Why Bitcoin Nosedived

[investerS]

I will like to know the reason why after bitcoin reached the maximum value this month it has been decreasing on a daily basis just at the time i wanted to invest the uptrend just changed suddenly. is there any hope of further increasing as some has speculated that it will reach $5000 by the end of this year?

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[TheFirstOfHisName]

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China. China is around 25% of the Bitcoinmarket and most of the Chinese are rumoured to panicsell for lower prices because they are afraid of the ban having an even more devastating affect on the price.

[onpages]

China is manipulating BTC prices so they can buy BTCs for cheap.
but this is also an opportunity for us to be able to buy BTC with cheap price. I am sure the end of this year BTC prices will rise to $ 5-7K

[StevensonCarl]

Because china banned the bitcoin in their country and that is where the biggest amount of trading happens i think. But you don't have to worry because i think that china will unban the bitcoin after a few months and then the value will rise again.

[Wind_FURY]

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China. China is around 25% of the Bitcoinmarket and most of the Chinese are rumoured to panicsell for lower prices because they are afraid of the ban having an even more devastating affect on the price.

They are not rumors or FUD. BTCC, one of China's largest exchanges, have already announced that they will be closing their operations on September 30, 2017 after reading a Chinese regulator's statement made 2 weeks ago. After taking everything into account, they decided to do the unexpected. Close down. Now the whole market is in panic.

[mr.relax]

ViaBTC another huge Chinese exchange and mining pool will stop the exchange but not the pool.
True its not only rumours...

[jyotianand01]

There are many bad news comes in this week through different channels regarding BTC like china ban ICOS and maybe crypto-currencies and a statement by a big tycoon of finance world. It was going to moon and sudden negative news comes like fire and backfired BTC, but now slowly it coming to its support and market also absorb all these negative news in a day or two and it again take uptrend.

[TheFirstOfHisName]

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China. China is around 25% of the Bitcoinmarket and most of the Chinese are rumoured to panicsell for lower prices because they are afraid of the ban having an even more devastating affect on the price.

They are not rumors or FUD. BTCC, one of China's largest exchanges, have already announced that they will be closing their operations on September 30, 2017 after reading a Chinese regulator's statement made 2 weeks ago. After taking everything into account, they decided to do the unexpected. Close down. Now the whole market is in panic.

Well, they are still rumours since nothing is officialy announced by the government of China. BTCC, like you say yourself, have decided on their own, without ban, to shut down. So, for now it's the rumours of banning causing a chain reaction in China and therefore in Bitcoin-land. It could be a foreseeing move by BTCC (and ViaBTC) but untill there is nothing unofficial, we could say that it's just rumours at this point.

[bamboylee]

ViaBTC another huge Chinese exchange and mining pool will stop the exchange but not the pool.
True its not only rumours...

Any link to support this?

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China. China is around 25% of the Bitcoinmarket and most of the Chinese are rumoured to panicsell for lower prices because they are afraid of the ban having an even more devastating affect on the price.

They are not rumors or FUD. BTCC, one of China's largest exchanges, have already announced that they will be closing their operations on September 30, 2017 after reading a Chinese regulator's statement made 2 weeks ago. After taking everything into account, they decided to do the unexpected. Close down. Now the whole market is in panic.

Yeah, this is the ultimate blow that made bitcoin shave more than a 1000$ on its price. But I think this is normal reaction. Traders should get out of the exchange early before the exchange close, so the drop. It will recover when traders move to a new exchange and starts moving bitcoin again.

[bryant.coleman]

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China. China is around 25% of the Bitcoinmarket and most of the Chinese are rumoured to panicsell for lower prices because they are afraid of the ban having an even more devastating affect on the price.

They are not rumors or FUD. BTCC, one of China's largest exchanges, have already announced that they will be closing their operations on September 30, 2017 after reading a Chinese regulator's statement made 2 weeks ago. After taking everything into account, they decided to do the unexpected. Close down. Now the whole market is in panic.

It is still not clear. BTC China has announced that they will be closing down. But the reasons are still unclear. On the other hand, OK Coin and Huobi have so far shown no hints of any closing down of operations. Trading is ongoing in these exchanges, although the local exchange rates have fallen below $3,000 per coin (in terms of CNY). In OKCoin, BTC is trading at a discount of around 10% to 12% from the international exchange rates. But purchasing coins from that exchange is extremely risky right now.

