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Author Topic: Bitcoin drops to lowest level this month as price falls below $6,300  (Read 983 times)
XECTA
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November 11, 2017, 06:23:32 PM
 #1

The notoriously volatile cryptocurrency bitcoin has fallen to its lowest price this month after rallying in the first week of November and then crashing by more than $1,000 on Thursday and Friday.

The price of a single bitcoin is down 4.53 per cent at $6,272.24, according to Coindesk's aggregate index, a level it hasn't reached since the end of October.

Bitcoin surged to an all-time high of almost $7,900 on Wednesday, before dropping by more than $1,000 in 48 hours.

The surge was prompted by the suspension of a software upgrade that could have split bitcoin into what's called a "fork".

The most recent slump came as some traders dumped it for a clone called bitcoin cash, which has seen its value soar in the last few days: it's price is now up by 54 per cent to $1,247.
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November 11, 2017, 06:38:02 PM
 #2

After some of the leading businessman suggesting that in future they will consider to invest in bitcoins cash , many of the people who were waiting for segwit2x to come and give them a short term profit were all waiting for a nice opportunity to dump bitcoins.
As bitcoins sore high they all dumped it and then seeing thw value of bitcoins falling even lower everyone else too did panic selling.
Since segwit2x was called off due to very less support by the community those who brought bitcoins for that free coins had no business after it was called off.
Also I think many people are thinking of investing in Bitcoin Cash because they fear that everyone else will just invest in Bitcoin cash only considering the statements of big authorities.
But I think since CME have launched bitcoin future till they don't call this off the prices will sore well above the recent high .. and that too by the end of March 2018

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November 11, 2017, 06:57:00 PM
 #3

All the altcoins have risen in price compared to Bitcoin, since the fork was called off. This is because altcoin/btc price dropped in last weeks due to people selling their altcoins for bitcoins so that they can claim the free coins. Basically what was happened is that a market was being created for a new coin that was still part of the Bitcoin and once it was called off people simply restarted the crypto world to what it was before, more or less. Not everyone bought back their altcoins yet, some are just late, some just believe that the fork will still go on.

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November 11, 2017, 11:56:48 PM
 #4

The notoriously volatile cryptocurrency bitcoin has fallen to its lowest price this month after rallying in the first week of November and then crashing by more than $1,000 on Thursday and Friday.

The price of a single bitcoin is down 4.53 per cent at $6,272.24, according to Coindesk's aggregate index, a level it hasn't reached since the end of October.

Bitcoin surged to an all-time high of almost $7,900 on Wednesday, before dropping by more than $1,000 in 48 hours.

The surge was prompted by the suspension of a software upgrade that could have split bitcoin into what's called a "fork".

The most recent slump came as some traders dumped it for a clone called bitcoin cash, which has seen its value soar in the last few days: it's price is now up by 54 per cent to $1,247.

This is very alarming! Bitcoin price fall about 8% as of Nov. 10, 2017, fro $7,000 fall down to $6,475.40. If this will continue, it will bring a big effect to the entire business world.

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November 12, 2017, 12:17:23 AM
 #5

The notoriously volatile cryptocurrency bitcoin has fallen to its lowest price this month after rallying in the first week of November and then crashing by more than $1,000 on Thursday and Friday.

The price of a single bitcoin is down 4.53 per cent at $6,272.24, according to Coindesk's aggregate index, a level it hasn't reached since the end of October.

Bitcoin surged to an all-time high of almost $7,900 on Wednesday, before dropping by more than $1,000 in 48 hours.

The surge was prompted by the suspension of a software upgrade that could have split bitcoin into what's called a "fork".

The most recent slump came as some traders dumped it for a clone called bitcoin cash, which has seen its value soar in the last few days: it's price is now up by 54 per cent to $1,247.
Bur it doesnt we should worry because 6300$ is still a high value. Why dont we need to worry? That is because bitcoin price is unlredictable and unstable. Just be better positive that it will pump by the end of this year.

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November 12, 2017, 12:23:11 AM
 #6

The notoriously volatile cryptocurrency bitcoin has fallen to its lowest price this month after rallying in the first week of November and then crashing by more than $1,000 on Thursday and Friday.

The price of a single bitcoin is down 4.53 per cent at $6,272.24, according to Coindesk's aggregate index, a level it hasn't reached since the end of October.

Bitcoin surged to an all-time high of almost $7,900 on Wednesday, before dropping by more than $1,000 in 48 hours.

The surge was prompted by the suspension of a software upgrade that could have split bitcoin into what's called a "fork".

The most recent slump came as some traders dumped it for a clone called bitcoin cash, which has seen its value soar in the last few days: it's price is now up by 54 per cent to $1,247.

This is very alarming! Bitcoin price fall about 8% as of Nov. 10, 2017, fro $7,000 fall down to $6,475.40. If this will continue, it will bring a big effect to the entire business world.

