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Author Topic: [2018-03-08] $800 in 1 Hour: Bitcoin Price Drops Big to Near $9K  (Read 54 times)
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March 08, 2018, 11:09:38 PM
 #1

Bitcoin's price nearly hit $9,000 on Thursday, a move that came hours after the cryptocurrency briefly went back above $10,000.

According to CoinDesk's Bitcoin Price Index (BPI), the price hit a low of $9,075.87 before recovering. At press time, the cryptocurrency's value is hovering around $9,287.00. The development is a notable one, coming roughly a day after the market saw a $1,000-plus drop during afternoon trading.



Observers attributed Wednesday's move to several factors, including issues at cryptocurrency exchange Binance, a warning from the U.S. Securities and Exchange Commission about exchange compliance and a report from the trustee of Mt Gox revealing that some $400 million in bitcoin and bitcoin cash had been liquidated over a several-month period.

It's less clear what drove today's market move. Indeed, some speculators on social media suggested that the price could test lower levels, with some predicting a slide to as low as $7,000. Should bitcoin's price fall below $9,000, it would represent the lowest level since Valentine's Day on February 14, market data shows.

Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today. Of those, cardano and bitcoin cash have dropped the most in the past 24-hours, falling by 8.59 percent and 6.95 percent, respectively.

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Source: https://www.coindesk.com/800-in-1-hour-bitcoin-price-drops-big-to-near-9k/

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March 08, 2018, 11:19:32 PM
 #2

I, too, think that btc will fall a lot more. I think It will hit at least 7k. I think the tax season has a lot to do with it... but mostly it's that Binance FUD. I mean, Binance is one of the biggest exchanges, asides from Bittrex.

So with binanace not allowing withdrawals, we're talking about lots of people scared to deposit or trade because they don't know if they can withdraw ever.


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March 09, 2018, 02:05:11 AM
 #3

So with binanace not allowing withdrawals, we're talking about lots of people scared to deposit or trade because they don't know if they can withdraw ever.
Stop falling for fud. Binance just temporarily disabled withdrawals because of how certain users have gotten their accounts taken over by hackers (not Binance's fault), so it's nothing more than a logical event.

Currently, Binance is allowing people to withdraw their coins again. I think you should do a bit more research before blindly posting something. One minute of research would have done it man, just one minute.........

If people think the Binance "hack" caused the price to go down, then you were/are obviously wrong.

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March 09, 2018, 02:04:50 PM
 #4

So with binanace not allowing withdrawals, we're talking about lots of people scared to deposit or trade because they don't know if they can withdraw ever.
Stop falling for fud. Binance just temporarily disabled withdrawals because of how certain users have gotten their accounts taken over by hackers (not Binance's fault), so it's nothing more than a logical event.

Currently, Binance is allowing people to withdraw their coins again. I think you should do a bit more research before blindly posting something. One minute of research would have done it man, just one minute.........

If people think the Binance "hack" caused the price to go down, then you were/are obviously wrong.

In my post, I neither stated that Binance was or was not hacked. I simply mentioned the Binance FUD, which was real -- people were FUD'ing.

And yes, Binance did suspend withdrawals. That also happened. And, I was merely stating that it's what contributed to the price dump.

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March 10, 2018, 12:41:41 AM
 #5

Bitcoin's swings are really very unpredictable much more so now that the price seems to have leveled at around $10 000 last month. The hourly increments seems to be in the hundreds of dollars and it may not be that far-off when the hourly swings would be in the thousands. Keep in mind that bitcoin will not behave like a regular currency so anything you know about Forex will not have that much of a direct correlation to bitcoin. It's more erratic than a startup's stocks as well so no help from there too.

Been doing some trading lately and having a good read on the cypto community's "mood" in social media gives you a few hours lead on where the swing may go. Hardly a good barometer when trading but better than nothing at all.
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March 10, 2018, 09:09:33 PM
 #6

I was merely stating that it's what contributed to the price dump.

there are people who are saying that one of the reasons that caused us to have this huge fall in the price is the announcement made by the SEC and I think they are right... people enter panic as soon as they read any bad news and this year that there are many governments taking tough measures we will have to get used to this price drop because every time the price goes up and some government take some hard measures will generate panic and price drop.

Bitcoin Drops Below $9K, Top Altcoins Down 16% On Global Regulatory News


The market downturn is likely in part caused by the March 7 statement from the US Securities and Exchange Commission (SEC) that all cryptocurrency exchanges trading securities are  required to register with the commission.

Quote
Pressure on the cryptocurrency market was also increased by the ‘Punishment Notices’ for 7 cryptocurrency exchanges issued by the Japanese Financial Services Agency (FSA) on March 8.

