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Author Topic: Why is Bitcoin price tanking down? There seems to be no respite in the pricing?  (Read 232 times)
suzane18
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March 08, 2018, 04:08:44 AM
 #1

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?

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March 08, 2018, 06:11:12 AM
 #2

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?

Haven't you heard about the Binance supposedly hack?

https://cointelegraph.com/news/binance-reverses-irregular-trades-resumes-trading-amidst-community-confusion-about-hack

And then this:

https://mashable.com/2018/03/07/bitcoin-sec-statement-potential-illegality-binance-hack/

Followed by a big whale in Japan dumping his bitcoin. Bitcoin’s Tokyo Whale Sold $400 Million and He’s Not Done Yet

https://www.bloomberg.com/crypto

As far as investing, then this is the right time. Why? Bitcoin is cheap, you can buy more and accumulate it overtime. That's how successful traders do. Buy cheap and sell high. And then waited it out. It will eventually bounce back. But we don't know when. No one can predict the price movement. You need patience and mental toughness to not panic in this time of crisis.

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March 08, 2018, 06:39:53 AM
 #3

you don't need a reason for price fluctuations. it is the same thing that has happened twice  before, nothing has changed about that yet. price goes up to test the resistance and if it breaks it, we will see a breakout and if it can't there will be a drop where traders sell their coins to get the profit out and get ready for the next round of testing the resistance once again.

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March 08, 2018, 06:58:18 AM
 #4

Well, since the launch of bitcoin, its price has seen many ups and downs. At the initial phase, many people did not believe in the concept of bitcoin and have regretted. The ones who invested at the early stage have become millionaires as the prices reached around $1,000 per BTC. I agree that the price has decreased since its all-time high value in December 2017, but that is its volatile nature. There are predictions by technocrats that the bitcoin price will hit $40,000 by the end of 2018.

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March 08, 2018, 07:06:59 AM
 #5

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?

So apparently there was this issue with phishing on binance which caused people to sell or buy tokens that they would not otherwise have bought voluntarily. And that caused a panic on the markets because people suspected that binance was compromised at that point.

SEC also issued warnings about only exchanges that are not being regulated, which affected investor confidence.

I don't see any particularly big problems with both of these pieces of news, but investors usually will overreact when news regarding the regulation of bitcoin or any major trading platforms come out. And that is why prices are tanking at the moment.

Expect a further dip to around $9500 before a swift recovery, buying now is a good idea for either short term or long term investment.

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March 08, 2018, 07:13:57 PM
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 #6

Too many factors have coincided (keyword: "coincided") with very, very FUDdish news, which have been the catalyst of the fire ignited by the complete moron doing the Goxed coins to pay creditors.

So what happened is:

1) Noobs go to bitcoinwisdom
2) Noobs see big candle starting because of the dumping of Goxcoins
3) Noobs panic and google "Bitcoin news"
4) Noobs see the SEC news, see the Binance hack news, see the MtGox news... the spiral to FUDland begins and it's just a domino effect of selling

Once we are past all the noobs selling and all the Goxcoins sold, we will go back to 20k+ because as we've seen, the only reason we didn't keep growing was thanks to the stupid person in charge of the Goxcoins sold it on Kraken instead of OTC as anyone that isn't a complete clueless idiot or someone that doesn't want to damage the market price would do (and I think this was a plan to do just that).

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March 08, 2018, 08:39:28 PM
 #7

the only reason we didn't keep growing was thanks to the stupid person in charge of the Goxcoins sold it on Kraken instead of OTC as anyone that isn't a complete clueless idiot or someone that doesn't want to damage the market price would do (and I think this was a plan to do just that).

I've been wondering about this as well. It's like he is doing it on purpose. Jesse Powell recommended him to do otherwise, and yet he is dumping them on the market.
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March 08, 2018, 09:00:28 PM
 #8

A lot happenings around the world and the result is negative for bitcoin. I think this is just a short term fall so for me you’d better grab the opportunity now to make more money by buying more bitcoin at a cheap price, and don’t ever panic, just enjoy the market and have patience.
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March 08, 2018, 09:16:16 PM
 #9

1) Noobs go to bitcoinwisdom
2) Noobs see big candle starting because of the dumping of Goxcoins
3) Noobs panic and google "Bitcoin news"
4) Noobs see the SEC news, see the Binance hack news, see the MtGox news... the spiral to FUDland begins and it's just a domino effect of selling

And 5) Noobs sell their whole position (being 0.002 BTC). Come on Noobs dont make the market. Big money makes the market.
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March 08, 2018, 10:53:26 PM
 #10

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?

Haven't you heard about the Binance supposedly hack?

https://cointelegraph.com/news/binance-reverses-irregular-trades-resumes-trading-amidst-community-confusion-about-hack

And then this:

https://mashable.com/2018/03/07/bitcoin-sec-statement-potential-illegality-binance-hack/

Followed by a big whale in Japan dumping his bitcoin. Bitcoin’s Tokyo Whale Sold $400 Million and He’s Not Done Yet

https://www.bloomberg.com/crypto

As far as investing, then this is the right time. Why? Bitcoin is cheap, you can buy more and accumulate it overtime. That's how successful traders do. Buy cheap and sell high. And then waited it out. It will eventually bounce back. But we don't know when. No one can predict the price movement. You need patience and mental toughness to not panic in this time of crisis.

