Bitcoin Price Update for August 17, 2016

[illyiller]

stagnation i call for now, until things are cleared from those bad news, then we can go as high as near 1k, and then if we can go above that we will touch 2k for sure with a new ath, i see this happening at the end of this year

bitfinex hack plays a big role as to why the market is slow and going down, that's right, but you're being too optimistic here. there is literally nothing that can justify the price to go up that much this year. even with significant manipulation i can't see the price come even close to the $2000 level. also, i can't even see the price reach $1000 this year.

You have a good point indeed about fundamentals. That said, very often we have seen the technical picture turning bullish before fundamentals. Since we cover bitcoins in 2011, this has helped many times to be in the market before a major rally.

The thing here is, this isn't like when MT Gox went down for good. Here, Bitfinex is trying to appear as if they have recovered and will make good on their obligations. I'm not so sure. Their volume is pathetic. More than 60% of their remaining cold storage is gone. They haven't directly informed their customers (by email) so it's possible many account holders don't know. Bitfinex doesn't even know how they were compromised (admitted in their last announcement), so they are totally insecure. And the issuance of debt securities + haircut was a violation of their terms and probably illegal in many jurisdictions. So they have legal exposure to lawsuits, and perhaps even action from the USAA World Police (SEC, CFTC, FBI, etc.).

I think Bitfinex is a huge flash crash waiting to happen. Could be another hack, could be shutdown (voluntary or not) due to insolvency or US agency action or bankruptcy being brought against them in Hong Kong. It's all bad.

You have very good points about that there are still risks with bitfinex.

That said, I still think that this won't have any mid term significant effect on bitcoin as a whole. This is because bitfinex only stads for less than 5% of global bitcoin exchange volume.

For sure -- don't get me wrong. I don't think this will have any lasting effect on BTCUSD price. But, like I said, it could afford us a nice flash crash, just like MT Gox collapsing did. Bitfinex was the biggest BTCUSD exchange by volume, so I think the market will get shocked when it goes down. But it could easily be an SR crash type thing. Doesn't matter at all in the bigger picture.

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[BitcoinPC]

Many people say that bitcoin price down because of Bitfinex, but litter bit it is true, we can't close our eyes on this truth. But also we see the market value, i mean it is always happen when bitcoin price reached on the higher price, than a huge people sell their bitcoins than suddenly bitcoin price go down, you can use the formula of supply and demand, But now bitcoin has is in his good position, We can't say that now bitcoin is going very low price.     

[maydna]

in just a week the rate of bitcoin start to up and now the rate is $584 in polo and its got dump and pump in buy and sell column. i take a look on the column, its so fast movement in BTC-USDT. but for the history its stable in rate $581-$584. don't know what will be happen next, just hoping that the rate will up to $600 

[Pro Gamers]

Many people say that bitcoin price down because of Bitfinex, but litter bit it is true, we can't close our eyes on this truth. But also we see the market value, i mean it is always happen when bitcoin price reached on the higher price, than a huge people sell their bitcoins than suddenly bitcoin price go down, you can use the formula of supply and demand, But now bitcoin has is in his good position, We can't say that now bitcoin is going very low price.     

One thing is because people are waiting to get it back to $600+ so they can sell it again, and in this case like what you said bitcoin price will go down again to below $600 and this cycle continues to happen. Because of trading

[BitcoinPC]

Many people say that bitcoin price down because of Bitfinex, but litter bit it is true, we can't close our eyes on this truth. But also we see the market value, i mean it is always happen when bitcoin price reached on the higher price, than a huge people sell their bitcoins than suddenly bitcoin price go down, you can use the formula of supply and demand, But now bitcoin has is in his good position, We can't say that now bitcoin is going very low price.     

One thing is because people are waiting to get it back to $600+ so they can sell it again, and in this case like what you said bitcoin price will go down again to below $600 and this cycle continues to happen. Because of trading

Sir, yes, you are right, but whenever you see bitcoin price on the top, than mostly people start to sell their bitcoin and i am also doing it, because of getting profit. So suddenly bitcoin price start to come down. Also bitcoin is crypto currency, its price always change, and we are doing investment in bitcoin because its price give us profit.

[fkvidar]

Many people say that bitcoin price down because of Bitfinex, but litter bit it is true, we can't close our eyes on this truth. But also we see the market value, i mean it is always happen when bitcoin price reached on the higher price, than a huge people sell their bitcoins than suddenly bitcoin price go down, you can use the formula of supply and demand, But now bitcoin has is in his good position, We can't say that now bitcoin is going very low price.     

One thing is because people are waiting to get it back to $600+ so they can sell it again, and in this case like what you said bitcoin price will go down again to below $600 and this cycle continues to happen. Because of trading

Sir, yes, you are right, but whenever you see bitcoin price on the top, than mostly people start to sell their bitcoin and i am also doing it, because of getting profit. So suddenly bitcoin price start to come down. Also bitcoin is crypto currency, its price always change, and we are doing investment in bitcoin because its price give us profit.

