2017-11-30] Bitcoin lost $2,000 in a single day, but that’s okay – right?

[iamTom123]

Bitcoin made cryptocurrency enthusiasts’ heads spin this week when its value first crossed $10,000 two days ago, and then surged past $11,000. But it also alarmingly dropped by more than $2,000 within a few short hours of crossing that milestone.

Perhaps you don’t really need to worry. Bitcoin looks to be hovering around $10,370 – up from its low of $9,749, as per Coindesk. I’ll be honest, I’m terribly risk-averse, so this roller-coaster ride makes me uneasy – but I understand that this is par for the course for folks entrenched in the crypto scene. Everything will be okay. I think.

More on this here...

People who are new to Bitcoin and cryptocurrency may find any big crash to be disturbing but not to people who have been on the Bitcoin scene even for months. The roller coaster up and down is part and parcel of the Bitcoin experience as its volatility is quite high and can even be the reason why we have many happy speculators just sitting down and watching Bitcoin go up and up. These speculators are not anymore afraid of regular corrections to Bitcoin's price.

Yes, everything will just be okay and in fact Bitcoin is now stabilizing at around $10,500 which is not really bad after going through its biggest bull run ever. Will it make some surges again? That would be exciting to watch as it can be already showing some fatigue for now...maybe it needs some rest some relaxation for more actions ahead.

[meer45]

The title is poorly written, I think. Bitcoin did not lose $2K in a single day, the price was going up very fast before the wall, and it has pretty much recovered to the point before the sudden rise as well.

All in all I think such wild swings are expected, we are in a phase of sudden expansive growth and these back and forths should be expected anytime in my opinion.

[Iranus]

Not true.  If you count the entire 24 hour period, it certainly didn't drop by $2000 in a day.  It had a very wild swing upwards before the swing downwards.

Considering how quickly it rose beforehand, a correction was inevitable.  Without it, the correction might have amplified into a full-on crash as people hop on.

These speculators are not anymore afraid of regular corrections to Bitcoin's price.

These corrections are by smaller percentages than they were a few months ago. In the event of a bigger correction, I think they'd be terrified.  Especially since they're very new to BTC and some of them are expecting exponential growth for some reason.

[honeyb0y]

The title is poorly written, I think. Bitcoin did not lose $2K in a single day, the price was going up very fast before the wall, and it has pretty much recovered to the point before the sudden rise as well.

All in all I think such wild swings are expected, we are in a phase of sudden expansive growth and these back and forths should be expected anytime in my opinion.

It definitely didn't lose $2,000 in one day. The price just went to high for a day and just had a correction on that same day but today the price is stabilizing in the $10,000 level.

[hatshepsut93]

It's a known psychological fact that negative events like losses are felt much stronger than the positive ones, so many people get very stressed when their assets drop dramatically, even if their gains are much bigger and they are still in profit. A well known Bitcoin meme "HODL" is an attempt of experienced Bitcoin owners to teach newcomers how to break this habit of panicking and focus on long term value instead - Bitcoin is known for its volatility, and if you can't time your trades right, you are very likely to lose value. So, dips like this aren't a big deal - the really important pattern we should be on a look out for is a persistent price decrease over a long period of time, especially as a reaction to some serious negative events.

[Games.Bitcoin]

Bitcoin made cryptocurrency enthusiasts’ heads spin this week when its value first crossed $10,000 two days ago, and then surged past $11,000. But it also alarmingly dropped by more than $2,000 within a few short hours of crossing that milestone.

Perhaps you don’t really need to worry. Bitcoin looks to be hovering around $10,370 – up from its low of $9,749, as per Coindesk. I’ll be honest, I’m terribly risk-averse, so this roller-coaster ride makes me uneasy – but I understand that this is par for the course for folks entrenched in the crypto scene. Everything will be okay. I think.

More on this here...

People who are new to Bitcoin and cryptocurrency may find any big crash to be disturbing but not to people who have been on the Bitcoin scene even for months. The roller coaster up and down is part and parcel of the Bitcoin experience as its volatility is quite high and can even be the reason why we have many happy speculators just sitting down and watching Bitcoin go up and up. These speculators are not anymore afraid of regular corrections to Bitcoin's price.

Yes, everything will just be okay and in fact Bitcoin is now stabilizing at around $10,500 which is not really bad after going through its biggest bull run ever. Will it make some surges again? That would be exciting to watch as it can be already showing some fatigue for now...maybe it needs some rest some relaxation for more actions ahead.

Dips should not be feared but welcomed... it allows for more people to invest!

[1Referee]

Dips should not be feared but welcomed... it allows for more people to invest!

That's not how people look at it who don't understand why Bitcoin has value in the first place. Every time Bitcoin gets featured due to a new all time high, I see them state that the central bank doesn't recommend investing in Bitcoin due to the heavy fluctiations. And those who do, should prepare themselves for heavy losses, and that they (the people) as sole entity are responsible for their own actions. Funny how they specifically speak out the latter part, and that while if banks mess up big time, the people get to pay the bill.

[Kemarit]

I think this article pertains to the first dip that we have seen yesterday. Touching above $11,000 then going back to $9,600. Then it a few hours bitcoin recovered above $10,000 again. And now we are seeing similar pattern, it just dip and now trading at $9700. As for this kind of dip, this is really welcoming for most of us, perfect opportunity to get into the picture, but others treated the opposite. LOL. I agree with most of the senior posters here, it should not be feared. I hope a lot of members you are new into the system and read the comments here. Nothing to be afraid, its normal as you can get and see in bitcoin ecosystem. CME news and Nasdaq rumors will really push bitcoin around $12,000-$15,000 at the end of the year.

