BTC falling like a rock

[babygun]

It's not even a 10% drop, so there is really not that much going on. For that reason it's quite funny when the price goes up like 10% people don't find it interesting, but when it falls 10%, they start freaking out.

Get your shit together and hodl through. It's normal for these price swings to happen, especially with how thin the market is. It only requires one relatively smaller dump to push the market down.

If the price falls down closer to the $8000 mark, which might not even happen at all, I will probably start buying some extra coins. The price broke through my buying range too soon, so this could be an opportunity for me.

There is indeed a small correction, but bitcoin is dropping less compared to other big coins such as ETH, LTC, ...
I agree with you, it's a nice opportunity to buy some more 

[vv181]

I don't think we have to worry the current market condition, its all expected nothing unreasonable. It is just a healthy correction from Bitcoin because in the last few days we have been rejected in the strong psychological resistance level which is $10k.

[tokeweed]

Hello guys,

Does anybody know why BTC is falling like a rock within last hours?

If there any specific reason or just a normal correction?

Thanks and cheers.

Kobayashi, Mt.Gox lead attorney has moved another 5k+ coins over the last 3-4 days it looks like. That could be a reason.
Another reason could be the search and seizure of the Upbit exchange in South Korea.
Furthermore there was not enough buy support to hold the 9k range. Sad but that's what probably made the price go down.

That could be it.  The market is obv seriously spooked with something.

On the other hand I wouldn't find it surprising if this is another just fud laden event to get everyone to sell crypto down.  Korea is the new China it seems.  Lol.

[thecodebear]

Bitcoin was dropping to its high-8000s support last night, but it broke through that because of the Korean exchange news. That is the news that is causing this fall.

[Lucius]

But I bet "East" is again guilty for this price drop -more precisely South Korea : http://news.cryptoofkorea.com/2018/05/11/upbit-suspected-of-fraud/

Timing is a bit odd, we were going down before this news was released, maybe some people in South Korea knew about the investigation beforehand and began to sell?

But if the Upbit news is the reason behind the dip, then I wouldn't worry too much about it. In January, bithumb was raided by police and there was a dip in the prices, but it lasted a couple of days. People should look at this dip as the perfect opportunity to buy some cheap alts or some BTC.

I do not know about timing, but there is a possibility that someone had information what will happen and start to dump coins, and since South Korea is very important market it has reflected on the price. The current situation shows us 900$ drop in price in last 24 hours, which does not look so good at all, but it does not look promising also.

However, maybe you are correct and price will start going up after Upbit case is solved - under the assumption not to end with some tragic outcome.

[Carlsen]

The news say that the largest exchange in South Korea (UPbit) has been searched by authorities.
UPbit allegedly sold coins they did not have and that would be fraud.
Bad news about major exchanges always drag the brice down. But experience from the last years has shown that this dips usually do not last very long.

[zerotu]

fluctuative is a normal on crypto right ?

[1Referee]

It's actually very simple, the market does the opposite of what the general public expects.

Know that when the mass starts speculating about an increase, it's unlikely to happen. If the mass actually believed that the price would increase, they would have bought and kept buying, but that's obviously not the case, which explains why the $10,000 level is more of an obstacle than most people were thinking initially. As always, empty speculation doesn't yield anything, actions do, and in this case it's a minor step back.

In the same way it happened with how most people believed we would have to go down a lot more in order to properly recover, and it went up without going down more, which again is an opposite market reaction. The most that we can expect from the market is to consolidate around current levels. It's pointless to speculate about increases when the incentive just isn't there; be happy with consolidation.

[Samarkand]

The news say that the largest exchange in South Korea (UPbit) has been searched by authorities.
UPbit allegedly sold coins they did not have and that would be fraud.
Bad news about major exchanges always drag the brice down. But experience from the last years has shown that this dips usually do not last very long.

If I understand the UPBit news correctly, they haven´t sold coins they
didn´t have. Instead an executive embezzled customer funds and transferred
them to an account in his own name. Therefore this doesn´t look like fraud by the company
UPBit to me and instead more like an executive that has gone rogue.

Anyway, I don´t think this news is responsible for any price action. No one
really cares about accusations of embezzlement against a Korean cryptocurrency
exchange (except the people directly involved). Besides, it was rather stupid from
the executive, because of the stricter regulations regarding Korean exchanges that
have been in place since a few months. It was obvious that the perpetrators won´t
get away with a scheme like this.

[Oasisman]

Seems someone trying to dump price before Consensus 2018 (which take place in New York on May 14-16). Ithink Bitcoin will countinure rally after this conference...

