BIG price correction on Bitcoin and Ethereum, what happened?

[DRaGoN RaNTaRo]

We have seen quite a big rally for some time and we need to have some correction for the market to grow further,lets see how deep the correction is going to be and then we can decide on whether the market is planning to make another rally,it might take a longer time to see another rally,lets see how it goes.

[Apollo777]

Can't go up a straight line. Earthquake to the Moon.

[MicroGuy]

Any idea on why their prices are dropping in the past 3 to 5 days and are continue to do so?

As was stated previously, it's a healthy correction to an overbought market, Ethereum in particular. There's always a disconnect between the market and fundamentals and when that gap becomes too wide we get a correction.

There are still several currencies out there that are undervalued. Find these and you'll find fresh opportunity!

[shyliar]

ETH is probably down due to the whalepanda post
https://medium.com/@WhalePanda/i-was-wrong-about-ethereum-804c9a906d36

Thanks for posting that link. I think a must read for anyone invested in ETH.

It's too bad that the Ethereum Platform is going to get a bad reputation because of the con job ETH the token has become. On the other hand since members of the Ethereum Foundation have been involved maybe good riddance. Besides lots of good competitors have released smart contract platforms without participating in a scam.

[Bitcoin Guy]

Some said the price dropped was due to this:

Proposed Bill Requires Travelers to Declare Bitcoin at US Border
http://www.investopedia.com/news/congress-bill-require-declaration-digital-currencies-us-border-bitcoin-homeland-security/

"A controversial new Congressional bill regarding digital currency has just been introduced by Sen. Chuck Grassley (R-IA). The bill would require the Secretary of Homeland Security to work with the Commissioner of U.S. Customs and Border Protection in order to put forward a "border protection strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States." This bill, if passed, would have significant implications for digital currency holders around the world....."

[ohlawdy]

Just the normal correction after it has been going up for a while now.

[Armstand]

Some said the price dropped was due to this:

Proposed Bill Requires Travelers to Declare Bitcoin at US Border
http://www.investopedia.com/news/congress-bill-require-declaration-digital-currencies-us-border-bitcoin-homeland-security/

"A controversial new Congressional bill regarding digital currency has just been introduced by Sen. Chuck Grassley (R-IA). The bill would require the Secretary of Homeland Security to work with the Commissioner of U.S. Customs and Border Protection in order to put forward a "border protection strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States." This bill, if passed, would have significant implications for digital currency holders around the world....."

It maybe because of this, and adoption of countries that are on process of legalizing it, but in this month even last month, btc were really pump and dump. Value were unpredictable for a span of few hours it may goes high then suddenly drop.

[asepsetiawan1990]

what makes crypto market so attractive is people are buying and selling with emotions, if you panic is good opportunity for me to buy

One of the factors is that, when prices rise people immediately sell simultaneously. So the price plummeted. Other than that the factor of many traders than bitcoin users can also affect the drop in bitcoin prices.

[eagle10]

Long read but worthwhile. Many speculations here there and everywhere. Points are all valid. In other words, even if the BTC or Eth and other altcoins godown, there is no way in the future but to go up.

[Yuhee]

what makes crypto market so attractive is people are buying and selling with emotions, if you panic is good opportunity for me to buy

One of the factors is that, when prices rise people immediately sell simultaneously. So the price plummeted. Other than that the factor of many traders than bitcoin users can also affect the drop in bitcoin prices.

Yap and it was just recently that the price went down like this. I am still suprised that many people are still wondering why the price is at that kind of scale. That is just normal for veterans traders. What was new i think was the price increase in transaction fee that a hardfork or segwit is starting to get implemented in the blockchain. This is a new deal for all of us especially we are just low traders and think high about those prices. I guess with segwit implemented another problem could arise sooner again.

[jossiel]

It's a global correction including the stock market so I guess everybody are affected with it and not just bitcoin and eth.

It may continue and it won't. Not all the time the price will be always at dip as it will make the people keep on buying.

And be ready as it will be rising soon.

I think you are right. The big whales in the cryto market may also big whales in the other market. I think they just decide to sell some of coins, which have a significant effect on the price.

Yes it's possible that they are also playing with the market of other alt coins as they are investors, they will take over every place as long as it is profitable.

This guy is also right

BTC is probably down due to the Bitmain debacle about hardforking on Aug 1 2017
https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/

I have read theymos' post about bitmain's creating an alt coin if bip148 succeeds - https://bitcointalk.org/index.php?topic=1966169.0

The same thing as what did Ver had done.

[mdkb]

ETH is probably down due to the whalepanda post
https://medium.com/@WhalePanda/i-was-wrong-about-ethereum-804c9a906d36

Thanks for posting that link. I think a must read for anyone invested in ETH.

It's too bad that the Ethereum Platform is going to get a bad reputation because of the con job ETH the token has become. On the other hand since members of the Ethereum Foundation have been involved maybe good riddance. Besides lots of good competitors have released smart contract platforms without participating in a scam.

Whalepanda is the "conjob" not eth, and WP is totally loaded in favor of bitcoin (and the core dev dictatorship for that matter)
Whalepanda attacks Eth because Whalepanda fears Eth.

at the very least see the bias in this matter. WP did not move the price

more likely is; it touched $3K and triggered sells from people at that price. it is common to see selling in trading at key price points. and as we see today it has bounced down the last few days and now on strength is returning to have another go probably bounce again off the 3K point a few times before breaking it, or maybe it will move down and set a new trend south. this is the world of trading.

either way, WP has nothing to do with it other than being a voice for bitcoin and terrified of eth taking its leadership on the Marketcap stage. which really means nothing.

 If you replace most of the negative/fear driven "advice" in WPs post with BTC instead of ETH he would also have a valid point. but he only ever focuses his attacks on Eth and only ever lordes his ''precious" bitcoin. there are a lot of the old school bitcoin users who are like this. its a common theme.

face it, ALL crypto is in a bubble and built on uncertain business and technology not just Eth, it is the nature of the process because it is still growing and evolving. in this respect, no one in crypto can really be trusted, it is all a gamble. come back in 10 years and it may be finally showing some stability, or be completely gone. sunk without trace, or controlled by regulators and lawmen.

neutrally speaking, for real world uses eth surpasses bitcoin at the moment simply for usability. everything else is loaded emotion. WPs comments and yours included. (scam? really? back that up with something or move along.)

[Bitcoin Guy]

come back in 10 years and it may be finally showing some stability, or be completely gone.

Good point.  I hope it survived after 10 years.  But I do not agree that is a gamble though as gamble is too strong of a word.  I would call it speculation.