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Author Topic: What is the reason behind the current crash?  (Read 190 times)
zhekinsp
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March 09, 2018, 05:11:37 AM
 #1

Today the price of bitcoin crashed again $1000 and it is currently valued under $9000,and still falling so can you explain me what is the reasons behind it.I don't think BInance hack rumors is the reason because ceo of binance already told that all funds are safe.Then what causes this price fall?

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March 09, 2018, 05:27:17 AM
 #2

Today the price of bitcoin crashed again $1000 and it is currently valued under $9000,and still falling so can you explain me what is the reasons behind it.I don't think BInance hack rumors is the reason because ceo of binance already told that all funds are safe.Then what causes this price fall?

market is scared of Kobayashi who will be proven (in time) to be as adept in trading as BOE was (which sold gold for $250).
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March 09, 2018, 06:29:16 AM
 #3

Today the price of bitcoin crashed again $1000 and it is currently valued under $9000,and still falling so can you explain me what is the reasons behind it.I don't think BInance hack rumors is the reason because ceo of binance already told that all funds are safe.Then what causes this price fall?

market is scared of Kobayashi who will be proven (in time) to be as adept in trading as BOE was (which sold gold for $250).
Yes, it is true!
IMO in the next month we will be back as usual and the price will look back to normal.
we just need to fix small mistakes, so that we always be given a profit.
this situation makes traders panic, but this is very profitable for investors.

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March 09, 2018, 06:42:58 AM
 #4

Today the price of bitcoin crashed again $1000 and it is currently valued under $9000,and still falling so can you explain me what is the reasons behind it.I don't think BInance hack rumors is the reason because ceo of binance already told that all funds are safe.Then what causes this price fall?
I really don't know why the bitcoin price is crashing again but I think the price will fall more and people keep saying it will hit under $7K again,so it will create the FUD and will result in the price crash.

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March 09, 2018, 07:36:45 AM
 #5

Today the price of bitcoin crashed again $1000 and it is currently valued under $9000,and still falling so can you explain me what is the reasons behind it.I don't think BInance hack rumors is the reason because ceo of binance already told that all funds are safe.Then what causes this price fall?

That's what the CEO claims. Nothing to back it up, really.

People are panicking at this stage. In addition to Binance, they are also worried about a wide range of other things that just coincidentally came out in around the same time that triggered this significant drop in price both today and yesterday.

e.g. Mt Gox supposedly dumping their stash, SEC's new regulations, as well as the potential binance hack.

$9k didn't hold, but I expect $8k to somewhat hold. Could potentially still go down to $7k or so before stability, though.

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March 09, 2018, 08:37:10 AM
 #6

Today the price of bitcoin crashed again $1000 and it is currently valued under $9000,and still falling so can you explain me what is the reasons behind it.I don't think BInance hack rumors is the reason because ceo of binance already told that all funds are safe.Then what causes this price fall?

It's a bunch of reasons.
The Mt.Gox coins selling. The statement by the SEC regarding ICOs and exchanges for more regulations. The genereal market sentiment seems to be more bearish as some expected to be. The Binance situation may just triggered the actual dump, but I'm pretty sure it would have happened nonetheless.
We probably need some more months of consolidation. Don't expect too much this year in terms of price. Sure if we go up make new highs, wonderful. But I wouldn't count on that. Absolutely not.
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March 09, 2018, 09:04:14 AM
 #7


Yes, it is true!
IMO in the next month we will be back as usual and the price will look back to normal.
we just need to fix small mistakes, so that we always be given a profit.
this situation makes traders panic, but this is very profitable for investors.

But what is "normal", some people seem to think it is around $400.

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March 09, 2018, 09:06:32 AM
 #8

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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March 09, 2018, 09:11:35 AM
 #9


Yes, it is true!
IMO in the next month we will be back as usual and the price will look back to normal.
we just need to fix small mistakes, so that we always be given a profit.
this situation makes traders panic, but this is very profitable for investors.

But what is "normal", some people seem to think it is around $400.

We cannot know what is the normal price of bitcoin or any cryptocurrency because of its volatility all I know is the normal thing here is to pump and dump. $400 is normal price for some people who are lucky enough to buy at that price level before, the reason why cryptocurrency are dumping right now is because of those who listen to FUD news.
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March 09, 2018, 09:30:19 AM
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 #10

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.

Seems to me you have forgotten about the yearly revenue of mining blocks through transactions in your dismissal of BTC and comparing it to a pyramid scheme. As this block reward revenue currently stands at around $7 billion I would argue the price drop has NOTHING to do with the cost of mining at this point whatsoever.

https://blockchain.info/charts/miners-revenue
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March 09, 2018, 10:04:27 AM
 #11

The recent findings about the Gox coins that is being dumped on exchanges is one big factor for me, seeing that tens of thousands of coins had been dumped by the trustee even though the CEO of Kraken then offered this guy to just auction the coins while Kraken facilitates it. However, this trustee didn't listen and tends to do panic sells in a course of a few months that is getting the price into sure crashes. One thing is also the supposed hack made @ Binance even though the CEO clarified that no hack was made whatsoever and the funds are safe. Traders, especially bears have capitalized in these string of bad press towards bitcoin causing a major crash very recently.

