Lets face it, real money controls BTC and crypto ...

[ThirdPrize2]

It's nothing to do with the BCH fork, or BAKKT, or the ghost of Satoshi. 

Watch the news.  Stocks and shares are tumbling as well.  US and China worries are affecting the stock market, and the same people selling there are selling here.  What is the point of being decentralised if "big money" still owns your ass?  It's a joke.  Crypto is just another column on a "profit & loss" spreadsheet somewhere.

My prediction?  Back to $600, the price before the last big pump.  That will wipe out most ICOs and AltCoins as they will be worth absolutely nothing.  You can also say goodbye to most of the big money investments in trading platforms and exchanges.

[mk4]

US and China worries are affecting the stock market, and the same people selling there are selling here.  What is the point of being decentralised if "big money" still owns your ass?  It's a joke.  Crypto is just another column on a "profit & loss" spreadsheet somewhere.

Sure. So called "big money" can definitely manipulate the markets. But does that automatically mean that they "own" you? Definitely not. Whatever the value of your bitcoin is, you still end up with the same amount of bitcoin. There's just so little money into bitcoin or cryptocurrencies in general compared to other assets like gold, hence bitcoin is significantly easier to manipulate in terms of price. As more money goes into bitcoin, it gets harder and harder to manipulate, because as more and more money goes into bitcoin, the prices will be harder and harder to skew with huge buy or sell trades. It's going to take time; don't expect a new asset that's only 10 years old to find it's sort of "stable" price just like how gold did.

As for the stock market, the stock markets went through a multi-year bull market. A bear market was pretty much inevitable.

My prediction?  Back to $600, the price before the last big pump.  That will wipe out most ICOs and AltCoins as they will be worth absolutely nothing.

Good. It's actually better for the markets if these shitcoins just go out of business so people could focus on the important projects.

[clrpod]

Well duh. The market is priced against FIAT so if people are facing a squeeze on their FIAT due to economic conditions then they're going to need to sell their crypto to gain more FIAT. Much like all alts follow the path of BTC, BTC will follow the footsteps of FIAT investments.

This will not ever change until BTC can be readily used as a payment option and is therefore not tied to FIAT.

[Red-Apple]

i could agree with you only if the in the past 10 years bitcoin dropped when stocks dropped but that has never been the case and this time is an exceptional coincidence that happened in 10 years so you can not use that alone to connect the two together.

let's face it, you are trying too hard to connect two irrelevant things and then come up with a low ball price prediction.

[ThirdPrize2]

i could agree with you only if the in the past 10 years bitcoin dropped when stocks dropped but that has never been the case and this time is an exceptional coincidence that happened in 10 years so you can not use that alone to connect the two together.

let's face it, you are trying too hard to connect two irrelevant things and then come up with a low ball price prediction.

Then what do you suggest is the cause?

[ThirdPrize2]

As for the stock market, the stock markets went through a multi-year bull market. A bear market was pretty much inevitable.

The thing is, all you can do with BTC is convert it to fiat.  You can't actually do things with it.  There is talk of another financial crisis coming.  Surely people should be stocking up on BTC, not ditching it. 

[hardhouseinc]

Well, real money is needed in this business because the investors of crypto are using their real money to get in and then to increase their profits. It is not a bad thing that real money controls crypto.

[Red-Apple]

i could agree with you only if the in the past 10 years bitcoin dropped when stocks dropped but that has never been the case and this time is an exceptional coincidence that happened in 10 years so you can not use that alone to connect the two together.

let's face it, you are trying too hard to connect two irrelevant things and then come up with a low ball price prediction.

Then what do you suggest is the cause?

i don't know. i can only guess. and my guess is that it is because of the BCH fork drama that started exactly before the drop began and that is being used by market manipulators to crash the price more. and all of it is done because there is a lot of profit in this crash.

[ThirdPrize2]

Well, real money is needed in this business because the investors of crypto are using their real money to get in and then to increase their profits. It is not a bad thing that real money controls crypto.

Without real money getting involved, we would still be mining on our PCs.

[mk4]

As for the stock market, the stock markets went through a multi-year bull market. A bear market was pretty much inevitable.

