Why is everybody dumping Bitcoin?

[jaysabi]

I did dump it at around $4700, not that I had a lot to begin with.  I don't
regret it now.  I actually spent it (as opposed to selling it for cash).
The China thing has people spooked,  and I didn't figure it was going
to take much to puncture this bubble.  But then again, this could just
be a serious dip.  We'll see in a week or two if bitcoin rebounds.

Congrats on your timely selling, and also on the recognition that Bitcoin displays bubble-like properties, if it's not an outright bubble. Most of the people on this board post things like price drops mean it will go even higher! That's the type of blind optimism that loses people life savings while they were chasing pipe dreams. I'm not wishing ill on anyone, but I wouldn't feel bad about those people getting burned. But I want to point out something interesting: even as recognize the risk of this bubble being punctured, you then said "we'll see in a week or two if bitcoin rebounds." That in itself is a perfect encapsulation of how pervasive this bubble is in that even someone who thinks they're being skeptical thinks that a bubble popping would be resolved in a week or two!

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[Granxis]

There are groups that make a huge dump by selling very large quantities, after they have earned their profits, they are switching to another coin.

[tweetbit]

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

A friend just dumped his bitcoin even he is not new on those bad news and FUD's. It might be that China's declaration on banning ICO's or exchanges are more devastating for him than the August 1 fork because he is positive about that time. Or sometimes too much pressure he forget about the normal thing to do and that is to "calmed down". He is looking and monitoring charts on bitcoinwisdom.com the whole day, even I told him not to. He was disappointed afterwards but I told him there always time to get back.

[Baser]

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

I don't think everyone was dumping Bitcoin. In the near future bitcoin prices will increase again. We should not panic. We will win again in the long walks.
Take care of your BITCOINs.

[Nerman]

Well some seasoned coin traders usually use this strategy to lock in profits and buy again once they see an opportunity. They know that this type of news are catalyst for a very big movement of price in the market. Usually they will sell their Bitcoin then right away short it toget another profit then buy again.  Also according to the news we can expect another price drop on  November because of the Bitcoin split but i do not know if this is a legit news.

[Tenderino]

Simple, a lot of bitcoin holders are traders and after China's announcement to close exchanges they have expected that the price will fall.

What do traders do if they expect that prices will fall? Exactly, they will sell!

[arbelian]

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

I think the others dumping bitcoin because they had already earned profit with their investments and they are taking advantage of it. The others are in the mode of panic thats why they dump bitcoin. We really cant blame anyone for dumping their bitcoin possession they have their own reasons. But for me i would still hold and wait for bitcoin to have higher value.

[el kaka22]

I didn't dump my Bitcoin, I always holding most of my Bitcoin and just cashing out 1/4 of it everytime. Others are dumping Bitcoin because they are afraid that Bitcoin will not get back up, they are afraid when they saw Bitcoin is falling and never thought that it might go up again. As for me i've been in their shoes before when i was still new in Bitcoin.

The smart ones are of course looking for days like this and I so much love those 3 quick points you dropped. The truth is we can never stop people from dumping anyways. We are still in the initial stage and bitcoin is gradually getting noticed by the day and it takes some experience or information about bitcoin not to actually dump in the first place.

Even on this thread, so many newbies were scared and asked questions what could be going on but at some point they had some balls to hold. Not every newbie had that opportunity and not everyone will.

[traderethereum]

I didn't dump my Bitcoin, I always holding most of my Bitcoin and just cashing out 1/4 of it everytime. Others are dumping Bitcoin because they are afraid that Bitcoin will not get back up, they are afraid when they saw Bitcoin is falling and never thought that it might go up again. As for me i've been in their shoes before when i was still new in Bitcoin.

The smart ones are of course looking for days like this and I so much love those 3 quick points you dropped. The truth is we can never stop people from dumping anyways. We are still in the initial stage and bitcoin is gradually getting noticed by the day and it takes some experience or information about bitcoin not to actually dump in the first place.

Even on this thread, so many newbies were scared and asked questions what could be going on but at some point they had some balls to hold. Not every newbie had that opportunity and not everyone will.

i see there is many new people which join into bitcoin world become afraid because btc price is volatile and they are fast selling if they see the price is down although is only for small reduce. if they do this over and over, then they can dump bitcoin price but if they can hold it for a while, then they can see that their patience is work and they can make profit because of the price is increase.