[TheCryptoGeneral]

There are many bad news comes in this week through different channels regarding BTC like china ban ICOS and maybe crypto-currencies and a statement by a big tycoon of finance world. It was going to moon and sudden negative news comes like fire and backfired BTC, but now slowly it coming to its support and market also absorb all these negative news in a day or two and it again take uptrend.

you think the support is enough for btc to rise again? i dont know, it could go both ways but you may be a right tho, the bitcoin world, so the non-chinese part, seems to have accepted that the china ban is definite and has now chosen its position and confidence

[TheCryptoGeneral]

Yeah, this is the ultimate blow that made bitcoin shave more than a 1000$ on its price. But I think this is normal reaction. Traders should get out of the exchange early before the exchange close, so the drop. It will recover when traders move to a new exchange and starts moving bitcoin again.

i believe so too, people will find a way and all those crypto hooked/addicted chinese will not end their cryptolove because of the ban, at least i think...everyone will always find a way to do what they want on the internet, from porn to pedophiles contacting other pedophiles and exchanging shit, to guns, drugs and well, when bitcoin is illegal; to bitcoin

[aoluain]

I will like to know the reason why after bitcoin reached the maximum value this month it has been decreasing on a daily basis just at the time i wanted to invest the uptrend just changed suddenly. is there any hope of further increasing as some has speculated that it will reach $5000 by the end of this year?

PURE PANIC and HERD MENTALITY! that's all, that's what we are looking at
and that is why the Bitcoin market has had a little dive.

Without causing any offence but it the likes of yourself opening this thread
to ask if Bitcoin can reach $5000 again which adds to the doubt and panic
in the market!

Of course Bitcoin will regain lost ground.

China's moves against ICO's and Exchanges can actually be a good thing
for the community. As they said themselves they only want to protect
the consumer, thats us !!!!

for the ligitimate ICO's and exchanges this is temporary

for the scam ICO's and Exchanges its permanent

SIMPLE

[Riddikulo]

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China. China is around 25% of the Bitcoinmarket and most of the Chinese are rumoured to panicsell for lower prices because they are afraid of the ban having an even more devastating affect on the price.

Yes! As fast as bitcoin going down it can also so fast rise up! This is cryptoworld!

Anyway besides centralised exchanges there are few decentralised exchanges! And amount will grow!

[FrueGreads]

I will like to know the reason why after bitcoin reached the maximum value this month it has been decreasing on a daily basis just at the time i wanted to invest the uptrend just changed suddenly. is there any hope of further increasing as some has speculated that it will reach $5000 by the end of this year?

Not sure if you will see it around $5000 at the end of the year, but I do believe that it's price will rise again in November.
Chinese hold a lot of coins, and are in panic right now because of the ban on ICOs and the announcement from the 3 major Chinese crypto exchanges saying that they will suspend activity in the 30th of September. The statements from JPMorgan, saying that BTC is a fraud didn't help of course.

I think this will be a great moment for BTC. Yes it's price is falling and it will probably continue to fall for a while, but as soon as Chinese exchanges get their licenses, and BTC gets more regulated, it will just gain a lot of strength and the rise will follow. In the meanwhile the market wont crash completely, because many will use this opportunity to buy some BTC at a cheap price. Also since the Chinese are selling, and someone else will start buying given this opportunity, the BTC will stop being so centralized in China, and will be less vulnerable to the common China FUD.

[mr.relax]

ViaBTC another huge Chinese exchange and mining pool will stop the exchange but not the pool.
True its not only rumours...

Any link to support this?

https://www.viabtc.com/announcement/detail?id=11

The statement of JPMorgan was a simple bullshit.
If I would be a bank I would also do everything to destroy crypto because it kills my business.
Actually banks are fraud  and classic fiat is the biggest bubble ever existed on earth.

Time to buy BTC cheap now.

[piebeyb]

yes, you just have to sit down to see how they buy media, buy when the time comes to pick up some bitcoin from their bag, at least you need to wait 1 to 3 weeks ahead.

[mr.relax]

Now its official:
All Chinese exchanges will be closed now.
https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/

[Potent]

China is manipulating BTC prices so they can buy BTCs for cheap.
but this is also an opportunity for us to be able to buy BTC with cheap price. I am sure the end of this year BTC prices will rise to $ 5-7K

More bad news is coming for BTC. for example first day of November.
No hope for backing to $4000

[qiman]

I look at this as a buyer's market soon. The markets react to any news that may sound a little negative and a correction was due. Also too much new money came into BTC and most of these noobs were traditional mlm and marketing noobs who just wanted to make a quick buck and they also sold at the first opportunity as they are not the long term holding types.