raliability of the bitcoin price

[jackg]

Why does the bitcoin price seem to follow the stock market?
When the internation stock marker fell from the prblems with china's economy, why did it have such an affect on the bitcoin to force ti to fall by £50 (around $80)

[1713473520]

1713473520

[Mickeyb]

Why does the bitcoin price seem to follow the stock market?
When the internation stock marker fell from the prblems with china's economy, why did it have such an affect on the bitcoin to force ti to fall by £50 (around $80)

Normally it shouldn't have followed it. Bitcoin should have exploded upwards on such news. The thing is, that the stock market crash has coincided with the mess about the XT fork and the apparent Bitfinex bug. These 2 events have pulled the Bitcoin price down in the last 10 days.

The stock market crash all around the world has actually maybe even saved Bitcoin from bigger drop I  prices, although we can't never know this.

[Brooker]

Why does the bitcoin price seem to follow the stock market?
When the internation stock marker fell from the prblems with china's economy, why did it have such an affect on the bitcoin to force ti to fall by £50 (around $80)

It didn't. Have you ever heard of such things as coincidences? The value falling is probably due to the fork confusion.

[LiteCoinGuy]

Coincidences. Bitcoin is to tiny it has nothing to do with gold, stock market or other stuff.

[Slunt]

Why does the bitcoin price seem to follow the stock market?
When the internation stock marker fell from the prblems with china's economy, why did it have such an affect on the bitcoin to force ti to fall by £50 (around $80)

People always try to find reasons for why the price goes down or up, but its always just down to supply and demand and people either panic selling or buying. I wouldn't sweat the short term fluctuations.

[Racey]

Here is a good write up on bitcoin prices, as of late.

Mt Gox Bitcoins Reportedly Moved To BitFinex, The Day Before Black Monday

In the Bitcoin community, speculation about the ongoing development argument over bitcoin's block size limit contributing to the downturn of bitcoin's price has been a common sight across the Bitcointalk forum and Reddit. However, just before the major downturn, one Reddit user posted interesting evidence that some of the coins bought at, or belonging to, the defunct bitcoin exchange, MtGox, had just been moved to Bitfinex.

According to Blockseer's report from the blockchain, three batches of 5,000 coins each, worth $12.4 million in total, were moved on the Aug 23, after several months of lying dormant. One of the batches, 5,000 of these coins, were sent to Bitfinex.

[randy8777]

don't think the stock market has any influence on bitcoin at this point. as litecoinguy also said, it's pure coincidence. currently bitcoin is being hammered down due to the xt drama. and i'm sure it won't stop any time soon.

[aakashsangwan]

Usually bitcoin prices are not influenced by the stock market.
But at this time the stock market crash and the Bitcoin XT came together, so people do think that it's because of stock market but i think that's because of the Bitcoin XT drama.

[jackg]

I thought it was influenced by the stock market as:
The value of bitcoin seems to increase and decrease according to the stock market.
Bitcoin is sold and many websites that sell shares and are sold in a similar way!

[XCASH]

Why does the bitcoin price seem to follow the stock market?
When the internation stock marker fell from the prblems with china's economy, why did it have such an affect on the bitcoin to force ti to fall by £50 (around $80)

People always try to find reasons for why the price goes down or up, but its always just down to supply and demand and people either panic selling or buying. I wouldn't sweat the short term fluctuations.

Events can affect the price, like when the Chinese "banned" Bitcoin in early 2014. The price plummeted, but afterwards it turned out Bitcoin wasn't actually banned in China, they just made it harder to buy and trade there. I think the latest crash was due to the XT drama, the Bitfinex bugs and downtime, and possibly a bit to do with the Chinese stock market crash. The Chinese who lost everything on the stock market may have dumped Bitcoins because they needed money quickly. There must have been some Chinese who held both stocks and Bitcoins.

[MinerHQ]

Usually bitcoin prices are not influenced by the stock market.
But at this time the stock market crash and the Bitcoin XT came together, so people do think that it's because of stock market but i think that's because of the Bitcoin XT drama.

What you said is 100% correct. Btc prices are not linked to any markets it purely depends on demand and supply of coins. So recent crash was due to XT issues not due to markets crash.

[fullypak]

Coincidences. Bitcoin is to tiny it has nothing to do with gold, stock market or other stuff.

Absolutely correct because bitcoins are not independent, they are not controlled by any government sources. Also bitcoin price up or down it will not effect on any country inflation so it was just a coincidence that when markets was crashing bitcoin price also was came due to its own issues. Bitcoin prices are totally controlled by purely on its demand and supply not linked any countries economy.   

[willope]

I have to advice you all, that there is another factor in the game. With the NY bitlicense, Bitfinex SOLD all the bitcoins on the NY based customers' accounts on 15th august. https://www.bitfinex.com/pages/announcements/?id=51
This led to the margin call "cascade effect" on the same Bitfinex.
This, together with the bitcoin fork hysteria, are causing the current price.
 
PD: GOOD TIME TO BUY FOLKS!!!  (sssshhh )