Have I missed something?? Markets tanked in minutes!

[musicman90]

Hey everyone, I'm new on here but have started investing in crypto recently and built up a nice (albeit small) portfolio.

Just noticed that pretty much everything has fallen 10-15% in literally a few minutes. I know the weekend and China announcement caused drops over the space of a day but this is insane. Maybe these things happen often on a Friday... Profit taking day etc, and they'll correct in the next hour or so as people buy in this huge dip.

I've not seen anything anywhere near this in the few months I've been trading. Have I just missed them previously or is something fishy going on?

[Marian21]

Hey everyone, I'm new on here but have started investing in crypto recently and built up a nice (albeit small) portfolio.

Just noticed that pretty much everything has fallen 10-15% in literally a few minutes. I know the weekend and China announcement caused drops over the space of a day but this is insane. Maybe these things happen often on a Friday... Profit taking day etc, and they'll correct in the next hour or so as people buy in this huge dip.

I've not seen anything anywhere near this in the few months I've been trading. Have I just missed them previously or is something fishy going on?

i expect the same answer hahaha ... and one more question ... every time when all cryptocurrency price fall , the price of tether rise  . why?

[RawDog]

Hey everyone, I'm new on here but have started investing in crypto recently and built up a nice (albeit small) portfolio.

Just noticed that pretty much everything has fallen 10-15% in literally a few minutes. I know the weekend and China announcement caused drops over the space of a day but this is insane. Maybe these things happen often on a Friday... Profit taking day etc, and they'll correct in the next hour or so as people buy in this huge dip.

I've not seen anything anywhere near this in the few months I've been trading. Have I just missed them previously or is something fishy going on?

I am wondering too.  I can't find anything.  ?

[musicman90]

Could be something to do with the earthquake / hurricane... Do world events cause these changes? Big holders selling up as they've just lost everything else / helping others with aid etc and they have big reserves in BTC? Maybe I'm being silly, just cant find any concrete news of something within the market causing this.

[ChrisJones]

Probably some issue with an exchange.

[Prop-Coin]

Must be a problem on the exchanges. Profit taking never happens this sharply!

[alyssa85]

China is shutting down local exchanges:

http://www.zerohedge.com/news/2017-09-08/bitcoin-crashes-massive-volume-china-plans-shut-local-exchanges

http://finance.caixin.com/2017-09-08/101142797.html

[musicman90]

Just found this...

"Abstract: According to the China Securities Journal, Bitco currency trading platform has become illegal economic activities, money laundering and bankers manipulate the price of looting of retail channels, supervision that should be banned as soon as possible.

Close to regulators said:

➤ Bitcoin trading platform has become illegal economic activities Money laundering and bankers manipulate the price of looting of retail channels, should be banned as soon as possible.

➤ In addition to the illegal economy and extortion, the basic application of Bitcoin is not currently seen.

➤ Money laundering with Bitcoin can bypass the regulation of the transfer of funds, especially in China, there are still capital controls in the case of such acts should be introduced as soon as possible regulatory measures.

➤ bets a bit currency trading platform, not a ban on Bitcoin. The banned platform is a channel to cancel a large amount of currency and currency exchange."

[xenomorphe1]

No wonder that price of Bitcoin and altcoins are falling. Thanks for the information.
Or maybe some people are manipulating the market to get more bitcoins and altcoins. But it is a sad news for people having money in this Exchange.
But maybe they were real scams. China want to control everything.

[ChrisJones]

Looks like speculative panic based on questionable interpretations of the China stance on ICOs and how that affects the exchanges still.

[alva5763]

I do not think the hurricane problems in US are causing the fall. China and other Asian countries are the big holders of altcoins. That's where the cause will come from.

[CyberKuro]

I am not sure why cryptocurrencies prices fall almost in the same time, mostly red in the market, but bitcoin price in my local exchange recover just in minutes, lol. Whales in act to dump (maybe) but people already prepared to buy whenever dips occurs . Yes, it is discount time, I'm glad to buy more cheaper bitcoins. Just waiting until the time comes and I will sell it again, get extra profit. Friday discount

[musicman90]

I do not think the hurricane problems in US are causing the fall. China and other Asian countries are the big holders of altcoins. That's where the cause will come from.

I agree now, just hadn't seen this news before. This sounds worse than the ICO ban on the face of it but we'll have to wait and see, markets are picking up a bit now so hopefully it's a quick panic sell and wont carry on for too long... This is the second time in a week that I've bought hours before a crash, what a fool. Much to learn  

[AGD]

You didn't miss anything. Bitcoin goes up and down. It's called volatility and is caused by several factors. Big buys/sells, bad/good news, media hype/doom. Has nothing to do with the day of the week.

[LeGaulois]

Some people are just looking to buy bitcoins for cheap, and mislead people...

The domestic exchange between all the virtual currency and the renminbi, represented by Bitcoin, Etherfax, Okcoin, will be closed within the deadline; but the regulation is not against the virtual currency itself, nor does it prohibit the one-on-one off-exchange of the virtual currency.

Look like the summer discount was not enough. In 3-4 days everything will be back t normal. Shopping time!

[The Sceptical Chymist]

Get used to stuff like this happening, and if you don't have the stomach for volatility, you're in the wrong market. This is a dip of what, $250 or whatever?  That's nothing.  If it dropped by 50%, then that'd be something.

Think of it as a chance to get in at a cheaper price.  And we may not be done dropping, either.

[alyssa85]

I am not sure why cryptocurrencies prices fall almost in the same time, mostly red in the market, but bitcoin price in my local exchange recover just in minutes, lol. Whales in act to dump (maybe) but people already prepared to buy whenever dips occurs . Yes, it is discount time, I'm glad to buy more cheaper bitcoins. Just waiting until the time comes and I will sell it again, get extra profit. Friday discount

What basically happened is that the Chinese markets fell sharply. The western markets didn't know what was going on, and fell in sympathy "just in case there was a real reason for the fall".

Then the news reports came in about what it was about and the western markets recovered a little.

If China is really serious about closing their local exchanges, then these shenannigans will end finally.

[Kprawn]

Fake News coming from nowhere will shift the markets when people panic early. Things like this will definitely have people running

scared : http://www.zerohedge.com/news/2017-09-08/bitcoin-crashes-massive-volume-china-plans-shut-local-exchanges

Anything to do with China and their government decisions will shift the Bitcoin price. {positive or negative} We are getting used to

them throwing their weight around.  

[BrewMaster]

Just noticed that pretty much everything has fallen 10-15% in literally a few minutes.

from the last price which was around $4600 down to the lowest price which was $4200ish is just 8%

and this is another dip caused by another Chinese news. and some crap about banning crytpocurrencies. and i don't know when people are going to stop paying attention to the news coming out of China!

we all saw that during the couple of months where China was off (the exchanges closed for months) the market continued even stronger than before!

[musicman90]

Get used to stuff like this happening, and if you don't have the stomach for volatility, you're in the wrong market. This is a dip of what, $250 or whatever?  That's nothing.  If it dropped by 50%, then that'd be something.

Think of it as a chance to get in at a cheaper price.  And we may not be done dropping, either.

It's not that I don't have the stomach for it, makes it all the more exciting. Just interested to see peoples perspective on what is going on and causing these changes. I realise they happen all the time but this was the most rapid drop I've seen in such a short space of time... Although I've not been in the game for long haha.