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Author Topic: Why did BTC drop by $75 in the past week  (Read 5220 times)
Bit_Happy
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April 03, 2014, 05:29:28 AM
 #41

Why did BTC drop by $75 in the past week
At this point only down $75 would look really good.....Rally!  Smiley

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samsonn25
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April 03, 2014, 06:21:28 AM
 #42

Too many sellers not enough buyers.
Next question?   Cheesy

Good one!  Cheesy But the question is: Why are there more sellers than buyers at the moment?

Miners also need to continually alot of the coins they mine to make up for the investment in the asic machines they bought.
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April 03, 2014, 11:09:44 AM
 #43

More regulations & panic selling brings down the value.

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lynn_402
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April 03, 2014, 11:34:40 AM
 #44

Why did BTC drop by $75 in the past week
At this point only down $75 would look really good.....Rally!  Smiley

Yes, it's a very good sign it did not fell below 400$, and it actually seems stable near 430-440$
Trend reversal much? Smiley

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April 03, 2014, 11:40:57 AM
 #45

Too many sellers not enough buyers.
Next question?   Cheesy

Wrong. In each transaction, for every buyer there is a seller, and for every seller there is a buyer. Low prices indicates that sellers are keener to sell than buyers, choosing to sell at market than rather passively at offer.
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April 03, 2014, 12:14:13 PM
 #46

While technically every transaction involves a seller and buyer, when the transaction price is recorded as from the bid or the ask this determines if the sale was a sell order or buy.

When there is a rush to sell btc sellers post limit orders to sell at the ask and their price to sell goes into the que. The lowest ask is the best price to buy at that market moment.

If people are selling 1000 btc at 450 and there are only a few buyers at 450 the sellers lower the ask to 449 448 etc until they find a buyer on the bid side who is willing to buy the quantity that wants to be sold.  A good example is weekend trading when liquidity is thin.  If a whale drops 500 coins to sell the price can easily drop 15 to 20 points on an exchange where the buyers are small with buy orders .1 to 3 or 4 btc on the buy side.

Obviously there is not enough buyer interest and money  now to buy more coins above the current price as there are sellers who want to sell now at this price.

Thats why the original statement is correct that there are more sellers than buyers.  If this wasnt true on a dollar to dollar basis the price would never move from the.
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April 03, 2014, 12:16:05 PM
 #47

Well because of USA.
Still, there is hope in China unlimited amount of money.

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April 03, 2014, 03:42:02 PM
 #48

People are selling coins in order to pay their taxes.  It will probably go up after April 15.

Why do people keep repeating the coindesk hogwash that the tax rule is unexpected or bad?  This is the exact same treatment any other foreign currency gets.  It will probably even publish an official exchange rate on December 31, 2014 along with all the other currencies.  There are no taxes if bitcoin stops changing value relative to the dollar.  Why are people complaining about having to pay the lowest possible tax rate on getting profit for doing nothing?  And if you lose money from it decreasing, then it's a tax write-off.  In terms of taxes, this is win-win-win (lowest possible tax rate, deductible, and declaration that it is same as a currency). I am astounded by the stupidity shown in this forum.  Makes me want to sell my bitcoin.


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April 03, 2014, 06:07:25 PM
 #49

It's actually not that many weak hands from what I've seen.

To me it looks more like some big people cashing out 1k-2k coins at a time. Surely triggering other sells on the way down. But I don't see big selling from the community at all, it's only some people realizing profits. As far as I can tell, anyhow.

I think it is pretty hard to tell

There must be a lot of traders actions and a lot of chinese selling; holders are obv not selling but when you see the price going down like that you think about selling some to buy more at a lower price of you think of cashing out a tiny bit in case when you are not a strong believer

My suspicion is a slow steady dribble conversion into cash of the MtGox "lost funds".  Whoever has those would be more interested in converting to cash than long term holding. 

But maybe that's wrong.
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April 03, 2014, 07:29:27 PM
 #50

Too many sellers not enough buyers.
Next question?   Cheesy


This. Stop trying to overcomplicate things.

