Why the selloff?

[gentlemand]

There are more sellers than buyers at certain price points.  That's about it. Now ETF excitement is over there isn't anything epic on the horizon so people can go back to concentrating on being nasty to each other, and Bitcoin.

[Iranus]

OMG, welcome to bitcoin, where volatility is the norm and not the exception.   This is probably nothing more than people taking their profits, which investors do--especially when an asset is near its all time high.  Forget any explanation,  though.  No one here can explain it with any certainty, including me.

To be fair, the price was comparatively stable from 2015 and most of 2016.  It's a strange phenomenon that the price is so crazy right now.  You don't need any certain to speculate, hence the subforum. 

I would say that the threat of a hard fork, regardless of whether it's well organised or not, is always going to make the price struggle a little bit.  There's also the FUD about Bitcoin in general and the rising prices of altcoins, but I think that most investors are secure enough in their investments.  The price has even had a slight rebound since then, it's not consistently going down.

[richardsNY]

There are more sellers than buyers at certain price points.  That's about it. Now ETF excitement is over there isn't anything epic on the horizon so people can go back to concentrating on being nasty to each other, and Bitcoin.

That's the whole problem. People focus too much on happenings and hypes where they get totally bored when the market isn't moving due speculation about X event. For some reason a stable but slower growth is something that most people don't care about as they only chase pumps and dumps. That's why there are so many people hopping from altcoin to Bitcoin and vice versa quite regularly. Volatility addicts is what I call them.

[aardvark15]

BTC plunging down to $1134 and going lower by the minute.

It's natural to have a correction after a big increase. The price has shot up dramatically over the last few months so it shouldn't be surprising that some people are cashing some Bitcoins in.

[tk3609]

Healthy correction is needed for the uptrend to continue. Look what happened in 2013 when BTC rose from 100$ to almost 1200$ in 7 weeks. The burst was massive and it took 1,5 year for it to recover. Let the correction happen, buy the dip and be happy.

[uki]

is bitcoin, some days it can do something like this. 5%-10% up and down  , nothing to panic about

exactly. A 10% drop is somethinhg completely normal in Bitcoin. Now, with prices above $1200 we are talking about $120 that are these 10%.

[Clement Kaliyar]

BTC plunging down to $1134 and going lower by the minute.

It's natural to have a correction after a big increase. The price has shot up dramatically over the last few months so it shouldn't be surprising that some people are cashing some Bitcoins in.

It is naturally to see a correction after a big bull run but the market was steady even after the rejection of ETF and the current sell off is simply because of the talks regarding a fork in the network and the people who are mere investors might not understand what this mean and they might be taking a position to safe guard their asset by selling off at the moment.

[cpfreeplz]

BTC plunging down to $1134 and going lower by the minute.

I think it's due to the threat of BTC hard fork, but hopefully this does not happen.

hmmm, then people are more stupid then i thought. we are far away from fork and even if a fork would happen then  BTC owners would get same amount on the new chain.  based on this new buyers should come and buy bitcoin and the price should go up . again , most people are not the smartest tool in the shed

Oh no! I'm going to have a gold coin + a cloned gold coin! What should I do!? Sell sell sell.

People just don't get what a hard fork is so they bail. Nor my problem. I'll be looking down on them when I'm living on the moon.

[n0ne]

is bitcoin, some days it can do something like this. 5%-10% up and down  , nothing to panic about

exactly. A 10% drop is somethinhg completely normal in Bitcoin. Now, with prices above $1200 we are talking about $120 that are these 10%.

As stated a 10% drop in price is something normal with bitcoin, but right now the scenario is different. Several complications were going around among the mining pools and the miners leading to catastrophic failure in the price increase. So this seems to take time for the issue to get sought. On this basis users tend to sell off.

[ethereumhunter]

BTC plunging down to $1134 and going lower by the minute.

It's natural to have a correction after a big increase. The price has shot up dramatically over the last few months so it shouldn't be surprising that some people are cashing some Bitcoins in.

It is naturally to see a correction after a big bull run but the market was steady even after the rejection of ETF and the current sell off is simply because of the talks regarding a fork in the network and the people who are mere investors might not understand what this mean and they might be taking a position to safe guard their asset by selling off at the moment.

yes its normal and we can see more over in the market. the price is always changing even if we are sleep but to avoid anything bad that will happen, i hope we all can make order buy or sell so we don't missed the price. i've seen many time correction for bitcoin and for other crypto currency and i think its not a big problem although we buy the coins in higher price because someday the price of the coins will be up again soon.

[Seansky]

Its kinda normal to see some sell some of their coins and the current dump that occurred might be because of some whales or many people taking profit from the rise that had happen in the past few days. It would be back again in the normal price soon though so I suggest everyone to just hold and be careful not to sell now since you might not know if the current price is the bottom of this dump or not.

