[2019-10-24] Bitcoin Price Crashed Today: 2 Reasons

[perla]

Ok then my question is what is affect of quantum computer to crypto and bitcoin itself? I'm sorry maybe i am not really updated with technology in crypto. But i see my friend post about quantum computer in their news site about crypto too.

It has no effect on Bitcoin at all. All this quantum computer bs is just spit out by news outlets to scare people off, which isn't too surprising given the bearish sentiment.

No one cared about quantum computers when we went from $3000 to $14,000 not long ago, and now suddenly people worry about it? come on. It's just another tactic to get the price to sink further. Bitcoin has gone down because the charts just look awfully bearish. Big money is shorting, not going long, and that's the right path to follow until the charts improve.

People should worry about scooping up as many satoshis as possible instead of quantum computers.

So it means, it is only to make people panic so the others can get bitcoin in cheap price. I think it is logic reason. But i still don't know if other have different answer, but for me people might be want cheaper price to accumulate more before halving.

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[beerlover]

Mark Zuckerberg got scolded by the congress regarding Libra, it is not even a crypto currency, it is a stablecoin which means it would have been centralized like hell and would have been worthless the moment facebook doesn't have the money for it or goes bankrupt. Which is why there is no point of making this fall about Libra or mark zuckerberg at all.

If there were people out there who sold bitcoin because Zuck got scolded than they are idiots, there is as much connection between bitcoins power and Libra as me and brad pitt. Bitcoin is a decentralized uncontrollable, non-regulated beast whereas Libra would have been USDT v2.0 and nothing else. It got super attention because it could have connected the crypto world to real world where people could have send money via whatsapp and instagram.

[alexsandria]

We have been grinding through a bear market ever since we peaked at $19800 back in 2017. All that happened this year is that we have been gifted a bull run providing bag holders a rare opportunity to sell at +$10000 levels. I doubt we will ever get to see the price go back to its past high.

Too early say. As long as there's a demand. And aren't we've been grinding since back then when Bitcoin doesn't yet hit its All Time High but then this bull run suddenly happened along the way. Anyway, 2020 and other years are still there for us to put our hopes on.

And as of right now, Bitcoin is climbing well above $8700. That's a 17.5% gain in the last 24 hours, and I'm not sure it's going to stop. What's all this about now? Flash crash of 5% and 10%? And then serious cray crazy gains to make up for it all in just 2 hours?

This was seemed made by whales out there as what majority saying. But if those were true then maybe sudden bull run or sudden pump up is just as easy as it seemed happened lately. For just an hour, unbelievable it is.

[Silberman]

And as of right now, Bitcoin is climbing well above $8700. That's a 17.5% gain in the last 24 hours, and I'm not sure it's going to stop. What's all this about now? Flash crash of 5% and 10%? And then serious cray crazy gains to make up for it all in just 2 hours?

Did we say October was going to be dull? I know I was thinking it would be bloody, even this took me by surprise. Anyone got a genius explanation?

I have yet to see an explanation that is satisfactory about why the price went up in such a way, at least to me there are only two explanations that makes sense, the first one is the most simple that the demand simply increased because a bunch of investors with a lot of money decided it was a good idea to buy bitcoin, but the second explanation is that this was done by the whales in an attempt to manipulate the price, I'm not so sure what they are trying to achieve with this but I'm not them and I do not know what they're thinking.