today's price drop related to OKcoin futures?

[BTCtrader71]

I wonder whether the price drop today (around $590 to $570 in the past few hours) could be related to the nascent OKcoin futures market. My thought process is that the availability of bitcoin futures has the same effect as increasing the supply of bitcoins. Or to think of it differently, it has the same effect as decreasing the demand of actual bitcoins: instead of buying a real bitcoin today, I might decide to buy bitcoin futures (however many units is equivalent to one bitcoin) instead.

If the volume of trading on the futures market shot up today, that would support my hypothesis, although I don't know whether OKcoin publishes that data. (Currently available settlement dates, btw, are 8/15, 8/22, and 8/29. I presume more will open up if all goes well during the initial beta testing period.)

(An alternate explanation for the price drop is that it is because of news reports that the Consumer Financial Protection Bureau put out a warning on bitcoin today. The timing seems to fit. Although I don't know why this would have a big effect on price, except for the fact that it seems to have been picked up by about a million different news agencies.)

Thoughts?

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[falllling]

I wonder whether the price drop today (around $590 to $570 in the past few hours) could be related to the nascent OKcoin futures market. My thought process is that the availability of bitcoin futures has the same effect as increasing the supply of bitcoins. Or to think of it differently, it has the same effect as decreasing the demand of actual bitcoins: instead of buying a real bitcoin today, I might decide to buy bitcoin futures (however many units is equivalent to one bitcoin) instead.

If the volume of trading on the futures market shot up today, that would support my hypothesis, although I don't know whether OKcoin publishes that data. (Currently available settlement dates, btw, are 8/15, 8/22, and 8/29. I presume more will open up if all goes well during the initial beta testing period.)

(An alternate explanation for the price drop is that it is because of news reports that the Consumer Financial Protection Bureau put out a warning on bitcoin today. The timing seems to fit. Although I don't know why this would have a big effect on price, except for the fact that it seems to have been picked up by about a million different news agencies.)

Thoughts?

i told you bitcoin is going to nowhere but down! a big crash incoming!
there is no raise, you can only see drops following drops and final capitulation crash

[Benjig]

well i dont think its related to okcoin futures, it seems like all the alts are dropping too, all the crypto ecosystem! litecoin is 0.009 xD

[TrollinU]

The OKCoin futures may have something to do with it.
All the "Good news" lately and the price barley budged. What would make any of you think this insignificant piece of not-so-bad bad news (CFPB) would cause this? Why do you guys scour the net in search of any piece of news that somehow correlates to any movement in price? I guess it just CAN"T be the technicals. I've been short and expecting this for days. Did I have some kind of insider info? mm, no! Was I lucky? Many of you will say that's exactly it. Then why is my luck so good while so many of you that are SURE that the moon is right around the corner have such bad luck? Could it be that I don't just guess at where the market is going? DingDingDing! We have a winner...

Get a fucking clue! News doesn't matter unless it is very significant. The fundamentals (except mining difficulty) haven't changed in months if not years. The only thing left is the technicals which is exactly what this was. Everything turned south over the last few days. There has been heavy selling on Bitstamp for the last month and buyers finally succumbed to the overwhelming pressure.

well i dont think its related to okcoin futures, it seems like all the alts are dropping too, all the crypto ecosystem! litecoin is 0.009 xD

The alts have been following Bitcoin lately. All but that VIA...

[Leina]

Do they have tutorial on Future contract? What price is it trading on?

Can non-Chinese sign up Okcoin exchange?

[nextblast]

Do they have tutorial on Future contract? What price is it trading on?

Can non-Chinese sign up Okcoin exchange?

yes, okcoin has a international site (okcoin.com) and domestic site (okcoin.cn)

[kerafym]

Price on bitcoin only drop a little when you compare to other alt coin.

Think the final nail on litecoin is finally here:

http://coinmarketcap.com/

[Omikifuse]

But futures are an indication that the market is maturing and that China is not in the rage against the Bitcoin mode.

That should make the price goes up, don't?

[beetcoin]

But futures are an indication that the market is maturing and that China is not in the rage against the Bitcoin mode.

That should make the price goes up, don't?

dell, newegg, tigerdirect, expedia, overstock, and the other myriad companies accepting bitcoin hasn't done much to push the price ahead.. so it's not necessarily true that maturing market = higher price.

[Cluster2k]

Price on bitcoin only drop a little when you compare to other alt coin.

Think the final nail on litecoin is finally here:

http://coinmarketcap.com/

Wow, look at some of them go.  Finally people are beginning to understand Dogecoin was a funny joke that eventually got old.  Much crash, such fall, very suffering. 

[maurya78]

Price on bitcoin only drop a little when you compare to other alt coin.

Think the final nail on litecoin is finally here:

http://coinmarketcap.com/

------------------------------------------

Agree, think Stellar might in time eat Litecoin's breakfast, better concept and as of now better marketing and execution
Still early days though

[RyNinDaCleM]

But futures are an indication that the market is maturing and that China is not in the rage against the Bitcoin mode.

That should make the price goes up, don't?

dell, newegg, tigerdirect, expedia, overstock, and the other myriad companies accepting bitcoin hasn't done much to push the price ahead.. so it's not necessarily true that maturing market = higher price.