Exactly, just like what I thought. This is just a temporary pull back, some kind of dumping trick before the start of Consensus 2018 few days ahead.
It would rally up to $11k, thats my prediction.

[ongkok87]

Bitcoin was dropping to its high-8000s support last night, but it broke through that because of the Korean exchange news. That is the news that is causing this fall.

it's really true and most of the ones that make bitcoin prices to fall and fall it's caused a lot of bad news about the good name of bitcoin that happened this season

[harizen]

Hello guys,

Does anybody know why BTC is falling like a rock within last hours?

If there any specific reason or just a normal correction?

Thanks and cheers.

I don't consider it as a correction because a correction can't just be justified in just a short timeframe. That's why it called correction in the first place because it will be the aftermatch of the specific reasons why price decrease. So no, it's not a correction but maybe a normal price movement or there really is a sudden event happened.

But since there's a news about moved BTC's from MT. Gox wallet, we may considered this as "one" of the reason why price decrease started but we can't say totally that it's the specific reason. It's just that we can take that as reference if we are doing analysis out of charting.

Whatever the reason is, considered this time to increase your stash as waiting too much for more price decrease just to make another entry will result in regret.

[bengsabeng]

this is an ordinary thing, it is not possible the bitcoin price will always go up. do not panic we will soon see bitcoin prices exceeding $10k.

[carlisle1]

These statements has been published four days ago but I guess the impact was been injected today.

Bill Gates thinks investing in Bitcoin is crazy, Warren Buffett calls it rat poison
Warren Buffett says bitcoin is 'rat poison'

So you think such meaningless news from Warren Buffet who is spread FUD against BTC for years can have any impact on the price?Well, that's really funny, I suppose if Trump say that BTC is a SCAM we are going to 100$...

I think this is normal development of events, since price is stay too long just above 9000$ level and it is failed to break 10 000$ this was expected.Also there is some reports that MtGox is moving some BTC yesterday, maybe he dump it again.But I bet "East" is again guilty for this price drop -more precisely South Korea : http://news.cryptoofkorea.com/2018/05/11/upbit-suspected-of-fraud/

Yeah its MtGox again  whos the reason behind this dump,just like what happens last time,they have move another set of large volumof bitcoin


http://coindata.info/mtgox.php

There the last time I checked their site its more than 140,000 of bitcoin and not look at the volume

[First77]

There is no support/buyers for Bitcoin at $10,000. it is the "panic price" for traders cartel/gamblers since buyers at $6,000 will sell Bitcoin.   

I bought 10- BTC for 15 000. And now I want to sell only on 10 000. Be aware

[thecodebear]

Looks like a combination of the raid of the largest south korean crypto exchange plus the MtGox trustee selling off another 8000 Bitcoin today. There will continue to be periodic crashed probably for the rest of the year until the MtGox trustee is done selling their Bitcoin.

[Phenoca]

Bitcoin was dropping to its high-8000s support last night, but it broke through that because of the Korean exchange news. That is the news that is causing this fall.

What could justify the raid on Upbit? Didn't Assange tweet about the price hitting $10k on a Korean exchange? I will laugh if authorities were trying to freeze WikiLeaks' assets. The best way to stop whistleblowers is by being transparent   Oops my bad - different exchange. Gonna research Upbit. "local police believe the exchange has faked its balance sheets" yeah ok that doesn't explain the crash.

[Idrisu]

The current bearish trend is expected since bitcoin and others coins has have steady upwards price movement since end of last month. Traders are taking profits and this is not new to all us. You should not sell your holding out of panic because you are going to regret if price bounce back.

[Hell-raiser]

Hello guys,

Does anybody know why BTC is falling like a rock within last hours?

If there any specific reason or just a normal correction?

Thanks and cheers.

There's no demand and as people see that the bull run is over, they are trying to sell quickly while the price is still high. I don't think that we will fall below 6k, that mark seems to be a very solid support, but prices around 7-7.5k are quite possible. If there is a sideways market in Bitcoin, we are pretty much stuck in it for now. Summer is not a very good time for crypto on average, so more movement should be expected in the second half of the year, in August and thereafter.

Looks like a combination of the raid of the largest south korean crypto exchange plus the MtGox trustee selling off another 8000 Bitcoin today. There will continue to be periodic crashed probably for the rest of the year until the MtGox trustee is done selling their Bitcoin.

The rumor has it he still holds around 160k bitcoins. Let's just hope he doesn't sell them all at once in the open market.

[CryptoGuro1]

There is no support at 10k, I have been sitting out since the pump a few weeks back. Market will always have its ups and downs