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Author Topic: Why is bitcoin plummeting?  (Read 8380 times)
brokenchair
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January 24, 2014, 05:29:15 AM
 #1

Bitcoin has not increased in value in 2-3 weeks and is now plummeting.  I'm not really understanding why since more vendors are accepting bitcoin, it's getting more renown, etc. 
A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases.  I'm obviously missing a core concept here so wtf is the deal? 
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January 24, 2014, 05:31:49 AM
 #2

I guess just not enough people are buying it  Huh

descarte
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January 24, 2014, 05:34:01 AM
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interesting that the value drops after tiger accepts btc. perhaps people are waiting for ebay or amazon to come in before investing in it again.
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January 24, 2014, 05:49:39 AM
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It could also be that TigerDirect does a larger volume of sales than Overstock (the price fell with Overstock too) They sell instantly so everything bought with BTC might as well be a "sell" order on the exchange.

It's natural for this to bring the price down. The price will go up as confidence increases and as more investment and regular people come in.

Also, this is the last week of Jan, this was to be expected regardless because of the Jan 31 deadline in China.

The health of Bitcoin is increasing extremely fast. I'm buying now while the price is going down because in Feb it is likely to skyrocket.

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BTCisthefuture
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January 24, 2014, 05:58:12 AM
 #5

It's bitcoin being bitcoin.... no real point in watching hourly or daily or heck even weekly price swings and trying to grasp "why" its happening.


If I had to attach a reason though I would say

1) Larger retailers accepting bitcoin lowers the price because new money isnt coming in (people are spending old coins not new coins usually) and coins are being dropped back on the market as these retailers exchange them back to fiat.

2) People in China possibly taking out some profits to cover travel expenses and red envelope gifts the upcoming Chinese new year.


Or it could just be normal bitcoin volatility with no real reason behind it.

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jdbtracker
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January 24, 2014, 05:58:20 AM
 #6

Falling man?... in what world have you been? If the confidence is there, people are spending it... they have to withdraw their investment; It's easier to exchange it to buy at a store other than TigerDirect, sell orders too. It's back at 900... people want to spend.

I figure, they know they can buy more and whenever they get in, their money will always grow,

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KJO
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January 24, 2014, 05:59:46 AM
 #7

You know a tsunami is coming when the tide rolls backward away from the beach.


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January 24, 2014, 06:00:44 AM
 #8

It could also be that TigerDirect does a larger volume of sales than Overstock (the price fell with Overstock too) They sell instantly so everything bought with BTC might as well be a "sell" order on the exchange.

No, the drop started in China and continues there. TigerDirect uses BitPay, which cannot use a Chinese exchange as BitPay needs dollars, not yuans.

Bitrated user: nikolay.
RickJamesBTC
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January 24, 2014, 06:02:24 AM
 #9

It's all about transactions. More people using bitcoin every day. Don't worry about a 10% slow decline, it won't go down too far.

https://blockchain.info/charts/n-transactions?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

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January 24, 2014, 06:06:28 AM
 #10

agreed!, tsunami, we are just rolling in the tide right now.

And there are a lot of ways to analyze the market for Bitcoins, thousands of retailers accept it, it's the online currency, how many people trust it? how much? how often are people talking about it? What are the demographics? What do people want with it? Bitcoin really needs a PR firm to make it grow, but you take all those things and you come with the numbers to figure out how often people are exchanging it and what triggers them to exchange.

If you think my efforts are worth something; I'll keep on keeping on.
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January 24, 2014, 06:12:27 AM
 #11

don't worry, in bitcoin world what comes down eventually goes back up

on a serious note, all speculation now is focused and follows china's markets uncertainty until january 31
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January 24, 2014, 06:13:52 AM
 #12

One simple reason for that

1 BTC = 1,000USD no way!

That's why 1,000 is a huge resistance to break, BTC tried many times and failed to break that.

The only solution to this is to shift the decimal point 3 places.

Now: 100US$ = 0.125 BTC
Shifting decimal point: 100US$ = 125BTC

I'm pretty sure if the decimal point was moved 3 places, there would be hundreds of people buying 100 bucks of BTC just for fun.









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January 24, 2014, 06:15:00 AM
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Is it true US dumping silk road coins tomorrow? If it is that's why.

RickJamesBTC
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January 24, 2014, 06:16:47 AM
 #14

It's a market, it has trends. It can be predicted and traded.

http://xchang.in/xcharts/blog/


Lots of good info, he's right more often than not.
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January 24, 2014, 06:27:51 AM
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Zoom out..
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January 24, 2014, 06:30:46 AM
 #16

Bitcoin has not increased in value in 2-3 weeks and is now plummeting.  I'm not really understanding why since more vendors are accepting bitcoin, it's getting more renown, etc. 
A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases.  I'm obviously missing a core concept here so wtf is the deal? 
Bitcoin is not a stock. It does not follow news. It follows supply and demand. If the flow of coins out is greater than the flow of fiat in, then it drops. Right now a dominant market participant is exiting the market, there is low volume, we are way above the exponential trendline, just rallied 800% 3 months ago, and haven't had a good capitulation in a while. All of these adoptions are not going to stop this type of momentum.
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January 24, 2014, 06:51:58 AM
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Bitcoin has not increased in value in 2-3 weeks and is now plummeting.  I'm not really understanding why since more vendors are accepting bitcoin, it's getting more renown, etc. 
A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases.  I'm obviously missing a core concept here so wtf is the deal? 
Bitcoin is not a stock. It does not follow news. It follows supply and demand. If the flow of coins out is greater than the flow of fiat in, then it drops. Right now a dominant market participant is exiting the market, there is low volume, we are way above the exponential trendline, just rallied 800% 3 months ago, and haven't had a good capitulation in a while. All of these adoptions are not going to stop this type of momentum.

Where do you see the next bounce coming TERA?

I am placing my bets on the $700 - $720 range, but am ever mindful of the potential for a proper capitulation event as the China exit nears.

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January 24, 2014, 07:03:46 AM
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I thought we were all in agreement that china was already priced in. ...
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January 24, 2014, 07:06:18 AM
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I thought we were all in agreement that china was already priced in. ...

?

All? Probably all dellusional bulls. Everybody who bought above 1000$, thank you for holding the bag.
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January 24, 2014, 07:19:46 AM
 #20

Bitcoin has not increased in value in 2-3 weeks and is now plummeting.  I'm not really understanding why since more vendors are accepting bitcoin, it's getting more renown, etc. 
A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases.  I'm obviously missing a core concept here so wtf is the deal? 
Bitcoin is not a stock. It does not follow news. It follows supply and demand. If the flow of coins out is greater than the flow of fiat in, then it drops. Right now a dominant market participant is exiting the market, there is low volume, we are way above the exponential trendline, just rallied 800% 3 months ago, and haven't had a good capitulation in a while. All of these adoptions are not going to stop this type of momentum.

Where do you see the next bounce coming TERA?

I am placing my bets on the $700 - $720 range, but am ever mindful of the potential for a proper capitulation event as the China exit nears.
I don't know. This has become too difficult to predict. I'm trading based on dynamic TA indicators and not based on set targets.
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