[Lodi0808]

That has been a normal trend for bitcoin lately. Price goes up and after a while it goes down. I think it is the whales who are controlling the movement of bitcoin in the market.

[Lancusters]

I don't see anything unusual. Of course the amount is a bit shocking but you have to adapt. Fluctuations of bitcoin in the range of 20% is normal. The higher the bitcoin price, respectively, and variations will amount to large sums. If someday bitcoin will be worth 100k dollars we will see a jump value of $ 20K.

[buwaytress]

It's a known psychological fact that negative events like losses are felt much stronger than the positive ones, so many people get very stressed when their assets drop dramatically, even if their gains are much bigger and they are still in profit. A well known Bitcoin meme "HODL" is an attempt of experienced Bitcoin owners to teach newcomers how to break this habit of panicking and focus on long term value instead - Bitcoin is known for its volatility, and if you can't time your trades right, you are very likely to lose value. So, dips like this aren't a big deal - the really important pattern we should be on a look out for is a persistent price decrease over a long period of time, especially as a reaction to some serious negative events.

Yeap, and that psyhological effect isn't less pronounced even with those who understand and recognise it. I've stopped nervously checking during the crazy swings like we are in, and just stuck to regular selling periods (forced to, of course) but I still feel the twang of remorse when I missed a good rally.

All in all I compensate with good sells just before dips sometimes, the small joy of that doesn't match the feeling that comes with "loss".

2k in a day anyway, despite being inaccurate is once more the result of scalpers. I waited for the correction, it came, and then disappeared. Just a long journey of shrugs and surprises.

[Mark Promo]

Surprisingly, not that bitcoin lost 2000, but the fact that it went up unnecessarily for 2000. I did not notice any reasons that could add to the price of bitcoin. Or did I miss something?

[J. Cooper]

It's a known psychological fact that negative events like losses are felt much stronger than the positive ones, so many people get very stressed when their assets drop dramatically, even if their gains are much bigger and they are still in profit. A well known Bitcoin meme "HODL" is an attempt of experienced Bitcoin owners to teach newcomers how to break this habit of panicking and focus on long term value instead - Bitcoin is known for its volatility, and if you can't time your trades right, you are very likely to lose value. So, dips like this aren't a big deal - the really important pattern we should be on a look out for is a persistent price decrease over a long period of time, especially as a reaction to some serious negative events.

True, I don't personally stress too much about my bitcoin holdings because bitcoin would have to crash about 75% before I would get slightly worried. But by the time that happens I will probably be buying up a lot more. Even though $2000 is slightly exaggerated I still would consider it quite normal if it dropped $2000. Crashes like the one we saw yesterday are essential for sustainable growth going into the long term. The only thing we really have to keep in mind is how bitcoin is changing fundamentally like you said.

[kimochidesh]

I don't think there is anything to worry about this dip....it is just a normal market correction. Better to buy more on dips and make huge profits.
BTC even recovered most of it and again crossed $10000 benchmark with a day. I think we can take $9000 or 8800 as a stable base for BTC. If BTC price ever goes close to it, its will best opportunity to buy and HODL it.

[Guardian.P]

this was to be expected, bitcoin too quickly rose to the top. As an old cause of fever. Here already on the levels of psychologists it became clear to me that any bad news will bring down the course and lead to panic

[glowing10]

this was to be expected, bitcoin too quickly rose to the top. As an old cause of fever. Here already on the levels of psychologists it became clear to me that any bad news will bring down the course and lead to panic

This was going to happen as the reason for rising so quickly was just not justified. And as a result the fall had to come sooner or later. It was just too soon for the fall to come and if you see it has reached 9700$ which was approx the price from where the bull run started to reach 10k and then 11400$ .

[jekjekman]

Surprisingly, not that bitcoin lost 2000, but the fact that it went up unnecessarily for 2000. I did not notice any reasons that could add to the price of bitcoin. Or did I miss something?

Yes that is right, people are being so pessimistic about it. They don't even consider that Bitcoin gained that $2,000 in less than 2 days so if we are going to check it's price it is just almost the same as 2 days before the price went up.

I don't think there is anything to worry about this dip....it is just a normal market correction. Better to buy more on dips and make huge profits.
BTC even recovered most of it and again crossed $10000 benchmark with a day. I think we can take $9000 or 8800 as a stable base for BTC. If BTC price ever goes close to it, its will best opportunity to buy and HODL it.

It is definitely a best time to hodl those coins, Bitcoin just proved that it can reach $11,000 and once the price stabilize after these corrections it will definitely be more than that amount.

[Samarkand]

The exchanges probably made a killing in the last week. Due to the high volatility the amount of traded BTC
has gone through the roof.

During the crazy 2k swing Coinbase/GDax, Kraken and Bitstamp were completely unusable. This should
tell you everything you need to know.

I´ll try to back up my claim with a statistic that has been shared by Bitstamp this week.
According to them their overall trading volume has grown during the period from January to November by an incredible 1,384%.
I assume that exchanges like Coinbase have seen even larger increases in trading activity due to
their popularity in the US.