Bitcoin dropping like a stone

[FandangledGizmo]

This is just a correction. The price will rise again after it hits bottom. The problem is that we don't know where the bottom is. It could be $1000 or $900 or even lower.

Doesn't look like it yet. Bitcoin has been steadily falling for the last couple days, and we just hit 990$. This is not good, I wonder if this is solely because of the BU hard fork that they are trying to push? Could anyone further explain it?

It is solely because of BU.

A small group of IT minded people, only look at the technical benefits but they have little understanding of what gives an immutable currency it's value and how changes should be approached. For all its supposed flaws BTC was rising consistently, resilient after ETF decline and heading to moon until BU overtook Segwit and now that it looks like it could be a reality.

[Iranus]

BTC was on track for moon, why the human species consistently shoots itself in the foot regards currencies I'll never know.

Bad motives, hidden agendas, etc. Eventually it's all about certain entities that will greatly take advantage of this situation and earn possibly hundreds of millions of dollars. With Bitcoin there are no guarantees, people say, but the only thing that is guaranteed when it comes to Bitcoin, is drama. It's no surprise that everytime the price goes up nicely, we'll face whatever form of negativity that will cause the price so sink very deep. Current situation fits nicely in that category.

To be fair, there are legitimate reasons for a lot of this negativity about Bitcoin right now.  The threat of a hard fork will likely make the actual value of Bitcoin significantly lower than it was before, even if exchanges generally regard BU to be an altcoin and reject its use to withdraw from exchanges.

Unfortunately one of the main causes of Bitcoin price manipulation, though, is that it's not popular enough already.  The market cap is under 20 billion dollars, and why that may sound like a lot, it's absolutely nothing compared to huge fiat currencies - there are several trillion US dollars in circulation, for example, and no one, not even groups, own enough money to manipulate it, especially when it's used by nearly everyone in America for transactions every day.

[Kevin77]

when the price drops.. dont panic.

treat it as a discount day to buy in cheap before it goes up again

I agree and react in this way usually still finding out the reasons for hard falling seems an essential thing for a bitcoiner but I could not figure out why prices are sliding down. (these crypto news sites are always late to cover up market sentiments).

I just worry ETH is nearing 4 billion marketcap whereas bitcoin is losing its share can falling down to break below 16 bilion marketcap. I wish bitcoin to lead these statistics all the times so that new investors will chose bitcoin rather than going for some other cryptos. I believe we must find a concrete solutions to block size issue before it will become too late.

[Xanotick]

This is just a correction. The price will rise again after it hits bottom. The problem is that we don't know where the bottom is. It could be $1000 or $900 or even lower.

Doesn't look like it yet. Bitcoin has been steadily falling for the last couple days, and we just hit 990$. This is not good, I wonder if this is solely because of the BU hard fork that they are trying to push? Could anyone further explain it?

It is solely because of BU.

A small group of IT minded people, only look at the technical benefits but they have little understanding of what gives an immutable currency it's value and how changes should be approached. For all its supposed flaws BTC was rising consistently, resilient after ETF decline and heading to moon until BU overtook Segwit and now that it looks like it could be a reality.

I think the BU could also do SegWit. It is in their road map. We need to drive down the transaction fee to make bitcoin useful to many people.

[andyatcrux]

Big players like Vinny Lingham are spreading FUD. Granted, his position against BTU makes sense and he is right to be concerned, but remember his analysis is not impartial.

He and his friends sold all their Bitcoin. He only benefits from a short term drop in Bitcoin, hoping for Segwit implementation at which point he will re-enter the market. The lower the better at that point for him. "Hey guys, Bitcoin is gonna tank, so let's dump on the market and.... tank it." Hm.

So his predictions of doom and gloom only lend to a self-fulfilling prophecy that benefits him financially. Some will argue that tanking the BTC price will increase the urgency to adopt a solution to the blocksize debate, but I personally think it benefits no one. Stability in the BTC price is paramount in its journey to broad adoption. This drama is only hurting bitcoin.

[MiladMax]

[Cashew]

I do not understand why you sold at a loss, this is prety unbelievable. If you believe in Bitcoin, such a low drop should not affect you that much. Real bitcoiners know this is nothing very important. For rise to happen, we need to be at a lower level than the one we are targetting. Going down a bit from time to time is something pretty normal, do not worry.

[minero1]

Blame it on the Winklevosses attempt at making it into a real money market hedge fund.
Go figure.

But it has rebounded again like it has in the past again and again.
So disaster averted.

[brituspol]

Finally people can buy it again, the price should just go back to under 900 IMO.

[Ektra]

Hello again 2014.

