The real reason of the recent dip 6-22-2018

[Oasisman]

Ok, so everyone maybe looking for the reason about the recent dip from the last 24 hrs.

So heres the link : https://www.ccn.com/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7/amp/

I just wonder if this isnt a part of market manipulation or something like that, and they are just faking the theft? Because Ive heard ( not sure about it.) some exchanges were being investigated for market manipulation.
I would like to know your thoughts about this.

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[pooya87]

this dip had nothing to do with Bithumb because that hack is already too old a story to want to be affecting anything anymore. it happened 3 days ago  on June 20.

if you paid attention closely to how the market changed you could have seen that the drop is much bigger in the altcoins such as ETH and EOS. these coins have been getting dumped hard as people are leaving them. and when they do they usually are doing it on altcoin exchanges that don't have any fiat market. so they sell their altcoin to bitcoin then transfer bitcoin to another exchange like Coinbase for instance and sell bitcoin to get fiat. the result is that bitcoin falls because of the altcoin dumps.

which is why altcoin drops have been bigger than bitcoin's. because some people either sell for fiat directly or sell for bitcoin and hold bitcoin.

[Getcoinsite]

Ok, so everyone maybe looking for the reason about the recent dip from the last 24 hrs.

So heres the link : https://www.ccn.com/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7/amp/

I just wonder if this isnt a part of market manipulation or something like that, and they are just faking the theft? Because Ive heard ( not sure about it.) some exchanges were being investigated for market manipulation.
I would like to know your thoughts about this.

The dip had happen last night while the bithumb happens couple of days ago so this has nothing to do with this price dumping i believe what pooya87 says that the dropping of altcoins is much higher than what bitcoin has so lets not consider this as a problem instead make this a basis to invest in bitcoin as this proving the strength holding being top coin

[Oasisman]

this dip had nothing to do with Bithumb because that hack is already too old a story to want to be affecting anything anymore. it happened 3 days ago  on June 20.

Well, yeah maybe. I always thought issues like this could be digged for days and may affect or worsen the current situation.

if you paid attention closely to how the market changed you could have seen that the drop is much bigger in the altcoins such as ETH and EOS. these coins have been getting dumped hard as people are leaving them. and when they do they usually are doing it on altcoin exchanges that don't have any fiat market. so they sell their altcoin to bitcoin then transfer bitcoin to another exchange like Coinbase for instance and sell bitcoin to get fiat. the result is that bitcoin falls because of the altcoin dumps.

which is why altcoin drops have been bigger than bitcoin's. because some people either sell for fiat directly or sell for bitcoin and hold bitcoin.

Sounds convincing. I know a little about how the prices reacts when people dumped their altcoins to jump for another exchange. Only a huge number of people who do this could make an impact.
Thanks for enlightnening and sharing your thoughts as well.

[pooya87]

this dip had nothing to do with Bithumb because that hack is already too old a story to want to be affecting anything anymore. it happened 3 days ago  on June 20.

Well, yeah maybe. I always thought issues like this could be digged for days and may affect or worsen the current situation.

yeah i can see why you would think that and it sounds logical but history suggests that whenever a news comes out or even an expectation of a certain news the effects are instant. it sometimes happens even before the news comes out (the insiders).

the best example of an exchange hack and the drop is Bitfinex in 2016. when it was hacked nobody still knew it but the price experienced a small drop like ~5% then in an hour or two the news came out and the panic started. in less than 24 hours price had dropped about 20% and after 2 days it reached the bottom at 30% and by the third day it was over and price stabilized and even went up a little after that. in 10 days price went back to normal.
and it has always been like this with different type of news. for example when ETF was rejected last year we had a similar scenario. even rising is similar for example when the news about SegWit came out (i think it was in July) price went up in a similar fashion: small rise first then news comes out and a shoot up.

[ralle14]

I don't think they're faking the theft because afaik bitthumb is moving their funds and that's the reason behind the fee increase since yesterday. There's no point for Bitthumb to plan a fake theft. If it's only for the profit they'll surely profit more if their exchange is up riunning since they're one huge exchange. Also it'll only delay their operations and reduce the trusts of their users if they had the intent of faking the theft. Traders could be panicking or securing their profits after the slight increase few days ago before the hack happened.

[stompix]

this dip had nothing to do with Bithumb because that hack is already too old a story to want to be affecting anything anymore. it happened 3 days ago  on June 20.

if you paid attention closely to how the market changed you could have seen that the drop is much bigger in the altcoins such as ETH and EOS. these coins have been getting dumped hard as people are leaving them. and when they do they usually are doing it on altcoin exchanges that don't have any fiat market. so they sell their altcoin to bitcoin then transfer bitcoin to another exchange like Coinbase for instance and sell bitcoin to get fiat. the result is that bitcoin falls because of the altcoin dumps.

which is why altcoin drops have been bigger than bitcoin's. because some people either sell for fiat directly or sell for bitcoin and hold bitcoin.

They don't do that anymore.
Most of the exchanges have altcoin/tether pair when panic starts most rush directly to USDT, even BTC>USDT
Check these volumes
Bitcoin      $4,827,420,000   
Tether           $3,542,260,000   
Thether is currently bigger than ETH,EOS and BCH combined.

