Bitcoin gets bit by a summertime swoon

[LakeBTC]

Bitcoin fell sharply Wednesday, touching lows against the dollar not seen since May.

The drop comes after a stable July for the cryptocurrency, and a strong run that has seen bitcoin hold above $560 since May 26. The slide began on Monday-the same day the Consumer Financial Protection Bureau announced new warnings about the digital currency-and accelerated Wednesday morning, according to pricing data from CoinDesk.

(CFPB creates complaint center for bitcoin Wild West)

According to CoinDesk, the currency has only once finished the day on more than a 5 percent change since May: Bitcoin rose almost 7 percent on June 30. Its last drop of over 5 percent was on June 12.

At its lows on Wednesday, CoinDesk's price index had fallen more than 6 percent on the day.

Still, some argue that the fall is part of an orderly correction for the notoriously volatile cryptocurrency.

In a blog post for CryptoCoinsNews, Venzen Khaosan argued that technical analysis predicted the current fall, with $525 as an expected bottom. News events, such as the CFPB announcement, he added, have not typically moved the market.


https://au.finance.yahoo.com/news/bitcoin-gets-bit-summertime-swoon-180257700.html

[dadaas]

Only thing I can say about that is that current price is below expected bottom.

[ShameOnYou]

Lowest price since late June 

[fireblond]

I blame ethereum

[DarkHyudrA]

Not much very clear the link you provided...
I would like to understand better how the price could get such drop so fast, at least part of the reason.

[madken7777]

I blame ethereum

The initial sell off is due to Ethereum.

The following sell off is due to technical traders.

And the panic sell off is due to margin call.

[fryarminer]

The real reason for the drop in price is that I bought some BTC.
No joke - EVERY SINGLE TIME I buy, the price tanks.

Next time I'll announce that I'm buying so you can all profit by the price drop!

[oceans]

It would be nice to know why the price has dropped so low so quickly. I am hoping this is just a temporary drop and not something that is going to be a long term for a while. Fingers crossed it goes on the up again soon.

[btcracer1]

It would be nice to know why the price has dropped so low so quickly. I am hoping this is just a temporary drop and not something that is going to be a long term for a while. Fingers crossed it goes on the up again soon.

If I look at the chart I see that the price should be dropping for a while and only after it will start a slow, long rise, like the previous bubble patterns.

[Ron~Popeil]

Enjoy the buying opportunity while it lasts. Once the ETF's start we might not see sub $1000 prices again.

[Beliathon]

I blame ethereum

That and the Consumer Financial Protection Bureau "warning" FUD announcement became a one-two punch.

Probably an orchestrated maneuver so some rich folks can pick up cheap coins.

[DeboraMeeks]

Lowest price since late June 

That was just over a month ago .. cmon guys of course bitcoin will swing its natural movement. In a few months itll bounce back higher i think

[TheAccountant]

= buying opportunity.

[Hyena]

Speaking of a summertime drop, I always remind myself the August 2012 when BTC dropped from 12$ to 8$ and I was about to panic sell. Luckily, I was too lazy to actually sell anything and 8$ turned out to be the bottom. However a drop from 12 to 8 is 33%. We were hovering around 590 for quite a while so a comparable drop would bottom out at 393$. Current prices of 500 are nothing compared to pirate40's defaulting. My reaction to this drop: "bitch please, we've seen worse".

[DarkHyudrA]

Speaking of a summertime drop, I always remind myself the August 2012 when BTC dropped from 12$ to 8$ and I was about to panic sell. Luckily, I was too lazy to actually sell anything and 8$ turned out to be the bottom. However a drop from 12 to 8 is 33%. We were hovering around 590 for quite a while so a comparable drop would bottom out at 393$. Current prices of 500 are nothing compared to pirate40's defaulting. My reaction to this drop: "bitch please, we've seen worse".

It's also nothing to be compared to the pump the lead towards 2000 and then we got back to 500 today.
80$ is a big drop to investors, but we're in good hands for now.

[TheNewAnon135246]

I am not worried at all. Maybe the price has gone down a bit but it has done that before. I am just laughing at all the unfounded theories people are posting.