Here’s Why Bitcoin Just Dropped Nearly 4%

[TGD]

It’s just standard, regular bitcoin price volatility. It’s nothing to do with Google, the halving is in 6 months & the price is relatively stable (in bitcoin terms) so it’s easy for whales the move the market whichever way they desire to.

Your point is logical that's why I agree with you. This is common scenario for BTC dive deeper after a thrilling week of green bar. The price is still normal unless it goes deeper below 7900 support. If that happens the price might go deeper to lower support and this is not a good sign for BTC.

But this current dip is just a normal day for BTC.

[ethereumhunter]

I don't think that the dropped of bitcoin price is because of Google. There should be something else which we don't know, but I think the dropped is always happen. It is normal if then the media related the dropped of bitcoin price with something happen in out there so they can make people will think twice to invest in crypto. The media needs the audience, so they blew the whisper to make people afraid. I hope that the situations will be back to normal so the media cannot make people worry.

[The Sceptical Chymist]

The move brought the price down below the previously held support at $8,500 and left many wondering what caused the struggle.

And that's why I think "support levels" are complete bullshit, as well as TA in general.  I've seen so-called support levels broken through so many times in crypto and in the stock market that I just cringe when I hear that phrase.

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.[/i]

Gotta love the journalistic weasel words in an attempt to explain what amounts to a paltry percentage drop for bitcoin.  It's not something that needs to be explained in the first place, nor do I think that Google had anything to do with it. 

Oh, by the way:  This article brought to you by Google.

I was a little surprised to see bitcoin drop as much as it did, but I know I shouldn't be.  This is basically a normal fluctuation, but I was hoping and half expecting the next semi-big movement to be to the upside.  Bitcoin surprises me yet again. 

[Wexlike]

Do you guys agree about this kind of reason why Bitcoin dropped nearly 4% as of now? I know that there are many factors or reasons behind this, but I am not really sure if Cache is actually doing this.

Same thing goes for the bull run or price spike. We can't tell exactly the true reason behind the sudden price changes.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

No way, it's just trader sentiment trying to push the price down. I would be VERY surprised if we manage to fall below $7000 again. I think it's currently just a race to buy the bottom while standing on the sidelines for many participants.

[rdbase]

I dont see why a product to work with googlepay a completely different way to access nominal value of a currency has anything to do with the other.
Samsung pay which might I remind has tried to create their own crypto based currency in the past and had finally given up. But will just come out with a multicrypto wallet instead in trying to do the same thing. Announcement of this was not the reason to make the price go up nor down at the time so it wast seen as an underlying factor. So news of this shouldnt either.

[Febo]

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

Come on man. You cant be serious. Maybe Libra could lose 5% if it would exist because of GooglePay. Not Bitcoin. i would say because of impeachment Trump is not making a clown of himself as he did before. That made Bitcoin way less bullish as did in first half of this year.

[Silberman]

Bitcoin traders woke up to some bad news Monday morning, as the price of the coin dropped by nearly 4%. The move brought the price down below the previously held support at $8,500 and left many wondering what caused the struggle.

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

For the full news, continue reading here

Do you guys agree about this kind of reason why Bitcoin dropped nearly 4% as of now? I know that there are many factors or reasons behind this, but I am not really sure if Cache is actually doing this.

Same thing goes for the bull run or price spike. We can't tell exactly the true reason behind the sudden price changes.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

If you have traded for any significant amount of time you know that such explanations do not make sense, the market moves by itself and it doesn't need any news to move it, it is only after the fact that people begin to look for explanations about why a move happened and they will try to attribute the drop in the price to whatever negative news that they can find, but the price dropped simply because there is no demand for bitcoin at the moment and as such that price was unsustainable.

[darkangel11]

There's no way this is an effect of google's account. It can't even be a bitcoin killer because it's a centralized service. How can a centralized service compete with a decentralized one? The only thing in common is that they are both a money transfer systems, but bitcoin also allows you to keep money safe which is something no bank can guarantee.

The drop in price is purely technical. There was a very fast rise to 14k and some people took profit. It's always like that but all cycles in Bitcoin have one thing that keeps happening. Always less people sell it in a bear cycle than buy in a bull. When 100 people buy it on the way up and the price starts to fall oly 90 will sell and 10 will hold. It's not an exact number but the same thing keeps happening for 20 years.

[carlfebz2]

It's just the usual drop before the end of the year. Google launching any kind of "banking" product does not really have an effect on Bitcoin, from what I've read about it, it's just an Apple Card competitor, nothing less, nothing more. Not to mention that it's just "announced" there's still a long way. Until it's released.

Still got surprised where people being still shocked to these kind of these percentage drops on a short period of time.If they've been here
for a while then these movements are just like typical or normal days in crypto, knowing that 4% isnt really that much because price can
really swing into those direction without even realizing it. Reasons? We can really make one but it isnt really precise about that Cache thing,
as said it has nothing to do with Btc so its a nonsense thing to consider or to point out.

[sunsilk]

I looked at that 'bitcoin killer' thing of google posted by Forbes. Oh well, aren't we tired of these kind of news? Just because Forbes made a headline of it killing bitcoin, many speculated that it will literally kill it?

That's not the main reason of the drop, it's normal to see 4%, 5% or even more within the day.

