Why did the bitcoin fall?

[Walterhank]

Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks as of 21st Thursday. I found and interesting article on this, what is your opinion? Let me know.

_{Source:
https://mycryptoparadise.com/bitcoin-refutes-claims-of-a-double-spend-flaw-responsible-for-the-cryptocurrencys-11-decline/}

[AGD]

Advise: Please read title of this topic with a german accent. Thank you!

[Conley]

Bitcoin falls 11% after report suggests a critical flaw in the cryptocurrency called 'double spend' may have occurred. Bitcoin fell as much as 11% on Thursday after a report from BitMEX Research suggested that a critical flaw called "double spend" had occurred in the Bitcoin blockchain.

[Tytanowy Janusz]

Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks as of 21st Thursday. I found and interesting article on this, what is your opinion? Let me know.

Just stop it... Bitcoin dropped 11% because it pumped from 10k to 40k in 2 months! Not because of irrelevant rumour. Its bubble time. Get ready for 20% daily candles. Ride the waves instead of trying to find a reason. Reason is here on market ... its money from extreme price movements.

[ChrisPop]

Markets are not rational, at least not in the shorter timeframes. Maybe you can find some logical movements in the macro timeframes, but anything less than that is mostly random movement to the untrained eye.

Bulls need time to recharge their forces, a market can't go up indefinitely even if the fundamentals are rock-solid. Also it is not logical for deep-pocket institutions to continue buying at high prices instead of letting off the gas pedal for a little bit so they can buy in the liquidity created by panic sellers.

[fiulpro]

Well the reason bitcoins did fall is because :
1. Panic selling because of :
https://www.businessinsider.com/bitcoin-price-double-spend-flaw-critical-report-suggests-2021-1
The problem is because of double spending which didn't actually take place though.
Some of the points in the article:

Bitcoin falls 11% after report suggests a critical flaw in the cryptocurrency called 'double spend' may have occurred
Matthew Fox
Jan. 21, 2021, 12:12 PM
If the $21 double spend did occur, it would be a critical blow to bitcoin and exposes a vulnerability Satoshi Nakamoto set out to solve in 2009.

Lucas Jackson/Reuters

Bitcoin fell as much as 11% on Thursday after a report from BitMEX Research suggested that a critical flaw called "double spend" had occurred in the Bitcoin blockchain.
Double spend is a highly feared scenario where a user is able to spend their bitcoins more than once.
Ultimately, a double-spend event did not actually occur, according to the CTO of Bitfinex.

Now people might have actually seen this news and at the same time they might have sold the bitcoins in a panic but at the same time this didn't have much problem since this didn't happen in reality therefore people started buying again.

2. It could just be a market manipulation done by the big companies which would mean that they sold their bitcoins at a high price tempting the people to sell to and at the same time they now would have brought the coins at a much lower price. This is inevitable with the whales.

3. Plus this is normal after the market increased in price in a couple of days therefore give it time and it would become stable again.

[Fesatmas]

 down?
not a fall, but a correction, there is a slight difference so to be precise bitcoin is just correcting and it will recover, this is temporary. the bullish moment still continues. that is what I often hear lately.

[Natsuu]

down?
not a fall, but a correction, there is a slight difference so to be precise bitcoin is just correcting and it will recover, this is temporary. the bullish moment still continues. that is what I often hear lately.

But still, these are just rumors, and BTC is still volatile at its best. As we see its sudden rise from 10s to 40s, we can expect the opposite of it.

The rise may still continue, and also may not. We can definitely predict anything that will happen to the futures market, though we can assume and analyze and take our own risk for this.

At first, I'm all for 50k-60k or something, but now I reflect to myself that I'm becoming greedy and need to correct myself for it.

[jackjack]

Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks as of 21st Thursday. I found and interesting article on this, what is your opinion? Let me know.
_{Source:
https://mycryptoparadise.com/bitcoin-refutes-claims-of-a-double-spend-flaw-responsible-for-the-cryptocurrencys-11-decline/}

Bitcoin’s unexpected 11% decline

Good one

[Wysi]

A mere 11% drop after surging for over 300% isn't a big deal but rather we should be worried about it only in case of continuous fall on consecutive days, I would rather discard negative articles unless we find a concrete proof for fall of bitcoin which i don't think will happen at this moment. I consider the recent fall as correction phase wherein Bitcoin over achieved the new ATH earlier than expected and we may see couple of more correction phase before gaining a bit of stability.

[shield132]

Now people might have actually seen this news and at the same time they might have sold the bitcoins in a panic but at the same time this didn't have much problem since this didn't happen in reality therefore people started buying again.

2. It could just be a market manipulation done by the big companies which would mean that they sold their bitcoins at a high price tempting the people to sell to and at the same time they now would have brought the coins at a much lower price. This is inevitable with the whales.

3. Plus this is normal after the market increased in price in a couple of days therefore give it time and it would become stable again.

I think that that news caused this fall, otherwise we hit 40K and psychologically, expectation and aim for people was to hit 50K, it was hard to believe for me to imagine so high fall.But this news played it's role despite the fact that double-spend didn't happen. Once the panic selling started, it wouldn't stop even after revealing the truth because of psychological factors again. The same thing happened back in 2016 when one exchange suddenly stopped withdraw for two days.

