Price Drop, Real Reasons?

[ImHash]

What could be the real reasons behind the recent price dropping of bitcoin?
Do people really control the rises and drops of the price?
From near $700 to $550 in 2 days is a huge risk for anyone to consider entering bitcoin don't you think?

[Yutikas_11920]

You do not need to worry, this is not something a problem for those who have long been using bitcoin, because they already know and understand about the assurance given by the bitcoin (profit) so never doubt it. Calm yourself and begin to reflect on what you have to do for the next step in the situation this time

[BitcoinHodler]

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

[Backside walkaround]

I tend to agree with the above,  that people were anticipating a drop and so they started selling.  That's why I've said this is a major overreaction and is a great buying opportunity.  It's hard to tell what drives markets but in this case I'm pretty sure it was the recent hack.  There's nothing else that's happened really.

[SAMKUSH]

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

I think as well as this people will withdraw from exchanges fearing they could lose bitcoins, this could also cause the volume to fall and could lead to the price falling. Since it was taken from an exchange less people will be buying and selling Bitcoin.

[ImHash]

Then bitcoin is that weak to react to a single hack in some exchange site? I never thought bitcoin could be this much easy to manipulate.

[Jambolb2]

I think Bitcoin prices fell due to a reaction to a closed meeting between the developer Bitcoin miners core with China. Read more https://www.cryptocoinsnews.com/bitcoin-price-falls-as-miners-meet-bitcoin-core-developers/
Plus bitfinex were closed temporarily because of security breach. But according to information circulating they recently hacked and lost their clients' money. IMO

[BitcoinHodler]

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

I think as well as this people will withdraw from exchanges fearing they could lose bitcoins, this could also cause the volume to fall and could lead to the price falling. Since it was taken from an exchange less people will be buying and selling Bitcoin.

i doubt that simple withdrawals can cause this much drop. people who are withdrawing will withdraw both bitcoin and cash from exchanges so both supply and demand will go down so price should change that much.

the only other possibility is panic selling.

Then bitcoin is that weak to react to a single hack in some exchange site? I never thought bitcoin could be this much easy to manipulate.

if you call fear of 77 million dollar dump a simple manipulation, then ok.

[bL4nkcode]

For this sudden decrease  of price of bitcoin some experts said that the reason behind that decrease was after the Hong kong based exchanges Bitfinex discovery of security breach or being hacked by some hackers. And confirmed  over 120,000 btc was lost or approximately $60m. And I guess that was the cause also of this loss.

[7788bitcoin]

I think the current value of bitcoin should be around $600. The increase to >$700 is just a small bubble. The recent hack triggered and dump (and pump) action which likely due to a small population expecting a drop in price, and which actually translated into a real drop.

The price should recover back to $600 within days to a few weeks.

[fortunecrypto]

I think the current value of bitcoin should be around $600. The increase to >$700 is just a small bubble. The recent hack triggered and dump (and pump) action which likely due to a small population expecting a drop in price, and which actually translated into a real drop.

The price should recover back to $600 within days to a few weeks.

I agree with you it's just a temporary set back I am closely watching it on preev and Yobit and as I am writing this they are recovering very fast at $590,so we expect it to get back again at $650 level next week,stakes holders will resolve this issue..

[goinmerry]

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

This is rhe right answer for you. Go back to bitcoin discussions and read some comments there. There are also links provided to prove the facts.

[starboyshuvo]

it doesnt matter as im long time bitcoin holder. i believe price will surely go up soon...

[erikalui]

The hack of bitfinex is a major drawback for bitcoiners but there are even more reasons that the price is falling so rapidly. Till yesterday, the price was dropping by $10 and it's suddenly $70-$80 lower and it reached $490 yesterday night. The panic has caused the price drop.

[X-ray]

The hack of bitfinex is a major drawback for bitcoiners but there are even more reasons that the price is falling so rapidly. Till yesterday, the price was dropping by $10 and it's suddenly $70-$80 lower and it reached $490 yesterday night. The panic has caused the price drop.

i wonder why they could getting affected by bitfinex's problem even thought they're not using bitfinex's service,for the proof they still could use their bitcoin,and the market is so volatile if got affected a little bit it'll getting more bigger

[RodeoX]

Then bitcoin is that weak to react to a single hack in some exchange site? I never thought bitcoin could be this much easy to manipulate.

Bitcoin can not be manipulated.
However bitcoin speculators can be pushed around by even sophomoric attempts. I guess it's just human nature to assume that someone is "doing this" as opposed to basic market forces. It should be no surprise though, the Mt.Gox hack led to an even bigger drop.

[randy8777]

The hack of bitfinex is a major drawback for bitcoiners but there are even more reasons that the price is falling so rapidly. Till yesterday, the price was dropping by $10 and it's suddenly $70-$80 lower and it reached $490 yesterday night. The panic has caused the price drop.

it's indeed a very disappointing moment that once again a major exchange got hacked. the confidence in bitcoin exchanges was already low, but with this it reached an even deeper low. it's a shame that such a large exchange gets hacked and bitcoin is receiving the beatings. as always, it's the people that are messing up, and not bitcoin. i wish the average joe would also understand this.

[bitbunnny]

This price drops isn't very nice to see but I don't think that there is any special reason behind it. It's just part of regular Bircoin circle with ups and downs. Nothing dramatic price will go to about 650 very soon.

[MingLee]

This price drops isn't very nice to see but I don't think that there is any special reason behind it. It's just part of regular Bircoin circle with ups and downs. Nothing dramatic price will go to about 650 very soon.

I think there is a special reason; Bitfinex was hacked and that has been something that has been slightly hushed up and it hasn't been publicized a lot yet. I think the price began to go down because of the hacker or some whales beginning to sell of because they could sense the downward trend beginning, and they happened to be right. If the price does begin to shoot up dramatically, though, I hope I get in on it. I think it might be more like a trickle rather than anything else.

[rio3233]

Well, some said the price of bitcoin dropped because bitfinex hacked and i think it's also because many people panic and sell panic all their bitcoins.