[barabarian1]

in my opinion the decline in bitcoin yesterday is common in fluctuating bitcoin. or maybe this is manipulation of the popes before the end of the year they want the price of bitcoin down and then buy more. and then hold it until the bitcoin bull run after bitcoin is reduced by half in May 2020. In my opinion the decline in bitcoin security has nothing to do with Google's current account. I think the two are very different. and Google's checking account may not be able to affect the price or threaten bitcoin.

[LUCKMCFLY]

Whenever there is an important movement in Bitcoin and especially when it is of a fall, the news is always present, but one reason for not believing it is that the news does not come out before, it occurs after the fact, then it is not relevant .

When another type of eventuality occurs, it can be taken as a "Fundamental" which is something else, even in the Stock Market since the 1800s there have been falls in important actions and the news is generated.

I do not think that Google has such relevance, recently the news  of China when the president announce the acceptance of Blockchain and open the doors to talk about Bitcoin, if it could have been taken as a "Fundamental", but usually the news has no effect Immediately, for me the fall had to do with whale strategies, maybe they are hunting some Stops Loss, they want to buy cheap ...

[barota]

the cause of the drop you are saying is because of bull trap ; it already start since lot of day or end of semmer . . the halving comming and there is lot of investors who dont know what is halving and it is positive for bitcoin and his prices . for this reason they selling and the whale buy cheap

[buwaytress]

If that scenario were true, here's what it would mean:

- Bitcoin holders for the most don't know what they're holding and don't understand that Cache/Calibra/whatever you want to call it doesn't in the least impact Bitcoin
- People are sheep and lemmings. They don't actually own Bitcoin, they've just paid for orders and account balances that they liquidate as soon as panic sets it.

Oh wait, I guess those two things are true. Hmm.

[alexsandria]

This highlight the entire argument.

However, the move may not actually change much for Bitcoin. With so many offerings already available.

There is nothing need to be worried about. No point at claiming that market's 4% downward has to do with Google's responsibility, 'cause they as well contradict the future possibility whenever the offering might come in function. In the end, what are they are trying to build up is something far behind with crypto currency nature, besides, alot of group, company had tried such thing and no one stands out.

[Lucius]

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

One more killer of Bitcoin? I thought Libra is the ultimate killer of Bitcoin, until she was killed by the US & EU administration.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

My personal opinion is that there are stupid journalists who write stupid stories, and that there are those who spread them around. For every drop in price we have at least one story that doesn't make any sense.

I see you are only posting links from one site, which means you promote them and their junk journalism.

[aardvark15]

Bitcoin traders woke up to some bad news Monday morning, as the price of the coin dropped by nearly 4%. The move brought the price down below the previously held support at $8,500 and left many wondering what caused the struggle.

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

For the full news, continue reading here

Do you guys agree about this kind of reason why Bitcoin dropped nearly 4% as of now? I know that there are many factors or reasons behind this, but I am not really sure if Cache is actually doing this.

Same thing goes for the bull run or price spike. We can't tell exactly the true reason behind the sudden price changes.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

It’s possible but I doubt that it was a significant factor.  There are constantly new “competitors” to Bitcoin but these  examples are from corporations like Google, Facebook, and Apple.  They are centralized and therefore have flaws.  They aren’t open ledgers of transactions like Bitcoin and they don’t have the privacy functionality that Monero has.

[Wysi]

I think this is a generic dump which we have experienced due to market situation and some whales trying to grab quick profit and as I have mentioned in my previous posts there are frequent price dumps followed by some sort of stability to make users believe that the dump was not created by whales wherein it's greedy whales who are using new tactics where they don't dump too much but they do it occasionally to earn enough profit instead of huge dump.

[coolcoinz]

If that scenario were true, here's what it would mean:

- Bitcoin holders for the most don't know what they're holding and don't understand that Cache/Calibra/whatever you want to call it doesn't in the least impact Bitcoin
- People are sheep and lemmings. They don't actually own Bitcoin, they've just paid for orders and account balances that they liquidate as soon as panic sets it.

Oh wait, I guess those two things are true. Hmm.

The majority is in it for the money and short term profit.
I always explain these moves to myself like this:

With every pump a group of investors come in. There are 3 types of them from the largest to the smallest fraction.
1. Newbies who don't know what they're buying. No experience in trading or some experience derived from forex and such.
2. Traders who are in it for some time and just want more fiat money.
3. Long term traders and holders.

The first two groups get out as soon as there's some red on the charts and group 1 basically gets raped by the market and exit with a loss, while group 2 profits from the loss of group one and/or exits with a small loss.
When the dust settles only the third group is left holding. Those people don't profit short term, but do profit every cycle, so they get big boost every 3-4 years.

You can see it on the charts. Every cycle ends with a higher low from the previous one and I believe this small bull run of 2019 will also end the same way, stopping somewhere at a low of 5-7k USD, producing another long term higher low along the trendline.

[sikke]

I honestly don't see why people are panicking over such a normal occurrence within the market.

It should be expected with the current lack of bullish sentiment in the market that in the short term, there will be significant dumps and a lack of momentum for rallies. The $8k support is going to get retested and I don't think that it will hold this time, potentially setting up for further losses down to around $6-7k where I think where there WILL be significant support.

There is no reason for panic - the halving will still bring significant price hikes, no doubt about it.