Sudden Price Drop! What's going on with the Market?

[Flight-87]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

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[troglobait]

just bitkoin reached a psychological mark of 10 thousand, now a little staggering. I think that by the summer the price will be about 13-15 thousand. And this is a great time to buy!

[xanaxxx]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

it's always like that, 10% price fall is just daily routine in crypto world, that is so volatile and therefore vulnerable to fud. I doubt you will find more simple minded unexperienced investors elsewhere than in crypto

[carlisle1]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

it's always like that, 10% price fall is just daily routine in crypto world, that is so volatile and therefore vulnerable to fud. I doubt you will find more simple minded unexperienced investors elsewhere than in crypto

First bitcoin never reached $10,000 few days ago and even weeks ago so i dont see what about that buying close.

But about the reason of falling maybe just like last January when MtGox moved huge amount of bitcoins and it happens again,thats why many investors ride with the trend so the outcome is falling prices,its another bloody market today and maybe for couple of weeks again,so get ready for dip and buy ,thats the right time to buy

[First77]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

People are there to sell at $10,000 after all the Bitcoin bashing by big names.

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

[dothebeats]

A steep correction, perhaps? There were no significant news circulating as of late so it might be a natural correction, or perhaps the Gox trustee dropped the bomb again on the market. Right now, this is pure speculation on our side and we will probably won't know what caused it. As of now, it seemed to have found a comfy place @ $8500 and hasn't moved down since. Key support level sits at $8200 and once that goes broken, we might find ourselves tumbling down hard again.

[thecodebear]

A steep correction, perhaps? There were no significant news circulating as of late so it might be a natural correction, or perhaps the Gox trustee dropped the bomb again on the market. Right now, this is pure speculation on our side and we will probably won't know what caused it. As of now, it seemed to have found a comfy place @ $8500 and hasn't moved down since. Key support level sits at $8200 and once that goes broken, we might find ourselves tumbling down hard again.

It was a combination of the largest korean exchange getting put on hold by police and the MtGox trustee dropping 8000 Bitcoin onto the market.

The mtgox thing is one time event (or well a series of one time events that have been going on since september) so the drop from that is over assuming all 8000 have been sold by now. The korean exchange thing could send the price lower or not depending on the outcome of it.

[ibuddy122505]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

I've always said, the volatility of crypto industry that's normal. The cryptocurrency market manipulating so many ways, then we're experiencing a bit-reaction of price movement. Everything becomes red all of a sudden.
Here what i read: https://cointelegraph.com/news/s-koreas-largest-crypto-exchange-upbit-investigated-by-police-markets-react maybe the reason of falling.

[buwaytress]

This just passed by me too, didn't even realise there was such a swing. But nothing out of the ordinary to me, really. I mean, we just witnessed a $1k jump weeks ago, also in minutes, also as inexplicable as today's "crash" which isn't even half as spectacular as that last big spike we had.

Some circulation news seems to pinpoint Mt Gox cold wallet moving funds and others seem to specify a related investigation. As always, analyses comes after hindsight. Nothing to worry about. Just wish I could have received some income now rather than during the past few days, is all.

[bill gator]

The market is just operating as it is supposed to. There are price increases and price drops. We are in the early stages of adoption, so it would be foolish to assume there will be any integrity attached to the price/value of Bitcoin until supply and demand has leveled out to some degree. There will be sudden price drops and sudden price increases, especially when the traditional "heads of finance" have had so much negativity to spread about cryptocurrency and Bitcoin recently. People see $10,000 within reach and they believe this is a good place to call it quits when it comes to the rollercoaster ride. Not enough of those recently adopting cryptocurrency usage are interested in long-term usage of the technology. Most are simply attracted to the idea of getting rich off a small investment, very quickly. This drives the price wild, as these people enter and leave the market by the millions.

[Febo]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

That is perfect for you that you didn't bought. Now you can get 15% more Bitcoins fro same money spent.  I guess goddess of luck was on your side. Make sure to buy before price goes back up. again.

[Tyrantt]

I believe I've read somewhere on the forum here that the dude from mtgox is dumping his coins, therefore lowering the price further. Can anyone confirm this or debunk? Haven't been following the recent happening lately.

[Slow death]

I see no major news out there.

this is very bad:

S. Korea’s Largest Crypto Exchange Upbit Investigated By Police, Markets React

and it's a big negative news

What could be the reason and how dip the price can go?

probably this is it:

Bitcoin Loses $9K Support As Markets React To S. Korea Investigation, Mt.Gox Sell-Off

is a guess, but I really believe that this is the reason for this price fall, which fell a lot

[eann014]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

It is just normal in my opinion, because as what I can see, bitcoin price slowly falling maybe because, in some minor reasons, it is not falling as big just like before. The price of bitcoin for me is still normal and I think we should be patient more and wait again to recover.

[KrishaBitcoin]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

It was MT.Gox who sell-off worth 8,200 Bitcoin and make the whole market truly affected here is the link https://www.ccn.com/8200-btc-moved-from-mt-gox-wallet-possible-sell-off-affects-bitcoin-price/. I heard that still they have 140,000 Bitcoin in their wallet but without links then this will be good as hearsay because if this is true and sell all of these Bitcoin then for sure Bitcoin value will fall to as low as $4,000. So i suggest we must be vigilant all the times to avoid future losses.

[r32godzilla]

Once again,bitcoin proves to be non predictable.However this price dip may help those people who missed the chance previously to buy bitcoins when it's price almost crossed 9,000 dollars two weeks before.

[LastJedi]

It seemed to hit the wall of $10,000 hard and recoiled back to low $8000 now.
There always is a reason behind a drop in price in a 24 hour period.
And it looked to have a domino effect all happening in this time frame.
-$10k barrier not broken
-Upbit with the loss of EOS in fraud case
-Mt.Gox trustee appending massive sell off from reserves
http://bgr.com/2018/05/11/bitcoin-prices-today-falling-reasons/

[Herbert2020]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

the Buffet + Gates news was a failed FUD which came out a couple of days ago. it is a failed one because price didn't move a penny after that but the media was filled with the bullshit all the same.
the price is still above the lower buy support so i still wouldn't consider this a considerable "drop", but just a testing of the bottom support to see how the market reacts. it is possible that some whales weren't satisfied with the amount of bitcoin they had accumulated so they had to do something about it and make some short term profit and gather some cheaper coins at a good discount.

[Reatim]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

the Buffet + Gates news was a failed FUD which came out a couple of days ago. it is a failed one because price didn't move a penny after that but the media was filled with the bullshit all the same.

Correct, the WB + BG FuD is a complete fail. The price didn't move. On the contrary those 2 looks dumb based on their assessment about bitcoin.

the price is still above the lower buy support so i still wouldn't consider this a considerable "drop", but just a testing of the bottom support to see how the market reacts. it is possible that some whales weren't satisfied with the amount of bitcoin they had accumulated so they had to do something about it and make some short term profit and gather some cheaper coins at a good discount.

They are really at a advantage from all of us. They have control and can dictate where the price should go. Its possible that someone manipulate the price from behind and in return needed more bitcoin because of greediness. And biggest impact though is the Mt. Gox trustee again. The ghost of Gox still haunts us up to his day.

[Seeker#9]

Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?

According to some, some possible reasons behind the present bitcoin dump are: The korea exchange upbit fud; CME gap of 8550; whales accumulations closer to Concensus investors explosion and another Mt. Gox news on transfer of 8200 to another wallet. Whatever the reasons, bitcoin can always go back to higher price in the coming days.