[2017-03-17] Nearly $2 billion has been wiped off bitcoin’s value in three days

[Bit_Happy]

I remember when making the front page of Yahoo! was much more fun:

"Just under $2 billion has been wiped off the value of bitcoin (Exchange: BTC=-USS) in under three days as a fight over the future of the technology underpinning the cryptocurrency wages on.
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https://www.yahoo.com/finance/news/nearly-2-billion-wiped-off-121914544.html

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[Iranus]

Yeah, but while true, this statistic was clearly chosen as a means to promote hyperbole.  We, and they, seldom use the market cap to describe Bitcoin's value or price.  You could talk about Bitcoin's value falling by $100, but they chose $2 billion to sound like Bitcoin is failing.

Generally, considering just before the start of the year Bitcoin was trading at around $800, it's pretty impressive that it still hasn't fell back to there yet for a good three months despite the threat of hard fork etc.

[user27]

I remember when making the front page of Yahoo! was much more fun:

"Just under $2 billion has been wiped off the value of bitcoin (Exchange: BTC=-USS) in under three days as a fight over the future of the technology underpinning the cryptocurrency wages on.
..."
https://www.yahoo.com/finance/news/nearly-2-billion-wiped-off-121914544.html

I hate it when they say something about a certain amount of wealth being wiped out.

The truth is that when someone loses money, others will be profiting.

Bitcoin traders can still hold Fiat, the bitcoin market cap does not mean the entire wealth of people trading btc's.

Inversely, short sellers are losing their wealth when the price goes up.

[chesatochi]

We don't need to panic with those numbers, the media like to give a big headline attention for the people to read the article. The same thing happen when the bitcoin price increase in value!

[Rotsor]

We don't need to panic with those numbers, the media like to give a big headline attention for the people to read the article. The same thing happen when the bitcoin price increase in value!

Meaning? It is spreading fast, people getting IN. That's a good news. New incomers are making it more valued.

[1Referee]

We don't need to panic with those numbers

In general, if the price is going up in a nice and rapid manner, people get excited and happy. But when the price goes down in the exact same way, people suddenly start to lose all confidence and think the worst. How difficult is it for people to realize - that what goes up fast, can also come down fast. If you look at the charts, current levels are basically the same as how the price was exactly one month ago. No big deal.

the media like to give a big headline attention for the people to read the article.

Often referred to as clickbait.

[aso118]

Yeah, but while true, this statistic was clearly chosen as a means to promote hyperbole.  We, and they, seldom use the market cap to describe Bitcoin's value or price.  You could talk about Bitcoin's value falling by $100, but they chose $2 billion to sound like Bitcoin is failing.

Generally, considering just before the start of the year Bitcoin was trading at around $800, it's pretty impressive that it still hasn't fell back to there yet for a good three months despite the threat of hard fork etc.

In general, market cap is a better measure because the supply of bitcoins is also increasing. The drop is no big deal though, in my view. They could have just said Bitcoin falls by 10%, but that would not be an exciting headline.

[TraderTimm]

Markets fluctuate. Who knew?

Old timers know swings like these, while not as frequent nowadays, are not atypical in Bitcoin's history.

I'd also point to other "capitulation" moments that ended up signaling the start of large rallies -- like the Silk Road seizure, Pirateat40, etc... We've been here before, folks...

[veleten]

just stay calm and HODL
nothing that we haven't seen before,really
besides the price has recovered since the publication and it is over 1.100$ on BTC-E,old news
just another clickbait with no substance,yes there is a possibilty of a hardfork,yes the price dropped down and no-
bitcoin future is fine and everything is going to be ok