Quote
As Cointelegraph reported on March 8, multiple reports concluded that the current cryptocurrency downturn since late December is a result of a $400 mln sell-off between December and February by the attorney and bankruptcy trustee of Mt.Gox, formerly the largest Bitcoin exchange in the world, before it went bankrupt in 2014, following a major hack.


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March 10, 2018, 09:42:33 PM
 #7

So the justification for the drop in the last few minutes are just old news? I do not think that's enough. Moreover, they only pose as if the whole market were irrational. The truth is we need good news, very good news. And many people wait for some kind of security. The siege of the money launderer is closing, it is no longer as simple as it once was. Governments are investigating and creating laws. Mostly bad laws.

But these sudden drops in a matter of minutes are always related to some specific news. That most of people only come to know a few hours later. And often, they are stupid things that do not justify the fall and soon the price rises.

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March 10, 2018, 11:02:23 PM
 #8

Fluctuation is a normal thing for a speculative object such as bitcoin, since more people invest/buy bitcoin to make a profit instead of using it as a medium of exchange.
It's not so bad to see bitcoin drop below $8K as many traders and whales waiting to buyback. Consider every dip as a discount time to get more cheaper coins.

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March 11, 2018, 04:13:31 AM
 #9

So with Binance not allowing withdrawals, we're talking about lots of people scared to deposit or trade because they don't know if they can withdraw ever.
Stop falling for fud. Binance just temporarily disabled withdrawals because of how certain users have gotten their accounts taken over by hackers (not Binance's fault), so it's nothing more than a logical event. Currently, Binance is allowing people to withdraw their coins again. I think you should do a bit more research before blindly posting something. One minute of research would have done it man, just one minute. If people think the Binance "hack" caused the price to go down, then you were/are obviously wrong.

Unfortunately, there is no way to stop anyone to suspect anything against any exchange all because we are all afraid of losing money. People always have the tendency to doubt though we can also be risk-takers at times. Consequently, people who are into investing can easily be persuaded to believe that something can be wrong or that something will go wrong instead of the other way around. Anyway, once the dust is settled this issue can easily be forgotten. Binance is doing fine and is not going to the dustbin soon.


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March 11, 2018, 11:47:53 AM
 #10

So the justification for the drop in the last few minutes are just old news? I do not think that's enough. Moreover, they only pose as if the whole market were irrational. The truth is we need good news, very good news. And many people wait for some kind of security. The siege of the money launderer is closing, it is no longer as simple as it once was. Governments are investigating and creating laws. Mostly bad laws.

But these sudden drops in a matter of minutes are always related to some specific news. That most of people only come to know a few hours later. And often, they are stupid things that do not justify the fall and soon the price rises.

if something depends on news and news only,then it is not right
although I would agree with the statement about predominantly bad news at the moment
but what bitcoin really needs is not "good" news but to have more consensus
including things like Segwit,LN among others

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March 11, 2018, 12:27:42 PM
 #11

So the justification for the drop in the last few minutes are just old news? I do not think that's enough. Moreover, they only pose as if the whole market were irrational. The truth is we need good news, very good news. And many people wait for some kind of security. The siege of the money launderer is closing, it is no longer as simple as it once was. Governments are investigating and creating laws. Mostly bad laws.

But these sudden drops in a matter of minutes are always related to some specific news. That most of people only come to know a few hours later. And often, they are stupid things that do not justify the fall and soon the price rises.

if something depends on news and news only,then it is not right
although I would agree with the statement about predominantly bad news at the moment
but what bitcoin really needs is not "good" news but to have more consensus
including things like Segwit,LN among others


But since we are in a speculative market, every publicity (good or bad) really affect how the price move. However, we investors need not panic and do our homework to really understand what's goin on. Specially about the bitcoin supposed hack, which technically its not. And then the Mt. Gox trustee dumping really want cause this market to fall under the $9K price again.

This sudden drops for me looks like a clear panic selling of those who really don't understand and just decided to push the sell button. I'm sure that most of those are newbies, really hard lesson for them to learn. They should have at least hold, anyways, let wait it out and see how the price for this week moves when everything has settled down.

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March 11, 2018, 02:49:40 PM
 #12

This is expected because of too much happenings -- one which the US Securities and Exchange Commission's supposed imposition that these crypto 'exchanges' shall be registered, the other which concerns about Mt. Gox. You know, these factors are far way beyond our control. We cannot do something about it because they occur by nature of duty, management decisions, and etc. The only way we can remedy this is to try to HODL until we already progress from the amount of our investments. We cannot even prevent its happening, you know. Hence, let us resort to palliative remedies that sure works in time.

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