And about the hack, that was as you said a few days earlier and it involved ripple...
So, nothing to do with cryptos  

[CurrencyIntel]

From my perception the recent dip is not even slightly related to the Bithub. Because the incident has become too old already to affect the Bithub.

[Roche44]

I am agreed with @pooya87. He has described the reasons and explanations properly. You can follow the comment to know actual reason of current market dip.

[btyco]

We should be grateful that it is just one exchange in the same country. I'm thinking it was the north koreans but this is just a guess. Hopefully we will see at least a mild recovery next week

[TonyCharls]

There is no connections with bithumb also this is old news already everyone knows this also this occurred in 20 june also most of the altcoins are affected so they are coming through btc so best idea is to invest in btc so you can make up your loss also.

[neymarjunior50]

There is no single reason behind the drop of price of Bitcoin. There are many reasons that work behind the drop of price of Bitcoin. the hacking of Bithumb is not the only cause.

[shackleford]

this dip had nothing to do with Bithumb because that hack is already too old a story to want to be affecting anything anymore. it happened 3 days ago  on June 20.

if you paid attention closely to how the market changed you could have seen that the drop is much bigger in the altcoins such as ETH and EOS. these coins have been getting dumped hard as people are leaving them. and when they do they usually are doing it on altcoin exchanges that don't have any fiat market. so they sell their altcoin to bitcoin then transfer bitcoin to another exchange like Coinbase for instance and sell bitcoin to get fiat. the result is that bitcoin falls because of the altcoin dumps.

which is why altcoin drops have been bigger than bitcoin's. because some people either sell for fiat directly or sell for bitcoin and hold bitcoin.

I support your point of view. I also think that now just a dump of these altcoins. And every day more and more new ICO and new coins appear. I want to believe that some of them will survive the competition and will exist in a year or two.

[magneto]

Indeed, I don't think that Bithumb hack is the true cause of this dip at all.

In fact, if you remember the events that followed the Bithumb hack, there was pretty much no panic within the market at all. The prices corrected $200 downwards, but soon after, it came back to the original level between $6500-7000.

The main thing is still that market sentiment is bearish, and that we're currently in this bear market after the correction from the peak of the run up. It's as simple as that. It's not caused by any one event per se, but it's just a natural part of the price cycle.

[hukes]

Bitcoin has the potential to recover the problem. It is the best coin and it is the safest option for invest. I think price will increase in recent times. So don’t panic.

[AnonBitCoiner]

Ok, so everyone maybe looking for the reason about the recent dip from the last 24 hrs.

So heres the link : https://www.ccn.com/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7/amp/

I just wonder if this isnt a part of market manipulation or something like that, and they are just faking the theft? Because Ive heard ( not sure about it.) some exchanges were being investigated for market manipulation.
I would like to know your thoughts about this.

Thanks for the update buddy.Many had eager to know the reason for the crash in your.Bithumb confirmed $30 million was stolen from their wallet.This also reduced the new investment in bitcoin and Crypto.By overcome all this, bitcoin started to increase in price again.

[cryptoworld9x]

Ok, so everyone maybe looking for the reason about the recent dip from the last 24 hrs.

So heres the link : https://www.ccn.com/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7/amp/

I just wonder if this isnt a part of market manipulation or something like that, and they are just faking the theft? Because Ive heard ( not sure about it.) some exchanges were being investigated for market manipulation.
I would like to know your thoughts about this.

Thanks for the update buddy.Many had eager to know the reason for the crash in your.Bithumb confirmed $30 million was stolen from their wallet.This also reduced the new investment in bitcoin and Crypto.By overcome all this, bitcoin started to increase in price again.

It will happen at the future. Market is now so fluctuations.

[BitHodler]

Bitcoin has the potential to recover the problem. It is the best coin and it is the safest option for invest. I think price will increase in recent times. So don’t panic.

People are too stupid to realize that Bitcoin is the best and safest coin to invest in. But even if they did know that, they just wouldn't care since their only incentive to be here is to book profits through their altcoin investments.

It's pretty frustrating to see how people are acting like a bunch of fools just for profit, which takes away the utility purpose of coins. The only thing that matters is the speculative side of coins.

The similarities between the current crypto craze and the internet bubble back in the days are obvious. In most cases it concerns projects/startups not doing anything, but they are still worth billions. It's crazy.

[ontrackk]

Ok, so everyone maybe looking for the reason about the recent dip from the last 24 hrs.

So heres the link : https://www.ccn.com/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7/amp/

I just wonder if this isnt a part of market manipulation or something like that, and they are just faking the theft? Because Ive heard ( not sure about it.) some exchanges were being investigated for market manipulation.
I would like to know your thoughts about this.

Market manipulation is really possible imo, crypto markets are always manipulated with fake orders, pumps and dumps and so on. However, I don't think the governments should interfere because of that, the problem should solve itself with time as more money come in from different people and it becomes harder to manipulate the price.

[TonyCharls]

This dip has no connection with the bithumb which happened 3 days ago. The drop of altcoins are higher compared to bitcoins. Instead of making this an issue, the clever thing to do would be to invest more in bitcoins. Since this seems more like a profitable investment at the moment.