Reason Behind BTC Price Drop

[godzillarekt007]

I think its a combination of factors at work here. First off you got the constant FUD this past week over ICO bans, and exchange bans, just constant negative news in the media.

Then on top of that you got a big CEO calling bitcoin a fraud. Combine that with experienced traders as well as emotional and voila the perfect recipe for this mess we are in now.

Dont think we will be here too long tbh but the markets are crazy so who knows, but long term I still am bullish on BTC all things considered.

[waqarkahloon]

I think its a combination of factors at work here. First off you got the constant FUD this past week over ICO bans, and exchange bans, just constant negative news in the media.

Then on top of that you got a big CEO calling bitcoin a fraud. Combine that with experienced traders as well as emotional and voila the perfect recipe for this mess we are in now.

Dont think we will be here too long tbh but the markets are crazy so who knows, but long term I still am bullish on BTC all things considered.

Well said. U are very clear about all reasons. I think their is one big reason behind this is that the lack of connection between old traders and new investors because of new investors not on bitcoins or crypto forum. So they get effect from common media and got panic. and also agree that this will not stay anymore any long.

[TheCoinFinder]

As I read the news today about this issue from a news source,they told that china government accepted this ban is as temporary.
Exchangers know how important is their business,so they will soon prepare licences from respective legal authoritatives.

[janeparamas]

Obviously China is one of the reason why bitcoin price crashed, September will be a blood month for all bitcoin users. That bubble actually popped because of China though, that unexpected news from China about cryptocurrency is really big into bitcoin, especially the price of bitcoin.

[waqarkahloon]

As I read the news today about this issue from a news source,they told that china government accepted this ban is as temporary.
Exchangers know how important is their business,so they will soon prepare licences from respective legal authoritatives.

It Does not means that they banned BTC instead they are just regularizing exchanges. All this FUD is created by all media. Crypto volume is down from 150B dollar to 112Billion dollar because of all this FUD

[Lauren Smith]

Bitcoin traders are so emotional omg. They don't hold on they sell in fear. I can see it rising back to where it was once people wake up and realize the world is not going to end anytime soon and you not going to lose all your money.

[RattlerSZ]

I heard about the meeting of OKCoin and Huboi with Chinese govt. officials today. Anyone know if it already happened and what is the outcome? because this might pave the way for next few days of market development.

[Zuilhsa]

The reason behind bitcoin's price drop is due to some fake news that are spreading and a lot of people do some decisions because they are worried and about to panic and do some speculations about BTC. Start to worried about what if it continue to fall down.

Yes people are very much astonished by the present price drop because of Chinese government ban on ICOs then another thing a famous CEO has told that bitcoin is fraud, so people lost their hopes and panic sell off  of traders of China Japan U.S and south Korea has begun making price to go even worse.

[freebutcaged]

How do you think China became the third world power country? they didn't just work their asses off to be here today, they manipulated everything

They could in order to gain as much advantages as possible in every area, with cryptocurrencies now they have a legitimate reason to do the same

Now their government and their laws are behind them. but I wouldn't blame them if they want exchanges to have license first before doing business

This is their last shot to regulate and control cryptocurrencies.

[r1nd3m1r4]

Could be one of them because in China has been banned ico so make bitcoin prices down

[batang_bitcoin]

China did not announced to ban bitcoin instead just ask exchanges to get license in order to operate in china. Also asked exchanges to get lincense for ICOs. not banning them

I've seen many people are misunderstanding this, they think that BTC will be the one that China is banning. They don't understand that it's the ICOs and the exchanges that operates there. And Let's all give thanks to Jaime Dimon, bitcoin is killing his business and now he's trying to make a move and gives a bad feed back to his competitor and said that bitcoin is a fraud.

[Casdinyard]

As I read the news today about this issue from a news source,they told that china government accepted this ban is as temporary.
Exchangers know how important is their business,so they will soon prepare licences from respective legal authoritatives.

China will create exchange that's centralized, of course they want something that they can control.
The ICO banning are also temporary and soon they'll remove this so bitcoin price will rise again.
No need to panic sell and don't touch your coin or else big whales just laugh at you.
They just looking around every corner and getting ready to eat you so watch out.

