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

[CryptoBry]

Why Bitcoin price crashed today? The moment most traders feared is upon us, Bitcoin price plummeted below $7,500 per coin. There are speculations that the bleeding may not stop anytime soon. It is expected that whales and daily traders will play wait-and-see and push the crypto market further down.

Let’s explore a few reasons why BTC price suddenly plunged.

1. Mark Zuckerberg grilled by Congress in Washington
2. Did Google Quantum computer results spooked investors?

Read more here...



This can be the "October Pest" we have been fearing to happen to Bitcoin. Instead of some celebration in line with the October Fest traditionally used as an excuse to drink a drum of beer, we are facing the probability of Bitcoin going lower further. To many, Bitcoin just fall out of flavor for now and they are waiting when it can get into the bottom of things so they can plan their entrance again, eyeing some more profits at the end.

I do not, however, agree with the two big reasons cited by this article as the possible reasons for the crash. These two reasons have been there already and I am sure already factored in with the price of Bitcoin weeks ago. What can be clear for me is that there is no solid grounds why this sudden "crash" is happening and this is not shocking as Bitcoin can move south or north for no reason at all...or at least not that visible for now.

We can convert this "October Pest" into an opportunity, however, just like turning lemons into lemonade. Cheers to that!

[richardsNY]

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.

There will be bounces up along the way down to lower levels, but the best we have seen of this market was in 2017 and there may not be a return back to these levels anymore. The same fake usdt money is being recylced to pump the price where soon the last bit of real money will look for an exit.

[Cityhunter123]

I don't think there's a specific reason for that

[hv_]

I don't think there's a specific reason for that

Right. I bet that we had more sellers than buyers.

[buwaytress]

Oh damn, I missed the day that was most feared by traders. Oh no Google quantum will break bitcoin. Oh no no Libra. Woe. Doom.

I keep wondering if I'm the only one happy to collect and accumulate as much as possible, lowering my dollar cost average before the big 'un shows up?

I can't be! I know you guys out there who still want one whole nice round shiny Bitcoin. Right?

[Quidat]

Im not surprised that each time bitcoins price tends to dip a little bit more on percentage basis there would always be
a new that would be tied up and making it as a possible reason why it dip but actually no one knows if its the precise thing or not.
I dont care but same as said above that ive been enjoying on accumulating cheap coins atm and presuming that we might not able to
see these numbers when the bull run starts.

[Theb]

It's the norm in the crypto market that everytime Bitcoin's price crashes news media will try to connect it on events that had happened that day as well. Like what they did on how Trump is the reason for the crash of Bitcoin on December 2017. They always link it to other news when the whole truth is just in the charts, like what I have said in my previous post Bitcoin formed an evening star pattern on its last three candles before it fell down and any trader would understand that it's one of the bearish patterns to form in trading.

[Wexnident]

I've seen some posts relating the price crash towards Google's quantum computer but honestly, it's just unneeded fear in their part. Quantum computers may be progressing but the same could be said as well to cryptocurrency so I don't see the reason why investors need to be in fear and make a sudden dump in the market. Market crashes don't really correlate to news events of that time, if I may believe so, and honestly, market events are just because of the events that happened in the market.

Well, we can't really find the answer for the market crash that happened but I believe that it doesn't necessarily need to relate to the current news events that are happening.

[Oasisman]

The threat of Quantum computers is around since 2014 (not sure about it though, but this has been discussed years back then.) Crypto enthusiast and some bloggers even cited that Quantum computer wont affect the cryptographic properties of Bitcoin.

There's no apparent reason for the price drop today, everything is just mere speculative point of view as well. Though It may seem that the increased regulatory scrutiny might be one of the possible reason.

[pooya87]

you have zoomed in way too much on one drop and are ignoring the main reason for this drop that happened over a month ago! zoom out and look at the charts, ever since price dropped below $10k with a massive dump in a couple of hours, investors have been scared and haven't had that much confidence to come back in. that has opened up the doors for putting more pressure on the price and shorting bitcoin in the process to make profit while this fear exists in the market.
everything else like these 2 nonsense news are irrelevant and are noise to FUD the weak hands.

[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.

[7788bitcoin]

Let’s explore a few reasons why BTC price suddenly plunged.
1. Mark Zuckerberg grilled by Congress in Washington

If Mark Zuckerberg is grilled by congress what should be the direct result, the stock market value of Facebook should go down as he is facing issues when he is trying to launch something and that can have an implication on his current business and yet i do not see any rapid changes in price of Facebook in the stock market but everyone thinks that there is a big correction in the cryptomarket where he does not have any influence  .

2. Did Google Quantum computer results spooked investors?

If someone read the leaked papers then you will understand the amount of errors they had in the end result. Looks like a rudimentary test with much hype and nothing else .

[Febo]

Why Bitcoin crashed?

Someone bought Tesla shares with Bitcoin.  at same time as crash happened price of Tesla shares increased for 20%.

[Reid]

No and no.

Specially that Mark Zuckerberg thing.
We know he had been pushing Libra. So if people see that, then it could be bitcoin as their next choice for investing. It didn't move up so I guess they have another option out there.

Quantum Computer?
That is a long way from us.
Too much fictional movie gets into the head of many people.
Stop watching Avengers. Iron Man is dead.

[Silberman]

Oh damn, I missed the day that was most feared by traders. Oh no Google quantum will break bitcoin. Oh no no Libra. Woe. Doom.

I keep wondering if I'm the only one happy to collect and accumulate as much as possible, lowering my dollar cost average before the big 'un shows up?

I can't be! I know you guys out there who still want one whole nice round shiny Bitcoin. Right?

You are not the only one doing this however you must understand that those that are doing the same as you probably do not want to reveal that information to the public, otherwise if it was known that some of the most important investors were doing exactly that then the rest of the public will think it is a good idea to begin to accumulate bitcoin and this in return will increase the demand and will make the price of bitcoin higher.

[audaciousbeing]

I don't think there's a specific reason for that

There is always a reason for everything in crypto but the real thing is, is the reason expounded by Op is what led to the crash or just a contributory factor to what is being witnessed in the market. For me I don't think its something to fret about. We all know except we want to be not truthful with each other that the probability of volatility is either 1 or 0 and in this case, its a sure thing. Rather than looking for and trying to justify the reasons why, what we should be doing is how to make the best of the current moment because when the market recovers, only those who took advantage of this period would smile last.

[bitgolden]

Neither would I also agree with this two, for the second one, this news has been in the community for a very long time, even when bitcoin dropped to $8000 from $10000, and there was never a reaction then, but the moment we started having market reaction was when the bakkt was released which I still do not know if it had anything to do with the market, but this Facebook news was never there when bitcoin started dropping.

It is not now that we should associate bitcoin drop to Facebook which I personally don’t even see any relationship between the both. We have been surviving our cryptocurrency all along before Facebook came in, and this Facebook coin would not be a Distraction because this is beginning to look like the Facebook was even a set up by the government to send a signal to the world.

[1Referee]

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.

[serjent05]

Those two reason did not caused the Bitcoin price to crash .  As far as I know there is this one instance of huge BTC transfer on an exchange.  Possibly this guy is cashing out thus the price of Bitcoin goes down.  Another reason is that longers had enough.  They gotten impatient of these boring sideways for weeks.  So they decided to short and now, we see the effect.

[buwaytress]

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?