[qwertyfull]

No, not at all yes i sell a little bit of my bitcoin but i cannot sell them all because i know that bitcoin will be higher and higher for sure in the next few year and i know also that this bitcoin will be my way to success.

[tailwate07]

According to an old Wall Street saying, "Financial markets are driven by two powerful emotions, greed and fear." The same applies to Bitcoin, in a highly volatile free market, if you ignore the fundamentals and rely on short-term profits, FUD happens, fear happens, instant reaction is to sell at whatever price. Panic sellers.

Good thing, greed or a better term, hope. A panic seller's loss is another hopeful person's gain who relies on fundamentals and has a broader long-term view.

The Chinese FUD ain't over yet.

I think Japan will be great option among three you mentioned and it is a big relief for them if China did not ban the transfer of money in the form of bitcoins to other countries. I think China should soon remove this ban because this is not going to give them any benefit in the near future.

[Sate Jamu]

There are groups that make a huge dump by selling very large quantities, after they have earned their profits, they are switching to another coin.

I think not, the habit of speculators is a profit when the price goes up or down, I'm sure that speculators can control the price of bitcoin so they easily control prices bitcoin.

[StevenRA]

It looks like Japan wants to be the frontrunner in embracing cryptocurrencies:

https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games

According to an old Wall Street saying, "Financial markets are driven by two powerful emotions, greed and fear." The same applies to Bitcoin, in a highly volatile free market, if you ignore the fundamentals and rely on short-term profits, FUD happens, fear happens, instant reaction is to sell at whatever price. Panic sellers.

Good thing, greed or a better term, hope. A panic seller's loss is another hopeful person's gain who relies on fundamentals and has a broader long-term view.

The Chinese FUD ain't over yet.

I think Japan will be great option among three you mentioned and it is a big relief for them if China did not ban the transfer of money in the form of bitcoins to other countries. I think China should soon remove this ban because this is not going to give them any benefit in the near future.

[whoisyourking]

If you are not in that country why should you do that? dumping all your bitcoins.. the effect of banning the bitcoin in china is huge like in value of bitcoin it raise up to quickly.. i think those people are scared after that announcement.. now china is planning to have a legal step or procedure to totally eliminate bitcoin on their country.. because bitcoin don't have a legal bases so some legal action from the government of china the bitcoin will be automatically announce as illegal..

[Jr.Sasha0209]

Bitcoin is dropped only at the peak, and then re-bought again) here the game is under the same scenario for several years podryat))) Therefore, it is worth buying bitcoins and wait until you need growth

[ipanks]

I think they are not dumping bitcoin price but they attract to sell their bitcoin because the price is down too deep and they are afraid that their loss is too big. we can see this happens when the bitcoin price down too far and makes many people become panic and they decide to do fast sell and they buy again at the lower price. but they don't think that sometimes this is not good because the price could bounce up again and they are missed to make a good profit.

[setupbounds]

People are not dumping Bitcoin, this is just a normal thing that happens and is something that is supposed to happen in every market for it to grow. People buy and they also sell, which creates an opportunity for others to also buy.

You don’t expect everyone to buy and hold it forever, you should reason that. Not even you can buy Bitcoin without selling it future. You had plan for investing, and when you accomplish that plan, you sell and wait for another opportunity.

[Senkuli]

Not everyone dumping away their Bitcoin, for experienced investors they will not do that.
Today the bitcoin conditions in the market are in decline, so new people who involved in cryptocurrency or newbie investors feel panic because of the value decline and dump away their bitcoin.
You need to be patient, don't do panic sell.

[burdagol12345]

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

Actually its our natural ways to be in  FUD or panic situation because, being a small time investor and have only a small amount of capital,we must always secure that our investment is pump in the market,thats we always monitor the market price in the coin market or coin base,so that if we find out that the price is dump again consecutive  we must withdraw back again our asset and buy later  when the price is going to normal,even sometimes in withdrawing we lose a market caps than to loosing  all of your capital.

[joms07]

When many people see that bitcoin is rising they tend to sell a lot of there stakes in altcoins to get in on the rise of bitcoin. They make a short profit on the bitcoin rise and then buy back there altcoins at a discounted rate as there prices diminished because of the btc price pump. Simple way to increase your stakes in altcoins whilst gaining a little profit in bitcoin.