No, the Price of Bitcoin Didn’t Drop Because of Bomb Threats

[cybersofts]

On Friday, as the Bitcoin price fell by around six percent against the U.S. dollar, several reports claimed that the dominant cryptocurrency dropped in value due to bomb threats.

One report from Business Insider Australia, for instance, stated that following an email blast of bomb threats in New York, the price of the crypto asset endured a correction.


Wrong Argument Against Bitcoin
A common misconception that Bitcoin (BTC) by nature is anonymous or impossible to track is simply not correct.

As a consensus currency, Bitcoin is based on a decentralized network called the blockchain that is sustained by an open-source community of developers, miners, and node operators.

When a miner approves the settlement of a transaction by including it in a block, the transaction is broadcasted to the public blockchain network via nodes which relay information across the network.

Through the utilization of the public blockchain network and blockchain explorer tools, anyone on the network is able to track, trace, evaluate, and analyze the wallets that receive a suspicious transaction.

Some startups like Chainalysis place tags on certain wallets or transactions that are said to be related to criminal operations and follow the trail. If a tagged wallet sends a transaction to a Know Your Customer (KYC)-enabled fiat-to-crypto exchange, then the authorities can request the exchange to freeze the funds until the investigation comes to an end.


Reference: https://www.ccn.com/no-the-price-of-bitcoin-didnt-drop-because-of-bomb-threats/

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[Pursuer]

anyone who starts an article every time bitcoin moves somewhere around 5% will only prove that they have no idea what bitcoin market is and how it has been working for 10 years. they seriously need to open up a chart and spend 5 minutes looking at the history before writing some bullshit article trying to associate every tiny rise and fall with some arbitrary nonsense they can find in their yellow paper!
in short there was no actual "drop" to be or not to be because of what they are going on about here.

[Supercrypt]

On Friday, as the Bitcoin price fell by around six percent against the U.S. dollar, several reports claimed that the dominant cryptocurrency dropped in value due to bomb threats.

One report from Business Insider Australia, for instance, stated that following an email blast of bomb threats in New York, the price of the crypto asset endured a correction.

Seriously bitcoin is something volatile and it swings to any direction quite quickly and doesn't need any reason at all. I agree that anyone who thinks bitcoin moving couple percent is newsworthy has no idea what bitcoin is. Bitcoin can move as much as 10% and still not need any reason to do so, it is one of the most common things in bitcoin history to move that much without any major thing.

It is only news worthy when something like 500+ million volume added for selling or buying, better yet it is news worthy when it moves 25%+ like it did in the past month. Hence, no need to write a topic about just couple percent moves bitcoin or any other coin makes, its in their nature because they are unregulated and they can do whatever they please without the worry of SEC coming down on them.

[rodalutor]

LOL. Any significant bomb threat or terror activity has been shown to send the stock markets tumbling (think 9/11). If such a relationship existed with bitcoin it wouldn't be some measly 5% drop that occurs nearly every day, it would be 50%, 100% or even more wiped off.

[kentrolla]

Guys I really don't understand such statement creating beyond the limit, It looks really funny and I was wondering about the genius who the article about this. The price of BTC didn't drop because of a bomb threat? Does crypto works according to it? Then how about when it skyrocket last year no one gave thread for the downfall. Guys create a topic which should be valid not irrelevant.

[BitHodler]

Then how about when it skyrocket last year no one gave thread for the downfall. Guys create a topic which should be valid not irrelevant.

Generally, when the sentiment is bullish negative events are less likely to impact the market. The same goes up for positive events when the sentiment is bearish. It's basic market economics.

In this case it's purely a sensational title meant to draw clicks. Don't think anyone here seriously pays attention to these articles, especially when it's this ridiculously click-bait focused.

If these events had an actual impact on this market, we would see so many bomb threats that the effectiveness of them would vanish after a while. You can't endlessly exploit markets like that. People pick up on it quickly.

[JohnBitCo]

On Friday, as the Bitcoin price fell by around six percent against the U.S. dollar, several reports claimed that the dominant cryptocurrency dropped in value due to bomb threats.

One report from Business Insider Australia, for instance, stated that following an email blast of bomb threats in New York, the price of the crypto asset endured a correction.

Seriously bitcoin is something volatile and it swings to any direction quite quickly and doesn't need any reason at all. I agree that anyone who thinks bitcoin moving couple percent is newsworthy has no idea what bitcoin is. Bitcoin can move as much as 10% and still not need any reason to do so, it is one of the most common things in bitcoin history to move that much without any major thing.

It is only news worthy when something like 500+ million volume added for selling or buying, better yet it is news worthy when it moves 25%+ like it did in the past month. Hence, no need to write a topic about just couple percent moves bitcoin or any other coin makes, its in their nature because they are unregulated and they can do whatever they please without the worry of SEC coming down on them.

The current movement of bitcoin price is not news based. But the pervious dump of bitcoin from 6000 to 4000$ was purely because of the news of baktt platform being delayed and resulted in panic selling.

[1Referee]

The current movement of bitcoin price is not news based. But the pervious dump of bitcoin from 6000 to 4000$ was purely because of the news of baktt platform being delayed and resulted in panic selling.

The dump from $6000 to $5000 (i.e. breaking yearly support) happened before Bakkt delayed their futures launch. I don't even consider the 'hash war' nonsense to be a contributing factor, but at least it's more of a potential stimulator for traders to dump than Bakkt moving its launch date. On top of that, no one even paid much attention to Bakkt above $6000 and now suddenly it's a big deal? 

The most common reasons people thought the price to drop this year;

South Korea ban.
China ban.
India ban.
Governments cracking down on ICO's.
Social media ad bans.
ETF rejections and delays.
Goldman Sachs postponing trading desk plans nonsense.
Bakkt delay.

By that logic, it surprises me that we're still hovering well above $3000 instead of being close to $100.