Bitcoin Forum

hi guys anyone here  who knows why all altcoins are down?

anyone expecting bitcoin to hit 4k again?

Check the news buddy... Chinese ICO ban is causing panic selling all over the place. Bitcoin was in a correcting phase within itself for some reason, now this just made it worse.
Don't fall for the panic, the sale of Bitcoin is not justified by these news. Chinese banning scammy ICO's is actually good for BTC, because people will hold their BTC instead of gambling in the ICO market.

Hold on to your coins and buy the dip, we will be back up stronger than ever after this nonsense.

The bitcoin price decreased with around 300 USD to 4340 USD.Why are you asking will btc hit 4k again?
BTC is over 4K right now.The ICO related news from China will hit the altcoins,most likely ethereum.
I don`t  understand why the ICO ban causes panic selling.

Well, Muslims are celebrating Eid-Kabir worldwide where they normally spends a lot of money on celebrating that lead to slaughtering cattle, camels, rams and other higher animals as well. I think that is one of the reason that causes these massive dump in the market on both bitcoin and Altcoins.    

It clearly because of the Chinese ban, this only touches the ICOs but maybe people are afraid its going to affect crypto that currently exists. I still don't think bitcoin will suffer from this though.


I'm a Muslim and I honestly don't know how you came to this conclusion. The Eid is nothing expensive and It was on last friday, It wouldn't make sense to see the dump happening now.

Lol, agreed with you. Eid and correction in the bitcoin price has no relation at all and it does not make any sense. I also think that, the chinese ICO ban has created the panic situation and few investors has sold their coins in the fear of loosing the money.

Yeah this was caused by the Chinese banning the ICO market which cause people to panic and sell their bitcoins. But I'm pretty sure bitcoin will be able to bounce back and I think that we should take advantage of this to do buy and sell.

Besides the Chinese ICO ban news, I think 5k is a pretty big psychological barrier in terms of just the bitcoin price. Might take longer than a lot of people expect for bitcoin to break 5k.

If the banning of the Chinese government of ICO because of its illicit activitiy that cause the subsequent dump, then is one indication that the Chinese still have somewhat 'control' of the price movement of bitcoin. So we may expect the dump for more days to come before we may see green again.


I disagree with you. Are you saying that Muslims will dump their bitcoin to bought animals so that they would have something to feast on this event? I don't think so.


Most likely. Its like $3000 before. It took us months to break this wall actually. If not for the Aug 1 split, we may never see that wall broken. If this can be applied again, bitcoin will took months just to get to $5000 and see if this could be sustain by then.

The ICO ban in China is like a general hit to the crypto currency market.
All those newly created coins brought money into the market. Now they can't do that anymore.
That's why money leaves the market of crypto currencies now.
Some investors fear that this might be the beginning of the end of the booming phase.

Go to cointelegraph's website and you would find out something relevant to your question. I agree with the replies above mine, since ICOs are banned in China, people are selling their altcoins to fiat (not to btc because they had probably seen that btc is going low).

Regarding bitcoin hitting 4k; man, I don't know who's gonna love that... unless you are a newcomer and would like to enter bitcoin for the first time. So far it seems like there is a support @ 4,300 and resistance @ 4,700. Correct me if I am wrong.

I see on coindesk that isreal are also looking at regulating ico token sales this is all bad news for some ico sales i think

alt-coins price are drop down because bitcoin is soon to pump again. i think it is the signal that our bitcoin soon to hit $4k, so all alt-coins are affected for this phenomenon. exactly picture of whale moving underwater with some fish rapidly swim away from whale.

