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

[bright4mech]

Crypto currency has been fluctuating in price values for over four months now, which is the bitcoin has been leading for a wide now and is the king in the crypto family, therefore the price of bitcoin and other alt-coin has come to let us know that is the right time to invest towards the community.

[AntonDalrymple]

The SEC didn’t approve the bitcoin ETF submitted by the winklevoss brothers so many investors might be selling of their BTC. But we have seen an all time high hashrate in btc mining and it keeps growing which means that demand is increasing. There is also another SEC hearing soon regarding the ETF. I am optimistic that we'll have good news and will see btc price going higher.

[cryptoking963]

I don't think it should be seen a bad signal that BTC has fallen, rather it has fallen due to the denial of ETF approval as of yet, but still remaining very high to the hash rate levels from miners, showing huge potentiality of demand consistency and bright future, for very soon approval from SEC. Once BTC, goes up which is very soon, altcoin will also come back to its momentum, as following BTC.

[MaruAlmen]

Aside from that, BTC was falling because lots of crypto enthusiast saw that there are some good crypto coins worth investing for, aside from btc. Last year was hyped year for btc because there are lots of news about btc that is worth cents before to dollars now and it was very pleasing to hear thats why lots of people bought btc and the demand was very high that the price goes up but as time goes by this year lots of ICO's been introduced and people bought this one instead of btc that is so high in price, expecting that it will go as btc in the future.

[pooya87]

Aside from that, BTC was falling because lots of crypto enthusiast saw that there are some good crypto coins worth investing for, aside from btc. ~

then how do you explain the fact that altcoins have been falling even harder during the bitcoin price drop? for example when bitcoin went down 5% each altcoin went down at least 5% and there were many which had up to 20% drop during this time.
if people were buying them then their prices should have gone up instead!

[yj300316]

In this year, there are more than 1 hacking cases of cryptocurrency happened. Maybe it is the reason this year crypto market not yet rising.
Everyone in cryptocurrency will need to find the knowledge how to securing the wallet to avoid hacking activity.
Cryptocurrency value has been increased much in dec 2017, it must be attracted some bad peoples to hack.

[indayburakday012]

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

Just wait and relax there could be another time for it to regain and show how truly bitcoin is and what it could offer to its investors. One should be patient and see how bitcoin will grown in the next few years of its existence or in the next few months of it. Since history may happen again and it could break another record for highest market price.

[Juggy777]

Relax, and cut some slack for bitcoins, this downfall was expected as people panicked on having the bitcoins etf rejected but this was not the main etf that would have changed but people are spreading the fud but just a matter of few days once people realise that the real etf of cboe is yet to get a verdict and it'll definitely be allowed the prices will shoot up.

[BlueSteel54]

I guess no one can tell the exact reason why crypto or bitcoin's price fall down we can only predict many reason and hoping that it will rise soon.

[noisybit]

for that matter I do not know for sure and I know that at this time the crypto market is experiencing a very sharp decline probably due to lack of market transactions or other things that cause the market to decline but it is only temporary may be for future markets Crypto will definitely experience an increase, especially if the new investor investor increases it will make the market recover, but it will take a while

[angelakrasnova]

in my opinion, due to the fact that bitcoin and many other crypto-currencies at the end of 2017 showed a lot of growth, on the mass of people and the government, it made a furor. And for it we undertook very much, because of this we now see a long fall.

[scrypt256]

Bitcoin price is depend on demand and supply and if investors demand will be high for bitcoin & altcoins than price will be in uptrend but we can expect some hikes in upcoming months because if we see history of bitcoin price chart than bitcoin is increasing day by day but any currency can't stay forever on its high price. we will see some good movements in crypto market.

[kma.deno]

BTC is definitely not falling but facing a correction in the market which was long due. The hash rate of BTC is at an all time high right now. Which means miners are still mining BTC with twice the effort. Which in return will see a lot of increased demand for BTC among the investors in coming days and it will also bring back the Altcoin scene too.

[KennethDarnell]

BTC faced the slump due to the rejection of Winklevoss' ETF which was predictable, because of the hype BTC broke resistance level of 8k and now after the rejection it is facing natural correction. However, in my opinion the slump won't be long lasting as there will be more hearings of ETF in the next few months and it will definitely play a big role to increase the demand of BTC.

[cheezcarls]

One of the reasons why Bitcoin is falling even up to now is because of the postponement of SEC Bitcoin ETF stuff. Because of that, the bears are taking advantage of the dip and may likely fall even more. Anyways, it is all about the long-term benefit of holding Bitcoin despite the fall.

[dangkhoasn]

A sad day . Prices are dropping sharply. Sadly for those who are keeping bitcoin.

[Daniel91]

In the beginning we had just crypto lovers here, people willing to try something new, revolutionary.
They all had very big expectations and hopes here.
As result, price generally went up all the time because of very high demand.
When ''big players'' realized btc potential and started their ''games'' here, speculations, sharing rumors and bad news, price went down a lot.
It's noting we can do about it now.

[v_Harley]

Speculative prices are always going up or down, and the market is going up or down like a wave, which may be part of the reason.

[LETme]

I think its normal in crypto world because it has a volatile character, but I think the whales are also one of the reason that is why the market are down after selling their coin at the peak price they spread negative news to make FUD and it cause panic to the small investors and the outcome those weak hands contributed to the dump.

[Gagah119]

Bitcoin falls in my opinion because of the issue of Bitcoin ETF, because the SEC has decided to postpone the decision of Bitcoin ETF until 30 September. These results were postponed and then followed by a decline in bitcoin prices on crypto exchanges since August 7.