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Author Topic: Why did Bitcoin lose value so fast in early ?  (Read 37 times)
Doney3
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June 18, 2018, 06:35:44 AM
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The price of bitcoin fell more than $1,000 in the span of about 10 minutes on the CoinDesk Bitcoin Price Index (BPI) today, just hours after the cryptocurrency set an all-time high above $11,000.

Beginning about 19:20 UTC, sell orders began piling up on exchanges in what was perhaps one of the market's most impressive successions of red candles in some time. After showing signs of stability above $10,000 at 18:30 UTC, the price hit a low of $9,290 at 19:30.

However, data shows some exchanges were more affected than others.

According to social media, the price decline coincides with reports that GDAX, the exchange offering of cryptocurrency startup Coinbase, had seen a service outage that is currently ongoing. Data from GDAX indicates the exchange hit a low of $8,593 before going offline.

Social media reports also suggest that Bitstamp and Gemini have faced outages or interruptions today, at a time that coincides with increasing mainstream interest in cryptocurrencies. According to data provider TradeBlock, GDAX, Bitstamp and Bitfinex are all currently operating unreliably.

The more than 11 percent decline marked the lowest price observed on the BPI since Nov. 26 when bitcoin hit a low of $8,757.
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vaco
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June 18, 2018, 06:46:23 AM
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There are about 19k bitcoins held by the hacker that raided Bitstamp. While, as far as I know, they haven't found their way back into the market, it is an amount that would impact the markets if it were dumped. It is possible that some speculators were expecting a dump, and tried to position themselves to buy low. Such a dump in itself could have scared the already skittish market into further dumps.
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June 18, 2018, 06:52:53 AM
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Bitcoin supposedly was a hip way to withdraw money out of Russia for a while. Although Russia had been rattling with their saber a while towards Bitcoin, they are finally starting to take action by blocking Bitcoin services there now. This might induce a trend of Russians moving out of Bitcoin.
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June 18, 2018, 06:54:28 AM
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In recent weeks, bitcoin has been trading between $5600 - $7500. The parameters of your posts do not reflect recent activity.

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Tred6
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June 18, 2018, 06:57:00 AM
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great info mate
RosellaMurphy
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June 18, 2018, 07:17:54 AM
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Apparently, Butterfly labs has been ordered by court to refund their customers. According to rumors on reddit, they have been selling thousands of Bitcoins and are still sitting on more than 90k.
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June 18, 2018, 07:18:11 AM
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Because more and more ICO and altcoin are making money flow out of BTC.
People started paying attention to these ICO projects because most people wanted to get a higher return.

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crzy
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June 18, 2018, 07:21:19 AM
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In recent weeks, bitcoin has been trading between $5600 - $7500. The parameters of your posts do not reflect recent activity.
Really confusing, I'm looking at the market right now and you are right, maybe OP made this post months ago on this notes.
Well, this decline is more because of negative news around the world, and the time you are referring for is one of the corrections with bitcoin. The price may go down more buy expect this technology to rise again, I know whales will try to manipulate the market again way up high.

vaco
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June 18, 2018, 07:26:18 AM
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The value of bitcoin has fallen sharply, dropping by almost $2,000 in the early hours of this morning.

While the cryptocurrency is now on an upward curve, its sudden slide spread concern amongst investors, who fear they may lose money as a result.

Here’s the latest on bitcoin and why experts advise potential investors to be wary.
RosellaMurphy
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June 18, 2018, 07:29:26 AM
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While it isn’t clear why bitcoin’s price has dropped so quickly, it isn’t hugely surprising.

Bitcoin is widely considered to be a bubble, which could keep inflating until it completely collapses.

The sudden slump does, however, come amid a great deal of negative press.

This week, the US Securities and Exchange Commission reportedly suspended trading in The Crypto Company, a US based cryptocurrency consultancy, amid concerns over stock manipulation.

South Korean bitcoin exchange Youbit also announced its closure, after hackers stole 17 per cent of all assets.

The value of the notoriously volatile cryptocurrency has fluctuated unpredictably all year, with nobody truly knowing whether it is on the verge of rising even further or falling spectacularly.

Just 1,000 bitcoin holders are believed to own 40 per cent of the entire market, and it has been claimed that they can cause its value to plummet or soar at any point.

Alex31207
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June 18, 2018, 07:30:47 AM
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Биткоин ракета.Он всегда будет в цене
Bros_3
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June 18, 2018, 09:29:00 AM
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Bitcoin supposedly was a hip way to withdraw money out of Russia for a while. Although Russia had been rattling with their saber a while towards Bitcoin, they are finally starting to take action by blocking Bitcoin services there now. This might induce a trend of Russians moving out of Bitcoin.
vendorLazy
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June 18, 2018, 09:47:55 AM
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... Bitcoin is widely considered to be a bubble, which could keep inflating until it completely collapses ...
Bubble or not, thousands of people are making money that way.
btw I can't get a point why all that the people who doesn't like cryptocurrency come here and start covering us with this "it's a bubble, it's a fraud!!" things. Don't like it? Just go away.
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