Bizarre crash! What cause bitcoin crash??

[The Sceptical Chymist]

I don't get what you try to say, because bitcoin always stays at the top.

Yeah, it stays at the top of the coinmarket cap list, but that doesn't mean bitcoin doesn't crash--which it's in the process of doing as I write this post.  And since altcoins like ETH are priced in terms of bitcoin, they're all loosing fiat value if not bitcoin value.  So the ranking stays the same, basically.

And who the hell knows why mini-crashes like this happen.  I'm disappointed to see bitcoin below $7k again, but it was only a drop of about $400 (yeah, only).  There have been much worse declines before, so my eyes aren't exactly popping out of my head.  Yet.  Let's hope next year is going to be a better one.  2019 started off with bitcoin less than half of where it's at now.  It's good to remember that.

[El duderino_]

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty  of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

Buying and selling, just market behavior ....

[karanggatak]

in my opinion bitcoin is always like this and the volatility is very high. so I think bitcoin doesn't need a reason to go up or down. what determines the price of bitcoin is demand and supply. and indeed I admit that these offers and requests can be manipulated by the popes and sometimes small traders are also affected by selling bitcoin. this making the price of bitcoin even lower. and at the end of this year the price of bitcoin tends to decline because maybe some people choose to sell bitcoin for Christmas and new year needs.

[justdimin]

There must some sort of "boredom" that reflects on the price as well. The price has been at low levels (I don't know if we can consider 7 thousand low considering we started the year around $3.5k) and it hasn't made any moves at all, people expected it to go up but it didn't go up so right now there are many people who consider selling bitcoin and not many people buying bitcoin.

Stagnancy kills these kinds of commodities, same happened with gold, it goes up and everything is well but if it doesn't move up then it becomes boring so when it becomes boring people move their money somewhere else that could make money. Even a 1% interest rate is seriously better than bitcoin for the past 6 months, it hasn't moved a bit and even got down a bit so people are getting out.

[bitbunnny]

I wouldn't call this a crash. It's a price correction that os usual in volatility cycle. I know that no one doesn't like to see price fall but you need to understand that Bitcoin price can't go only upwards.
It's hard to determine the exact cause of price correction, it's something that affected the situation in the market.

[darkangel11]

Some nice volume coming in today. I guess this is what the traders were waiting for. A clean drop to the previous support at 6500 and an instant buyback to 6800. If you had orders waiting you could make a couple hundred bucks in a few minutes. We have a nice double bottom on the daily let's see how it plays out.
I don't expect us to go below 5k at all before the halving.

As for the reasons of the recent downtrend some blame that Chinese ponzi scheme. There's an analysis showing the price was dropping every time ponzi liquidated some of their stolen bitcoins on huobi.

[wxa7115]

There must some sort of "boredom" that reflects on the price as well. The price has been at low levels (I don't know if we can consider 7 thousand low considering we started the year around $3.5k) and it hasn't made any moves at all, people expected it to go up but it didn't go up so right now there are many people who consider selling bitcoin and not many people buying bitcoin.

Stagnancy kills these kinds of commodities, same happened with gold, it goes up and everything is well but if it doesn't move up then it becomes boring so when it becomes boring people move their money somewhere else that could make money. Even a 1% interest rate is seriously better than bitcoin for the past 6 months, it hasn't moved a bit and even got down a bit so people are getting out.

Bitcoin unlike other commodities is never boring even if the price of bitcoin has been going down for the last 6 months you could have shorted the market and earned a fortune while the price of bitcoin was going down. And that is just the long term trend you just have to take a look at the movements of bitcoin during the last weeks to understand that there were several traders that made a fortune during the last days.

However when this market gets stagnant for real and does not move then many people lose their interest since they are here for the volatility and not for the long term goals of bitcoin.

[atjiat]

Bitcoin unlike other commodities is never boring even if the price of bitcoin has been going down for the last 6 months you could have shorted the market and earned a fortune while the price of bitcoin was going down. And that is just the long term trend you just have to take a look at the movements of bitcoin during the last weeks to understand that there were several traders that made a fortune during the last days.

However when this market gets stagnant for real and does not move then many people lose their interest since they are here for the volatility and not for the long term goals of bitcoin.

It seems to me that if cryptocurrency users changed their attitude to bitcoin, then this would bring much more benefit to the entire crypto currency market.  If every investor made long-term investments in bitcoin, then clearly the price of coins would increase dramatically and the stability of Bitcoin would bring much more benefit than today's volatility.  Today, all the problems of the cryptocurrency market that the cryptocurrency market receives from the governments of many states are primarily associated with the lack of stability and because of the possible dangers and risks for each user, which many officials justify their negative attitudes towards cryptocurrency.

[wxa7115]

It seems to me that if cryptocurrency users changed their attitude to bitcoin, then this would bring much more benefit to the entire crypto currency market.  If every investor made long-term investments in bitcoin, then clearly the price of coins would increase dramatically and the stability of Bitcoin would bring much more benefit than today's volatility.  Today, all the problems of the cryptocurrency market that the cryptocurrency market receives from the governments of many states are primarily associated with the lack of stability and because of the possible dangers and risks for each user, which many officials justify their negative attitudes towards cryptocurrency.

While I would definitely like a more stable bitcoin that was way more predictable in the way it moved you are asking for something impossible people will always have different reasons for joining a particular market and they are going to follow their own strategy because they believe that is the way they can get the greatest benefit for them out of this market.

So while I am a long term investor and I fit your definition I have no doubts that the people that day trade the markets are making a lot more money than me and as long as that is the case the volatility will continue as people exchange their coins daily.