Price Drop, Real Reasons?

[BitHodler]

Bitfinex is dictating the entire market right now. It will be interesting to see how the market will react as soon as Bitfinex opens up again for trading.

For the average Joe these kind of heavy fluctuations are indeed killing, while for the more experienced Bitcoiners it's not much to worry about as we have seen this happen before.

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[dinda22]

people look panic when bitfinex lost around 120kBTC, so they assume prices will fall, and in fact they panic and dumped, lol.

[StoreBit]

there can be so many reasons for that but to me the most common reason is that there is psychological barrier above 600 $ which is really stopping bitcoin from raising further more, when the price of bitcoin cross the 650 level people fell reluctant and at that level they do not like to trade bitcoin and that is the reason that bitcoin stay there around 660 for a long time, but hope this time the price of bitcoin is going to break all the barrier and will rise so high.

[RyNinDaCleM]

Technicals... Everything else is just a catalyst to make it unfold faster. A number of us knew it would go down once a certain level was broken, but the hack  (between some insiders front running and the market panic after the fact) made it move sooner than expected.

[Lordofpotatos]

Bitcoin dropped because bitfinex is hacked

[trickshot22]

people look panic when bitfinex lost around 120kBTC, so they assume prices will fall, and in fact they panic and dumped, lol.

thats true, it is sad that people are still panic selling their bitcoins from time to time, i think that people will buy it back pretty soon and we will make money again

[raymond541]

people are on panic.Also Bitfinex was hacked that's the big cause.People are now on selling panic I think bitcoin will recover this situation and again back over $600.guys dont be panic every time wait for an week don't sell your bitcoin price must be rise.

[Noojna]

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?

The real reason is that this BTC price drop was going to happen whether or not the hack took place. BTC was going to drop sooner or later; it just took this bad news to make it happen.

BTC still has its fundamental problems, which Block Halving does not solve, so to begin with, there was no real reason for Block Halving to make price go up and stay up.

[RealityTruth]

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.

The current value should be what it is right now. That's how the market works.

[Romanko]

The real reason is that this BTC price drop was going to happen whether or not the hack took place. BTC was going to drop sooner or later; it just took this bad news to make it happen.

BTC still has its fundamental problems, which Block Halving does not solve, so to begin with, there was no real reason for Block Halving to make price go up and stay up.

Here some guy sharing serious doubts about the "Hack".

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

As for me the price was manipulated by the traders, who were hired by  hedge funds to buy big amounts of BTC for their investors.
And of course the "hack news" maybe they acted together to buy cheap btc

[pooya87]

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.

The current value should be what it is right now. That's how the market works.

if the real value of bitcoin was $550 then it could never stay up after the $780 bubble and the drop afterwards. it stayed up above $640 for well over a month with little fluctuation but with high volume.

[Wind_FURY]

Bitfinex is dictating the entire market right now. It will be interesting to see how the market will react as soon as Bitfinex opens up again for trading.

For the average Joe these kind of heavy fluctuations are indeed killing, while for the more experienced Bitcoiners it's not much to worry about as we have seen this happen before.

Yes I have noticed several experienced bitcoiners welcoming the fall and seeing it to buy more bitcoins. Then I looked at the max chart and indeed it is true. the quick 1 day drops were followed by slow recoveries like what is happening right now. But I still see bitcoin could still go back down and by under $600 by then end of the year. It needs to accumulation for now.

[~Bitcoin~]

Simple reason is large dumps coming from panic sellers after news of bitfinex got hacked came out. However even before this news bitcoin was dumping slowly for few days that may be job from insiders who know that bitfinex are getting attacked. Although feeling relified to see price is recovering in faster rate.

[MFahad]

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?

Actually the first reason is Bitfinex. It has been hacked, so suddenly bitcoin's price down, but it is a good news for the buyers, i mean, buy the bitcoins in this time, and safe it now, otherwise i don't think that bitcoin has any problem for the price decrease. But bitcoin would be cover it very soon, may be within 2 months bitcoin price growing up.       

[EastSound]

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?

Actually the first reason is Bitfinex. It has been hacked, so suddenly bitcoin's price down, but it is a good news for the buyers, i mean, buy the bitcoins in this time, and safe it now, otherwise i don't think that bitcoin has any problem for the price decrease. But bitcoin would be cover it very soon, may be within 2 months bitcoin price growing up.       

That is right. The bitcoin price dropped 25% at one stage due to the hack of the Bitfinex exchange a few days ago.

[Lordofpotatos]

yes

[maarx]

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?

There are lot many reasons behind market growth of each coin. Main reason behind the investors and marketcap. More demand and less supply makes the growth. It depends on the media, how the products are taken to the people and etc. When there is a positive vibration towards a product, the value grows up like wise how the media takes a product / incident to the audience makes the difference. So we have many reasons behind the price growth.