Crypto falls to lowest price since February – Why is BTC falling?

[RandyGamage]

BITCOIN has suffered its worst day since February as the price tumbled, prompting fresh fears about the long-term viability of cryptocurrencies. So why is BTC falling?

https://steemitimages.com/DQmPmCeDRRLceEpNVfopQsiUSxGcFojsX8ka8iVXtuQ6LWR/1.jpg

In December, the crypto reached a record high of $19,511 (£14,588), the culmination of the hype over the alternatives to traditional currencies. Today, the price of BTC dropped as low as $6,498 (£4,858).
This brings the downward slide for the year to more than 50 percent already.

Why is BTC falling?

Experts are citing various reasons for the massive drop in BTC’s value this year.
There are the issues of regulatory concerns, dwindling transactions, sky-high power consumption, and criticism from the world's established financial industry. However, bitcoin and other cryptocurrencies have seen a sharp drop since South Korean cryptocurrency exchange Coinrail was hacked over the weekend. Coinrail, which is thought to have lost around £28m in the cyber attack, tweeted to confirm the hack on Sunday.

Shortly after, bitcoin saw its value tumbling by 10%. This latest attack highlights the lack of cybersecurity and weak global regulations of crypto markets. Coinrail said in a statement that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30 percent of the coins traded on the exchange.

The statement added: “Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]."

https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Coinrail-tweet-1378709.jpg?r=1528839678558

“Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies," the statement continues.

“For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”

Korean police have begun an investigation into the incident. Bitcoin has been further hurt by damning reviews from industry leaders.

Bill Gates, Berkshire Hathaway's Warren Buffett and JP Morgan chief executive Jamie Dimon, expressed their scepticism of Bitcoin and cryptocurrencies again last week.

Warren Buffet has called BTC “probably rat poison squared.”

A few big names, such as  Twitter's Jack Dorsey and Apple co-founder Steve Wozniak, have thrown their weight behind crypto, but supporters from the finance world are a rarity right now.

In May, the crypto sector found itself under increasing government scrutiny when the US Justice Department opened a criminal probe into illegal trading practices that can manipulate the price of Bitcoin and other digital currencies.

Courtesy: www.express.co.uk

[MarchionessBold]

The price of the crypto market has dropped down and bitcoin price also dropped. It is very common, the price of liquidity-based markets is always worthwhile. The crypto market or bitcoin is dependent on liquidity. So here also the price will be grow up or down its normal. I think the crypto market and Bitcoin will turn around.

[robertcross07]

Worth an article. I think many of us are thinking much. BTC fallen because of the usual volatility. I suggest not t6o worry much though many of us has been loosing a great amount of hope and values. I suggest, please be patient and think thoroughly. Hypes, pumping etc will remain everywhere, as in a place like this volatile market. The news was interesting to read. Would like to know more from you.

[strongman8]

Very good article.  I however feel this is all being manipulated down.  I feel that the bankers/elite are attempting a hostile take over.  This is the shakeout to get you to panic sell to them.  Once they have gotten all they can squeeze we will have a sharp rally which will not decline back to these levels. 

[21BTC100ETH]

No one seems to understand what is really happening to the market. We all thought it was recovering, but now it is going down again.

[AlvinJetton]

If you are well aware of the market situation you would not say this. BTC is not falling, rather I would say it is having consolidation. The hash rate of BTC is at an all time high right now. Which means miners are still mining BTC with twitch the effort. Which in return will see a lot of increased demand for BTC among the investors in coming days.

[hasimkamal]

I assume BTC is falling as a usual manner though it seems very high in rate. BTC market is evolving and this makes more chance in volatility and probability issues. That makes the market more looking serious falls and bull runs for BTC. ETF hype, news and over curiosity are the reasons for the falling of BTC in the market.

[criptogenious]

Actually I think rejections of bitcoin Etf as well as the banning of crypto currency by different governments are the main cause of such fall. Moreover rumors are also adding fuel on this. I think this will not continue longer.

[passioncrypto]

The recent rejection of Wiklevoss' ETF caused the market to fall a bit which I think. However, the good news is, people have moved to mining again which will create increased demand among the people who want to purchase BTC directly. This will definitely make the price rise again.