The thing is, Overstock and tigerDirect started it. We had a decent recovery for a minute from that, but the next few to begin accepting BTC were just latecomers and the hype of retail shopping wore off. You could already do at TigerDirect what you can do at Newegg, so that wasn't much. Expedia doesn't offer the flights yet, so that's not huge... Yet!

[scarsbergholden]

But futures are an indication that the market is maturing and that China is not in the rage against the Bitcoin mode.

That should make the price goes up, don't?

Aren't futures on the international platform? Not .cn? I think that's because -- similar to Huobi handling its leveraged market through Bitvc -- they want it separated from the mainland Chinese market. I think this is related.

[BTCtrader71]

But futures are an indication that the market is maturing and that China is not in the rage against the Bitcoin mode.

That should make the price goes up, don't?

Perhaps it's one of those things that will make it go down in the near term (via my reasoning in the OP), but up in the long term (greater maturity = ultimately a good thing).

[unpure]

A lot of factors are involved.

The recent IPO of Ethereum, the free give away of Steller and the general meltdown of all alt coins. It only take 1 whale from alt coin to create a massive sell off.

[scarsbergholden]

A lot of factors are involved.

The recent IPO of Ethereum, the free give away of Steller and the general meltdown of all alt coins. It only take 1 whale from alt coin to create a massive sell off.

Have coins started moving out of that "exodus" address? I can't remember where I found that address.... I had been wondering if we might see some downward pressure when those coins started moving.

[Sevvero]

I wonder whether the price drop today (around $590 to $570 in the past few hours) could be related to the nascent OKcoin futures market. My thought process is that the availability of bitcoin futures has the same effect as increasing the supply of bitcoins. Or to think of it differently, it has the same effect as decreasing the demand of actual bitcoins: instead of buying a real bitcoin today, I might decide to buy bitcoin futures (however many units is equivalent to one bitcoin) instead.

If the volume of trading on the futures market shot up today, that would support my hypothesis, although I don't know whether OKcoin publishes that data. (Currently available settlement dates, btw, are 8/15, 8/22, and 8/29. I presume more will open up if all goes well during the initial beta testing period.)

(An alternate explanation for the price drop is that it is because of news reports that the Consumer Financial Protection Bureau put out a warning on bitcoin today. The timing seems to fit. Although I don't know why this would have a big effect on price, except for the fact that it seems to have been picked up by about a million different news agencies.)

Thoughts?

i told you bitcoin is going to nowhere but down! a big crash incoming!
there is no raise, you can only see drops following drops and final capitulation crash

Fallling, where is the technical analysis?

[madken7777]

I wonder whether the price drop today (around $590 to $570 in the past few hours) could be related to the nascent OKcoin futures market. My thought process is that the availability of bitcoin futures has the same effect as increasing the supply of bitcoins. Or to think of it differently, it has the same effect as decreasing the demand of actual bitcoins: instead of buying a real bitcoin today, I might decide to buy bitcoin futures (however many units is equivalent to one bitcoin) instead.

If the volume of trading on the futures market shot up today, that would support my hypothesis, although I don't know whether OKcoin publishes that data. (Currently available settlement dates, btw, are 8/15, 8/22, and 8/29. I presume more will open up if all goes well during the initial beta testing period.)

(An alternate explanation for the price drop is that it is because of news reports that the Consumer Financial Protection Bureau put out a warning on bitcoin today. The timing seems to fit. Although I don't know why this would have a big effect on price, except for the fact that it seems to have been picked up by about a million different news agencies.)

Thoughts?

i told you bitcoin is going to nowhere but down! a big crash incoming!
there is no raise, you can only see drops following drops and final capitulation crash

Fallling, where is the technical analysis?

He is just doing wild guess and happen to be right at this moment.

[fonsie]

I wonder whether the price drop today (around $590 to $570 in the past few hours) could be related to the nascent OKcoin futures market. My thought process is that the availability of bitcoin futures has the same effect as increasing the supply of bitcoins. Or to think of it differently, it has the same effect as decreasing the demand of actual bitcoins: instead of buying a real bitcoin today, I might decide to buy bitcoin futures (however many units is equivalent to one bitcoin) instead.

If the volume of trading on the futures market shot up today, that would support my hypothesis, although I don't know whether OKcoin publishes that data. (Currently available settlement dates, btw, are 8/15, 8/22, and 8/29. I presume more will open up if all goes well during the initial beta testing period.)

(An alternate explanation for the price drop is that it is because of news reports that the Consumer Financial Protection Bureau put out a warning on bitcoin today. The timing seems to fit. Although I don't know why this would have a big effect on price, except for the fact that it seems to have been picked up by about a million different news agencies.)

Thoughts?

i told you bitcoin is going to nowhere but down! a big crash incoming!
there is no raise, you can only see drops following drops and final capitulation crash

Fallling, where is the technical analysis?

Still in his ass.

[falllling]

i told you bitcoin is going to nowhere but down! a big crash incoming!
there is no raise, you can only see drops following drops and final capitulation crash

Fallling, where is the technical analysis?

Still in his ass.

sell now as i told you to or lose everything at bitcoin final capitulation later