[2017-11-30]Bitcoin Price Falls $1,000 in Minutes to Drop Below $10k

[hugeblack]

The price of bitcoin fell more than $1,000 in the span of about 10 minutes on the CoinDesk Bitcoin Price Index (BPI) today, just hours after the cryptocurrency set an all-time high above $11,000.

Beginning about 19:20 UTC, sell orders began piling up on exchanges in what was perhaps one of the market's most impressive successions of red candles in some time. After showing signs of stability above $10,000 at 18:30 UTC, the price hit a low of $9,290 at 19:30.

However, data shows some exchanges were more affected than others.

Source https://www.coindesk.com/bitcoin-price-falls-1000-minutes-erase-24-hour-gains/

[1Referee]

I have seen a local site report that the bubble was bursting, but as soon as the market went back up to +$10,000 again, they corrected it. It shows how basically everyone not knowing how this market works bases its "market understanding" on how the market is moving up or down. If it moves down, the market is going to crash, and if it moves up, we're recovering again. I wish I could earn my money that easily with writing garbage articles. Other than that, it's funny how shocked people are when it comes to the wild market swings. It's like it comes as a complete surprise for them that this market isn't going straight to $15,000 and up, but instead, is moving down.

[ORCAf]

https://cointelegraph.com/news/ronnie-moas-raises-bitcoin-target-again-20000-by-start-of-2018

Really bold bitcoin prediction from Ronnie Moas. What do you guys think?!

[Kemarit]

Its just normal to see bitcoin making some healthy corrections. Nothing to worry about. I think it already happened 2x already. Yesterday and today, but bitcoin has recovered very quickly to $10,000. Everyone took advantage of this minor dip and started to buy bitcoin again. I wouldn't be surprise that tomorrow bitcoin price will up and go above $1,0000 again. It only shows that bitcoin has already the full trust of many investors, casuals and whales alike. If someone is dumping their coins, someone is already at the wing waiting for his/her turn to get bitcoins. There's no way that bitcoin could go down to $9000, IMHO. The NASDAQ news and other market analyst saying bitcoin could go above $12,000 at the end of the year really bring positive sentiments to the market.

[iamTom123]

I have seen a local site report that the bubble was bursting, but as soon as the market went back up to +$10,000 again, they corrected it. It shows how basically everyone not knowing how this market works bases its "market understanding" on how the market is moving up or down. If it moves down, the market is going to crash, and if it moves up, we're recovering again. I wish I could earn my money that easily with writing garbage articles. Other than that, it's funny how shocked people are when it comes to the wild market swings. It's like it comes as a complete surprise for them that this market isn't going straight to $15,000 and up, but instead, is moving down.

It is bad journalism actually if we have to analyze how some in the mainstream media are handling cryptocurrency news. These people do not have any basic understanding of how Bitcoin is working and they don't care to make some research on its history of ups and downs. It can be an outright ignorance OR they just pretend to be ignorant and is just selling their headlines for more media mileage. The media is seeing something new that they can capitalize on since they are aware of the increasing interest for Bitcoin. Plus many of them believe Jamie Dimon with his prediction that Bitcoin will end badly because it is just a fraud. Hence, we can then conclude that many in the media are quite bias against Bitcoin in the first place. Nevertheless, a bad publicity is still a publicity so never mind the media they don't care about Bitcoin so why we should care for them?