If you are investing your money in bitcoin then you  have full right to collect profits from it, so whenever price exceeds your entry price, you should sell your coins and grab the profits.

[JessicaSe]

Many people say that bitcoin price down because of Bitfinex, but litter bit it is true, we can't close our eyes on this truth. But also we see the market value, i mean it is always happen when bitcoin price reached on the higher price, than a huge people sell their bitcoins than suddenly bitcoin price go down, you can use the formula of supply and demand, But now bitcoin has is in his good position, We can't say that now bitcoin is going very low price.     

One thing is because people are waiting to get it back to $600+ so they can sell it again, and in this case like what you said bitcoin price will go down again to below $600 and this cycle continues to happen. Because of trading

Sir, yes, you are right, but whenever you see bitcoin price on the top, than mostly people start to sell their bitcoin and i am also doing it, because of getting profit. So suddenly bitcoin price start to come down. Also bitcoin is crypto currency, its price always change, and we are doing investment in bitcoin because its price give us profit.

If you are investing your money in bitcoin then you  have full right to collect profits from it, so whenever price exceeds your entry price, you should sell your coins and grab the profits.

Well that's true but if he can hold for some more time then he can take higher profits from it as price is expected to rise in coming months.

[sempak]

in just a week the rate of bitcoin start to up and now the rate is $584 in polo and its got dump and pump in buy and sell column. i take a look on the column, its so fast movement in BTC-USDT. but for the history its stable in rate $581-$584. don't know what will be happen next, just hoping that the rate will up to $600 

hopefully everything is according to plan we expected. some people even buy bitcoin with a high price. we must continue to ensure that the price of bitcoin is increasing every day. because it can make us earn greater profits.

[StoreBit]

in just a week the rate of bitcoin start to up and now the rate is $584 in polo and its got dump and pump in buy and sell column. i take a look on the column, its so fast movement in BTC-USDT. but for the history its stable in rate $581-$584. don't know what will be happen next, just hoping that the rate will up to $600 

hopefully everything is according to plan we expected. some people even buy bitcoin with a high price. we must continue to ensure that the price of bitcoin is increasing every day. because it can make us earn greater profits.

i also hope so, the price of bitcoin is really expected to start increasing and this time hope that it will cross the psychological barrier and hope that it will even cross its all time high price.

[satdas]

in just a week the rate of bitcoin start to up and now the rate is $584 in polo and its got dump and pump in buy and sell column. i take a look on the column, its so fast movement in BTC-USDT. but for the history its stable in rate $581-$584. don't know what will be happen next, just hoping that the rate will up to $600 

hopefully everything is according to plan we expected. some people even buy bitcoin with a high price. we must continue to ensure that the price of bitcoin is increasing every day. because it can make us earn greater profits.

i also hope so, the price of bitcoin is really expected to start increasing and this time hope that it will cross the psychological barrier and hope that it will even cross its all time high price.

to me there is  a psychological barrier above 800USD which is very difficult for bitcoin to cross in near future, i think the price of bitcoin will be trading under 700 USD level for such a long time.

[S3052]

in just a week the rate of bitcoin start to up and now the rate is $584 in polo and its got dump and pump in buy and sell column. i take a look on the column, its so fast movement in BTC-USDT. but for the history its stable in rate $581-$584. don't know what will be happen next, just hoping that the rate will up to $600 

hopefully everything is according to plan we expected. some people even buy bitcoin with a high price. we must continue to ensure that the price of bitcoin is increasing every day. because it can make us earn greater profits.

i also hope so, the price of bitcoin is really expected to start increasing and this time hope that it will cross the psychological barrier and hope that it will even cross its all time high price.

to me there is  a psychological barrier above 800USD which is very difficult for bitcoin to cross in near future, i think the price of bitcoin will be trading under 700 USD level for such a long time.

good point. On top, we have some more resistances in different price ranges in our analysis that could prove to be even more critical.

[mandica]

in just a week the rate of bitcoin start to up and now the rate is $584 in polo and its got dump and pump in buy and sell column. i take a look on the column, its so fast movement in BTC-USDT. but for the history its stable in rate $581-$584. don't know what will be happen next, just hoping that the rate will up to $600 

hopefully everything is according to plan we expected. some people even buy bitcoin with a high price. we must continue to ensure that the price of bitcoin is increasing every day. because it can make us earn greater profits.

i also hope so, the price of bitcoin is really expected to start increasing and this time hope that it will cross the psychological barrier and hope that it will even cross its all time high price.

to me there is  a psychological barrier above 800USD which is very difficult for bitcoin to cross in near future, i think the price of bitcoin will be trading under 700 USD level for such a long time.

I think the price of the bitcoin will be around $590 by the end of the August. There is no other good news to drive the bitcoin price higher in the near future.

