Another large scale altcoin dump and bitcoin price was brought down!

[Pursuer]

another massive altcoin dump has been going on today specially in big coins like Ethereum which actually was among the biggest dumped coins today with nearly 20% drop. and that led to a small but still a 5% drop in bitcoin price today.

https://techcrunch.com/2018/09/02/the-collapse-of-eth-is-inevitable/amp/

interestingly enough despite all that bitcoin price is still pretty close to $7k mark and it is resisting all the money that is exiting from the altcoin market through bitcoin causing this sell pressure in bitcoin market.

people always say bitcoin drops makes altcoins dump. but this example among a lot of others is showing it is the other way around in a lot of cases.
I am wondering how many more times do we have to see these types of dumps before we start accepting there is a big problem with the altcoin market and that is damaging bitcoin too.

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[bitbunnny]

I don't think there is some real connection between altcoin and Bitcoin market. Yes, trends on both influence each other but on the other hand each of them is functioning independent and I don't think that solving some issues on the altcoin market would necessary influence Bitcoin market in positive way and prevent it from dumping. There are many other factors that cause dumps and corrections.
That kind of connection between altcoin and Bitcoin market that would beat negative influence on both sides isn't achievable.

[cellard]

How is the collapse of Ethereum being unavoidable anything new to any experienced bitcoiner? anyone that has been around here for a while and has read about altcoins, has already understood this fact and the only reason they may be still be holding ETH is in hopes of dumping their bags to the bigger fool that still didn't understood Vitalik's clusterfuck cannot be repaired and it's now only a matter of time that it crumbles upon itself.

Im sure tho that there is a ton of noobs with a lot of money out there, such as that ex wall street guy Mike Novogratz which was always pumping Ethereum in the news. We'll see these noobs with money dumping their coins, and we may go lower, and that will put an end into the bear market, we need some big figures to lose hope to end this cycle.

And in addition, I have heard that this dump was because once again, more Mtgox bullshit, or some sort of whale moving coins into an exchange or what not. Same old stories as always.

[harizen]

another massive altcoin dump has been going on today specially in big coins like Ethereum which actually was among the biggest dumped coins today with nearly 20% drop. and that led to a small but still a 5% drop in bitcoin price today.

https://techcrunch.com/2018/09/02/the-collapse-of-eth-is-inevitable/amp/

interestingly enough despite all that bitcoin price is still pretty close to $7k mark and it is resisting all the money that is exiting from the altcoin market through bitcoin causing this sell pressure in bitcoin market.

people always say bitcoin drops makes altcoins dump. but this example among a lot of others is showing it is the other way around in a lot of cases.
I am wondering how many more times do we have to see these types of dumps before we start accepting there is a big problem with the altcoin market and that is damaging bitcoin too.

For let's say 5% to 10% bitcoin price drop after the massive altcoin dump, we should not considered it as a direct hit to bitcoin why it's price fell "for now".

Let's extend the period of testing resistance for the following days and let's see if this altcoin drop really have a big impact why bitcoin price sharply fell or it's just that, others go with the flow and eventually a price recovery will happened in a span of short period. Yes the altcoin drop "might" does have an effects on the current bitcoin price movement and the price as of now Im writing this is around $6,900+ but we can't conclude yet if this will be on a long term span.

Bitcoin price momentum this past few days really got spoiled today. Now let's see how far this will go.

[1Referee]

I don't think there is some real connection between altcoin and Bitcoin market.

There is.

The main problem with altcoins is that there is next to no solid depth in any of their fiat orderbooks. If an altcoin whale for example is trying to liquidate its holdings for the best possible price (without suffering from too much slippage), they'll have to carefully dump their own orderbook down, but also convert a large chunk of their altcoins to Bitcoin from where these Bitcoins will be sold for USD.

If you look at how altcoins have been bleeding lately, and especially Ethereum, then it's safe to say that Ethereum is one of the main reasons there is so much selling pressure.

Market cap of both Bitcoin and Ethereum in Juli of this year;

Bitcoin $126 billion.
Ethereum $50.5 billion.

Market cap of both Bitcoin and Ethereum today;

Bitcoin $120 billion. -5%
Ethereum $25 billion. -50%

Ethereum is just one pile of shit. ICO's need cold hard fiat, no shitty token that's worth $500 one day and $250 the other day.

[pitiflin]

another massive altcoin dump has been going on today specially in big coins like Ethereum which actually was among the biggest dumped coins today with nearly 20% drop. and that led to a small but still a 5% drop in bitcoin price today.

https://techcrunch.com/2018/09/02/the-collapse-of-eth-is-inevitable/amp/

interestingly enough despite all that bitcoin price is still pretty close to $7k mark and it is resisting all the money that is exiting from the altcoin market through bitcoin causing this sell pressure in bitcoin market.

people always say bitcoin drops makes altcoins dump. but this example among a lot of others is showing it is the other way around in a lot of cases.
I am wondering how many more times do we have to see these types of dumps before we start accepting there is a big problem with the altcoin market and that is damaging bitcoin too.