[SaraMartin1212]

Bitcoin is in a downward trend. There is more selling pressure on buyers. In an immature market like Bitcoin, there are more traders and individual investors than programmatic vital institutions and software that tend to reduce price volatility. And in developed markets, there is often little "FOMO" syndrome in the case of Bitcoin that increases asset volatility. Dilution of Bitcoin there is no other way Bitcoin has to divide itself into more coin types like Bitcoin, Bitcoin Cash, and Bitcoin Gold. When Bitcoin is itself competitive (in a way), it makes the market unstable and creates unnecessary noises. When players like Roger Ver, the owner of Bitcoin.com, use the site and influence himself to advertise Bitcoin Cash with his investment and beliefs, create a situation where no one is real. Know what to support and invest in. Especially for new investors. They must strive to monitor the development of the market. The dilution of a property is never good for the price, but it can be useful for the ecosystem. There are more funds for different technologies to solve various problems. This can improve the future of varying cryptocurrency.

[ajuelnah akun]

I'm sure, the fall of bitcoin yesterday was due to the act of a PAUS who sold large-scale assets, which caused bitcoin to fall.
he did damb!

[Panda Trump]

Very good article.  I however feel this is all being manipulated down.  I feel that the bankers/elite are attempting a hostile take over.  This is the shakeout to get you to panic sell to them.  Once they have gotten all they can squeeze we will have a sharp rally which will not decline back to these levels. 

Growing some conspiracy theory vibes over there, mhm?

I hope that was a joke response, since it makes no sense for the "bankers/elite" to do that...

[pixie85]

In December, the crypto reached a record high of $19,511 (£14,588), the culmination of the hype over the alternatives to traditional currencies. Today, the price of BTC dropped as low as $6,498 (£4,858).
This brings the downward slide for the year to more than 50 percent already.

Maybe on some insignificant exchanges. The low was was 6900 on Bitfinex.
We have a press section on bitcointalk. Would you mind moving articles to that section so that they're not spamming bitcoin discussion?

Actually I think rejections of bitcoin Etf as well as the banning of crypto currency by different governments are the main cause of such fall. Moreover rumors are also adding fuel on this. I think this will not continue longer.

What rejection? Winklevoss ETF was rejected months ago. This was only their appeal.

[Drobek]

The recent rejection of Wiklevoss' ETF caused the market to fall a bit which I think. However, the good news is, people have moved to mining again which will create increased demand among the people who want to purchase BTC directly. This will definitely make the price rise again.

Very true. The rejection caused the downtrend from the $8000 we enjoyed just for some few days. But there's a lot of good news coming in everyday but its haven't affected the price to rise. Very soon all this will come together and the price will spike. November

[YuginKadoya]

This is an old news and some in the community was shock and would speculate that the price will sure go down, Back then the price of BTC was on a brink of going down because of the bear market, we think that the floor would be $7000 mark and the price will never gonna go down any further, But this news had hit the internet and maybe on the mainstream media as well, That floor that we are speculating about had drop significantly because of this terrible news, The price is still coming down I really this because of some fearful hodler that back down from a read market or ETF negativity about cryptocurrency was at fault.

[francesyrus]

It is being manipulated by big whales in the market. Not only BTC is falling down almost all cryto currency had been down since February, 2018.

It can be also down because of newbie in the market with weak hands that sell their coins when they see market is falling instead of holding it.

[bitfocus741]

there can be severial reason behind of the price falling, so nothing can be specificaly identify but yes investors activities are also can be reason behind it after everything our patience and support is very important so we all are looking forward this from the users

[chaoscoinz]

BITCOIN has suffered its worst day since February as the price tumbled, prompting fresh fears about the long-term viability of cryptocurrencies. So why is BTC falling?



In December, the crypto reached a record high of $19,511 (£14,588), the culmination of the hype over the alternatives to traditional currencies. Today, the price of BTC dropped as low as $6,498 (£4,858).
This brings the downward slide for the year to more than 50 percent already.

Why is BTC falling?

Experts are citing various reasons for the massive drop in BTC’s value this year.
There are the issues of regulatory concerns, dwindling transactions, sky-high power consumption, and criticism from the world's established financial industry. However, bitcoin and other cryptocurrencies have seen a sharp drop since South Korean cryptocurrency exchange Coinrail was hacked over the weekend. Coinrail, which is thought to have lost around £28m in the cyber attack, tweeted to confirm the hack on Sunday.

