45% drop - this is new territory, never seen before

[wuvdoll]

Bitcoin barely existed a single decade, so we have very little data to compare this correction to. This drop just once again showed how volatile crypto is, like you said. It just simply dropped faster compared to past corrections as we went up more than 2x in a single month. Probably just a healthy correction in my opinion due to all the hype bitcoin has been getting over the news and social media.

Bitcoin is highly volatile and that simply shows why should stop acting FOMO-ish, thinking they have hit a jackpot with bitcoin.

Bitcoin was never meant to be a get rich quick scheme and sure, with a good demand for bitcoin, it can attain a huge height, but right now, there is not even enough reason for bitcoin to keep increasing in that manner except for the fact that every newbie just wanted to get rich overnight which is not done anywhere.

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[Sorliand]

it is up 2% and rise about 14,000$ now price is stable less than 15,000$ it is good price.

bitcoin was less than 12,000$ in 2017/Nov

[Enjel]

Yeah, hopefully this slump will go away soon.

I would even prefer to believe that it was just temporary bad news (the factors you mentioned and others) that caused the price to drop, but as I was cautious about CME futures and the new incentive for market manipulation, others plowed ahead and skyrocketed the price.

Then, the price kept going up even as it was parabolic, which should have scared most reasonable people, IMO.

Anyways, hopefully people will scoop up what the panickers left behind.

[VladKalashnikov]

Many people don’t mind if price of bitcoin will stay at this point or even lower till the beginning of 2018. Here in the Netherlands and EU we should declare all our BTC and pay tax like any other savings. 31.12 is the usual date they take BTC price to calculate how much holders should pay.

[eann014]

In less than 100 hours the price dropped from 19.700$ to 10.890$. That is a 45% drop.

There has never been a drop like this in such short time in the full history of Bitcoin.

Ever.

"volatility is normal in crypto" I hear many say. But not like what we see today. We have never ever seen anything like this.

That's true, but bitcoin price rise after the dips of up to 45%, I am sure it will still increase more just like the price of all time high just be patient and wait until next year, for sure it will increase.

[Barcode_]

Actually it is very normal for this to happen in crypto-currencies trading, I guess the OP might be quite new to the crypto-currencies trading scene, and that is why he felt shocked to see this tremendous price dip in bitcoin, that is one of the reason why bankers and analyst warn a lot of investors to take extreme caution when trading in crypto-currencies due to the huge volatility.

[STT]

This action now is in line with previous trend going back to the Spring.    The April May June trend which was broken end of June extrapolated for the current prices matches action now.   It is still in line with that, on July 20th the trend marked a short term top before being exceeded on 5th August so its not all gloom and we are in line.

A price that always rises is pretty much a negative, it shows volatility.   A pullback that confirms previous pricing helps increase volume at various prices and evens out gains, this is better in the long term for most.   Ultimately markets serve a majority and some may see lower price now as a negative but its still a minority I hope.

[vit05]

I don't really agree to your assumption that bitcoin never went such a dump in short time. According to this chart, there was a massive dump of 72% in 2010 and the last dump in November was also 30% in 4 days. There is nothing new in this dump. Yeah, the fall in USD must be quite high, but percentage wise it is just another dump.

This chart is amazing. Dump is the best thing that could happen to Bitcoin. We need that. We need separate the believers in a new world from those that only want another Ponzi scheme. We need that the dump closes some new coins and stupid projects. We need this blood and Red on the charts.

[pereira4]

I don't really agree to your assumption that bitcoin never went such a dump in short time. According to this chart, there was a massive dump of 72% in 2010 and the last dump in November was also 30% in 4 days. There is nothing new in this dump. Yeah, the fall in USD must be quite high, but percentage wise it is just another dump.

This chart is amazing. Dump is the best thing that could happen to Bitcoin. We need that. We need separate the believers in a new world from those that only want another Ponzi scheme. We need that the dump closes some new coins and stupid projects. We need this blood and Red on the charts.

Great chart otkeep track of the relevant Bitcoin corrections and to keep the FUDsters away from making you panic sell, whe all we've seen is just a very healthy correction of %30, which is clockwork compared to past corrections. We are still on a very uptrend, this correction as I said, pretty much the same as the ones we've seen this year.

If you are worried about the current events, you are NEW. Everyone with a clue is buying this dip, even if it goes a bit lower, smart money is buying while you are crying, this is how it works.

[btc_angela]

I don't really agree to your assumption that bitcoin never went such a dump in short time. According to this chart, there was a massive dump of 72% in 2010 and the last dump in November was also 30% in 4 days. There is nothing new in this dump. Yeah, the fall in USD must be quite high, but percentage wise it is just another dump.

This chart is amazing. Dump is the best thing that could happen to Bitcoin. We need that. We need separate the believers in a new world from those that only want another Ponzi scheme. We need that the dump closes some new coins and stupid projects. We need this blood and Red on the charts.

Great chart otkeep track of the relevant Bitcoin corrections and to keep the FUDsters away from making you panic sell, whe all we've seen is just a very healthy correction of %30, which is clockwork compared to past corrections. We are still on a very uptrend, this correction as I said, pretty much the same as the ones we've seen this year.

If you are worried about the current events, you are NEW. Everyone with a clue is buying this dip, even if it goes a bit lower, smart money is buying while you are crying, this is how it works.

Yes, its a great chart and thanks for the sure. Dump's usually shakes the market, specially the weak hands, They are totally eliminated once dumping started, LOL, they didn't even know what to do except to push the sell buttons. Couple of FUD's and paid schills who created panic and lots of fears on those newbies.