[mr.mister]

Wow!! It looks like I can get into this. I like the volatility! I was just watching, and it shot down to $1000.00 briefly, before shooting back up to $1040.00

Theoretically, could I have put in an order $1000.00, then sold at $1040.00 for a $40.00 profit per btc??

I have a coinbase account, can I do this type of trading there, or is there a better place? I want to start doing this, even if it's only a few bucks you make every day or so. It's fun.

[aso118]

Wow!! It looks like I can get into this. I like the volatility! I was just watching, and it shot down to $1000.00 briefly, before shooting back up to $1040.00

Theoretically, could I have put in an order $1000.00, then sold at $1040.00 for a $40.00 profit per btc??

I have a coinbase account, can I do this type of trading there, or is there a better place? I want to start doing this, even if it's only a few bucks you make every day or so. It's fun.

Not advisable. It is very difficult to time the market, especially a volatile one like Bitcoin. You could get caught on the wrong foot by a rapid price movement. You could sell at $1040, only for Bitcoin to rush to $1500. Figure out your long term strategy and trade accordingly.

[btcmerich]

Wow!! It looks like I can get into this. I like the volatility! I was just watching, and it shot down to $1000.00 briefly, before shooting back up to $1040.00

Theoretically, could I have put in an order $1000.00, then sold at $1040.00 for a $40.00 profit per btc??

I have a coinbase account, can I do this type of trading there, or is there a better place? I want to start doing this, even if it's only a few bucks you make every day or so. It's fun.

Not advisable. It is very difficult to time the market, especially a volatile one like Bitcoin. You could get caught on the wrong foot by a rapid price movement. You could sell at $1040, only for Bitcoin to rush to $1500. Figure out your long term strategy and trade accordingly.

well , 40$ is profit. In finance no need to be greedy thinking what if i sell now and it goes higher. take the profit and sit back and see if you can do it again

[Iranus]

There's nothing new and to worried about this. It is happening usually people are doing something maybe a whale or pump and dump group.

Just to make some profits out of nothing and of course when those newbies see that there's a movement and it is decreasing.

They will usually panic and tries to sell out their coins and boom price will go down but lately you will see the price will increase again.

Unfortunately, new people and people who have put a bit too much in and are scared often just can't take the heat when there's a very slight dump and that often makes the dump a bit more significant.  It's a shame but this is often the case.

I think that the closest thing to a solution is for people on this forum to decrease the amount of FUD about Bitcoin and the rise of altcoins, and say more about different kinds of news rather than just whatever the specific hype is at the time.  Unfortunately, that seems fairly unlikely to happen, so I just hope that most people are clever enough to hold and even buy at this low.

[mikenz]

It's a strange phenomenon that the price is so crazy right now.

Its neither strange nor a "phenomenon". There is a possibility of a coin split and in that case prices would drop by 50 % and more. Therefore every Joe is cashing out now to wait it out. Its as simple as that.

Wow!! It looks like I can get into this. I like the volatility! I was just watching, and it shot down to $1000.00 briefly, before shooting back up to $1040.00

Theoretically, could I have put in an order $1000.00, then sold at $1040.00 for a $40.00 profit per btc??

Yes. Or, theoretically, you could have bought at 1040 and see it dropping to 1000.

[ajeef]

Price has dumped today so I will not sell them right now and will buy more bitcoins at this price as it will give me higher amount of coins at lower price and price can rise again and get back to $1200 level in next few days so at that time will sell some of them to get quick profits.

[cellard]

Wow!! It looks like I can get into this. I like the volatility! I was just watching, and it shot down to $1000.00 briefly, before shooting back up to $1040.00

Theoretically, could I have put in an order $1000.00, then sold at $1040.00 for a $40.00 profit per btc??

I have a coinbase account, can I do this type of trading there, or is there a better place? I want to start doing this, even if it's only a few bucks you make every day or so. It's fun.

It's fun until you lose.

Nobody can know what will happen, so if you believe in bitcoin it's best to buy and hold long term and get your coins out of coinbase. Download bitcoin core and run a full node to help the network and keep your bitcoins there so they are safe.

If you believe there will be a hard fork then the price will go down. I believe the risks are overblown.

[mikenz]

There will be retrace moves but I see a rise back to 1200 only when the scalability debate has been solved. Otherwise there is just too much uncertainty in the market.

[disclaimer201]

Price has dumped today so I will not sell them right now and will buy more bitcoins at this price as it will give me higher amount of coins at lower price and price can rise again and get back to $1200 level in next few days so at that time will sell some of them to get quick profits.

It is too early to buy back until you know where the bottom is. Sorry, price will not go back to 1200 anytime soon. I believe it will take months and we will see prices falling lower and lower every week. Sentiment has changed to a full bear market. Hodl your coins until next year and buy back very low, all will be fine.