[2017-10-11]Bitcoin slides by over $1000 in less than 48 hours

[Sensill]

Bitcoin dropped below $7,000 on Friday to trade more than 5 percent down on the day, having fallen by well over $1,000 since hitting an all-time high on Wednesday.
Bitcoin dropped to $6,800 on the Luxembourg-based Bitstamp exchange BTC=BTSP by 1200 GMT, before recovering a little to $6,870 just over 20 minutes later.

On Wednesday around 1800 GMT, it had touched $7,888 after a software upgrade planned for next week that could have split the cryptocurrency in two was suspended.

As bitcoin fell, Bitcoin Cash - a clone of the original that was generated from another split on Aug.1 - surged, trading up as much as 35 percent on the day at around $850, according to industry website Coinmarketcap.

Despite losing almost 7 percent this week, bitcoin is still up more than 600 percent so far this year.

Sourcehttp://www.reuters.com/article/us-global-markets-bitcoin/bitcoin-slides-by-over-1000-in-less-than-48-hours-idUSKBN1DA1L9

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[Bossyglory]

The price is still OK

[darkangel11]

The price is still OK

Very much OK. The correction was long due and was to be expected. What I don't like about it is that it was caused by the manipulation from the 2x team who first cancelled it and then backtracked saying it's still gonna happen. It's clearly a move to create a confusion and turmoil in the market.

[aso118]

Think of it as yet another buying opportunity. You won’t get many like this in the future. With all the talk about institutional money coming in, bitcoin could easily shoot up and cross $10 k easily.

[BTCexpert1]

The price is still OK

Very much OK. The correction was long due and was to be expected. What I don't like about it is that it was caused by the manipulation from the 2x team who first cancelled it and then backtracked saying it's still gonna happen. It's clearly a move to create a confusion and turmoil in the market.

if we only get correction will be good but hope not happen crash

[Kemarit]

If anyone is expecting a crash, it should be happening by now, but its not the case, the price is still above $6900 which is very much OK. We have put so much faith on Segwit2x that we totally forgot that a correction could happened anytime. And with its postponement, its just about time. But the price is still experiencing some price swings and its not a total crash. What most traders do though is to shift to Bitcoin Cash which is very dangerous because once its pump, it will going to crash so hard. So just be careful you don't know when the big boys gonna dump Bitcoin Cash.

[Rahar02]

The price is still OK

Very much OK. The correction was long due and was to be expected. What I don't like about it is that it was caused by the manipulation from the 2x team who first cancelled it and then backtracked saying it's still gonna happen. It's clearly a move to create a confusion and turmoil in the market.

if we only get correction will be good but hope not happen crash

2x hard fork suspended will not cause panic sell or crash in bitcoin market, only government and exchange get hacked may cause crash. But, I don't know if 2x developers stated against their first statement about suspending 2x hard fork.
However, bitcoin price still above $6500 which is a good sign, bitcoin price has rebound to $6900 within hours.
After bitcoin reach its peak over $7800, we know there will be corrected, so it's normal in this crypto-market.

[asidamani]

The price is still OK

That is right. It is still over $2000 higher than a few weeks ago.

[Cryptosaint$]

Do you guys think that the whole 2x craze and media coverage was nothing more than a means to drive up the price of BTC?

I think 2x was never even going to happen. It was all a sham.

Thoughts?

[Kprawn]

A lot of the SegWit2X supporters were told to support Bitcoin Cash now, so we will see some of these people following Roger

Ver like a bunch of sheep. As soon as Bitcoin Cash reach a specific point, Ver and his minions will start to dump it again and

then they will wait for Ver to tell them what to pump again.  

[richardsNY]

As soon as Bitcoin Cash reach a specific point, Ver and his minions will start to dump it again and then they will wait for Ver to tell them what to pump again.  

Of course. Bitmain accepting BCH for their products forces people to buy themselves into BCH too, where Bitmain later dumps their worthless coins at much higher levels. It's a well thought out plan resulting in delusional people to function as bag holder. People for once should stop feeding these poisonous entities with their precious coins, because it's just a matter of time before the value of BCH sinks below the 0.05 BTC level for good. Funny thing is that there are so many altcoins to choose from, but yet people always make the mistake to go for worst options -- people never seem to learn.

