Why the price of bitcoin rapidly going down???

[Winedmeel]

Is it because of the large number of altcoins?

[Prettygirl01315]

Nope its because government are trying to minimize bitcoin which it can affect the prices of the market. Facebook and google are doing the ban as well and that can affect also the prices

[Ridwan Fauzi]

What? Is it because of the large number of altcoins? you have to know, the amount of altcoin and altcoin prices never affects the bitcoin price, but bitcoin can affect the price of altcoin, that's important for you to know.

Well, bitcoin prices are highly dependent on speculation and news that comes on cryptocurrency, like some countries are banning bitcoin, facebook banning cryptocurrency and the latest informatios is google will ban cryptocurrency. Such information will make the investor or bitcoin user sell the bitcoin he has, so the bitcoin price will decrease. So, looks like you should read news other than this forum, I suggest you to read on https://www.ccn.com it will help you.

[Raone]

As far as bitcoin is concerned, it is quite normal. It goes up very rapidly and also goes down rapidly.

[Dingdongjl]

Nope its because government are trying to minimize bitcoin which it can affect the prices of the market. Facebook and google are doing the ban as well and that can affect also the prices

Yes this is the reason why, facebook and google bans crypto because of the scam ICO's and many scam project I think they will find a better solution to this for the next coming months and the cryptoworld will rise again. Keep hodling on!

[litepresence]

Is it because of the large number of altcoins?

The value of altcoin never alter the bitcoin price, whereas the price of bitcoin will alter the value of bitcoin. Its all because of government, facebook is banning cryptos so investors are in panic to invest in it. So we should go always through the news whats happening, and we should never sell the bitcoin for low value in panic due to fake news or rumour.

[zhanyiguai261315]

Because of government regulation.

Government regulation has led some social media to make bad noises about BTC.

Google and Facebook started banning BTC ads.

Cause how to panic, sell BTC!

[mace15]

Is it because of the large number of altcoins?

The value of altcoin never alter the bitcoin price, whereas the price of bitcoin will alter the value of bitcoin. Its all because of government, facebook is banning cryptos so investors are in panic to invest in it. So we should go always through the news whats happening, and we should never sell the bitcoin for low value in panic due to fake news or rumour.

So many reasons actually come down why bitcoin price rapidly in down state. Like banning the crypto in some certain countries, and others fuds. These has the big impact the reasons price going down but never panic selling your btc.

[BillCoin]

Ofcourse large number of altcoins affect the bitcoin's price, as if there are 100 altcoins the total market cap of bitcoin is being splitted into those 100 coins, while if there are 1000 coins the total market of the cryptocurrency is being splitted between 1000 coins which is much more and results a lower price(usually we can see it as a lower dominance rate of bitcoin).

On the other hand, I believe that the the main reason of the decrease in bitcoin price is that the hype has stopped and there are not enough new buyers as it's always used to be.

[spartak-sbk]

Is it because of the large number of altcoins?

Altcoin does not affect the price of bitcoin, and bitcoin affects the Altcoin. We need to closely monitor the news, different news with negative content affect bitcoin, the worse the news, the more investors panic and do not want to invest in bitcoin and, therefore, it falls.

[Dr.Lecter]

do you think bitcoin will back to 3k$ guys?  

[palle11]

Nope its because government are trying to minimize bitcoin which it can affect the prices of the market. Facebook and google are doing the ban as well and that can affect also the prices

I do not think that any of the ban story either from facebook nor google or even the bid to regulate by government is responsible for the drop of bitcoin. The price is dropping from my point of view because it is ranging. It is preparing to take a move. My advise is to hodl. Technically,  this is not a time to sell.

[qwertyup23]

Is it because of the large number of altcoins?

The number of altcoins in the market is immaterial to the decrease on the prices of bitcoin. As was shown on this article: https://cointelegraph.com/news/btc-falls-below-8000-again-after-week-of-mixed-signals , it was mainly due to an individual selling large amounts of bitcoins in the market. Surprisingly, even prices of ETH and Ripple also decreased following bitcoin's turmoil.
This article: https://www.theguardian.com/technology/2018/mar/18/cryptocurrency-bitcoin-irs-tax also explained that investors in bitcoin faced hefty tax bills since the Internal Revenue Service mentioned that 'anything purchased with digital currency is taxable'. Maybe the government right now is being strict in terms of implementations of tax for regulations.

[BitcoinTurk]

Is it because of the large number of altcoins?

No, there is no relevance with the number of subcodes. Bitcoin is essential for subcontract trade, and this market is generally influenced positively. Seeing this decline in bitcoin price is both panic sales and mobility in the market. There are a lot of downturns and ascents, and whales are looking for opportunities. I think we will see the declines for a while and the market will move in this way. Serious bullishness may be waiting for us especially if it is towards the end of the year.

[pealr12]

Is it because of the large number of altcoins?

Nope ,but its because bitcoin is losing power .  Increasing number of altcoins does not affect the price of bitcoin but rather all altcoins price is depending on bitcoin.

[favelle75]

do you think bitcoin will back to 3k$ guys?  

no i don't think so. but it can go around 4500 usd in a  week. thats where i am going to buy back my coins.

[jinxing]

Today there is a lot of bad news about bitcoin and its existence in doubt. Facebook even gogle ban bitcoin ads. Investors are panicking and so many are skeptical of bitcoin, it also causes bitcoin to go down. Altcoin does not affect the bitcoin of the bitcoin that affects altcoin.

[Eternu]

Nope its because government are trying to minimize bitcoin which it can affect the prices of the market. Facebook and google are doing the ban as well and that can affect also the prices

I am not sure on which government you mean when you say that "they are trying to minimize bitcoin". Also, what do you mean by "minimizing bitcoin"? If you mean regulation of it, than yes, that can affect price. Also Facebook and Google did not ban crypto, they just stopped advertising crypto, there is big difference between those two. People should learn to read more carefully, that way we would not have so much panic. Readying more carefully would teach people to distinguish fake news from real ones, and what is hidden behind the lines.

[patt0]

Is it because of the large number of altcoins?

I has nothing to do with altcoins, as alts normally do what bitcoin does. Times like this proves that there is only one big name in crypto currencies and that is bitcoin. When things go south for bitcoin, the alts just follow and take even a bigger hit.

As for your question, the short answer is because most people are selling and not buying or holding. No reason to sell the coins though, so I can't actually tell you why bitcoin is going down. The news in term of development are actually decent, with LN getting closer to a release, so I think this is just temporary.

[jtipt]

On the other hand, I believe that the the main reason of the decrease in bitcoin price is that the hype has stopped and there are not enough new buyers as it's always used to be.

Correct. The immense hype from sudden increase from 1k to 10k and beyond has died out now, along with this the usual FUD and Mt.Gox are responsible for this dip. 20k or even 15k was overvalued for bitcoin, a gradual increase from this price is far more better for the market.