Bitcoin Forum

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Bitcoin traders seem to be taking Monday’s 11 percent slump -- triggered by China ruling initial coin offerings illegal -- as a buying opportunity. The cryptocurrency is rising a second day, gaining back about 4.5 percent over that period as of 3:27 p.m. Hong Kong time, and Monday’s losses have barely made a dent in bitcoin’s 2017 surge, with the virtual currency still up 379 percent since January. China’s central bank ordered all fundraising related to ICOs halted immediately, the strongest regulatory pushback thus far to the swelling market for digital token sales.


https://www.bloomberg.com/news/articles/2017-09-06/bitcoin-comes-clawing-back-after-selloff-on-china-ruling-chart

People who are not anymore new with Bitcoin always look at the dips as buying opportunities...a very clever way to make some more money. This is just part of the normal trading behavior of anything that is in an open market. While some can be expressing concerns over the value reduction, there are many who are preparing their pockets for a possible ride.

The recent news coming from China is not anymore a factor in today's trading and in the coming weeks...I can see that the market can be looking forward to what can be in November but since we already have a precedent in last August fork then maybe market reactions would not anymore be as wild as before.

Should we then expect to see Bitcoin winning over the $7,000 wall or will it remain in the vicinity of just $5,000 while waiting for the coming November fork?

Bitcoin market is so volatile because there are so many speculating day traders who will grab every opportunity to get some profit. The ICO ban was viewed as news that can negatively impact Bitcoin's price, so a lot of traders saw it an opportunity for shorting, and it caused some panic. But most traders actually still had strong belief in BTC and they understood that the importance of those news was exaggerated. I hope people who panic sell will learn their lesson and start hodling instead of speculating if they are bad at trading.

Usually those that panic during this dip are the newbies who don't know what hit the market causing the price to go down couple of days ago. But since everything has settled down once again, investors getting back at it by buying more making the price to touch $4600. I agree, its gonna be a hard lessons for them. Next time they will know what to do because the best thing is this kind of scenario is really buying instead of selling. They are now regretting their action and most likely they have already bought back bitcoin again and try to hodl.

I agree, since there are always a new comer to Bitcoin community, we cannot avoid this scenario.  Most of these newbies panic sell thinking it is doom for bitcoin,  But those who had experienced this many times, thinks it is only normal and an opportunity to buy more.  It is proven, that bitcoin has the capability to bounce back and maintain its previous sell value and even breaking its ATH after some time.

Realistically speaking, it would be a normal thing for the market to calm down a bit in the runup to the hard fork in November. Most people here don't seem to take this hard fork that seriously, but that's mainly because they don't have big money sitting in Bitcoin - if you've nothing to lose, there is no need to see the danger of anything. Every investor/trader will take this event extremely seriously, because there is a lot money to be made by timing your cashout action properly to buy back later. This market gets driven by greed and fear at the same time - one day things look bright where people are extremely bullish, while the other day this market looks like a warzone. An important event such as a hard fork is something that can trigger the market significantly into a short term downward spiral.