People say altcoins drop because of bitcoin either because they don't understand how Economics works or because a bear trend is going on, or they just don't understand how anything works.

Bitcoin Diamond rose by 140%. What the actual fuck? The entire altcoin market almost collapsed, and this shit got pumped up, like its on a huge fat roll of weed.

Look at the market lol: https://coinmarketcap.com/

[exstasie]

people always say bitcoin drops makes altcoins dump. but this example among a lot of others is showing it is the other way around in a lot of cases.
I am wondering how many more times do we have to see these types of dumps before we start accepting there is a big problem with the altcoin market and that is damaging bitcoin too.

It goes both ways. In early 2017, people were buying BTC to pile into altcoin and token markets. In 2018, people are dumping altcoins and tokens and then selling BTC to recover their USD.

There are lots of battered altcoin investors and ICO companies licking their wounds right now, and recovering whatever USD value they can. But fundamentally, the altcoin markets are good for the price of BTC. Look at all the BTC liquidity across altcoin exchanges, spread across the order books. At least some of that BTC would otherwise be on the ask side of BTC/USD markets if altcoin markets didn't exist.

[BitHodler]

It goes both ways. In early 2017, people were buying BTC to pile into altcoin and token markets. In 2018, people are dumping altcoins and tokens and then selling BTC to recover their USD.

I remember how you locally could only buy BTC and LTC in the early days of 2017, while right now you can buy over 100 coins and tokens with fiat, so the days where BTC is the main crypto bridge are largely over.

That also applies to Ethereum. Instead of using Ethereum to buy tokens, everyone can buy the tokens with fiat directly. You know what most newbies think about Bitcoin and Ethereum? Slow and expensive cripple coins.

Good thing however is that the herd always functions as pretty accurate counter indicator. If they massively jump into pump and dump coins, you know that you are safely sitting in Bitcoin.

[adaseb]

In my opinion this dump was mostly lead by the ICOs dumping and then followed by the ETH.

Basically people dump their ICO for ETH
Dump ETH for either BTC or USD and get out of the markets for good.

BCD is a bitcoin fork and the reason why its up 140% is because Binance finally after almost 8 months or so opened deposits and withdraws so its no longer traded as a "future" coin.

[exstasie]

It goes both ways. In early 2017, people were buying BTC to pile into altcoin and token markets. In 2018, people are dumping altcoins and tokens and then selling BTC to recover their USD.

I remember how you locally could only buy BTC and LTC in the early days of 2017, while right now you can buy over 100 coins and tokens with fiat, so the days where BTC is the main crypto bridge are largely over.

That doesn't mean the altcoin/fiat markets have more volume or depth. Outside the top ~20 coins, the BTC markets are dominant over fiat markets. People are entering and exiting thousands of coins. And within the top ~20 coins, BTC markets are still significant. And hardly any one is funding their Binance accounts by wiring money to Tether (and vice versa); these USDT pairs are not representative of actual fiat inflow/outflow from the markets. Take them out of the equation and alt/BTC pairs are far more significant overall.

Whether you dump on the BTC market or USD market is just a matter of slippage or arbitrage. The fact is that BTC markets are definitely used as entries/exits from altcoins, and significantly so, because altcoin markets are so illiquid.

[BitHodler]

The fact is that BTC markets are definitely used as entries/exits from altcoins, and significantly so, because altcoin markets are so illiquid.

That will slowly but surely change when it comes to the top tier coins. If you look at EOS for example, it has nearly surpassed Ethereum's fiat volumes, and this is only the beginning of what has to come.

The only reason Ethereum is technically still having much higher daily volumes, comes from their main token ties. If you discard that, EOS will soon have surpassed Ethereum for good, especially with a Coinbase listing being a matter of time.

That being said, the dumps are picking up speed with Ethereum currently down 22% which is madness. Probably won't take long before it hits a price below the $200 mark. Still not a tempting enough short term dip to buy.

[gentlemand]

The only reason Ethereum is technically still having much higher daily volumes, comes from their main token ties. If you discard that, EOS will soon have surpassed Ethereum for good, especially with a Coinbase listing being a matter of time.

How extraordinarily depressing. It's such a shitty shitcoin that if I attempted to shit on it, my turd would actually curl around and fight its way back up my colon.

[BitHodler]

How extraordinarily depressing. It's such a shitty shitcoin that if I attempted to shit on it, my turd would actually curl around and fight its way back up my colon.

