What is the cause of the current sharp drop, any fundamental?

[Zemomtum]

Is there manipulation going on or it is just natural. BTC just dropped of sudden from $9700 to $7750. This market is so volatile in such a way that within a twinkle of an eye, you will not believe what you will see in the crypto space. Can it be due to  Bakkt BTC futures launch? which I hope it supposes to be a plus to the BTC market. 

[franky1]

seems many are reacting to the hashrate chart drop.

simple demo(dont knit pick math inaccuracies/rounding)
imagine 100exa cost $10k to mine. hense when btc was mining at 100exa prices were $10500(5% profit on sell)
when people see a chart going down to 60exa. they fear the price too will tank to ~$6k.

the reason i say dont knitpick the inaccuracies, because the reality of 100xa is ~$9000. and the $1,500 ontop was speculation/drama/hype. so when the whole bakkt drama doesnt show the hype people hope for and then people see a hashrate dip, they double panic.. and do so foolishly

anyone trading based on emotion where they panic sell, at a loss due to fear of death. obviously dont understand the big picture

right now i dont see this event as a panic. but as a great day for discount bitcoin buying

[negancoin]

Everybody was expecting a huge bitcoin move, the only question was to downside or to up side. So this drop shouldn't surprise you at all since we were in descending triangle. regardless of bakkt launching future contract and the hashrate, Bitcoin was't ready to moon without a new money entering the space. It's logical to bring the price down, to an area when we could see the price bound up again and keep playing the same again and again until new players enter the space with extra money.

[mr3dds]

What is this 100exa and 60exa and what is bakkt?

I am working 13 hours lately and it seems I missed a lot.

[Twinkledoe]

It might still go down a lil bit because of the bitcoin auction. You can read the article -

https://www.theblockcrypto.com/linked/40623/uk-police-to-auction-bitcoin-and-other-cryptocurrencies-worth-over-600k

I don't know what number we are looking at here but I think this is another good opportunity to buy. I am very positive that bitcoin will recover and might increase again in the next coming months.

[Darker45]

Is there manipulation going on or it is just natural. BTC just dropped of sudden from $9700 to $7750. This market is so volatile in such a way that within a twinkle of an eye, you will not believe what you will see in the crypto space. Can it be due to  Bakkt BTC futures launch? which I hope it supposes to be a plus to the BTC market. 

The best that we can make out of this astonishing news are theories. And my theory is as good as yours, as always, in terms of the price movements of BTC.

Let me try to set aside Bakkt as of the moment. I think they are not a major influence in the sudden drop in price. But I highly doubt that the sudden significant price drop of BTC while there is also an equally sudden drop in hashrate is a mere coincidence. The former must be a quick reaction to the latter, considering that the hashrate is highly considered as the measurement or gauge of the overall health of the network. Therefore a sudden drop must mean a weaker network performance. And a considerable number of Bitcoin HODLers must have reacted to it with panic.

And indeed it is a bit alarming because Bitcoin's hashrate had just reached an ATH less than a week ago. A couple of possible reasons could be that a group of miners suddenly left the network due to profitability issues or some powerful Bitcoin mining pools have suddenly ceased operating due to power issues. ^[1]

[1] https://blockgeeks.com/why-did-the-bitcoin-hashrate-suddenly-plummet-down/

[pooya87]

there is nothing natural about a movement that is this sharp whether it is a rise or a drop, that much is obvious. but whether this was manipulation that led to such a sharp drop or a panic sell is something we can never be sure of, and of course there is always a lot of traces of manipulation in this market since it is still small and filled with whales.

as for hashrate drop, i don't think that is the reason for this recent price drop. traders are not known to watch the hashrate for their decision making specially since a lot of other bigger drama is usually going on in the market like the current Bakkt and their Futures drama.

[arbiter5]

You're welcome: https://bitcointalk.org/index.php?topic=5187260

[mk4]

Just like always(probably 80%-90% of the time), it's most likely just because of typical volatility of bitcoin. We're just going to waste our time finding the reason why the price really dropped because there's literally no way for us to 100% verify what the main cause is anyway.

