Why is it dropping again?

[capali]

It was too fast drop again. Any rational explanation? Any news?

[cosmofly]

https://bitcointalk.org/index.php?topic=553276.0

That's why

[Cyberlight]

Just some idiots sold a lot of coins, but remind, for every dumped bitcoin is a buyer.

[capali]

1) its fake and stupid
2) it was posted on april 1

on april 2 (today) btc risen
then suddenly fell down. what explains the rise? it makes no sense

[y3804]

1) its fake and stupid
2) it was posted on april 1

on april 2 (today) btc risen
then suddenly fell down. what explains the rise? it makes no sense

BTC38 has received instructions from central bank today. It's true, BTC ban incoming

[cosmofly]

1) its fake and stupid
2) it was posted on april 1

on april 2 (today) btc risen
then suddenly fell down. what explains the rise? it makes no sense

BTC38 has received instructions from central bank today. It's true, BTC ban incoming

Finally someone with a sane mind

[smracer]

Despair is good.

[Holdaaja]

It was noob trap, it is getting back up now.
Glad I'm hodling forever

[capali]

o the infamous cosmofly, whose trollness also feared amongst the living and dead, hi

[Cyberlight]

1) its fake and stupid
2) it was posted on april 1

on april 2 (today) btc risen
then suddenly fell down. what explains the rise? it makes no sense

BTC38 has received instructions from central bank today. It's true, BTC ban incoming

Reddit:

Chinese-speaking trader here, and here is my translation. Let me know if the translation is not clear.

Regarding our temporary suspension of CNY deposits.

Dear Customers,

We regret to let you know that as of midnight tonight (Apr. 2), you will no longer be able to fund your CNY account at BTC38 due to the latest PBOC regulation enforcement. BTC38 had been using third-party payment agent to process funds and that is no longer allowed according to PBOC regulation. Therefore, we have to suspend deposits via BTC38 e-code as well as bank transfers (transfers in).

Recently, there are rumors on the Internet stating that the PBOC will shutdown all Chinese virtual currency trading platforms. Those are just rumors and the PBOC have stated that they have no plan to do so. Today's change to our platform is the PBOC's enforcement of their Dec. 5, 2013 regulation guidelines regarding virtual currency exchanges. The message was delivered to us this evening via our third-party payment providers and our banks.

Therefore, we will follow PBOC's regulations and temporarily suspend CNY deposits. CNY withdraws, Bitcoin / Alt-coins deposits and withdraws are not effected. BTC38 holds more than 100% reserve of clients fund. Please do not worry about your funds in our exchange. They are safe.

We have plans to deal with our current problems and vision for our exchange operation going forward. In the mean time, you can trade on our exchange as usual.

BTC38

April 2, 2014

[JHammer]

The Pump and Dumpers are working VERY hard..   

[suchnoob]

Just the markets responding a bit. Strange predictions about a 266 dollar bottom will turn out false. Just let China respond for a few days. Although I admit that China is important, the departure of China is no death sentence to Bitcoin. Not yet in each case

The departure of China is very good for price stability -> more confidence in bitcoin -> way better adoption in developed countries.

[zzojar]

people have been anticipating a retest of the $400 bottom. I imagine we will see that sometime in the next two weeks (if not today). I plan on doubling my bitcoin wallet around the $400 mark personally, then doubling again at $300.

[precrime3]

It was too fast drop again. Any rational explanation? Any news?

More FUD. Some BS article i saw that bobby lee had confirmed that China banned BTC or something like that.

[fattypig]

I dont think the price could fall any more, the bad news is already here since few weeks ago...

[y3804]

I dont think the price could fall any more, the bad news is already here since few weeks ago...

Could easily fall to $400. The only way to trade BTC in China now is by cash deposit, which is very tricky for the majority of Chinese traders. IMO, most players will quit.

[romang]

I dont think the price could fall any more, the bad news is already here since few weeks ago...

price is built in many times over.

[tvbcof]

The biggest pressure on me at the moment is that I have to both pay 2013 taxes and make estimates on 2014.

I suspect that others in my general situation (began to capitalize in the last 12 months) are not uncommon.  A certain fraction of them will probably decide that cheating on one's taxes produces risks which are simply not worth the potential extra money.  If such people did not pull out the funds needed they are going to need to be doing this.

I personally neglected to consider the need to make estimates for 2014 when deciding how much to pull.  Since I did my main capitalization in the first 6 weeks of this year, the amount of taxes I need to budget for in 2014 are significant.  I gave myself a pretty fair margin to play with so I don't need to sell now to make my tax payments, but it's closer than I expected.  I'll bet that others are not so lucky and that we'll see significant instances of quasi-forced sales for the next few weeks and consequent negative pressure on the spot prices.

[Cyberlight]

The biggest pressure on me at the moment is that I have to both pay 2013 taxes and make estimates on 2014.

Taxes on profits, what you're expected ? make 100%s of profit with zero taxes ?

[Equate]

Taxes put the great impact on the price.