Well i think the drop is caused by a price correction since bitcoin is reaching all time high time highs last week so people cashing out their bitcoins and china is banning ICOs to their country bu t i don't think that contributes to the drop but i think this a good time to buy bitcoins before the pumping begins again.

dont panic if bitcoin will down to 4k as it was 400 USD before... There are factors that bitcoin price is affect by the chinas ICO banning but I think it probably affected is Altcoin especially ethereum . but as I see in the news [in my own understanding] not all ICO is banned by China those who are suspected ICO scam are one who kick off. Jack Ma will be piss off if all ICO will be ban in china as this prominent Billionaire are invested millions in ICOs

hmm i think its a big problem if chinese ban all about ICO and restrict all of about ICO, i think people in the world panic because of that, and make bitcoin rate is down... i hope in the next week bitcoin rate is higher than now.

Well it is a chain effect that if bitcoin would certainly goes down the same goes with the other Altcoins but I don't really think that the price of bitcoin will plummet to the $4000 mark value but even if we are experiencing a dip it still will rise up and we can have a sure possibility that it will still goes up this September.
                                                                                        

I think that's the end of the bubble, when it's so high there's no end to it, so it's back to normal in the crypto market.

It is due to the chinese news that they are cramping down on all the ICO originated from China. They have ban the ICO and even suggest these ICO fund raiser to return back the money back to the investors. This triggers the sell off of a lot of alt coins especially like NEO which are related to china and was believed to be the next china ethereum. Even other alt coins like omg, qtum, and many alt coins were affected.

A few hours later, even the South Korea also have issued a similar post regarding the ICO in their country. So people are FUD and cashing out of the crypto currencies.

Yes. People were looking for an excuse to sell because the price was getting toppy, and when the Chinese news came out, they sold.

I think it's normal. The market dumped and pumed everyminute that how trader make profit. I think if price of all coins on market always go up there will no way for trader eaning anymore so they should quit trading if it happen :))

You are right in a way that right now, there is huge hype with ICO. People are buying ICO one after another one and expect to flip x2 or x5 immediately after the ICO sale. So now everyone is rushing into the popular ICO and creating inflated marketcap. My blockfoilo was hurted badly but i am glad that it burst this bubble. In the long run it is good for btc and alt coins.

I was expecting a correction in bitcoin price (i mean when it goes up by ~700$ in just a couple of days, it's bound to go down by a little soon) but reading about the chinese ICO ban now, I'm waiting for the price to go back to $4700 soon or some alt-coins like ETH to jump up. Final exams really get you behind on the news... :/

Agree, this situation already happened few months ago though some altcoins haven't recovered from that dump and now its dumping again. Bitcoin in the other side always make way to go up and make new ath every after the big dump.

Just came across this article:

https://qz.com/1069077/bitcoin-fails-as-a-haven-amid-fears-of-nuclear-conflict-between-us-and-north-korea/

Don't think this is the reason

If $4200 support is broken we go way down than $4000, this might become a real Black Monday not just the usual Bloody Monday, hope support holds.

because altcoin are shitcoin made to have more bitcoin lol, you must be new if you don't know this, altcoin are notorious pump and dump, they always rise and decrease nothing new here

People are going to regret dumping their coins in panic over nothing, this Chinese ban affects very little crypto, besides NEO and Binance there's not much more relevant services or networks affected, so people dumped for nothing, they'll be panic buying at the end of the day...

if bitcoin price keep up trader can get profit by taking a risk to buy and sell their coins when price raise again, but if the price stable that is hard for trader to earn some profit, so if price keep raising it not prevents traders from making a profit

Dump and pump is a technique that is very common by all the people that are in trading. Because only by doing a dump and pump all the people who understand trading will definitely say is it was a big chance for all investor or trader to find big profits. For if the dump and pump does not appear then it is definitely the cryptocurrency don't do it will be easy to cast aside, because they have no interest in this to rotate and raise the coin

actually, bitcoin is.not always pump and pump it is need to have pumping to maintain its price also like a dollar it is dump because the economy of country so it like bitcoin that has problem thats why it can cause by dump.

I do expect that it would go down again on below 4k and comes worst even lowering down again on 3k usd price point. I do see that the News did really bring an effect on bitcoins price.For those people who do panic better not to think on cutting loses instead better wait a little bit more on the lowest price as possible then buy again on cheaper rates. This thing normally happens on bitcoin and theres nothing to be shocked of.