No. It's normal in cryptocurrencies. It always happens after high rise in prices. There is nothing to worry about.

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November 12, 2017, 12:25:57 AM
 #7

All the altcoins have risen in price compared to Bitcoin, since the fork was called off. This is because altcoin/btc price dropped in last weeks due to people selling their altcoins for bitcoins so that they can claim the free coins. Basically what was happened is that a market was being created for a new coin that was still part of the Bitcoin and once it was called off people simply restarted the crypto world to what it was before, more or less. Not everyone bought back their altcoins yet, some are just late, some just believe that the fork will still go on.

Segwit2x was called off first, and then they started to pump BCH and this caused a negative cause on bitcoin. They achieved this in very planned way. I'm pretty sure for this.

As long as the price keeps stay above $6,000, there won't be any problems.

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November 12, 2017, 07:35:45 AM
 #8

Actually, $6000 seems to be under threat. Bitcoin is in the end a momentum trade. When prices were rising, they shot up through various levels ($5000, $6000, $7000) very quickly. Unfortunately, the same holds good on the way down.

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November 12, 2017, 08:20:58 AM
 #9

The notoriously volatile cryptocurrency bitcoin has fallen to its lowest price this month after rallying in the first week of November and then crashing by more than $1,000 on Thursday and Friday.

The price of a single bitcoin is down 4.53 per cent at $6,272.24, according to Coindesk's aggregate index, a level it hasn't reached since the end of October.

Bitcoin surged to an all-time high of almost $7,900 on Wednesday, before dropping by more than $1,000 in 48 hours.

The surge was prompted by the suspension of a software upgrade that could have split bitcoin into what's called a "fork".

The most recent slump came as some traders dumped it for a clone called bitcoin cash, which has seen its value soar in the last few days: it's price is now up by 54 per cent to $1,247.

OHHH. What is the happening to the bitcoin price ? 6,300$ is not the bitcoins lowest level for this month. It drops more than 1,000$.
https://bitcointalk.org/index.php?topic=2391371.0
Me too, I also wonder why there is a big dump? Then someone also said in the thread BCH is now pumping. From 1,247$ you have said today it is already 2,800$. So quick. What a lucky day for those who invested it. I hope bitcoin remains on top. Bitcoin drop is normal and will recover from this. But with the bitcoin drop, it already affects lots of people.

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November 12, 2017, 08:32:17 AM
 #10

The notoriously volatile cryptocurrency bitcoin has fallen to its lowest price this month after rallying in the first week of November and then crashing by more than $1,000 on Thursday and Friday.

The price of a single bitcoin is down 4.53 per cent at $6,272.24, according to Coindesk's aggregate index, a level it hasn't reached since the end of October.

Bitcoin surged to an all-time high of almost $7,900 on Wednesday, before dropping by more than $1,000 in 48 hours.

The surge was prompted by the suspension of a software upgrade that could have split bitcoin into what's called a "fork".

The most recent slump came as some traders dumped it for a clone called bitcoin cash, which has seen its value soar in the last few days: it's price is now up by 54 per cent to $1,247.

OHHH. What is the happening to the bitcoin price ? 6,300$ is not the bitcoins lowest level for this month. It drops more than 1,000$.
https://bitcointalk.org/index.php?topic=2391371.0
Me too, I also wonder why there is a big dump? Then someone also said in the thread BCH is now pumping. From 1,247$ you have said today it is already 2,800$. So quick. What a lucky day for those who invested it. I hope bitcoin remains on top. Bitcoin drop is normal and will recover from this. But with the bitcoin drop, it already affects lots of people.


Actually, it seems to be bouncing back after having reached a much lower low of somewhere around ~$5800. It also seems on the other hand the Bitcoin Cash is now going back down after the huge pump that it had today. It originally was much higher than it currently is. This position movement really makes you question the moves behind the rise of Bitcoin Cash over the past few hours, as it seems that a big part of the market for Bitcoin Cash originated from Korea and might have been orchestrated. It must be quite significant given that Bitcoin took a huge hit in price against fiat, albeit to be fair, correlation does not necessarily equal causation, so maybe it is all just a coincidence, but I highly doubt it. For those of us who are not day traders, it is best to just hold.

