Why the *POP*?

[disclaimer201]

I stopped watching gox's price. China looking robust.

[eternaluniverse]

bitcoin cant go up from 1000 to 10,000 without some dips, would be suspicious

[windjc]

I stopped watching gox's price. China looking robust.

How is China looking robust? The chart looks like it wants to retest low. If it breaks below 5968, this is going to go lower.  In fact, next stop would be around 5000.  I'm not rooting for it, but we need to see some follow through on this recovery over the next 10-12 hours.

[disclaimer201]

Any price above 5400 CNY is a recovery from that weekend dip. If it goes below 6000 you might right. But I wouldn't bet on it.

[GigaCoin]

Today the price had a significant dip.

I've already heard many speculations about the reasons for it. Some say it's because of Black Friday, others because of this fake disclosed private addresses list.

What's your opinion? What caused it?

~W-M

Really i wouldn't call this even a correction, just a small dip, the price went down quick a couple of times and then went up quicker. I mean if you slept through it or you were walking your dog for a couple of hours for example and then checked the prices, you wouldn't have even noticed this happened! you'd be like "oh it dropped like $50 since i last saw it, k cool" but that's it.


We might see a real correction in the coming days.

[bitleif]

Every time it happens, more and more people become immune to these flash-crash manipulations.

[bitleif]

I've already heard many speculations about the reasons for it. Some say it's because of Black Friday, others because of this fake disclosed private addresses list.

What's your opinion? What caused it?

You're asking the wrong question. Why WOULDN'T it pop? Every indicator was pointing towards a correction - including the almost cartoon-like bullish sentiment on this forum a few days ago.

[piramida]

You're asking the wrong question. Why WOULDN'T it pop? Every indicator was pointing towards a correction - including the almost cartoon-like bullish sentiment on this forum a few days ago.

So, did it help against the sentiment? If anything, such a "crash" and immediate recovery reinstates it firmly - confirming, that 1k is not a fluke or a bubble, but a solid price foundation for the coming rally.

About the pop, wasn't the panic caused by some dumbasses believing that directory.io would lead to all possible bitcoin private keys being leaked? Was glad to see common sense winning quickly.

[niothor]

Well , looking at the charts seems like the pop is turning into poop and splashing all over.

[bitleif]

So, did it help against the sentiment? If anything, such a "crash" and immediate recovery reinstates it firmly - confirming, that 1k is not a fluke or a bubble, but a solid price foundation for the coming rally.

Well that's an axe that swings both ways, if 1k doesn't doesn't stick then it's pretty much a confirmed bubble.

[tdenisenko]

Why the pop?
Because sheep marketplace is down:
1) They dumped 5400 btc so the price dropped
2) Users of the site doesn't need their bitcoins anymore so they started selling

[notme]

What's wrong with being a weak hand? They will either learn the lesson, or go with their money in fiat.

Don't we need mass adoption? That being, not scaring away the 'weak hands'? Everybody here wants the 1 million USD bitcoin, yet everyone gloats when the noobs get hurt in crashes like these. It's a bit dual, isn't it?

If we want mass adoption in our lifetimes, we need the shakeouts.  Each time we get a new group of people, they need to learn not to panic every time the price stops moving up.  If we didn't have shakeouts, we would have a panic of epic proportions once we reach saturation.  I'm talking, a 95% drop that scares the public away from bitcoin for a generation.  It won't kill BTC, but you can kiss mass adoption goodbye for a few decades.

[Lewis2]

It wasn't that bad either, already back around $1000,- and fairly stable. Will hit 1200 again this month I think.