Altcoins tend to follow Bitcoin movement many a times. Since Bitcoin as well as Ethereum are experiencing a dip, drop in altcoin market was expected. The high price of Bitcoin gave investors an opportunity to sell and buy back at low. That is why the price drop. Since Bitcoin and Ethereum are the main medium for buying altcoins. Their drop will certainly have an impact on whole market.

Other than the Chinese ICO boycott news, individuals to frenzy and offer their bitcoins. Be that as it may, I'm almost certain Bitcoin will have the capacity to skip back. it's typical in the crypto

China is a big crypto market, every issue there will affect the whole crypto market.
I am afraid this issue will have a long-term impact, then South Korea began to oversee the ICO. They consider that ICO is illegal.
The government is frightened, very big.

Oh my, Apologies my people!
China is the reason behind all this nightmare that we are witnessing today in the market.
I posted my first comment here without the knowledge of China banning all ICOs and bitcoin to currency exchange and vice versa. :(

The current down market for Bitcoin has no connection with the recent news that finally China is dealing with the proliferation of so many ICOs in the China market. I am not so sure but I think China will not really ban all ICOs outright but will now be strict so that people will not be victimized by scam artists who are now flocking to the ICO platform just for the money.

Bitcoin is just undergoing some corrections though this is getting to be a long correction and hard correction after hitting (or almost as some say) the $5,000 level...maybe this can be the side-effect of the euphoric feeling...this time the mood is gloomy though am sure that soon big whales can be back after they made big profits days ago.

Bitcoin has a history of ups and downs and this current bloodbath is just a part of its normal behavior. Soon it be back rampaging like a bull.

When did they start this ban?

No it's not about bitcoin going down and altcoin dumping too. The case with altcoin and bitcoin is always reverse. Whenever bitcoin is going down at that time altcoins will start rising because in that period people are actually investing their bitcoin into altcoin which makes altcoin fat as compared to previous value. So the direct bitcoin devaluation starts occurring. In the circulation the value remains sane because we are just putting the bitcoin into another form and as long as it doesn't go off the chart then everything remains balanced.

When there is dump of altcoin as well as bitcoin price then it just means that everything is being converted into fiat currency and the value decreases.

Because the Chinese government banned ICO, and banned the exchange operations with bitcoin. I think the price decline will now be a couple of weeks.

Some panic sell.. 2 reasons

5K wall.

Of course the ban to scam ICOs in China influenced a lot in the market. Anyway its a good news, because will leave the way to legit people who want to support the cryptocurrencys and invest on them, etc. We gonna pass throught this, and tomorrow is another medal to say: Blockchain will never to leave of our lives.

the panic of banning ICOs in China, they are selling a lot. We will see the dump for several weeks I think

You might not want to believe it but there is definitely a lot of money coming into Bitcoin from Institutional Investors and the Stock Market. It's just a fact, do some research. There are more people talking about Bitcoin now than ever before.

After the ICO ban in China, whales are trying to manipulate the market to make more money for themselves as it has been always the case. When bitcoin price falls with a few hundred dollars usually behind this move there are the big whales which are driven by a fact like the ICO ban in China now and trying to make profit from every opportunity that is given to them. You will see that soon enough the bitcoin price will be back at where it was and it will even cross the 5000 dollars or more for a bitcoin.

China ICO ban is not a bad thing, there are too many cheating there. Banning it will be healthy in long term for the crypto-currency market. So it is positive. The bitcoin correction after hitting a major level is totally expected.

Yes I agree to you that after hitting a major level there is a correction and that is a normal move in the market. It is the time were anyone can be buy lower price of each altcoins that have a big chances to pump up again and gain a good profit.

The government banned ICOs within China, and there is some suggestion that ICOs based there need to liquidate assets and refund investors. However, I don't see evidence for your second assertion.