The thing is, all you can do with BTC is convert it to fiat.  You can't actually do things with it.  There is talk of another financial crisis coming.  Surely people should be stocking up on BTC, not ditching it. 

Well technically you can transact(and better with lightning network being ready) with it and store some of your wealth in it, without actually necessarily needing to go through a central authority. It's just really risky due to the volatility; hence I always say that bitcoin is best used right now on those third world countries with extreme hyperinflation occurring.

[dothebeats]

Upon seeing the local stock market scene, it seems to be down too, just like what's happening with bitcoin and other crypto. If there's an impending financial crash on the horizon, people should have been buying bitcoin and gold, not dumping it, but it's not the case. Apparently, it seems as if people are also wary of the fact that bitcoin isn't as sturdy as most hodlers want to portray it, hence they are also dumping it while they have the chance. Sure, a large part of this market is really controlled by big money, but that doesn't necessarily mean that they own us, because as the last of their coins are sold, their control on the market is also over, IMO. They can buy back in, yes, but we can always dump on them, so it's just a matter of timing the way I see it.

[RonF]

You think fiat currency is real money?  LOL rolling on the floor.

[Indamuck]

You think fiat currency is real money?  LOL rolling on the floor.

It's a complete joke, they can create trillions just by typing numbers into a computer screen.  Look at what happened to Libya when they wanted to create a gold currency and only take gold for their oil.  Bitcoin and gold can't be controlled easily because it takes real effort and resources to mine while fiat is a sham.

[kotajikikox]

That's is true can't deny that fiat money have power to control bitcoin and cryptocurrency, because until now the main currency circulate in the whole world is fiat miney lead and base in dollar.

Obviously the goal of digital currency create by satoshi nakamoto is to replace fiat miney into digital currency to give people easily fast transaction using new technology.

[TheLoser]

I think the real value of bitcoin has been greatly exaggerated by speculative transactions . Now bitcoin is returning to its original value . Whales do not support bitcoin with fiat money , what they will do next to buy or sell is not yet known .

[pinkpanther03]

As for the stock market, the stock markets went through a multi-year bull market. A bear market was pretty much inevitable.

The thing is, all you can do with BTC is convert it to fiat.  You can't actually do things with it.  There is talk of another financial crisis coming.  Surely people should be stocking up on BTC, not ditching it. 

Without converting bitcoin into fiat I guess it can't be called as digital currencies. But because of the unique and strong features where bitcoin it has lots of people all around the globe patronized it so fast, until a years pass by and now the price value of bitcoin is too expensive each though, I can consider it its cheap now compare 2017 price value. However, since we are now in bad shape situation it is better for us to remain bullish for awhile.

[longyenthanh]

This is a normal, free market. It is demand and supply that regulates the price. If someone likes something, then he buys it, if not, then no. It is possible that fiat money will never disappear, but it does not matter for the BTC price drop.

[clrpod]

This is a normal, free market. It is demand and supply that regulates the price. If someone likes something, then he buys it, if not, then no. It is possible that fiat money will never disappear, but it does not matter for the BTC price drop.

Of course it matters for the BTC price drop. BTC is priced against fiat. People only decide how much BTC is worth based on how many dollars they'd exchange for one, not how much food they can get for it or how many they'll need for a car or a house.

[thecodebear]

i could agree with you only if the in the past 10 years bitcoin dropped when stocks dropped but that has never been the case and this time is an exceptional coincidence that happened in 10 years so you can not use that alone to connect the two together.

let's face it, you are trying too hard to connect two irrelevant things and then come up with a low ball price prediction.

Yeah OP is trying too hard. I've listened to multiple people try to say the two are correlated at different times this year based on a single day where both crypto and stocks fell. That's pretty weak evidence. The fact is crypto has always gone by its own cycle not connected to the stock market.

And the BCH fork chaos clearly caused the big drop recently as the market crashed the day after the fork when BCH went into chaos. To say it was because stocks dropped is a joke.

[ThirdPrize2]

Can someone give figures for how much has been sold off recently? To have that effect, is is a few people dumping big rather than a lot of people dumping small.