[senin]

After a sharp rise in price, bitcoin needs correction. Therefore, I do not see anything uдnusual in this. On the contrary, this made it possible for the Altcoyans to revive a bit, and then some users have already begun to panic. After a few days, bitcoin should again rise. I think by the end of the year it is quite possible that it will be around 10,000 dollars.

[Thiptiout]

if only correction (because stopped 2x) stop about back to 6,500$ it is good because after that price will up to be 7,000$ fast

[lighpulsar07]

well the price will be corrected big time because of the cancellation of segwit2x hard fork and it seems that everyone is expecting for segwit2x hard fork to get free  bitcoins and as expected bitcoin price just dropped from 7141 earlier this morning to 6579 according to coindesk at the time of posting i think it will crash i little more before it will find a support. it will a great time to buy bitcoin as much as you can while they are still cheap. while in BCH it seems that they reached another all time high a perfect time to dump my remaining bitcoin cash

[1Referee]

well the price will be corrected big time because of the cancellation of segwit2x hard fork and it seems that everyone is expecting for segwit2x hard fork to get free  bitcoins

There is no such a thing as getting free Bitcoins. In case of a chain split happening you just get an altcoin, one that you can later convert to Bitcoin. In order to obtain these altcoins, you either need to have your coins sitting on an exchange, or offline, where you insert your private key into a *potentially* malicious wallet client, and then move the altcoins to your exchange of choice. The risks of obtaining these altcoins are something that people don't think about due to their blinding greed.

while in BCH it seems that they reached another all time high a perfect time to dump my remaining bitcoin cash

Yes. People like a bunch of baboons are jumping into BCH, and those who are stupid enough to buy BCH at current levels will pay the price for it, that's almost guaranteed.

[Xavofat]

manipulation from the 2x team who first cancelled it and then backtracked saying it's still gonna happen.

This is not true.  The majority of the signatories who said that they were not going to support the SegWit2x fork anymore are still not supporting the SegWit2x fork.

If a few rogue miners decide to go through with it regardless, that's their choice but I don't think there's been any "manipulation" or dodgy activity going on here, just a fairly natural way of people figuring out what's going to happen.
It was people's faulty logic in expecting to get "free money" from SegWit2x which has caused this bearish move.

It's also possible that supporters of big blocks have moved en masse to supporting Bitcoin Cash, which has in turn caused FOMO for Bitcoin Cash and thus a bearish move for Bitcoin (hence all the threads from newbies who are somewhat emotional and confused).

[dreamhouse]

The title sounds scary, but if you remember the bitcoin price at the start of the year, you'd be amazed at what happened to the price.

[ApocalypseNow]

I knew it. I know that this fall is still not over because I know there are still some people that are still unaware that 2xSegwit is cancelled. Wait next week and we'll see the real price.

[BitHodler]

The title sounds scary, but if you remember the bitcoin price at the start of the year, you'd be amazed at what happened to the price.

That's the whole point. People stand up and act like something severely bad happened when the price is going down with 10 or so per cent, but they discard the fact that we are still +500% up this year.

People here are far too short term minded. Instead of just focusing on smaller time frame charts, which might look like a war zone, people should stretch the time frame out to a month or two at minimum.

Then the chart will look completely different. But of course, that's not what a lot people are thinking about. We can't expect the market to increase without people securing profits, and sell their coins bought because of the fork.

Let the market find its bottom, wherever that may be.

[coolcoinz]

I knew it. I know that this fall is still not over because I know there are still some people that are still unaware that 2xSegwit is cancelled. Wait next week and we'll see the real price.

And why would those people sell? I know that it got cancelled and I haven't sold anything. I'm pretty sure the majority of investors never awaited 2x and that's the reason it had not enough support and got cancelled. If people were really awaiting 2x we would have a major dump and all we had was a small correction. That's what it was a SMALL correction, because we are still at 6500.