On market, the higher percentage of people are those who don't actually read the news but there are the ones, who really read, so, imagine: Those who read news started selling that caused price fall and those who don't read news, followed their action. When price significantly went down, more and more people started to sell and it become impossible to quickly return the process back to normal.

[chaser15]

The subject is not appropriate. Bitcoin just plays with its volatility and it's expected to happen. I'm not really expecting an easy path to $40,000.

What I'm more curious about is, why the 11% decline becomes a big deal after a massive growth.

On market, the higher percentage of people are those who don't actually read the news but there are the ones, who really read, so, imagine: Those who read news started selling that caused price fall and those who don't read news, followed their action. When price significantly went down, more and more people started to sell and it become impossible to quickly return the process back to normal.

Price fall always comes first prior to the news.

People who read the news and those who don't are both parts of the domino effect done by the big fish.

[Terrell]

The latest move, which brings Bitcoin down over 13% versus its highs from Tuesday, came amid increased selling at Coinbase Pro, the professional trading arm of United States cryptocurrency exchange Coinbase.
As Cointelegraph reported, major spikes in volume at Coinbase Pro had accompanied price volatility in recent weeks. This time, it was a dip in the so-called "Coinbase Premium" which signalled selling was underway — the difference in price between the BTC/USD pair at the venue and others suddenly decreased.

[tabas]

Because of the articles that have brought fear to the people who don't have much experience in bitcoin. They've thought that the news that came out about double spending is for real.
And that made them able to sell and panic.

[Lanatsa]

Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks as of 21st Thursday. I found and interesting article on this, what is your opinion? Let me know.

_{Source:
https://mycryptoparadise.com/bitcoin-refutes-claims-of-a-double-spend-flaw-responsible-for-the-cryptocurrencys-11-decline/}

You would really be expecting lots of words or speculations in regards to this one on why did bitcoin fall its price.?

Also that 11% isn't something that someone could be shocked off since if you've been here on this market for a while now then you wont really be get shocked into this kind of decrease.

It might be called as the ultimate lowest level for past 3 weeks or whatsoever but still these movements can be seen on an ordinary day here on crypto.

Why would rather worry if you can actually take this as an opportunity to buy more while its still cheap?

[Rengga Jati]

One of the reasons may be people starting to convert their Bitcoin to potential altcoins to soar in altcoin season. Many people now are telling about the upcoming altcoin season to come soon. So, most people are busy buying altcoins, especially top altcoins that already begin to increase their prices. Don't be so surprised if top coins like Ethereum, XLM, LTC, DOT, ADA, LINK, TRON, XEM, or EOS become the favorite coins to buy now.

[Rikafip]

Just stop it... Bitcoin dropped 11% because it pumped from 10k to 40k in 2 months! Not because of irrelevant rumour. Its bubble time. Get ready for 20% daily candles. Ride the waves instead of trying to find a reason. Reason is here on market ... its money from extreme price movements.

+1

Everyone is trying to pinpoint the exact reason why bitcoins dropped, while all these little fuds and news doesn't really matter and don't affect the price as much as people like to think. Sometimes, people will just take the profits which is understandable after going from 10 k to 40 in a matter of few months.

Because of the articles that have brought fear to the people who don't have much experience in bitcoin. They've thought that the news that came out about double spending is for real.
And that made them able to sell and panic.

I honestly think that this drop would most likely happen with or without the news. But people feel better when they think that they know the exact reason why price drops or goes down. I wish it was that simple..

[tabas]

Because of the articles that have brought fear to the people who don't have much experience in bitcoin. They've thought that the news that came out about double spending is for real.
And that made them able to sell and panic.

I honestly think that this drop would most likely happen with or without the news. But people feel better when they think that they know the exact reason why price drops or goes down. I wish it was that simple..

You're right. When it had gone through the peak of $41k-$42k it didn't push anymore.

The 11% fall in bitcoin is just to show it as a volatile asset which is it, and I expected this fall over a week ago when bitcoin stopped it sparodic jump in price.

It will always be volatile and we get to taste the worse of it in 2018 and March of 2020. This is nothing compared to those times.

[Renampun]

Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks as of 21st Thursday. I found and interesting article on this, what is your opinion? Let me know.

_{Source:
https://mycryptoparadise.com/bitcoin-refutes-claims-of-a-double-spend-flaw-responsible-for-the-cryptocurrencys-11-decline/}

why are you so surprised by today's market correction of 11%...
are you very new to monitoring the Bitcoin price? Bitcoin has been at the level of $ 27k- $ 30k for almost 1 month so it is very natural for the market to experience a correction. the market needs stretching so as not to be boring.

[pixie85]

Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks

This is the important part. First Bitcoin went up to a new high and you could say it's at the highest level ever and then as it started going down a bit you could say:
"It's at the lowest level since last weekend, last week, last 2 weeks, last 3 weeks" so what does that mean? Nothing!

This is such a random statement you could make literally at any point in time. Like now Bitcoin is at the lowest point in the last 2 hours and it's still in the highest point since January 22.