[topper26]

Sure this is a bit more of a drop than I like to see, following the etf decline bitcoin grew a pair and developed resilience, stabilizing at 1250. This BU bull shit snuffed all momentum and here we are. 300 dollars is more than the volatile dips we are used. Forced to hold as I will not sell on these lows but might as well gobble up some more as these prices are now more favorable!

[veleten]

bitcoin proves yet again that it is nothing more than a bubble
tomorrow the price goes to 700$,for example,
but the useful fools will stil ltry to explain it by the "market movements","negative news" etc.
in reality its manipulated by the big holders and miners and you can do nothing to change it
just enjoy the ride

[Seansky]

Any idea hy bitcoin is dropping so fast? Last night i was expecting it to go back up a little so i could take some money out of it and put it in ETH, but now i'd sell with a significant loss. What made it drop?

You would not end with a significant loss OP if you have decided to hold that for a moment since it's price will rise again someday. I think it would be nice to see price go up again even if it takes a long time we will see 1200$ price ranges again. Maybe in weeks or months we will be back again to 1200$+ but for now let's just wait and see what will happen and if you still got bitcoin, HOLD.

[icecube45]

I do not understand why you sold at a loss, this is prety unbelievable. If you believe in Bitcoin, such a low drop should not affect you that much. Real bitcoiners know this is nothing very important. For rise to happen, we need to be at a lower level than the one we are targetting. Going down a bit from time to time is something pretty normal, do not worry.

Yeah right, he should not sell bitcoin when prices goes down, too fast take a decision and that wrong. In fluctuations, the price fall that very reasonable and if you can be patient and trust definitely price will recover and become higher. It would be better not to sell but to buy some bitcoin, that will be able to get profit. Panic selling will make getting a loss, that should be avoided.

[Taki]

Any idea hy bitcoin is dropping so fast? Last night i was expecting it to go back up a little so i could take some money out of it and put it in ETH, but now i'd sell with a significant loss. What made it drop?

.

We peaked. Sentiment changed.  ETF denial combined with possible BTU hard fork has spooked the market.

Wait for the bottom, perhaps $800-$900(?) and buy in if you're a gambler, or HODL if you're stoic.

I would like to this words come true. I am waiting for the time to bitcoin fall to buy some. And if the fall is going to be so low - I am gladly ready to it happen.

[iqlimasyadiqa]

today bitcoin're getting a negative thing. I do not know what influences bitcoin, but this time it happened was so bad.
bitcoin prices decreased with extremely high. we must continue to maintain the price of bitcoin to not decreased.

[Raja_MBZ]

Any idea hy bitcoin is dropping so fast? Last night i was expecting it to go back up a little so i could take some money out of it and put it in ETH, but now i'd sell with a significant loss. What made it drop?

.

We peaked. Sentiment changed.  ETF denial combined with possible BTU hard fork has spooked the market.

Wait for the bottom, perhaps $800-$900(?) and buy in if you're a gambler, or HODL if you're stoic.

I would like to this words come true. I am waiting for the time to bitcoin fall to buy some. And if the fall is going to be so low - I am gladly ready to it happen.

I'm pretty sure there would be a strong resistance at 980 USD, so I believe its still a good time to buy bitcoin right now.

BU cannot crush bitcoin, it can only decrease its value and demand to some little extent, and that can't be less than $850 at maximum decrease.

[Cashew]

bitcoin proves yet again that it is nothing more than a bubble
tomorrow the price goes to 700$,for example,
but the useful fools will stil ltry to explain it by the "market movements","negative news" etc.
in reality its manipulated by the big holders and miners and you can do nothing to change it
just enjoy the ride

This explanation is a bit too reductive. The price will not sink to 700$, but we should stay in the upper 900$. Except in the case of a fork, where I do no know what would happen. But that would be surely something everyone will regret, so if miners see this, please, withdraw from Antpool as they will create an unreverseable breach in our community. That could kill Bitcoin.

[shield132]

To my mind it's catastprophe what's happening about bitcoin. It's price is going down, we achieved something great this year and in some hours everything wents wrong. I wanted to sell small number of bitcoins and I was out at that moment and after two hour, price was much lower when at that moment. Hope everything will be quite soon. We people have to keep bitcoin higher than 1200$, we must do everything for that and we don't have to let anyone control of bitcoin.

[buwaytress]

I wouldn't say "dropping like a stone" but I suppose it's quite a sobering drop after months of enjoying above $1000 prices. I can still recall my own surprise when BTC refused to return to the 800-900 price it had been trying to break for weeks. Have always been expecting the correction.

To be objective, the 15% decline is really a mark of resilience in the face of all the negative events this month. I'm a holder and if the downtrend continues, it'll just be one of the rare times to buy more BTC for most of us.