If you're bullish in the long term anyway, just stack sats and close your coinmarketcap tab.

[Artemis3]

Just like always(probably 80%-90% of the time), it's most likely just because of typical volatility of bitcoin. We're just going to waste our time finding the reason why the price really dropped because there's literally no way for us to 100% verify what the main cause is anyway.

If you're bullish in the long term anyway, just stack sats and close your coinmarketcap tab.

Meh, just wait it out. And if you have some excess fiat lying around, its your chance to buy cheap. Panic sell will only lead you to loses, the price will find its natural place, and if it doesn't correction ensues.

[Darker45]

Just like always(probably 80%-90% of the time), it's most likely just because of typical volatility of bitcoin. We're just going to waste our time finding the reason why the price really dropped because there's literally no way for us to 100% verify what the main cause is anyway.

Many are caught by surprise not because there is a normal or typical dip but because in a matter of hours around $1,400 was lost in BTC's value. I myself had a sudden change of expression when I checked my blockfolio app this morning. And I really wondered why the sudden fall. But when I read the news and threads, there were all kinds of theories and explanations already, so, yeah, there is no point trying to get to the bottom of it for its real reason.

If you're bullish in the long term anyway, just stack sats and close your coinmarketcap tab.

Or perhaps ponder on it a bit more and enjoy the rough part of the ride. 

[Reatim]

Just like always(probably 80%-90% of the time), it's most likely just because of typical volatility of bitcoin. We're just going to waste our time finding the reason why the price really dropped because there's literally no way for us to 100% verify what the main cause is anyway.

If you're bullish in the long term anyway, just stack sats and close your coinmarketcap tab.

Meh, just wait it out. And if you have some excess fiat lying around, its your chance to buy cheap. Panic sell will only lead you to loses, the price will find its natural place, and if it doesn't correction ensues.

Seems like the “Panic Selling” is the most used words in crypto whenever there’s a dropping of value like now.why not instead of this words ,let’s just talk about PANIC BUYING.?lol 😂

I have purchased my half month of payroll last night when the price fall to $8,400 and I’m lucky enough because it seems that the value is stabilizing by now

[Saisher]

Is there manipulation going on or it is just natural. BTC just dropped of sudden from $9700 to $7750. This market is so volatile in such a way that within a twinkle of an eye, you will not believe what you will see in the crypto space. Can it be due to  Bakkt BTC futures launch? which I hope it supposes to be a plus to the BTC market. 

Just wake up to see the price on a slid I never saw the $7750 the current price that I saw right now is $8,518.73 it's still a huge drop just last week we are good at $10k level and these things happen, people pointing because of the drop in hash rates and another news I read is the confiscated Bitcoin that will auction, I still consider this good news for those who wants to buy at a much lower price.

[avikz]

Just like always(probably 80%-90% of the time), it's most likely just because of typical volatility of bitcoin. We're just going to waste our time finding the reason why the price really dropped because there's literally no way for us to 100% verify what the main cause is anyway.

If you're bullish in the long term anyway, just stack sats and close your coinmarketcap tab.

Meh, just wait it out. And if you have some excess fiat lying around, its your chance to buy cheap. Panic sell will only lead you to loses, the price will find its natural place, and if it doesn't correction ensues.

Seems like the “Panic Selling” is the most used words in crypto whenever there’s a dropping of value like now.why not instead of this words ,let’s just talk about PANIC BUYING.?lol 😂

I have purchased my half month of payroll last night when the price fall to $8,400 and I’m lucky enough because it seems that the value is stabilizing by now

Excellent decision!! I wish I could have done the same! The market is stabilizing at 8.5 grand now but I don't think it will even hold this price by the end of the day! Many people fail to understand an opportunity period and then they lose the chance to make the most out of it! It's a psychological factor indeed!

[killat]

Buy on every dips, hodl it for the time it rises. Such falls are normal today it falls and tomorrow it rise eg few days ago it fell $9200 and then suddenly it shoots up to $10200 in a matter of days.