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November 12, 2017, 08:49:23 AM
 #11

It reached $5555.55(how did it happen, all 5) at bitstamp but it seems it bounce back again. Price is now at $6142 and obviously trader made a good amount of money again by taking advantage of the situation. Hope it won't go as low as less than $5k.
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November 12, 2017, 09:42:39 AM
 #12

As of now the price of bitcoin decrease and its already 6000 dollars and I hope it will back again at 7000 dollars.
For sure many people buy again bitcoin so it will increase the price again after few days so dont worry.
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November 12, 2017, 10:30:08 AM
 #13

It reached $5555.55(how did it happen, all 5) at bitstamp but it seems it bounce back again. Price is now at $6142 and obviously trader made a good amount of money again by taking advantage of the situation. Hope it won't go as low as less than $5k.

it was funny, and these prices are mostly coincidence but also they happen because people love round numbers. they place a lot of orders at these prices. that is why breaking the $x1000 resistances are always harder.

the active market is different though. the orders that are not in orderbooks, the bots that are waiting to execute buy orders in case of a condition trigger,... they are what drove price back up above $6k plus the ever existing demand for bitcoin.














 

 

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November 12, 2017, 10:49:07 AM
 #14

Actually, $6000 seems to be under threat. Bitcoin is in the end a momentum trade. When prices were rising, they shot up through various levels ($5000, $6000, $7000) very quickly. Unfortunately, the same holds good on the way down.
But I am not seeing this down fall as an usual correction rather as any big threat. Simply, it just another high volatility drama of bitcoin price levels.

It reached $5555.55(how did it happen, all 5) at bitstamp but it seems it bounce back again. Price is now at $6142 and obviously trader made a good amount of money again by taking advantage of the situation. Hope it won't go as low as less than $5k.
Yes, I believe the bounce back has already started and now we are going to have bitcoin prices back on track. I guess no people have changed their speculations on year end targets as it will be the same $10k levels. But to maintain the grwoth progress, we must need definite solution on scalability issues.
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November 12, 2017, 11:20:07 AM
 #15

As of now the price of bitcoin decrease and its already 6000 dollars and I hope it will back again at 7000 dollars.
For sure many people buy again bitcoin so it will increase the price again after few days so dont worry.
Now it's the time, price of bitcoin already recovering, it's going back to $6,5K again after "temporary" dump created by massive hype towards BCH which I actually pretty much have no clue whether it's caused
by the bitcoin classic shut down rumours or merely a manipulation. However, still a good thing to be happened.

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November 12, 2017, 11:27:47 AM
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Fluctuation in Bitcoins price is nothing new, drop of its price was expected. But like before it will continue on its path, and will rise up again once more. Some people do not know what is going on and that is affecting Bitcoins price. But when people see that everything is ok, they will come back and price will rise again.

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November 12, 2017, 11:44:00 AM
 #17

Apparently Roger Ver has moved 25k BTc to bitfinex:

https://twitter.com/windsok/status/929626408753627136

and here is the transaction ID:

https://blockchain.info/address/14KsG6hxkM3cGGC4DvyEdf8uytoE7x9WRQ

It's not clear what he's going to do with it. He hasn't dumped, eating all the buy orders on the way down. But he could create a formidable sell wall preventing bitcoin rising.

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November 12, 2017, 01:07:56 PM
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Apparently Roger Ver has moved 25k BTc to bitfinex:

https://twitter.com/windsok/status/929626408753627136

and here is the transaction ID:

https://blockchain.info/address/14KsG6hxkM3cGGC4DvyEdf8uytoE7x9WRQ

It's not clear what he's going to do with it. He hasn't dumped, eating all the buy orders on the way down. But he could create a formidable sell wall preventing bitcoin rising.



250k to be exact.  Offcourse is clear what Roger is doing, It has been clear from day one. Pump up BCH = Bitcoin going down. Dump BCH for Cheap BTC. Roger gets free money and noobs cry
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November 12, 2017, 04:08:25 PM
 #19

Actually, $6000 seems to be under threat. Bitcoin is in the end a momentum trade. When prices were rising, they shot up through various levels ($5000, $6000, $7000) very quickly. Unfortunately, the same holds good on the way down.

It's actually holding $6000 pretty well. I wonder if the reason is that lots of coins are stuck in unconfirmed transactions and can't get to the exchanges? Bitcoin is also struggling to break the $6400 resistence.

If this continues it will trade in the $6000 - $6400 range till the mempool is cleared (or not).

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November 12, 2017, 04:20:29 PM
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Actually, $6000 seems to be under threat. Bitcoin is in the end a momentum trade. When prices were rising, they shot up through various levels ($5000, $6000, $7000) very quickly. Unfortunately, the same holds good on the way down.

It's actually holding $6000 pretty well. I wonder if the reason is that lots of coins are stuck in unconfirmed transactions and can't get to the exchanges? Bitcoin is also struggling to break the $6400 resistence.

If this continues it will trade in the $6000 - $6400 range till the mempool is cleared (or not).
I don't understand what the problem is. Bitcoin shows great resilience. In such an attack I am sure that no amount of coin could not withstand such pressure. This only reinforces my belief in bitcoin. It is only speculators can hope for is that they can manipulate any currency. They do not understand that the trust will not buy for any money.

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