A bunch of people have been spreading FUD around the forum that the PBOC is also banning fiat/cryptocurrency exchange entirely. No news sources confirm this, and one reputable news source in the space (cnLedger) actively refuted it.

This is just about ICOs. Not sure whether the overall panic is over yet, though.

I think it is just normal phase of growing and falling the price

Yes it is the normal in the market that price dump right after the news that ICO banned in China. Maybe this will happen a couple of weeks. And I think it will recover the value.

I agree with this explanation fully but I don't think this will last that long. Price will recover sooner, that is my opinion. Anyway there are no reasons for panic selling, although there already some signs of it, especialy at no so experienced users who don't have the patience and they think they are losing money.

You also gotta remember that 5k is a very big psychological wall... Many people probably took profits close to 5k and then the whole China thing happened to pile on top of the sell off...

It's been over $4k the whole time. The price has corrected to price that was being referred to as "high" a week ago.
People, wake up, it got pumped by 500$ in a week which was too much and triggered a selloff. We are back to the mean and IMO still above it.

Why altcoins are down? I'd say people were cashing out to join the bitcoin pump and won't be back soon because BTC is going to push towards $5000 again this year.

China spread the FUD around the world and now people are panic selling. Expect things to go back to normal within the week! Buy now if you want some profit ;)

I was thinking about something similar, alts are down, but it could be that people are not cashing out alts for fiat but to buy bitcoin, to join at the lower price, before price starts to rise again (hopefully).
We need to check the charts, and if volume grows but price movement slows down, it could mean that buyers are back to the market. If it will start to go up in a week or a few, we won't know. If it would rise again in a few days that could indicate that $5000 will be an easy one :)

When the dump happen why not buy at the lowest price. This happen when the panic selling that most sell their btc. Yes buy btc now and earn profit later.

Indeed, the announcement of China on the ICO has not only done good to the community when it seems to me that it is not very serious ... To see thereafter ... One thing is sure is that the weak have panic sell and it has worsened the decline ... The clever merely have strengthened their positions .... The altcoins were really not expensive this morning for some!

Maybe it is because of the incoming hardfork to happen in the month of November. Same thing happened last month of august wherein the  market value of Bitcoin decreased before the fork and pumped after it. I am expecting that after the hardfork in November, it will increase again.

Going to give it another few days hoping it'll continue to drop before I going on a spending spree :)

for sure the price of the bitcoin is increasing as we see the dump in other cryptocurrencies the price of the bitcoin hit the 4k in the last month only the price of the bitcoin increasing because the users are increasing and people trust in bitcoin and they think soon they will get the demanded price of the bitcoin so for me the dump in ico is the sign for the next coming increase in the price of the bitcoin currency so no need to be sell your bitcoin and getting upset for this little dump.

Incoming hardfork is far to be happen and the one I am seeing the reasond behind the dump is due to china banning of ICO's and maybe bitcoins get affected of it since maybe there fellow mens withdrawn there balance for there own safety.

Chinise investment can really be a big impact on the dump of btc value this past few days. Btc value will soon arise so everything will be fine. Chinise businessmen will find a way to access it.

Soon after the ban of ICO, the market started to collapse and every coin was showing a decrease in value and in a short it has started to function as in the past days of experiencing growth. Dumping and price pumping is quite common and most of the time the end result will be an increase in price.

We recently witnessed the massive dump in the market due  to China banning ICOs in the country. That's is the reason why must people got panic and started dumping their coins. 8)

It was a correction that was due for quite some time, which has nothing to do with China cleaning out its ICO market. People just don't know what to say or think anymore, and thus start mimicking the language of certain news sites that are desperately looking for attention -- try to think for yourself. As we speak, the market has bounced back after traders cashing out profits -- it just shows that there are a lot people looking to benefit from this correction by entering the market. If this means that we have seen the worst of this correction, we're likely due for a push over the $5000 on every western exchange, and not just Asian exchanges.