Well, maybe it doesn't bounce back, as you said, no one knows. Buying the dip sounds like a great idea in theory but in practice is really not, unless you have a ton of money to keep buying all the dips. Then again you don't even know if it's ever going to recover anyways and I'm not talking about the whole market, bitcoin could eventually fail and some other coin could take its place.



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March 08, 2018, 11:05:03 PM
 #11

I’m getting annoyed with this crap now, I’m not going to lie. I fear we could have a long bear market ahead.
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March 08, 2018, 11:08:37 PM
 #12

I think the only reason for dump is panic sales. The lies that have been spoken in the last 2-3 days may have caused this. Most people believe in these lies and sell whereas they have to save their money. And after the sale, the price of Bitcoin and all its altcoins goes down.

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March 08, 2018, 11:18:19 PM
 #13

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?
Its one and another that i read is the MTgox sells bitcoin. The last one that has a big impact to readers is the binance issue report that the API was been hacked. After all this it is remains not a problem as binance has a quick response that it was not been hacked.

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Kuschelweich
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March 09, 2018, 12:12:18 AM
 #14

Any idea when should one start investing more and when can we see an upward spike?

Pretty much everyone is wondering this and it's a very difficult question since there's nothing much to base what the bottom will be like an oversold RSI indicator for a stock before the recovery(If there is one), so it's pretty much anyone's guess.

About a month ago it was down to almost 7k before rising again, so that might be a good place to make a speculative investment, but I've never been great with catching the falling knife  Undecided
jtipt
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March 09, 2018, 03:33:33 AM
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Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?

So apparently there was this issue with phishing on binance which caused people to sell or buy tokens that they would not otherwise have bought voluntarily. And that caused a panic on the markets because people suspected that binance was compromised at that point.

Why aren't people over that yet? It was some trading bot AFAIK which caused that and since then binance reversed the trades and are saying that other than api key nothing is compromised. Seriously can one mishap of one exchange cause this level of dip in bitcoin?
fabiorem
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March 09, 2018, 05:21:21 AM
 #16

Why aren't people over that yet?


Because people are stupid, or fake stupidity on purpose.

You can explain a thousand times, it wont matter.

magneto
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March 09, 2018, 08:00:19 AM
 #17

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?

So apparently there was this issue with phishing on binance which caused people to sell or buy tokens that they would not otherwise have bought voluntarily. And that caused a panic on the markets because people suspected that binance was compromised at that point.

Why aren't people over that yet? It was some trading bot AFAIK which caused that and since then binance reversed the trades and are saying that other than api key nothing is compromised. Seriously can one mishap of one exchange cause this level of dip in bitcoin?

Because there are also other factors, it's not just binance.

But at the end of the day it's because people love to panic sell in these situations. When you see a sea of red on every single 24h movement of every crypto, including bitcoin, you're definitely tempted to sell. And the news with SEC actually haven't affected any exchange in the US as far as I know, people are just trying to predict the future without any consideration.

Prices are stabilising at around $8.8-9k and has been there for a few hours now.

It MAY go down a bit more before starting to consolidate at its bottom, but the bottom is close for this one for sure.

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March 09, 2018, 08:49:46 AM
 #18

I did think the 11.5k price was very high for the present time.  Even the charts say todays price is high for the last month.  So does this mean people should wait till price goes lowest for this month before buying.  If price goes all red then buy I'd say.    And hope it doesn't go down any more. 
Rajamuda
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March 09, 2018, 08:54:05 AM
 #19

I think the only reason for dump is panic sales. The lies that have been spoken in the last 2-3 days may have caused this. Most people believe in these lies and sell what they have to save their money. And after the sale, the price of Bitcoin and all its altcoins goes down.
Behind many predictions that are often deceive to many people, of course there're another news or other things that it's really real and makes the price going down.
I'm still sure regardless from that.. will be many people who're still thinking otherwise and direct it to a more positive and optimistic, there will still be many people who're will buying at the price that's going down.
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March 09, 2018, 08:58:56 AM
 #20

I'll make it really simple to everyone who can't understand why bitcoin value drops.

It costs around 5 billion dollars a year to maintain bitcoin mining. That includes the electricity and the development and production of machinery.

According to various sources there are around 5 million active bitcoin users. To me, this user count is too optimistic, but even with this optimistic count it costs 1000$ per year for a single bitcoin user to maintain bitcoin mining.

The only way for not having bitcoin holders pay for this circus with the value of their coin is to spread to new investors. That means that bitcoin needs minimum 5 billion per year just to maintain it's price. If this were a pyramid scheme, then every user would have to attract minimum 1000$ worth of new investments a year just to keep the pyramid from collapsing. As soon as the flow of new investors will slow, then bitcoin will start to collapse under its own weight and that is a lot of weight thanks to the inefficiency of PoW mining.

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