Why is bitcoin going down today?

[BrianBrianBrian]

BTC crashes $12.5 billion

BITCOIN has plummeted some $12.5billion from Sunday’s high as the cryptocurrency continues to struggle to maintain its growth. But why is bitcoin crashing today?

Bitcoin, the world’s biggest and best-known cryptocurrency, is currently trading at less than $11,300, according to CoinMarketCap - down from a high of more than $12,000 yesterday (January 28).

Its coin market capitalisation is now hovering around the $190billion mark, which is far below its December peak of nearly $335billion.

Bitcoin’s growth looked unstoppable last month, when it surged from less than $3,000 to nearly $20,000 in just a few months.

But the entire crypto market has faltered since the start of the year, with bitcoin’s closest rivals Ripple and Ethereum also struggling.

For more details, click the link below to watch the video.
https://www.express.co.uk/finance/city/911501/bitcoin-price-news-why-btc-going-down-crashing-today-cryptocurrency

Source: https://www.express.co.uk

[Enjel]

lol

This news is so misleading, out of context, and dishonest I don't even know where to begin.

However, pretty typical for MSN sources.

[Xardasim]

If you check today's price chart you will not see anything different from other crypto assets. Bitcoin bounces are common and well known during last 2 year. Price surely will come back and you will open a new thread about this price movement. So instead of crying try to catch pips on market Noone can predict future price precisely but do your best as trader

[ktabb]

Thinking about price changes in terms of changes in market cap (like $12.5 billion wiped off) is very misleading. Market caps can swing by tens of billions of dollars by only a handful of trades. In fact, technically it just requires one trade. If bitcoin has a market cap of $200 billion and Bob sells Alice 0.1 bitcoin 10% below the market price, all of a sudden the most recent bitcoin trading price implies a market cap of $180 billion, suggesting that this 0.1 bitcoin transaction wiped $20 billion off of the market cap.

The reality is that the market cap doesn't really represent the amount of money in crypto - just the amount of money that could be made in the impossible scenario where every bitcoin is instantly converted into cash at the same rate. Realistically if someone started selling that much bitcoin, the price would plummet and so would the market cap.

[YuginKadoya]

many post like these are yes very misleading to the true status of bitcoin, If newbies are seeing this there is no wait bitcoin had lost that kind of amount in the market considering right now we are getting bombard by panic sellers out of nowhere and eventually this is getting so much resistance in the value of bitcoin and like what I said in my previous post the manipulation on the price because of whales is still there, Or we are experiencing some correction right now.

[sjefdeklerk]

I think it's just several factors:

* The realization that BTC doesn't scale well and might not be suitable as payment system
* Governments cracking down on BTC
* Big banks in the last few days again declared BTC to be worthless (Goldman Sachs + Deutsche bank)
* Fear of tether manipulation which might crash the market big time if it turns out to be true

[bitcoinvamp]

BTC crashes $12.5 billion

BITCOIN has plummeted some $12.5billion from Sunday’s high as the cryptocurrency continues to struggle to maintain its growth. But why is bitcoin crashing today?

Bitcoin, the world’s biggest and best-known cryptocurrency, is currently trading at less than $11,300, according to CoinMarketCap - down from a high of more than $12,000 yesterday (January 28).

Its coin market capitalisation is now hovering around the $190billion mark, which is far below its December peak of nearly $335billion.

Bitcoin’s growth looked unstoppable last month, when it surged from less than $3,000 to nearly $20,000 in just a few months.

But the entire crypto market has faltered since the start of the year, with bitcoin’s closest rivals Ripple and Ethereum also struggling.

For more details, click the link below to watch the video.
https://www.express.co.uk/finance/city/911501/bitcoin-price-news-why-btc-going-down-crashing-today-cryptocurrency

Source: https://www.express.co.uk

Up and down is all a part of the cryptocurrency . There is nothing new here as if you would have seen the last 2 years stats then you would know that it is natural . No one here can predict the price of the future so just calm down . I think its good that its stable as there is no big increase and drop from a few weeks now. And please don't mislead the members by creating these threads as you would be the one who would again create a thread if the price hikes tomorrow which is not good.

