[2019-06-04] The Reason Why Bitcoin Plunged?

[_Django05_]

Following one of its best months in years, Bitcoin realized a steep correction which drove the price down below $8,000. As it’s almost always the case with sharp and notable BTC price movements, concerns of price manipulation didn’t take long to emerge.

Shortly before the sudden drop in Bitcoin’s price, a significant amount of BTC was moved to Coinbase’s exchange wallet from an unknown wallet. The transaction can be seen here. The total amount of 25,160 BTC, at the time of the drop, was worth around $215 million.

There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. If you look at the volumes on each of those three exchanges - there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.

https://cryptopotato.com/the-reason-why-bitcoin-plunged-25000-btc-215-million-transferred-to-coinbase-shortly-before/

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[Lucius]

Some users find that this address does not belong to Coinbase, but to Xapo. There is no evidence as well that coins are dumped, and that they are the cause of today price drop. Very likely it is a completely regular transaction, but which may have been used to cause panic among crypto users. Reason for price correction is just because it is go up to fast, and now there is no more fuel for upward trajectory.

Quoted text is related to April 2019 pump, and has nothing to do with what happened today, except for those who believe in conspiracy theories.

[CryptoBry]

Some users find that this address does not belong to Coinbase, but to Xapo. There is no evidence as well that coins are dumped, and that they are the cause of today price drop. Very likely it is a completely regular transaction, but which may have been used to cause panic among crypto users. Reason for price correction is just because it is go up to fast, and now there is no more fuel for upward trajectory. Quoted text is related to April 2019 pump, and has nothing to do with what happened today, except for those who believe in conspiracy theories.

People are always looking for reasons why bitcoin moved the way it did yesterday (or was it the other day?) which brings us to the pullback today. You are right, I am seeing nothing irregular with these big transactions that resulted into the dip. Whether this can be manipulation or not, actually there is less we can do but just watch. Instead of worrying, we should take this as a good opportunity to buy more bitcoin so that its price will get back and be established towards $9,000.

[veleten]

the main reason why bitcoin plunged is *drum sounds
because the amount of bitcoin sold was way more than the amount of bitcoin bought
they think that 20.000 of coins were sold across the exchanges , this sounds about right
the market grew too fast too high , the correction is expected
there are also rumours of a huge investment fund entering the market soon , next week ,to be more precise
so we might not have seen the end of the bull run , as always - only the time will tell

[dunfida]

Some users find that this address does not belong to Coinbase, but to Xapo. There is no evidence as well that coins are dumped, and that they are the cause of today price drop. Very likely it is a completely regular transaction, but which may have been used to cause panic among crypto users. Reason for price correction is just because it is go up to fast, and now there is no more fuel for upward trajectory.

Quoted text is related to April 2019 pump, and has nothing to do with what happened today, except for those who believe in conspiracy theories.

Expect for these kind of presumptions yet people do really fan of seeking any reasons for this sudden dump in price.This is the same on the said news in the past
about those huge buy orders from 3 different location too when bitcoins tends to rise up significantly and now we are seeing the contrary of such event.
What would we expect? These theories would always pop out.

[1Referee]

It's definitely not related to the whale (whoever it was) moving coins to Coinbase. If you look at the charts and trade history of Coinbase, nothing indicates that a large number of coins has been sold, and therefore this specific reason is quickly debunked. It only requires a minute to check the charts and trade history.

The reason why the price took a dive is because of profit taking. People here have been talking about a much needed correction, and now we see to go through one, they still act like wtf is this? It doesn't matter what or who made the price go down. It's a correction regardless of the cause or motives.

I'm not complaining. I have sold a bit too early not that long ago and happily buy back if it tanks further.

[BitHodler]

Did people forget about how we reached the $9000 mark? It were $500-$1000 pumps that brought us there, and now we're going down by $500-$1000 dumps. Nothing to be shocked or surprised about.

It really seems that when the price has gone up no one cares about how it went up, but when we fall people come up with all sorts of theories mostly hinting at manipulation. This is what Bitcoin does. Get used to it.

[Ozero]

Did people forget about how we reached the $9000 mark? It were $500-$1000 pumps that brought us there, and now we're going down by $500-$1000 dumps. Nothing to be shocked or surprised about.

It really seems that when the price has gone up no one cares about how it went up, but when we fall people come up with all sorts of theories mostly hinting at manipulation. This is what Bitcoin does. Get used to it.

Indeed, this is a decentralized market and you need to get used to price fluctuations. The fall was not so big and now, it seems, Bitcoin is starting to grow again in price. So, last night, its price, according to CoinMarketCap, was 7659 dollars, but now it has risen to 7879 dollars. So we will consider this as a normal bitcoin price correction.

[BLAST2MARS]

Did people forget about how we reached the $9000 mark? It were $500-$1000 pumps that brought us there, and now we're going down by $500-$1000 dumps. Nothing to be shocked or surprised about.

It really seems that when the price has gone up no one cares about how it went up, but when we fall people come up with all sorts of theories mostly hinting at manipulation. This is what Bitcoin does. Get used to it.

Indeed, this is a decentralized market and you need to get used to price fluctuations. The fall was not so big and now, it seems, Bitcoin is starting to grow again in price. So, last night, its price, according to CoinMarketCap, was 7659 dollars, but now it has risen to 7879 dollars. So we will consider this as a normal bitcoin price correction.

People will always think negatively if they want it to be. When btc rose, people are saying bull trap and a huge disbelief like they always do and when it goes down, we were see them saying it's dead again like for a thousand time. Why can't they just reverse their mindset? Like if it goes down, you can buy it cheap and when it goes up then you have the opportunity to sell to take some profit in it in case it stop rising.