Why Bitcoin Nosedived

[Kemarit]

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

According to both leaked documents and statements from local exchange executives, issued on condition of anonymity, China’s regulators have now issued verbal directives indicating how they expect the businesses to wind down operations due to the fact that they are operating domestically without a formal license.

I think you have to read between the lines. Its say they are operating without a formal license. The way I see things, if Chinese government laid the groundwork and enforce tighter regulations and local trading platform comply and apply for a license, then they can go back and up again and be operational lets say in a couple of months. But then again the damaged has been done and its irreversible as we are seeing the price nose dived to ~$3000. I think the trend will continue, but this is a better opportunity to get bitcoin will its low and cheap. If by chance Chinese exchange become operational again, we may see the price go up and recover so buy it while it is still cheap.

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[2fresh]

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

If this was true, and they really wanted to buy "low".
Why not take more extreme measures? Why not ban btc for example? They could definitely get the price a lot lower.

[MostHigh]

Yes it will definately go high once again. BTC is a de centralized currency and what ever happen or any news that looks to threaten a major player in that effect downplay into the whole currency and that is exactly what happened when the Chinese government decided to ban ICOs. People cashed out because they were a bit worried.

[Lenzie]

Well they are all right that is because of issues. Mainly when china banned Tokens and now they are creating there own. China ia manipulating the 75 percent holders both huge and small holders. Then comes Dimon of JP Morgan giving a perfect finale blow on the bitcoin value. Now what? Every whales are taking advantage of all the panic sell going on around.

If by chance Chinese exchange become operational again, we may see the price go up and recover so buy it while it is still cheap.

Exactly just let us keep our composure and continue buying while all are low.

[AleSergio]

If you will just look on a chart of bitcoin, you will see that its price always drops, when it reaches its high peak, after some time it recovers back and gains more

[casinolize.com]

Yeah bitcoin's price will increase after few months.  The recent hike was very quick. So the the price fell down quickly.  I would say this as a correction. After few months, gradually the price will increase.  Now i guess the price will touch 1500 USD or even lesser in the next few days.

[Imam_Dj]

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China

[Cookies_N_Cream]

If you will just look on a chart of bitcoin, you will see that its price always drops, when it reaches its high peak, after some time it recovers back and gains more

This is what I believe too. I think those rumors and issues about China banning ICOs and exchangers and JP Morgan's statement only gave us the opportunity to buy BTC at a lowest price as I am sure it'll rebound after a couple of days from now and hopefully break the $5k mark soon.

[btcdevil]

If you will just look on a chart of bitcoin, you will see that its price always drops, when it reaches its high peak, after some time it recovers back and gains more

This is what I believe too. I think those rumors and issues about China banning ICOs and exchangers and JP Morgan's statement only gave us the opportunity to buy BTC at a lowest price as I am sure it'll rebound after a couple of days from now and hopefully break the $5k mark soon.

Actually this all rumours and fud was done to cover their short position which they have done it from low, china just banned the ICO but rumoured that exchanges are also closing so the china public and weak hands started to sell what ever price they see. And now their short position is covered now they will pump the bitcoin to its new high very soon.

[Skyborn]

It was pretty scary seeing bitcoin take such a steep nose dive so quickly. I better get used to it. It was because of china banning certain ico's etc.

[casinolize.com]

may be in future china will regulate the coins i think

[mr.relax]

Coins cannot be regulated by goverments, they are regulated by the protocol.
Goverments can only regulate the exchanges (Fiat)or to alesser degree paymentsystems.
Not-fiat-exchanges anyway will pop up decentralised and are also not regulatable.
And the world is huge. There will always be countries that allow almost unregulated exchange fiat/crrypto

China is simply stupid as it looses a huge market that exists anyway

[casinolize.com]

the price started to stabilize now. hope it moves upward soon

[criptogoon]

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.

I agree. But it's scary that BitCoin depends so much on one government.

[forkchain]

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.

I agree. But it's scary that BitCoin depends so much on one government.

Bitcoin is not scary if you are talking it scary then you are doing wrong because it can let you do everything because bitcoin is decentralized bitcoin can change your life because bitcoin having ability.

[timerland]

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?

The price was negatively affected because people were panicking over the whole situation that was unfolding back in China. Now that the panic has stopped, panic dumping has stopped and people have turned to buying and pushing bitcoin price up once again.

Anyways, this is a classic example of 'buy the dip'.

If you bought the dip when everyone else was panic selling, you'd be sitting on at least $500 profit per bitcoin you bought.

[bettercrypto]

The reason why bitcoin nosedived because people panic sell.  After hearing the news about Chinese government closing local exchanges, and at the same time a FUD statement from a known personality that bitcoin is fraud, people with weak hands believe the statement and think that bitcoin will crash even more.  But seems the FUD are somehow successful pulling bitcoin to sub $3000 for a short time but after that Bitcoin rebounded and now trading at more than $4200.

[dothebeats]

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.

I agree. But it's scary that BitCoin depends so much on one government.

It still can thrive even with the government's strict rules and intervention. Though licensed exchanges might take a beating about this, person to person trades and exchange can still happen albeit the ban that happened. The main goal of bitcoin is to distance ourselve away from the banks and the government shoving their monetary policies unto us and start using our money freely, so even if there are bans here and there, expect that bitcoin will still continue to thrive.

As for the price though, it feels like it's an orchestrated dump by whales since there are huge sells of 300+ btc on exchanges a few weeks ago. Not much to worry about it now since the market seemed to have recovered from the fud and negative news.

[iram1011]

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?

There is always a correction after Bitcoin touches ATH. There is indeed a demand in the market for Bitcoin and hence there is a growth in the price as well. But the growth isn't natural always. There is some instances of pumping in price and thus a correction takes place to take the price back to a natural number. This time in September, price along with experiencing a correction got dropped deeper because of negatives news such as China's ICO ban and Jamie Dimon speech. But now market has recovered from that and is now bullish. Price is set to touch another ATH in October. So, have patience with your Bitcoin investment.

[talkbitcoin]

Now i guess the price will touch 1500 USD or even lesser in the next few days.

try hanging around and learning more about bitcoin and this market first before making a random "speculation" comment in here and embarrass yourself like this.