[Osarman]

For the future, for next year (2017) I see that the price will be above $ 800 bitcoin Because I am sure next year's growth is very high and that bitcoin makes a pretty good market movements

i think bitcoin will be rise its to 8000$ at the end of this year mean 2016 , because huge number of people are buying bitcoin and recent price is 580$ and bitcoin price is depend on adoption so hope price will be reach to 800$ in the end of 2016.

[Palider]

For the future, for next year (2017) I see that the price will be above $ 800 bitcoin Because I am sure next year's growth is very high and that bitcoin makes a pretty good market movements

i think bitcoin will be rise its to 8000$ at the end of this year mean 2016 , because huge number of people are buying bitcoin and recent price is 580$ and bitcoin price is depend on adoption so hope price will be reach to 800$ in the end of 2016.

There is no good news to drive up the bitcoin in the near future. So the bitcoin price will trade around $560 to $590

[calme]

Well, I'm not in the market but I hope you guys are short! Lower lows, here we come

[salmanahmedone]

Many people say that bitcoin price down because of Bitfinex, but litter bit it is true, we can't close our eyes on this truth. But also we see the market value, i mean it is always happen when bitcoin price reached on the higher price, than a huge people sell their bitcoins than suddenly bitcoin price go down, you can use the formula of supply and demand, But now bitcoin has is in his good position, We can't say that now bitcoin is going very low price.     

One thing is because people are waiting to get it back to $600+ so they can sell it again, and in this case like what you said bitcoin price will go down again to below $600 and this cycle continues to happen. Because of trading

Not everyone is willing to sell at 600$. I think people will refrain from selling until it reaches 1000$. Most of the people think bitcoins will reach 1000$ later this year in December.

[Pro Gamers]

Many people say that bitcoin price down because of Bitfinex, but litter bit it is true, we can't close our eyes on this truth. But also we see the market value, i mean it is always happen when bitcoin price reached on the higher price, than a huge people sell their bitcoins than suddenly bitcoin price go down, you can use the formula of supply and demand, But now bitcoin has is in his good position, We can't say that now bitcoin is going very low price.     

One thing is because people are waiting to get it back to $600+ so they can sell it again, and in this case like what you said bitcoin price will go down again to below $600 and this cycle continues to happen. Because of trading

Not everyone is willing to sell at 600$. I think people will refrain from selling until it reaches 1000$. Most of the people think bitcoins will reach 1000$ later this year in December.

If you are referring of those not in trading i would say yes. What i have said is for traders when the price drops down to let say $550 they will start to buy bitcoin at this rate and when the rises up to $600 there is $50 of a clear profit so theyll begin to sell it at this rate while those people you are spesking of are still holding because they are waiting to more high value.

[StoreBit]

For the future, for next year (2017) I see that the price will be above $ 800 bitcoin Because I am sure next year's growth is very high and that bitcoin makes a pretty good market movements

i think bitcoin will be rise its to 8000$ at the end of this year mean 2016 , because huge number of people are buying bitcoin and recent price is 580$ and bitcoin price is depend on adoption so hope price will be reach to 800$ in the end of 2016.

i think bitcoin is going to cross 800$ level in the month of september 2016, and after that the price of bitcoin will cross its all time high price at the end of 2016, hope we will trade bitcoin above 1500$ in 2017.

[S3052]

For the future, for next year (2017) I see that the price will be above $ 800 bitcoin Because I am sure next year's growth is very high and that bitcoin makes a pretty good market movements

i think bitcoin will be rise its to 8000$ at the end of this year mean 2016 , because huge number of people are buying bitcoin and recent price is 580$ and bitcoin price is depend on adoption so hope price will be reach to 800$ in the end of 2016.

i think bitcoin is going to cross 800$ level in the month of september 2016, and after that the price of bitcoin will cross its all time high price at the end of 2016, hope we will trade bitcoin above 1500$ in 2017.

it's a hell of a ride...

[Ayers]

in just a week the rate of bitcoin start to up and now the rate is $584 in polo and its got dump and pump in buy and sell column. i take a look on the column, its so fast movement in BTC-USDT. but for the history its stable in rate $581-$584. don't know what will be happen next, just hoping that the rate will up to $600 

hopefully everything is according to plan we expected. some people even buy bitcoin with a high price. we must continue to ensure that the price of bitcoin is increasing every day. because it can make us earn greater profits.

i also hope so, the price of bitcoin is really expected to start increasing and this time hope that it will cross the psychological barrier and hope that it will even cross its all time high price.

to me there is  a psychological barrier above 800USD which is very difficult for bitcoin to cross in near future, i think the price of bitcoin will be trading under 700 USD level for such a long time.

why 800? i think it'sjust random, there are no real barrier, there are only not enough money to increase above that level imho, there are not enough investors to pump the price above 800 right now