Why did BTC drop by $75 in the past week

[duhosnyul]

Because of the FUD news, weak hands panicked.

[1715196483]

1715196483

[wanellane]

Panicky traders who don't like a flat price, I was in that place at Christmas and made some stupid mistakes you get extremely impatient and start selling off and then everybody else takes advantage.

Yes, when there is some unusual things happen or only rumors about something and lack of information make people panic about unpredictable future!

[asiabtc]

here is reason:

China Central bank new policy. forbidden commercial bank open channel for market: BTCC, Huobi,okcoin ,etc. it means we cannot have market to buy and sell btc. only by personal .
the dead line is Apl 15.
we guess the btc will drop to usd250 in china.
be careful.

[boumalo]

here is reason:

China Central bank new policy. forbidden commercial bank open channel for market: BTCC, Huobi,okcoin ,etc. it means we cannot have market to buy and sell btc. only by personal .
the dead line is Apl 15.
we guess the btc will drop to usd250 in china.
be careful.

I just thought about something : if the Chinese won't be able to buy BTC easily they should all go crazy and buy as much as they can with the fiat they have on exchanges and the fiat they can get to the exchanges

Chinese government is controlling the economy pretty tight so everyone's careful at what it says

[biodieselchris]

bitcoin could easily go under 100 people. And in 12-24 months it could easily be over 2000. After it "popped" from 1.00 to 30 in May 2011, it spent 18 months between 5 and 15. The real mistakes are to a) be impatient, and b) feel your consternation about price somehow exerts any control over it.

It will go where it goes. The question you need to decide for yourself is how much fortitude do you have for any particular price movement in any particular asset. If you own an asset where the price movement gives you heartburn, you have not position-sized correctly.

[Paya]

After it "popped" from 1.00 to 30 in May 2011, it spent 18 months between 5 and 15.

These days I often recall that long, boring period. Who knows? When you combine another wave of fear coming from China, IRS attitude which is quite controversial, and possibility that there is a relatively small but constant selling pressure originating from epic Gox loot, situation is not very bright atm. Perhaps we are again heading into something similar and BTC might be hovering between 300-400 (give or take) for the next year or two.

[boumalo]

After it "popped" from 1.00 to 30 in May 2011, it spent 18 months between 5 and 15.

These days I often recall that long, boring period. Who knows? When you combine another wave of fear coming from China, IRS attitude which is quite controversial, and possibility that there is a relatively small but constant selling pressure originating from epic Gox loot, situation is not very bright atm. Perhaps we are again heading into something similar and BTC might be hovering between 300-400 (give or take) for the next year or two.

That would be fine, it would give some time to build the network and innovate around the protocole

@bio : I don't mind the price fluctuation that we are seeing because I don't hold enough btc to be worried about losing wealth when the price tanks

[lnternet]

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.

[boumalo]

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

[bitvestor]

Its goes around, so ban and un ban always does the math..

[azguard]

bitcoin could easily go under 100 people. And in 12-24 months it could easily be over 2000. After it "popped" from 1.00 to 30 in May 2011, it spent 18 months between 5 and 15. The real mistakes are to a) be impatient, and b) feel your consternation about price somehow exerts any control over it.

+1

This i why i this moment is good to keep btc n buy if for low prices with cash. Estimaded value on some thread are ~700$ or even more then last years 1100$.

Patience is key in this don't be hasty if price start slowly to go up w8 a bit n see.

[durrrr]

yeah the more china bans bitcoins bullshit that comes out the more people panick and sell their coins and it drives the price down for everyone even more

[samsonn25]

Maybe because it was $50 last April.

[5thStreetResearch]

Because the news has been horrible the past few months, the IRS just made using bitcoins a fiasco, and adoption momentum seems to have slowed.

[lynn_402]

Gyft's CEO made an article about short-term Bitcoin price.
It's quite insightful: https://medium.com/p/ba5f3fcce103

[ThatDGuy]

Gyft's CEO made an article about short-term Bitcoin price.
It's quite insightful: https://medium.com/p/ba5f3fcce103

Really great article, thanks for posting it.  I like the analogy of Bitcoin to the ~1993 internet, and having not yet had a "Netscape moment"

[boumalo]

Because the news has been horrible the past few months, the IRS just made using bitcoins a fiasco, and adoption momentum seems to have slowed.

IRS kind of logical decision, China ban, mtgox but adoption seems to be going well and businesses are still getting more and more interested by the coin; maybe less in regards to the new regulation but I am not sure this new regulation is bad, Bitcoin is now legal when it wasn't even sure it was 6months ago

[5thStreetResearch]

Because the news has been horrible the past few months, the IRS just made using bitcoins a fiasco, and adoption momentum seems to have slowed.

IRS kind of logical decision, China ban, mtgox but adoption seems to be going well and businesses are still getting more and more interested by the coin; maybe less in regards to the new regulation but I am not sure this new regulation is bad, Bitcoin is now legal when it wasn't even sure it was 6months ago

It is near impossible to get a business bank account in the US for any type of bitcoin business at the moment, especially for exchanges or facilitators of buying bitcoin.  Coinbase is the only real option for most people that live in the US.  This alone is really hurting adoption.  Mt Gox didnt certainly didnt help attract any new comers who may have already been somewhat skeptical.  I hope things change soon and we can start building some momentum again, but at the moment things arent going great.

[Bit_Happy]

The short-term trend is now up.
Medium-term coming soon. 

ps. Long-term is still up...

[mktrader]

I'm puzzled, I thought pretty much all the bears have already sold their coins, what drove the price down this time?

It's just a normal correction, IMO.