Why bitcoin fell by to 30%?

[JoneMilke]

Tell me, please

[1714007964]

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[TimtheYoutuber]

What are you referring too? When did bitcoin drop 30% recently?

[dietmarfritz59]

Yes, please tell me what you mean? Bitcoins has not dropped that drastically in as long as I can remeber.

[JoneMilke]

What are you referring too? When did bitcoin drop 30% recently?

on Monday morning the bitcoine rate fell to $ 5,605, which is 29% lower than the historic maximum at $ 7882 recorded on November 8. By November 10, the fall was already $ 1000 from this mark, and over the weekend it increased.

[Giamme]

I think he means when it dropped to $5,600 three days ago.

It can be due to many things, we can't be certain about what did what. I think it'd due to people moving back to alts and because BCH people dumped BTC to pump BCH.


PS:

What are you referring too? When did bitcoin drop 30% recently?

on Monday morning the Bitcoin rate fell to $ 5,605, which is 29% lower than the historic maximum at $ 7882 recorded on November 8. By November 10, the fall was already $ 1000 from this mark, and over the weekend it increased.

That's it.
In any case, it's better to have a price correction every bullish rise.

[Emoclaw]

What are you referring too? When did bitcoin drop 30% recently?

on Monday morning the bitcoine rate fell to $ 5,605, which is 29% lower than the historic maximum at $ 7882 recorded on November 8. By November 10, the fall was already $ 1000 from this mark, and over the weekend it increased.

There's no absolute reason but a number of possible factors such as market correction after a huge bull run.
I personally think it's that, along with the fact that the Segwit2X fork was cancelled and people wouldn't be getting another coin by holding BTC, thus going (back?) to alts.

[nazimmamun]

i have heard this news.but it increase now.

[mrtryonebiggums]

ha what? the opposite happened though look at cmc bitcoin is up 10% today it says

[JoneMilke]

i have heard this news.but it increase now.

I just started to understand, and one of the topics that I do not understand is for what reasons bitkoin falls. Therefore, I ask about the concrete situation of the fall.

[fabiorem]

Because mighty Emperor Wu wanted it.

[bitorama]

now it's back, don't worry

[matuson]

Recent Bitcoin price drop was caused by the cancellation of the SegWit2x hardfork. People realised that they won't receive any "free coins" which they could sell and get "free money". Corrections are something natural and as far as I know, a few recent ones were about 30% drops. Mempool was flooded so transaction fees have reached unreal values. Fortunately, everything is getting back to normal as usual.

Where you have happiness on this occasion? I'm nothing like experience. Bitcoin needs to change. There is nothing thorough. The growth of popularity of bitcoin, we expect an increase in the load on the network. Still have to increase the block size. If you do it now then none of the users will not feel uncomfortable. But if we delay the solution of this problem, we will do that later with big problems.

[carlfebz2]

What are you referring too? When did bitcoin drop 30% recently?

on Monday morning the bitcoine rate fell to $ 5,605, which is 29% lower than the historic maximum at $ 7882 recorded on November 8. By November 10, the fall was already $ 1000 from this mark, and over the weekend it increased.

If you do talk on fixed percentage then I would agree on 29% but telling on nearest round off then it would be considered as on 30% since they are just near. The reason? I do highly suspect the cancelled fork even ( B2x) which people decide to took all of their bitcoin that have been invested hoping for another free b2x if the fork have been done but unfortunately it has been canceled because of lack of support.

[Theb]

What are you referring too? When did bitcoin drop 30% recently?

on Monday morning the bitcoine rate fell to $ 5,605, which is 29% lower than the historic maximum at $ 7882 recorded on November 8. By November 10, the fall was already $ 1000 from this mark, and over the weekend it increased.

If you do talk on fixed percentage then I would agree on 29% but telling on nearest round off then it would be considered as on 30% since they are just near. The reason? I do highly suspect the cancelled fork even ( B2x) which people decide to took all of their bitcoin that have been invested hoping for another free b2x if the fork have been done but unfortunately it has been canceled because of lack of support.

That might be the reason and it has served as the main driver for pulling the price down, these traders know what will happen and has now shifted their money towards other cyrptocurrencies for profit taking, the other thing I see is that they are the ones who will buy Bitcoin when it's price has bottomed out. Having a quick recover on its price you will know that its trend is still intact as it didn't continue to go down.

[dothebeats]

Mostly because people are shifting their money on bitcoin cash before the intended fork on the intended developments on the network and partly because miners are also in there, resulting to heavy volumes shifting to that particular coin. Right now, the money is shifted back to bitcoin and the resistance level of $6800 on some channels had been broken, thus giving it a go signal for another bullish run.

Luckily I've bought all of my remaining cash in Bitfinex on Tuesday where the price dropped hard @$5400 and snagged a few coins while everyone is trading other coins.

[cindygirl]

Tell me, please

So, in short. Bitcoin was having a fork because there are different ideas of how to fix the issues of scale. People get free coins for this and often make money. This was cancelled and so people no longer get free coins and thus don't need to hold bitcoin, therefore the price crashes. Further to this there is still no solution to issues with scale and so people further dump there coins. Throw a big load of panic selling on top of that and you've got your 30%

[xIIImaL]

Tell me, please

I think you are asking about the dump bitcoin faced two days before. When the time we faced the segwit2x hard fork cancellation everyone expects that bitcoin price will bump more but reciprocally bitcoin falls more in the chart.
Even some big mining pools moves to mine BCH but bitcoin again recovered back its value and touched the 7.2k US dollars in the price index with its bullish run.

[BitSat]

Tell me, please

So, in short. Bitcoin was having a fork because there are different ideas of how to fix the issues of scale. People get free coins for this and often make money. This was cancelled and so people no longer get free coins and thus don't need to hold bitcoin, therefore the price crashes. Further to this there is still no solution to issues with scale and so people further dump there coins. Throw a big load of panic selling on top of that and you've got your 30%

Its very simple and clear reply about this why this happen very quickly now we have some good news as its gone now coming back very quickly just check touching 7200$ which is not bad at all in next month near Chrissmiss we have though its going to touch 10000$ figure for first time

[olushakes]

What are you referring too? When did bitcoin drop 30% recently?

on Monday morning the bitcoine rate fell to $ 5,605, which is 29% lower than the historic maximum at $ 7882 recorded on November 8. By November 10, the fall was already $ 1000 from this mark, and over the weekend it increased.

Yes you are correct as a lot of us saw it with panics all over on how BCH was being responsible and giving bitcoin a run even speculating up to the point of BCH now the right or real bitcoin. But I guess that is way over now as price is gradually recovering but aside that the crypto world is known for volatility and its not every time that when price crash or  gains, you want to know the real reason why that happens the only thing you end up with is a generic answer which is the forces of demand and supply.

[player514]

What are you referring too? When did bitcoin drop 30% recently?

on Monday morning the bitcoine rate fell to $ 5,605, which is 29% lower than the historic maximum at $ 7882 recorded on November 8. By November 10, the fall was already $ 1000 from this mark, and over the weekend it increased.

People pumping BCH and pulling out of BTC when they realized they wouldn't get anything from the fork that was supposed to happen. To be fair, bitcoin was bubbling up leading up to the fork, which was expected. It was also expected that it would drop. However, the BCH pump was very short lived. It's dropped a lot from its ath and bitcoin is climbing back steadily to where it was before. People who bought at around 6000 profited a lot.