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Author Topic: [2017-09-13] Bitcoin Drops Below $4,000 as Market Mood Turns Uncertain  (Read 3178 times)
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September 13, 2017, 05:03:39 AM
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After mounting a modest recovery in the wake of rumored regulatory scrutiny, the price of bitcoin is back below $4,000. The average price of bitcoin across global exchanges fell below $4,000 at roughly 3:15 UTC today, hitting a low not observed since September 10. The movement followed a period in which the bitcoin price repeatedly tested $4,000, but succeeded in staying above the barrier.

All in all, the move comes during an uncertain time for the cryptocurrency market, which has seen a period of sideways trading following a torrid first half in 2017. With the recent decline, the price of bitcoin is up just 1.7 percent over the last month, though it has still appreciated nearly 300% this year. Likewise, the broader cryptocurrency markets have seen similar activity, rising 3.4% over the last 30 days, but declining more than 17 percent from its highest point during the period, according to CoinMarketCap.

Source here.

Bitcoin is having a carnage right now as it officially retreated back to below the $4,000 level and there is a good probability that it can go even lower before maybe charging back to where it should be. Rumors have been circling around for too long and there are more speculations now as to what the China government will decide on in the coming days regarding operation of Bitcoin exchanges within its jurisdiction. This is all showing us how the China Effect can have on Bitcoin and how some whales are talking advantage of the situation to push down further the value of Bitcoin...maybe they are planning to buy when they think the did p can be its lowest and then we can have the pump afterwards.

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September 13, 2017, 09:02:27 AM
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China banning bitcoin again I see, that has never happened before right?

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September 13, 2017, 10:54:51 AM
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China banning bitcoin again I see, that has never happened before right?

China isn't banning Bitcoin again. This is a ban against ICO, and the rumour surrounding the closure of crypto exchanges. Even the very earliest rumour or fake news, however you want to call it, explicitly mentions that the government's concerns are not about Bitcoin and will not affect peer to peer exchanges. So, EVEN if the rumour were true, Chinese people are still fully welcome to trade at localbitcoins.

But yes, China has made Bitcoin transactions illegal in the past, at least partially. See this move from December 2013: https://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

It later caused Baidu (China's version of Google) to stop accepting BTC. Prices plummetted more than half after that string of events.

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September 13, 2017, 10:56:40 AM
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China banning bitcoin again I see, that has never happened before right?

China isn't banning Bitcoin again. This is a ban against ICO, and the rumour surrounding the closure of crypto exchanges. Even the very earliest rumour or fake news, however you want to call it, explicitly mentions that the government's concerns are not about Bitcoin and will not affect peer to peer exchanges. So, EVEN if the rumour were true, Chinese people are still fully welcome to trade at localbitcoins.

But yes, China has made Bitcoin transactions illegal in the past, at least partially. See this move from December 2013: https://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

It later caused Baidu (China's version of Google) to stop accepting BTC. Prices plummetted more than half after that string of events.
Exactly my point, it's far from the first time when china farts the wrong way and bitcoin plummets

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September 13, 2017, 11:09:05 AM
 #5

Choyna FUD + Charlie Lee tweet + JPMorgan statement = BTC dip
Oh, God, how easy it is to take control over the market

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September 13, 2017, 11:41:20 AM
 #6

While people continue to focus on China to be responsible for taking the price down, I add more value to the correction that was due for quite a while, that is now taking the price down. At worst, the Chinese fud has speeded up this process a bit, but that's really it. We shouldn't let this correction weigh too heavy on the generally excellent sentiment - it's needed to keep this market healthy. Let people cash out as much as they want, and as soon as they unloaded their sub $2000 coins, the market will get bought up again when the time is right. I am happily looking forward to buy this market all the way down since I have unloaded quite some coins in the last weeks. It's an opportunity, not something negative. Smiley

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September 13, 2017, 12:26:26 PM
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While people continue to focus on China to be responsible for taking the price down, I add more value to the correction that was due for quite a while

While there may be some credibility to this view, I see the bear-trap perspective as equally credible.

Previous bull markets ended in a super-exponential top, and while this bull run has experienced a parabolic run on a linear scale, viewing it using an exponential scale reveals that the present price level has been achieved with a shallow rate of growth in comparison to previous tops. Not least, the market just seems to be too supportive around the $4000 level for this to be considered a true price correction. We will see, in due course (I am optimistically hoping the bear trap view is correct, the potential upside is vast in that outcome).

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September 13, 2017, 12:29:09 PM
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Choyna FUD + Charlie Lee tweet + JPMorgan statement = BTC dip
Oh, God, how easy it is to take control over the market

The Charlie tweet and Dimon statement really cause this panic. Its almost about the same time that Charlie tweets about China's plan on closing down local exchanges and as soon as his followers saw it, panic occurs causing the market to dip once more and then Dimon statement added the fuel to the fire. But we all know that this is not permanent and soon we are on the road to recovery. While others see this a chance to enter the market and buy cheapo coins. Let the dump continues and when everyone realizes its buying time then we will see the price go up again. This is really a buying opportunity for most of us, specially for investors who have tons of cash to pour into the ecosystem.