[Coffee135]

A large part of the capitalization of bitcoins is speculative capital. Such capital is never stable. He constantly migrates. Perhaps the whales left the bitcoin in favor of other coins. For example Ethereum. Its market capitalization increased. But under certain conditions, this capital can also quickly return to bitcoin and the price will soar to the moon. Now we see the real price below which bitcoin will not fall.

[Altero]

Things may change and we accept the reality that bitcoin will still not on the higher for all times, and sometimes it will fall just what we have experience right now. It is not unusual to happen because it also happen in other forms of investment.
Some reasons may cause for these is just the war of bank owners against crypto which commonly used FUDs to diversify the communities interest towards crypto. Other reason is that, whales will something controlling the market trend, not exactly know the reason for this but for sure they actually generate money from this activities.

[slaman29]

I think it's just several factors:

* The realization that BTC doesn't scale well and might not be suitable as payment system
* Governments cracking down on BTC
* Big banks in the last few days again declared BTC to be worthless (Goldman Sachs + Deutsche bank)
* Fear of tether manipulation which might crash the market big time if it turns out to be true

Yes, if you're dealing with a well-known conventional asset/commodity. No for Bitcoin. Bitcoin has had all these exact same percentages and trends for years, without any of those points ever becoming important in its history. Think about it. All your points actually happened DURING the Bitcoin boom from 1k to 20k. All of that happened last year, not this year.

1. Scaling, big issue since 2016.
2. Government crackdown. At least since 2013.
3. Big banks putting Bitcoin down. Wow. Since 2011.
4. Tether. Again, old news, big since 2016 and last year.

[sjefdeklerk]

All of that happened last year, not this year.

You do realize this is news TODAY: https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc ?

If tether turns out to be fraud, then the market might crash with 80%: http://www.news.com.au/finance/money/investing/without-this-scam-bitcoin-price-would-collapse-fears-grow-over-tether-printing-press-as-auditors-part-ways/news-story/308503ab61f82d320e92847a0b59a23b

[Enjel]

All of that happened last year, not this year.

You do realize this is news TODAY: https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc ?

If tether turns out to be fraud, then the market might crash with 80%: http://www.news.com.au/finance/money/investing/without-this-scam-bitcoin-price-would-collapse-fears-grow-over-tether-printing-press-as-auditors-part-ways/news-story/308503ab61f82d320e92847a0b59a23b

Just FUD. Obviously USDT doesn't have the reserves, and I don't think anyone really cares, since all the financial institutions in the world are fractionally reserved.

USDT would not crash the market 80%, since it is not nearly large enough, and besides not too many will care.

So how would something like this crash the market similarly as back when there was only 1 major exchange, which turned out to have used bots to pump the price 10x, in addition to a massive hacking?

To short at ~17k or so is smart, since the run was clearly up.

If you really believe this, then just set a short at 9.9k, where we are at right now.

[BitHodler]

It doesn't yet have to be related to Bitfinex and Tether. Almost 2 weeks ago we have set a low of ~$9200 which we might be going to test today or tomorrow. If the price breaks through that mark, we then have to test $9000.

If the support doesn't hold that mark, then we can be sure of Bitfinex and Tether to be the reason for this decline. It would be sad to see the market go down because of this, but there is nothing that we can do to prevent it.

My plan is to accumulate all the way down till what the new bottom will be. Fiat on my savings account isn't rewarding, so I'll put it to work and have a decent chunk invested in Bitcoin if the price keeps falling.

[ktabb]

I think it's just several factors:

* The realization that BTC doesn't scale well and might not be suitable as payment system
* Governments cracking down on BTC
* Big banks in the last few days again declared BTC to be worthless (Goldman Sachs + Deutsche bank)
* Fear of tether manipulation which might crash the market big time if it turns out to be true

^^ This

This is the most rational view of bitcoin I have seen posted on this forum in a while. These are the big problems/threats to bitcoin, and they are why the price is likely to continue declining.