[AGD]

....
What are your opinion about main reason for this price drop? 

Correction.

[niall51]

The erason why bitcoin have drop. because an announcement by BTCC here :"https://twitter.com/YourBTCC/status/908285586368167936"
given about market BTCC @China will be soon closed, that's make a rush for those holder bitoins at china, as we know half of whole bitcoin holder from china.

[ivrynx]

I think that thus drop happened because of the media, again, they are trying to report something that they don't understand, btcc exchange in china just had a temporary shut down, they are trying to make money out of this, the jucier the news the better, if they just reported that such thing is temporary, it will just be another news in their marquee, however if they say that bitcoin is totally banned, and they do have a lot of people who are trading in btcc exchange, their ratings would rise up, but still they didn't got any word from the other exchanges in china, and this type of nes will surely scare thise with weak hands and will sell out their bitcoin, unfortunately there are a lot of weak hands not only china but across the globe since bitcoin is not just only for china, then this type of news spread, so in turn, the banks will capitalize on this one, that's whg we are hearing people from jpmorgan, and with that kind on influence, more and more weak hands soon sell out, nkw knowing this is the banks strategy, for all we know, they had already bought bitcoins themselves since ghey are bankers they know the volatility of the market and bitcoin, though as of now is down, still has a lot of potential to grow in value. We should just not listen to everything they say, we all know that one thing good about bitcoin is annonymity, these people might already have bitcoins, but want to buy more, so  they make a panic, since they cannot control it like what they do in wall street, this is the only option i can see that they can do, once something negative has happened capitalize on it, we should already learned this by now, from mark cuban, just check iut what he did before and now he is also into cryptocurrency having an ICO of his own.

[AgatioX]

Its alltogether.
Stupid chinese dictatorship government and media.

Why chinese still didnt deal with these mofo's in chairs.

[Golftech]

i think there's something about the timing of jp morgan and china's regulation whales are making some party about this issue and they are riding on it right now, we as small holders are being played and those who can't last for long will be eaten alive better to close our eyes as of now and begin to assess if
what will be our plan b for this problem.

[herehero]

China did not announced to ban bitcoin instead just ask exchanges to get license in order to operate in china. Also asked exchanges to get lincense for ICOs. not banning them

It is almost means ban. But I belive it is temporary.

China had lots of criticsim about US gov  withdrawal in globalization too much.
And this opnion is popular in folks.So China gov will not ban crypt-cur forever.

[Yasirmrd]

I think bitcoin not announced that it will be ban but i heard there are ICO was already delisted that i think only ICO was ban not the whole cryptocurrency
If you heard that bitcoin is ban its a fake news better to look for btcc exchange or any china exchanges use the google built in translator to read and to see that fact that there is no bitcoin ban..
People are just panic selling even they are not reading the real source.
For now we are seeing more price drop and i think panic selling will still no ended..

You are right they only ban fundraising for ICOs and did not ban bitcoin in china. But yesterday an exchange (BTCChina) stop its services in china but other exchanges are working and they said that they do not receive any instruction from central bank of china. These are only media rumors which leads the investors to sell bitcoins which drop the price of bitcoin.

[Yuhee]

I think bitcoin not announced that it will be ban but i heard there are ICO was already delisted that i think only ICO was ban not the whole cryptocurrency
If you heard that bitcoin is ban its a fake news better to look for btcc exchange or any china exchanges use the google built in translator to read and to see that fact that there is no bitcoin ban..
People are just panic selling even they are not reading the real source.
For now we are seeing more price drop and i think panic selling will still no ended..

You are right they only ban fundraising for ICOs and did not ban bitcoin in china. But yesterday an exchange (BTCChina) stop its services in china but other exchanges are working and they said that they do not receive any instruction from central bank of china. These are only media rumors which leads the investors to sell bitcoins which drop the price of bitcoin.

I think we are all affected in some ways on how the price of btc is consistently dropping. Most probably would say they have never seen a big drop like this one and i dont its not just the investor selling btc is affecting this fast drop pace of btc. Developers may still have issue on why the price of dropping but i hope it wont really return to at least 3000$.