[2014-08-14] The Bitcoin Price is Crumbling – Why?

[erono]

http://www.cryptocoinsnews.com/news/bitcoin-price-crumbling/2014/08/13

The Bitcoin price continues the downward trend with hitting an all time low since mid June 2014 with 550 USD per Bitcoin. Two days ago our author Venzen Khaosan posted a Bitcoin price analysis that could help explain why the price is falling the way it does now. Beyond the below factors which are always driving down the price, one large event that may be triggering this price drop is the sale of Ethereum’s bitcoins.

[howardb]

http://www.cryptocoinsnews.com/news/bitcoin-price-crumbling/2014/08/13

The Bitcoin price continues the downward trend with hitting an all time low since mid June 2014 with 550 USD per Bitcoin. Two days ago our author Venzen Khaosan posted a Bitcoin price analysis that could help explain why the price is falling the way it does now. Beyond the below factors which are always driving down the price, one large event that may be triggering this price drop is the sale of Ethereum’s bitcoins.

If the Ethereum all stars sell their bitcoin on the open market then they are not the smart people we all hope they are. There are plenty of people/institutions looking for sources of bulk bitcoins, as evidenced by the bidding on the silkroad coins auction.

No, this is manipulation, plain and simple. Anyone that dumps 1000btc in 10 mins on an illiquid exchange in the dead of night is not trying to get the best price, they are trying to get the best price drop!

[Bit_Happy]

If the Ethereum all stars sell their bitcoin on the open market then they are not the smart people we all hope they are. There are plenty of people/institutions looking for sources of bulk bitcoins, as evidenced by the bidding on the silkroad coins auction.

No, this is manipulation, plain and simple. Anyone that dumps 1000btc in 10 mins on an illiquid exchange in the dead of night is not trying to get the best price, they are trying to get the best price drop!

I've been busy the last couple days and wondered what was going on. So there is no "major" news so far this week?

[freedomno1]

I've been busy the last couple days and wondered what was going on. So there is no "major" news so far this week?

Just the usual large companies that are accepting payments in Bitcoin, and I guess a global payment service like Payza as well other than that most things are running as usual less the bitcoin price moving +-50 bucks again.
Not bad considering that the Ether sale was a pretty good chunk of coins that needed to be converted into fiat.

[Kprawn]

"About 5 000 bitcoins are being mined each day. This leads to a sell pressure of more than 2 million USD a day (if all miners sell their bitcoins to cover expenses)."

Did not know it was that much. I would have thought, they would hold onto it, until the BTC price is at the best level, and then sell into fiat. {I guess some of these guys, are running on thin margins, if they have to sell all BTC mined.

I keep the satoshi I mine, and sell a few satashi when the price is better, so it decrease ROI time. {Just makes sense, but yea electricity bills will not wait}

[DooMAD]

Coindesk article saying basically the same thing.

If there's a prolonged drop, I should imagine most people here will be buying more.  Maybe a few panic sellers will lose out, but that's down to them.  Their loss will be someone else's gain.  It's likely there will be plenty of ups and downs to come.  As always, enjoy the ride.

[iluvpie60]

http://www.cryptocoinsnews.com/news/bitcoin-price-crumbling/2014/08/13

The Bitcoin price continues the downward trend with hitting an all time low since mid June 2014 with 550 USD per Bitcoin. Two days ago our author Venzen Khaosan posted a Bitcoin price analysis that could help explain why the price is falling the way it does now. Beyond the below factors which are always driving down the price, one large event that may be triggering this price drop is the sale of Ethereum’s bitcoins.

It is going down because there aren't as many people using it as there needs to be to keep up with it. The supply is increased every 10 minutes on average and we need more people using and spending bitcoins(actually buy things). The volume might look like it is getting larger but a lot of it is just trading back and forth for arbitrage and that doesn't help the price go up.

[passionsurf]

"About 5 000 bitcoins are being mined each day. This leads to a sell pressure of more than 2 million USD a day (if all miners sell their bitcoins to cover expenses)."

Did not know it was that much. I would have thought, they would hold onto it, until the BTC price is at the best level, and then sell into fiat. {I guess some of these guys, are running on thin margins, if they have to sell all BTC mined.

I keep the satoshi I mine, and sell a few satashi when the price is better, so it decrease ROI time. {Just makes sense, but yea electricity bills will not wait}

This makes the most sense. If bitcoin was to switch to PoS instead of PoW, then the price will be $10k+ overnight.

[aigeezer]

I'm still chuckling at "an all time low since mid June 2014". That's quite a syntax stretch even for FUD.

Ain't it awful! All-time awful since the last time, in fact.

Prices rise. Prices fall. The expert predictions are usually wrong. The expert retrodictions are usually unprovable. I read them for entertainment, not for information.

Buy low, sell high. Hodl when in doubt. Stay away from fiat. ymmv.

[cryptofan5]

It now looks entirely possible to return to $100-$200 price range 

[bitbouillion]

It now looks entirely possible to return to $100-$200 price range 

Well, it's a free market.

[cr1776]

I'm still chuckling at "an all time low since mid June 2014". That's quite a syntax stretch even for FUD.
...

Yeah, I don't think they understand the meaning of "all time". 

BTC was just at "an all time high for the last 15 seconds."   WOW!!! GREAT NEWS.

Talk about meaningless, stupid FUD.

[passionsurf]

It now looks entirely possible to return to $100-$200 price range 

It's always possible to return to <$200 ... but not likely. The chance of hitting another all-time-high are much greater (in my opinion), then the chance of being at the $200 level. There are thousands (probably tens of thousands) of people just waiting to have another chance to buy at the $350-400 range. I really doubt BTC would drop remarkably below $350.

[311]

It now looks entirely possible to return to $100-$200 price range 

It's always possible to return to <$200 ... but not likely. The chance of hitting another all-time-high are much greater (in my opinion), then the chance of being at the $200 level. There are thousands (probably tens of thousands) of people just waiting to have another chance to buy at the $350-400 range. I really doubt BTC would drop remarkably below $350.

I wouldn't be so sure. Either way it's still speculation, though it would be interesting to see how far it can fall but I think there always those people who are desperate to get in and will keep the price propped up a little.