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March 09, 2018, 10:44:09 AM
 #12

Today the price of bitcoin crashed again $1000 and it is currently valued under $9000,and still falling so can you explain me what is the reasons behind it.I don't think BInance hack rumors is the reason because ceo of binance already told that all funds are safe.Then what causes this price fall?
I read the news, is that the reason for the drop is the hacking of Binance (true or not) , The US Securities and Exchange Commission (SEC) stipulated the registration of trading platforms. And some reasons in Japan. I think we can take advantage of this dump.
SOURCE : https://cointelegraph.com/news/bitcoin-ethereum-bitcoin-cash-ripple-stellar-litecoin-cardano-neo-eos-price-analysis-march-8

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March 09, 2018, 10:47:12 AM
 #13

The Binance news was the reason behind the current crash and with my finding I think this 3 things cause the crash. Reason (1) it Friday and the coin cap market is closing for the weekend while the demand also fall. Second, the current situation in Japan and the Mt. Gox news.


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March 09, 2018, 11:04:46 AM
 #14

It always start with one bad news,but then few others follows-coincidence or not,I think someone is very good at manipulating with news.At the same moment Binance rumor is start to spread we see thousands of BTC are put in sell on different exchanges,good old panic selling is started,and only small % of people will profit again.

We have very similar situation recently,and there will be nothing strange if price dropped even lower.The question is whether 6000$ will be bottom this time or price can go bellow that.What I see in all this events is that someone is trying to maintains price bellow 12 000$ at all costs.

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March 09, 2018, 12:05:36 PM
 #15

So many bad news about cryptocurrency recently. But we will fight this and we will win. Just not a good time for crypto world.

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March 09, 2018, 12:10:45 PM
 #16

It seems to me that hacking Binance could not be the cause of the collapse of prices. I associate it more with large sales volumes. Previously, when bitcoin prices were below there was no point in selling coins for tax purposes. Now the price of coins is high and people are more likely to sell them to pay taxes. That means they don't have Fiat reserves. They all invested in cryptocurrency. In may, the price will be about $ 20,000.
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March 09, 2018, 12:32:32 PM
 #17


Yes, it is true!
IMO in the next month we will be back as usual and the price will look back to normal.
we just need to fix small mistakes, so that we always be given a profit.
this situation makes traders panic, but this is very profitable for investors.

But what is "normal", some people seem to think it is around $400.

when it comes to speculating about bitcoin price, "thinking" and a "saying what you think" are two very different things in most cases.
most people think something else and that is how they are trading but they say something completely different which is usually an exaggerated version of what they are really thinking. for example when someone things price will fall to $9000 and he actually places buy orders at $9000, he will then tell everyone how bitcoin is going to drop to $5000 because he wants his order to be filled.
and that works the other way around too, when they want to sell they say how it is going to $500k!

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March 09, 2018, 12:56:25 PM
 #18

It seems to me that hacking Binance could not be the cause of the collapse of prices. I associate it more with large sales volumes. Previously, when bitcoin prices were below there was no point in selling coins for tax purposes. Now the price of coins is high and people are more likely to sell them to pay taxes. That means they don't have Fiat reserves. They all invested in cryptocurrency. In may, the price will be about $ 20,000.

Indeed it's not. Binance in fairness was able to quickly look into what happened and the issued prompt and honest statements. It's mainly with the mt.gox dumping of btc and bch. And its probably not over yet as more btc is considered to be sold in the future.

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March 09, 2018, 01:30:51 PM
 #19

Seems to me you have forgotten about the yearly revenue of mining blocks through transactions in your dismissal of BTC and comparing it to a pyramid scheme. As this block reward revenue currently stands at around $7 billion I would argue the price drop has NOTHING to do with the cost of mining at this point whatsoever.

https://blockchain.info/charts/miners-revenue

This actually means that it costs miners 5 billion $ annually to maintain the network, but it costs the market 7 billion $ annually to maintain the miners.5 billion for the electricity and hardware to solve a problem that shouldn't even exist plus 2 billion for the service costs for the "industrialists" who run them. All of their "extremely important" work payed happily by the bitcoin speculator for only around 1000-2000$ per user annual cost.

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March 09, 2018, 01:43:33 PM
 #20

The Binance news was the reason behind the current crash and with my finding I think this 3 things cause the crash. Reason (1) it Friday and the coin cap market is closing for the weekend while the demand also fall. Second, the current situation in Japan and the Mt. Gox news.

Mostly it's from Mt. Gox news as they dumped $400M worth of bitcoin to pay the unused exchange's creditors. This huge amount had hurt so much the price now as it plunge in $8300 in just 24 hours however I'm more optimistic that after they all dumped their bitcoin the price will surge again to the moon.

Keep HODLing!
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