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September 13, 2017, 12:38:04 PM
 #9

Let the dump continues and

Dunno, what's the evidence there is actually a BTC dump going on?


The volumes of actual BTC traded today are pretty thin compared to a typical day in the 3-4 months of the current price boom. Not buying the "dump" interpretation (well, except that I'm buying the dips, of course Grin). Or at least not yet, anyway

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September 13, 2017, 08:59:27 PM
 #10

Let the dump continues and

Dunno, what's the evidence there is actually a BTC dump going on?


The volumes of actual BTC traded today are pretty thin compared to a typical day in the 3-4 months of the current price boom. Not buying the "dump" interpretation (well, except that I'm buying the dips, of course Grin). Or at least not yet, anyway

Now many people buy bitcoin at a cheap price. Beginners sell coins in a panic, they still believe that a bubble can burst. Thanks to the panic, we get a profit

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September 13, 2017, 09:13:19 PM
 #11

While there may be some credibility to this view, I see the bear-trap perspective as equally credible.

Previous bull markets ended in a super-exponential top, and while this bull run has experienced a parabolic run on a linear scale, viewing it using an exponential scale reveals that the present price level has been achieved with a shallow rate of growth in comparison to previous tops. Not least, the market just seems to be too supportive around the $4000 level for this to be considered a true price correction. We will see, in due course (I am optimistically hoping the bear trap view is correct, the potential upside is vast in that outcome).

That theory definitely holds value. It's quite difficult to at this point focus on just one potential outcome with so many disturbing factors playing a role of significance, where we even have to look at how things will play out in November with the *potential* 2MB hard fork. In other words, if we happen to tank further in the coming weeks, it's more or less understandable, but in the same way, if we happen to increase further from this point, it's again understandable. In a way, everything seems to make sense, which isn't something that happens quite often in this market.

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September 13, 2017, 09:32:36 PM
 #12

Choyna FUD + Charlie Lee tweet + JPMorgan statement = BTC dip
Oh, God, how easy it is to take control over the market

The Charlie tweet and Dimon statement really cause this panic. Its almost about the same time that Charlie tweets about China's plan on closing down local exchanges and as soon as his followers saw it, panic occurs causing the market to dip once more and then Dimon statement added the fuel to the fire. But we all know that this is not permanent and soon we are on the road to recovery. While others see this a chance to enter the market and buy cheapo coins. Let the dump continues and when everyone realizes its buying time then we will see the price go up again. This is really a buying opportunity for most of us, specially for investors who have tons of cash to pour into the ecosystem.

I think Dimon is pretty irrelevant here, he didn't present any new arguments why Bitcoin is a fraud, he simply stated his baseless and personal opinion, and similar opinions have been voiced since the beginning of Bitcoin. Chinese FUD was the real price-driver recently, but as it is usually is with Bitcoin, you can expect that it all gets priced in before the information hits the news sites, since traders have their own sources. But the fact that Bitcoin is in $3,900 zone now, despite all the FUD during recent days shows that it becomes stronger and stronger, in the past the price swings were way bigger.

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September 13, 2017, 11:11:32 PM
 #13

Choyna FUD + Charlie Lee tweet + JPMorgan statement = BTC dip
Oh, God, how easy it is to take control over the market

The Charlie tweet and Dimon statement really cause this panic. Its almost about the same time that Charlie tweets about China's plan on closing down local exchanges and as soon as his followers saw it, panic occurs causing the market to dip once more and then Dimon statement added the fuel to the fire. But we all know that this is not permanent and soon we are on the road to recovery. While others see this a chance to enter the market and buy cheapo coins. Let the dump continues and when everyone realizes its buying time then we will see the price go up again. This is really a buying opportunity for most of us, specially for investors who have tons of cash to pour into the ecosystem.

I think Dimon is pretty irrelevant here, he didn't present any new arguments why Bitcoin is a fraud, he simply stated his baseless and personal opinion, and similar opinions have been voiced since the beginning of Bitcoin. Chinese FUD was the real price-driver recently, but as it is usually is with Bitcoin, you can expect that it all gets priced in before the information hits the news sites, since traders have their own sources. But the fact that Bitcoin is in $3,900 zone now, despite all the FUD during recent days shows that it becomes stronger and stronger, in the past the price swings were way bigger.

Dimon is relevant because he is a known figure in the industry.  We know the fact that most people follow those who are known to have knowledge on the market even though they are taking a wrong understanding of certain things.   Aside from that there are series of uncertain mood before Dimon state something against Bitcoin.  The Chinese ICO ban, the rumor of China banning Bitcoin and China closing all local exchanges.  This event is enough to make weak hand panic especially those Chinese who are just joined the bitcoin community and have little experience on Bitcoin volatility.

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