Bitcoin Price

[barwizi]

Can anyone please tell me what caused the huge drops in price, last i checked we are @ 90 USD, now its barely 65 USD.

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[arbitrage001]

Bitcoin is a highly speculative currency/product.

People should not buy something they don't understand or putting money where they are not willing to risk.

In any case, the price is a function of supply and demand. To put it in simple term, the cumulative choice of people determine its price.

[barwizi]

I know full well it's a finicky wife. I was just surprised by the sudden drop, is it a market correction or a result of some event? so have blamed it on ASICs but i do not think that is a correct assessment.

[arbitrage001]

The same reason metal price and other country currency went down by a lot and USD went up by a lot.

The head of the central bank of US said the quantitative easing is over. This might be the reason.


If you want to trace the root cause further, you can google deflation vs inflation argument.


Not everyone agree printing money has immediate inflation effect. Or the end result is inflation.

[austins]

i bought more when it drops.