What is happening to Bitcoin?

[Aventhe]

Can someone please explain what is happening to Bitcoin and why it has so drastically dropped in the last 24 hours?

As per preev.com Bitcoin is currently @3150 USD - quite low for such a high price not long ago.

Is China to blame for this or is there something else in the bigger picture?

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[affandi]

In my opinion, the problem in China today is very influential in the decline of Bitcoin prices. We all know, since china forbids ICO the impact of Bitcoin's decline is starting to show, plus there is new news saying that china has closed the Bitcoin exchanger there, and "BOOM" bitcoin prices are getting destroyed, even this also affect the value of altcoin. But I'm not sure this is all pure china error.

[Rinaze]

You would have known if you bother to just search around a bit. China has officially ban ICO, reason number 1. China has unofficially force shut down exchanges, reason number 2. China is rumored to ban crypto including BTC, reason number 3. JP Morgan declared BTC as scam, reason number 4. Here you go!

[Aventhe]

Thank you all so far! It certainly looks like China and JP has had an impact on bitcoin prices. I just hope it will get resolved in chine soon and the prices will return to 'normal' (circa- 4200 USD).
 
I guess nothing can be classified as normal in the case of bitcoin due to its volatile nature.

[joseafonso123az]

China did have a big impact in the bitcoin decreased value. Maybe there were lots of people trading there, that now don't know what to do with their coins.  An all the recent news giving bad input about bitcoin, and also the ransomware attacks that are demanding only bitcoin, are having a bad impact to the value of bitcoin. Hope this a dip to reach greater heights.

[kpcian]

this is the market gambling. so don't be worried about the current situation. some big fishes are doing this type of negative impact because of penetrating the market. there is a game like as some Bitcoin users are selling thier Bitcoin at a low price due to get panic so in the mean time another group of people is taking the chance to gain Bitcoin at a low price and finally they will be the more gain when the market will be at ease.

[pnx17]

It is panic, a bank run of sorts. It is not the first time this has happened and it won't be the last time either.
China was/is a huge market for Bitcoin (trade and mining) and the government is currently cracking down on those companies -> panic.
In South-Korea and Japan businesses are investing huge sums of money in Bitcoin companies and their governments are more favourable towards cryptocoins.
China is a huge market, but once the panic is over, trade will pick up again and if not in China then elsewhere.
Don't expect a return to over $4000 anytime soon though.

[xdev]

This drop is purely based on China shutting down exchanges temporarily.

Unfortunately, we will see more exchanges close during the coming weeks and the price will most likely drop even further.

After september we might see regulations in place and hopefully these Exchanges will be welcomed back on the market. But until then, expect the prices to drop further everyday.

[susila_bai]

It is panic, a bank run of sorts. It is not the first time this has happened and it won't be the last time either.
China was/is a huge market for Bitcoin (trade and mining) and the government is currently cracking down on those companies -> panic.
In South-Korea and Japan businesses are investing huge sums of money in Bitcoin companies and their governments are more favourable towards cryptocoins.
China is a huge market, but once the panic is over, trade will pick up again and if not in China then elsewhere.
Don't expect a return to over $4000 anytime soon though.

What you said is correct, bouncing back to higher level is now very not much possible soon. China will announce the new rules and regulation on oct 15 so till them market can go down to any low and it will take more time to bounce back.

[kwukduck]

As China has about 80-85% of daily trading volume and is estimated to hold about 60-70% of all Bitcoin, we can expect prices to fall much much lower.
China has only begun to close exchanges, more will follow and panic and sell-off will increase.
We will likely find some support at the 650-800 USD levels, above that is free fall from now on.
If we reach those levels before November we can even break those support levels with the hard fork destroying what is left of the bitcoin network.
Very dark times ahead, a darkness Bitcoin and crypto in general have not seen since its inception.

[pnx17]

@susila_bai Yes, it may take time. The last time it crashed (June) it took almost 2 months for it to bounce back. After the November 2013 high of around $1000 and subsequent drop to around $250 it took almost 3 years to reach $1000 again. The emotional response of people is hard to predict, but there is nothing wrong with the technology and the concept.

[Gaaara]

You would have known if you bother to just search around a bit. China has officially ban ICO, reason number 1. China has unofficially force shut down exchanges, reason number 2. China is rumored to ban crypto including BTC, reason number 3. JP Morgan declared BTC as scam, reason number 4. Here you go!

That's true billionaire investors are sabotaging bitcoin, there is probably a reason for that, I think they sabotage it because as they witnessed this few months bitcoin make lots of investors money and they don't want it to go that way. But still I dunno the reason behind that accusation but what I know is that it is not because of its feature but maybe because of its investment purpose.