Shortly after, bitcoin saw its value tumbling by 10%. This latest attack highlights the lack of cybersecurity and weak global regulations of crypto markets. Coinrail said in a statement that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30 percent of the coins traded on the exchange.

The statement added: “Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]."



“Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies," the statement continues.

“For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”

Korean police have begun an investigation into the incident. Bitcoin has been further hurt by damning reviews from industry leaders.

Bill Gates, Berkshire Hathaway's Warren Buffett and JP Morgan chief executive Jamie Dimon, expressed their scepticism of Bitcoin and cryptocurrencies again last week.

Warren Buffet has called BTC “probably rat poison squared.”

A few big names, such as  Twitter's Jack Dorsey and Apple co-founder Steve Wozniak, have thrown their weight behind crypto, but supporters from the finance world are a rarity right now.

In May, the crypto sector found itself under increasing government scrutiny when the US Justice Department opened a criminal probe into illegal trading practices that can manipulate the price of Bitcoin and other digital currencies.

Courtesy: www.express.co.uk

This article pretty much sums it up for me. The regulators, the hacks, the ico's, etc. All of these factors are contributors to the decline in the price. When people are in doubt, they fear. When they're in fear, they panic. When they panic, they usually start selling. Supply and demand is the name of the game, so if you bring the trust back, people will lose their doubt and possibly reinvest.

[bombie1]

BITCOIN has suffered its worst day since February as the price tumbled, prompting fresh fears about the long-term viability of cryptocurrencies. So why is BTC falling?

https://steemitimages.com/DQmPmCeDRRLceEpNVfopQsiUSxGcFojsX8ka8iVXtuQ6LWR/1.jpg

In December, the crypto reached a record high of $19,511 (£14,588), the culmination of the hype over the alternatives to traditional currencies. Today, the price of BTC dropped as low as $6,498 (£4,858).
This brings the downward slide for the year to more than 50 percent already.

Why is BTC falling?

Experts are citing various reasons for the massive drop in BTC’s value this year.
There are the issues of regulatory concerns, dwindling transactions, sky-high power consumption, and criticism from the world's established financial industry. However, bitcoin and other cryptocurrencies have seen a sharp drop since South Korean cryptocurrency exchange Coinrail was hacked over the weekend. Coinrail, which is thought to have lost around £28m in the cyber attack, tweeted to confirm the hack on Sunday.

Shortly after, bitcoin saw its value tumbling by 10%. This latest attack highlights the lack of cybersecurity and weak global regulations of crypto markets. Coinrail said in a statement that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30 percent of the coins traded on the exchange.

The statement added: “Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]."

https://cdn.images.express.co.uk/img/dynamic/22/590x/secondary/Coinrail-tweet-1378709.jpg?r=1528839678558

“Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies," the statement continues.

“For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”

Korean police have begun an investigation into the incident. Bitcoin has been further hurt by damning reviews from industry leaders.

Bill Gates, Berkshire Hathaway's Warren Buffett and JP Morgan chief executive Jamie Dimon, expressed their scepticism of Bitcoin and cryptocurrencies again last week.

Warren Buffet has called BTC “probably rat poison squared.”

A few big names, such as  Twitter's Jack Dorsey and Apple co-founder Steve Wozniak, have thrown their weight behind crypto, but supporters from the finance world are a rarity right now.

In May, the crypto sector found itself under increasing government scrutiny when the US Justice Department opened a criminal probe into illegal trading practices that can manipulate the price of Bitcoin and other digital currencies.

Courtesy: www.express.co.uk

Well,the curves are obvious but time will tell .bitcoin ETF has been one of the factors this year that is causing a lot of drawbacks in the market. If we are able to get over that hurdle,we shall entered a bull run that never happened in history .Things will turn around only time will make things right.

[bitcoindigger71]

The fall took a pretty hard blow on us. But we need to see that bitcoin ETF and bitcoin itself are not related at all. The dismissal of ETF should not hamper BTC in any way, yet we have acted upon it. Let's hope thing will recover soon.