Those who are really shaken are newcomers, they enter the market thinking, wow I can make a lot of money if the price continue to go up as expected, however, when the dump comes, they be like, fuck it, I'm out, selling my bitcoin now. LOL. If they just have the audacity to just really hold and wait till everything settles down, they should have seen profits.

[Enjel]

It's fine.

The new investors are always the ones who get hit the hardest. They are the ones who make the price of the coins go up in the first place.

But yeah, if they did research, they would see that panic-selling in the past has always been a really horrible strategy.

On the other hand, if they did research, they would not have bought at 19k in the first place (crazy).

[readygoaw]

it is up 2% and rise about 14,000$ now price is stable less than 15,000$ it is good price.

bitcoin was less than 12,000$ in 2017/Nov

Maybe the price will go down and even lower. For Bitcoin it will be very bad if the price goes below $ 10,000. Many investors will lose money.

[J. Cooper]

If this is the way all the new people in the space think then you guys will have a hell of a time the next couple of months. If you didn't anticipate this steep price drop, not even in the slightest manner, I find it really questionable that you're here in the first place. 45% drop in 100 hours huh? How about the 1,300% gain of bitcoin this year alone?

[jjacob]

it is up 2% and rise about 14,000$ now price is stable less than 15,000$ it is good price.

bitcoin was less than 12,000$ in 2017/Nov

Maybe the price will go down and even lower. For Bitcoin it will be very bad if the price goes below $ 10,000. Many investors will lose money.

Some investors have to lose money. Those who rushed in when Bitcoin was closing in on $20k must have lost money. Greed for quick multiplication of money has its downfalls. We need investors who believe in long-term potential of Bitcoin and won't rush out during times like this.

[zgrdyg]

This move is a necessary correction than a dump. Because Bitcoin price raised so quickly to 19000 usd from 12000 usd (correct me if I'm mistaken) so this move is healthy, in addition to that some people may want to take over their profits before holiday season or end of the year. So keep HODLing and invest in bitcoin.

[zby]

I don't really agree to your assumption that bitcoin never went such a dump in short time. According to this chart, there was a massive dump of 72% in 2010 and the last dump in November was also 30% in 4 days. There is nothing new in this dump. Yeah, the fall in USD must be quite high, but percentage wise it is just another dump.

This chart is amazing. Dump is the best thing that could happen to Bitcoin. We need that. We need separate the believers in a new world from those that only want another Ponzi scheme. We need that the dump closes some new coins and stupid projects. We need this blood and Red on the charts.

I don't know what exchange it is based on - but on MtGox (which was then the biggest exchange by a wide margin) the correction in April 2013 made the bottom in about 7 days (and was very close to the bottom in less than 3) instead of the stated 88 days. Also the minimum was about $50 instead of $63:


 https://bitcoincharts.com/charts/mtgoxUSD#igDailyzczsg2013-03-21zeg2013-07-20ztgSzm1g10zm2g25zxzi1gMACDzi2gRSIzv

[nl247]

It's fine.

The new investors are always the ones who get hit the hardest. They are the ones who make the price of the coins go up in the first place.

But yeah, if they did research, they would see that panic-selling in the past has always been a really horrible strategy.

On the other hand, if they did research, they would not have bought at 19k in the first place (crazy).

Apparently, they are the ones. It is good to have that experience anyway, for someone who really saw bitcoin as a get-rich-quick-scheme. Probably this time around, they will get to learn to understand what they are really into, while the ones who are not ready to learn and understand will definitely get scared away, only to come back later on in the future to see what they have really missed. Knowledge is needed in this world and it was just unfortunate the greed took over some people which was normal anyway and good we ended up having this correction.

[coinplus]

Actually it is very normal for this to happen in crypto-currencies trading, I guess the OP might be quite new to the crypto-currencies trading scene, and that is why he felt shocked to see this tremendous price dip in bitcoin, that is one of the reason why bankers and analyst warn a lot of investors to take extreme caution when trading in crypto-currencies due to the huge volatility.

Absolutely normal. That even showed the extent at which so many of these newbies were just busy buying for the wrong reasons and why so many of them allowed whales to get the best of them while they were busy losing and donating the little they have to them.

Lots of times, we have said it already that a lot of people do not even have an idea of the reason they are investing except for the fact that they wanted to just get rich quickly and though bitcoin would be the saving grace and not knowing it takes, knowledge, patience and understanding to get the best of bitcoin.

[Kevin77]

Yeah, hopefully this slump will go away soon.

I would even prefer to believe that it was just temporary bad news (the factors you mentioned and others) that caused the price to drop, but as I was cautious about CME futures and the new incentive for market manipulation, others plowed ahead and skyrocketed the price.

Then, the price kept going up even as it was parabolic, which should have scared most reasonable people, IMO.

Anyways, hopefully people will scoop up what the panickers left behind.

The thing is that there would always be those who would panic and there is no way we can separate them from the market, but the thing is that they usually learn their lessons after the first incidence and that is what makes it even better.

Like you said, it was a scary bullish move within a short period of time but it was so much expected that this would happen. It is good it did and this gives room for the real believers to buy back more into bitcoin for the long ride and this is also not the first time this would happen.

[katrimans]

Actually it is very normal for this to happen in crypto-currencies trading, I guess the OP might be quite new to the crypto-currencies trading scene, and that is why he felt shocked to see this tremendous price dip in bitcoin, that is one of the reason why bankers and analyst warn a lot of investors to take extreme caution when trading in crypto-currencies due to the huge volatility.

Prices come down and then again go up there is no risk in it those who are smart can make profit from both types of time and don’t listen to the bankers they are jealous from the progress of bitcoin and only thing they want to do s to stop bitcoin because bitcoin is real threat to the existence of banks and yeah that’s true bitcoin is volatile but when profit of millions comes that is also because of volatility buddies,