider April 2014 it was 405$ its been rising. I think it's part of how nature influences the price, in long term it will probably go up again. Bump in April 2015  ;)

because it is fading away............

Aside from the not so great news about the bitlicenses (affecting New York), I haven't seen any legitimate bad news that is really worthy of lowering prices.   I think we will start slowly increasing again soon...

this, except that anyone who was an actual early adopter is probably already a millionaire. early adopters are those who were mining coins before there was an exchange. so they got their coins for less than a penny. the people who bought at 500-1000 and thought they'd have 40000 by now are the ones who are selling fast.

Even when there was already an exchange the coins were cheap.. the first price on mt gox was 0.025 usd so enyone could have bought thousands of them.

it goes under $550 now.

lol... so then what does that make LTC?

Why does everyone just "expect" the value to rise?  It seems to me it has fairly evened out over the last couple of months.  Sure there is still a bit of volatility, but the long term looks pretty steady.

Price ist still way to high.
We have to correct to 350-400$ and then start a slow climb.

But these up and downs are perfect to generate more coins.

Well i dont think so its that easy.. if we have  a pump to 580 in two hours and your short orders get screwed easily.. i think that if you think it will raise at the end just leave your coins alone.. being greedy triying to get more can be more bad.

$580 not gonna happen, bitcoin is going to nowhere but down

precisely, the wise one will also ask why it should go up? not many people realize that bitcoin just jumped ahead of its true price due to mass scale MtGox fraud... it wasn't China pump per se but rather well organized MtGox fraud that ignited the gambling fever in China which created this illusion of sudden wealth while distorting true reality... a lot of people suddenly lost their senses and thought that they'd retire rich not thinking hard enough about where all that money needed to come to get them there.... nowadays every bull is just blindly echoing another bull's echo saying "we'll go up soon, this is just shakeout, this is manipulation, 5 digits soon and etc"... At the same time there are other bulls that are finally understanding the truth of the matter that bitcoin is not immune to what's going on outside the world and it's time to cut losses while you still can.. despite bitcoin's innovation it's still the least item on investors' mind when you look around hard enough to see much uncertainty arising from geopolitical tensions, economy indicators that are flashing red, low investor sentiment and etc.. even mighty whales that bulls hail about give up eventually to cover other expenses or diversify into real assets such as gold and silver in times like these..

i'm neither bull nor bear just someone trying to stay sober and i haven't lost a single faith in bitcoin's future, just that i should've seen this coming and reduce my exposure.. oh well i'll hold till at least to a point where i can recover my initial investment.. in my view crypto is just evolving into something better that will suit times ahead of us.. will it be bitcoin? could be but as you can see its very survival is at stake and if it doesn't evolve fast enough and make its blockchain more valuable by introducing more innovation then there could also be alternatives too... hint: invest into cryptos that are immune to shit like bitlicense, regulation, surveillance and wealth confiscation because as we approach WW3 that's the first thing governments will do to fund their wars...