Vitalik, the non giver of Ether agrees with you. Ethereum is a shitcoin.

He thinks it's so shitty, that he's providing Bcash advice on how to become a great ICO platform (no joke), lol. That dude must be struggling with himself or he sold a large enough chunk of his Ether stash that he doesn't care anymore.

[pooya87]

How extraordinarily depressing. It's such a shitty shitcoin that if I attempted to shit on it, my turd would actually curl around and fight its way back up my colon.

Vitalik, the non giver of Ether agrees with you. Ethereum is a shitcoin.

He thinks it's so shitty, that he's providing Bcash advice on how to become a great ICO platform (no joke), lol. That dude must be struggling with himself or he sold a large enough chunk of his Ether stash that he doesn't care anymore.

Vitalik suggesting bitcoin to become an ICO platform is not a new thing, he has been doing it for years and has been put down by bitcoin developers. now you say he has moved on to BCH to tell them the same thing he was telling bitcoiners.

as for the first line, some people may think it is a joke but on many occasions Vitalik has proven he has no faith in the future of his coin publicly! he even tweeted once that he would never invest in Ethereum or any cryptocurrency because he doesn't believe in their future, he instead invests in traditional assets such as stocks. of course he doesn't need to invest in ETH since he premined it and made millions by duping a small percentage of it.

[rodalutor]

Alt fall didn't cause the BTC fall, it never works that way. BTC fall caused the huge alt sell off. BTC never does as bad because people always move funds away from altcoins in to bitcoin.

[Onah]

It took like 3 weeks for the price to go from 6k3 to 7k5 and just 24 hours to go back down. This market is just hilarious.
I think what we should all do right now is to buy more as the price is so cheap now, and then wait for the market to react and go up.

What is sad is that there are too many whales out there controlling the game and making us having no idea what to do. The market is still heavily manipulated.

[semobo]

I don't see that dump coming and it happened in no time,but it is an another opportunity to buy the bitcoin with much lower price and I hope these price dump is just temporary and it will back again to $7000 soon since the bitcoin prices were oscillating in that range for a while.But what is the exact reason for this to happen.

[NeuroticFish]

I don't see that dump coming and it happened in no time

It was a surprise for me too, but I've read today that it may be related to Goldman Sachs giving up some Bitcoin related plans.
Which would make sense somewhat, although I didn't see any announcement and since I find Goldman Sachs extremely untrustworthy I'd suspect it's just well planned FUD/pump and dump.

but it is an another opportunity to buy the bitcoin with much lower price and I hope these price dump is just temporary and it will back again to $7000 soon since the bitcoin prices were oscillating in that range for a while.But what is the exact reason for this to happen.

I like the fact you are so optimistic. I was optimistic too yesterday, I expected the price jump back to 7k in no time. Now I can only say "let's wait and see what happens". However, you are 100% correct: Bitcoin in at sales price again.

[XinXan]

another massive altcoin dump has been going on today specially in big coins like Ethereum which actually was among the biggest dumped coins today with nearly 20% drop. and that led to a small but still a 5% drop in bitcoin price today.

https://techcrunch.com/2018/09/02/the-collapse-of-eth-is-inevitable/amp/

interestingly enough despite all that bitcoin price is still pretty close to $7k mark and it is resisting all the money that is exiting from the altcoin market through bitcoin causing this sell pressure in bitcoin market.

people always say bitcoin drops makes altcoins dump. but this example among a lot of others is showing it is the other way around in a lot of cases.
I am wondering how many more times do we have to see these types of dumps before we start accepting there is a big problem with the altcoin market and that is damaging bitcoin too.

People say altcoins drop because of bitcoin either because they don't understand how Economics works or because a bear trend is going on, or they just don't understand how anything works.

Bitcoin Diamond rose by 140%. What the actual fuck? The entire altcoin market almost collapsed, and this shit got pumped up, like its on a huge fat roll of weed.

Look at the market lol: https://coinmarketcap.com/

Fairly sure that was because CMC was bugged or introduced other exchanges with higher prices, it happens quite a bit which is why people need to do their research before buying something, nonetheless you are right, bitcoin is simply dominating the market, people called it outdated, even I called it that however it's still the boss of the market. The only times where alt coins thrive is during big bull runs like the last one, now the market is basically 2 coins, bitcoin and altcoin. The companies behind some alt coins are extremely different and yet they all go down at the same time no matter what, this market is not good for entrepreneurs trying to come up with new ideas. You can have the best idea, team, ico and your coin can still go to shit, it's pretty insane.

[ivannalog814]

That's no reason to panic ! Guys look at it this way ! Buy cryptocurrency while there is still a chance to buy everything at affordable prices !