Bitcoin Forum

Right now the Bitcoin price is down 33% from the peak only 5 days ago

The largest previous impact was the Mt. Gox collapse in 2014. As per wikipedia: "From 1 February 2014 until the end of March, during the period of Mt. Gox problems, the value of bitcoin declined by 36% "

So this means the crash today - which is still ongoing with prices declining - is as big an impact, but has happened in only 5 days versus 2 months for Mt. Gox.

...and the price is still going down....

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.

Wishful thinking. The Mt. Gox collapse then lead to a continued long decline where in total the price dropped 80%

I think it's hard to compare this to the Mt. Gox collapse. That crash was a genuine fear that the industry was unsafe and was not going to survive.
This just feels like the market got carried away with speculation and a correction was overdue.

It is exactly the correct comparison. The extremely long confirmation times and high transaction fees show lethal problems with scaleability, and therefore a well-founded fear that Bitcoin will not survive

This time people are concerned that btc just doesn't work anymore. Probably more worrying then before this time. There was no reason to buy btc other then to sell it later at a profit. Once a slide has set in then there is no reason to buy btc again. Even drug dealers have moved on to pastures new leaving just the hodlers.

I really think that its kinda scary when people compare this crash with things like those it makes us doubt if bitcoins will ever cone back up..well you know lets just take this crash to be as.. Simple downfallthat we fact day to day.. and then it comes back up in a month for sure..
I do think that its nothing like it and it will soon recover and we would be able to how high it goes then.
Its a great opportunity to invest ^ lets take this positive
..and according to the sources its just preparing itself to launch for a much higher price.

i was talking about the same thing earlier i believe the correction is between 12-14k

A correction was long overdue, the price is still almost double of the price last month. The BCH debacle combined with the endig of the year also spurred a lot of people on to sell, trying to moneytise the profits they made over the year. We can only hope the market calm down and retraces to a more stable course. But The fall also has an upside, people turn to altcoins which in turn raises their value and when the BTC picks back up again smart invester will profit from this.

If the bitcoin rise again (and I'm sure will do) We will see a lot post of people who where saying they will never sell their bitcoin and just hold it. It is just because of its volatility guys. Don't be scared too much.

We are now at 12.6k and still dropping.....

There was a crash from $5k to $3k (40%) in September within just a few days.

It is part of the correction. Don't worry about it. If you are really afraid of it. Better sell your coins and cut your loss. But if you are still confident in bitcoin then hold it.

Close. The drop was from 4950 to 3226, being 34.8%.

Perhaps Youbit going down after being hacked is your connection to the time of events of the Mt.Gox downfall?

Honestly this was bound to happen, and I’m glad the dip is finally happening. Then we find a new floor and move up again from this.

In December 1st the price was around 9700$, so yeah, there's plenty of room for collapsing more.
It's disappointing for me because of the timing, but yeah.. nothing is perfect.
The bottom is 15k, is 12k... many have predicted a fall to 50% so it would be under 10k! Well, the same predicted that after that huge fall it'll go to 50k, but looking now on the market makes it hard to believe.

*Sigh* not much to do now excepting to wait and see....

Before Mt Gox Bitcoin was around 1200$ from what I know. Then the decline was quite long, from dec 2013 until sub-200$ prices in 2015. That's a 6x fall. I don't think Bitcoin will go 6x down again (to 3300$), so I can't compare with Gox.

im not scared at all its not bothering me but its alot people who got in a higher price scared asf right now though

Mt.Gox was merely the trigger point for a long and protracted downturn, so yes you can compare it.

I just got through running around the block in my underwear waving my arms around in a state of panic.

This is not a crash but a natural flow of things right before holidays. With Christmas in sight most people sell their crypto (btc) to buy presents and various things, that's the reason why market cap went down 100 Billion in less than 24h. Folks, just relax and wait the January, 25k $ will be attacked easily.

The price had to go down after what happened in the past weeks. It's healty for Bitcoin and it had happened in the past with all cryptos, including BTC!

It is now time for new investors to come for the price have come down big. I guess, it was done to give place to new investor to come in and join us. LOL

This change has also something to do with holiday season and most probably spending money for others and Fear to lose their money, It is now the advantage of True Trader, so honestly, time to buy people.

I'll go again get my popcorn ;D

but it will be cheaper tomorrow

If you are afraid then go and do panic selling. If you think the profit you have is enough, then better cash in right. There is still a probability it will still go down tomorrow.

If you do compare them, then it means you want the crypto scene get into a long recession. Because Bitcoin is not alone.
I think that it's not the case. I am more concerned on when the recovery starts.

Maybe all you want is to milk these markets, but if another Gox happen you'll have nothing to milk for years.
But it's a good moment to scare the shaky hands for some extra bucks, right?

LOL, I think he just wanted to create a panic selling to be able to invest in bitcoin at low price. I don't think bitcoin will crash anytime soon. It will dump but will also pump. The problem is we can't figure when this will happen.

im more gladly to see bitcoin prices dropping rather then climbing high so fast and crash eventually..

I think we are just appreciating cheap buy in prices on the Christmas period after a couple of stunts from Coinbase and Bitcoin.com - Wait until the new year, Bitcoin is going to hit new heights!  Look forward to 100K in 2018! 

Its better to buy some coins right now while the price of bitcoin is at low. That way, you can earn a lot of profit the price start pumping again. Hehe

Positive points of view will bring this coin to a new height, bitcoin as we knew it always bouncing back and surprising very time it moves, I don't have any idea what can be the next value after the new height but I'm always positive that it will bring good value after this year.