Price Drop Cause?

[Xpeela]

very true. everyone sold their coins on the same day cuz they all just realized that they havent bought gifts yet XD

lol.
How can I forget the x'mas present effect lol

[skyisthelimit]

seems to be going back up but wtf is going on???

[pauldulong]

New Chinese regulation prevents the Chinese people from buying BTC ... dropping large volumes ... probably because all the automatic trading bots have a loss order. Expected to go up but slow, so if you want to enter, this is the moment

[nastybit]

I agree with what SaltySpitoon said, after 2 days we still cannot find anywhere a valid piece of official documentation.
Combine China FUD with the general slowness around Christmas (hey, bitcoin is trading 24/7!) and you have what we see now.
I don't think we will go much lower than this, we are at 17/11/13 levels where the buig spike started (1D chart)

[Hunterbunter]

It's typical that after a boom in prices, new inexperienced investors get on board, watch the price start tanking, and panic. The coins were simply way overpriced on hype and are returning to find their true value. There is always some bit of news you can try to pin it to, but the fact is it's the same process every single time.

[MR2]

Youy guys forget about who's actually participating in BTC exchange. Sure, there are many people who actually do some research and listen what is happening in the world about BTC. But in the end, the most "brokers" are just noobs. They have no idea of nothing. They get scammed, they act impulsive. If price drops, they will panic sell, if they think prive will rise, they will blatantly buy.

Now is christmas - many ppl are collecting their winnings. Price drops. Panic Selling, price drops even more, even more panic selling. This year is done, wait for after xmas.

And always remember WHO is participating (and therefore shaping) the market. There is no reason to use the same logic in BTC xchange like you would do on good old xchange.

[Holdaaja]

Two words, X-mas and panic.

[cowandtea]

Well, its good time to buy now... remember the silkroad panic?

[gooryheta]

Seems China might ban buying Bitcoins, so this Christmas I will be able to buy some new cheap Bitcoins.

[Holdaaja]

Seems China might ban buying Bitcoins, so this Christmas I will be able to buy some new cheap Bitcoins.

http://imgur.com/VEQaSXp?desktop=1

They can try

[Lussekatten]

It's all about what we think bitcoin is worth. My mind like 3 month ago, was that bitcoin will not go over 500 dollar mark but it did and went up way more that i thought was reasonable to me. But hey, soon enough it maybe will come up to that price range again. on the other hand is that the news about china and everything (cuse they sell and buy a lot of coins) got spooked about the government policy and went all bananaz.  (see the crasch of 1929) But news that demmark is allowing bitcoins and litecoin is a good news.

and the best part right now is just to buy in to bitcoin so that the price will go up  

[sealberrder]

and the best part right now is just to buy in to bitcoin so that the price will go up  

Not because of this, just buy if you think Bitcoin have higher value to you

[Ch1bi]

bitcoin was suppose to be an alternative to the establishment and not some speculative instrument traded by bots to later...transfer it all back to fiat and make a quick buck from it at the expense of everyone else...not to mention...that as in fiat...also in bitcoin...    

It's funny that you mention this.. a lot of things that were intended for a specific use aren't used for that specific purpose; take Viagra for example.

[mearylll]

bitcoin was suppose to be an alternative to the establishment and not some speculative instrument traded by bots to later...transfer it all back to fiat and make a quick buck from it at the expense of everyone else     

Many traders do not end in profit. So those who does, deserve it for good predictions.

[LightningBlade]

Means its time to buy....

[scottjv]

All the talk about china has been bad for btc, we need some good news now

[Captain Gadget]

It looks like they are hovering around $550...? Could this be the stabilizing price??  50 ys ago i had quite a coin collection as a kid...any 1 have any idea where i can get an actual physical coin??? Peeking my numismatic interests.

[%ooo:ooo%]

I think the price will go lower short term.  It's partly because of China, and partly because it was simply overbought.  Use the opportunity to buy at a low price.

[Kaligulax]

Bitcoin Drops 50% Overnight As China’s Biggest BTC Exchange Stops Deposits In Chinese Yuan

China’s biggest Bitcoin exchange, BTCChina, has stopped accepting deposits in Chinese yuan. The shutdown has sent the currency into a downward spin, stripping it of half its value overnight. It is trading at $572 on Mt.Gox, down from a high of about $1,200 last week.

[MR2]

The price drop started DAYS before china did anything. .. china has no big influence .. why is it? right, because market is full of noobs, that's why, that's why the general normal xmax exchange dropped the price and thats why many people are panic selling now :-)

You can just consider this as some sort of correction .. each correction is HEAVY because BTC has no actual value. The actual value of BTC is the value it has BEFORE the bubble. The real value of BTC is directly connect to usage of it - and that was more or less stable before the bubble - used in "dark places" as a good currency to exchange illegal goods. Doesn't sound good? Sorry, but that's what it is. And THOSE markets will find another currency which will work better than BTC does NOW - because BTC - with this volatility - is pretty useless for everyone and will keep everyone from using it in terms of payment or good exchange.

But true - you can still buy ASICS with BTC .. and all those funny things directly related to BTC and gold mining fever .. but in the end, that does mean nothing and is just a bubble. Ride the bubble when it is time too and accept reality when bubble is gone.

PS: Doesn't mean, that BTC will drop to zero. Just means, accept that it will drop massivily. I expect that it will lose grip to the state it has 1-2 yrs before. This bubble drop will just eliminate many of the noob players which are responsible for the fast price rise (indirectly)