Its just demand vs supply.

lynn_402
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April 03, 2014, 07:36:49 PM
 #51

Too many sellers not enough buyers.
Next question?   Cheesy


This. Stop trying to overcomplicate things.

Its just demand vs supply.

A lot of the demand is probably "hidden" right now. People waiting for a clear bottom to get as much coin as possible for their money.
Because of this, I believe that at the first sight of a trend reversal, this hidden demand will jump on board instantly, making us return to the 600-700$ range.

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April 03, 2014, 07:38:05 PM
 #52

Too many sellers not enough buyers.
Next question?   Cheesy


This. Stop trying to overcomplicate things.

Its just demand vs supply.

A lot of the demand is probably "hidden" right now. People waiting for a clear bottom to get as much coin as possible for their money.
Because of this, I believe that at the first sight of a trend reversal, this hidden demand will jump on board instantly, making us return to the 600-700$ range.

Are you saying this because you currently hold a lot of BTC or are you just hoping for this to happen?

because I think the exact opposite is happening. Loads of people tired of holding are selling

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April 03, 2014, 07:40:45 PM
 #53

Too many sellers not enough buyers.
Next question?   Cheesy


This. Stop trying to overcomplicate things.

Its just demand vs supply.

A lot of the demand is probably "hidden" right now. People waiting for a clear bottom to get as much coin as possible for their money.
Because of this, I believe that at the first sight of a trend reversal, this hidden demand will jump on board instantly, making us return to the 600-700$ range.

Are you saying this because you currently hold a lot of BTC or are you just hoping for this to happen?

because I think the exact opposite is happening. Loads of people tired of holding are selling

Of course or else I would not be here Wink
But I'm quite sure that most people who are into Bitcoin see a great, perhaps even desilusional, future in it. Hence I do believe the true demand is higher than the supply right now.

samsonn25
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April 04, 2014, 12:34:21 AM
 #54

Too many sellers not enough buyers.
Next question?   Cheesy


This. Stop trying to overcomplicate things.

Its just demand vs supply.

A lot of the demand is probably "hidden" right now. People waiting for a clear bottom to get as much coin as possible for their money.
Because of this, I believe that at the first sight of a trend reversal, this hidden demand will jump on board instantly, making us return to the 600-700$ range.

So more buyers have to step up to stabilize the price.  Theoretically the price can go down to almost zero, 1 satoshi if no one wants it except to buy as a collectible and thats all they offer on the bid.
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April 08, 2014, 10:39:28 AM
 #55

I wonder if there is going to be topic why it went up 75$ Wink

Acidyo
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April 08, 2014, 10:59:11 AM
 #56

I'm thinking the stole gox coins are being sold like crazy. After those are gone there is no other way but up. Smiley

yenom
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April 11, 2014, 12:41:00 PM
 #57

I'm thinking the stole gox coins are being sold like crazy. After those are gone there is no other way but up. Smiley

Nah, if I had stolen the gox coins I would not dump them at market at low prices. I would passively sell them over a long period. They can all be tracked anyway.
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April 13, 2014, 07:51:04 AM
 #58

Fake news from China, stupid Australian bank and bunch of stupid people that got scared and started selling
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April 13, 2014, 12:53:05 PM
 #59

I'm thinking the stole gox coins are being sold like crazy. After those are gone there is no other way but up. Smiley

That is a real possibility. And probably Karpeles is the one who is selling them. He is currently fighting his extradition to the US, and needs millions of USD to bribe the attorneys and the bureaucrats. Right now, he will sell at whatever price he can get.

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April 13, 2014, 04:41:29 PM
 #60

I'm thinking the stole gox coins are being sold like crazy. After those are gone there is no other way but up. Smiley

That is a real possibility. And probably Karpeles is the one who is selling them. He is currently fighting his extradition to the US, and needs millions of USD to bribe the attorneys and the bureaucrats. Right now, he will sell at whatever price he can get.

If the assumption is true and he stole those money, he should be publicly executed.
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