Bitcoin crashes through $300 floor

[JimminyCricket]

Wow. The ongoing downtrend is relentless. This is what happens when monopoly mining interests lose their monopoly and real price discovery occurs. Oh well, it must stabilize eventually...

[Somekindabitcoin]

Could you imagine what could have happened if major e commerce website were to start accepting bitcoin? It would dump through the floor. The price wouldn't even be at 200 let alone 100. They would instantly dump their coins in trade for fiat because they know how unstable the bitcoin price is.

[Q7]

The issue with the price crash is that it is not caused only by the mining part. There are traders who leverage their position to sell bitcoin in order for fast gain. Technically they can sell with money they don't own. Don't worry, eventually they will need to buy back and hopefully we can see a recovery taking place.

[colinistheman]

Wow. The ongoing downtrend is relentless. This is what happens when monopoly mining interests lose their monopoly and real price discovery occurs.

i cant even throw my bitcoins theyre IN MY COMPUTER DAHHHHHHHHHHHH

[bgibso01]

Is maybe some of this related to the Bitcoin Bowl?  I read where Bitpay converted all of the bitcoins to $ for the Bowl.  Maybe they are holding too big a stash themselves and are flooding the market.

[bitkilo]

The price has hovered around $300 for months now and this really does look like were getting a bit of stability in the price now.
Any lower seems like a good time to buy and any higher is when to sell or hold.

If all the big company's who accept BTC are just dumping there coins as soon as they get them then of course this is going to drive the price down a bit.
What if there was something else these company's could do with the bitcoin they receive that might make them more money by holding the coins, something like the winklevoss EFT could work.
Insted of just selling the coins they receive from customers they may want to re-invest this to increase profits, just have to wait and see i guess.

[koshgel]

The issue with the price crash is that it is not caused only by the mining part. There are traders who leverage their position to sell bitcoin in order for fast gain. Technically they can sell with money they don't own. Don't worry, eventually they will need to buy back and hopefully we can see a recovery taking place.

Definitely a big reason why. Shorters are making $$.

There will have to be a bottom soon though

[Agestorzrxx]

Without new comers, the price will continue to fall.

[NandChipProvider]

bitcoin and paycoin has one thing in common: the bottom/floor

[btckold24]

yeah Im trying to decide if I want to buy some more bitcoin at these lvls or wait. I really thought it would get support around 300$ and shoot back up to 400$ but so far just more selling pressure

[michaeladair]

yeah Im trying to decide if I want to buy some more bitcoin at these lvls or wait. I really thought it would get support around 300$ and shoot back up to 400$ but so far just more selling pressure

Buy at floor, sell at ceiling... if only one knew where these were located...

[Superhitech]

Ouch, 279 a coin currently.

Hopefully it will stabilize and go up soon, it's been dropping all day. Great way to celebrate the birthday of Bitcoin 

The best thing to do for the Bitcoin economy is to buy stuff from merchants who won't immediatly dump their coins for fiat.

[Notanon]

Was expecting it to dip below $300, to be honest. Might start slowing down around the $250 mark.

[needFREElunch]

yeah Im trying to decide if I want to buy some more bitcoin at these lvls or wait. I really thought it would get support around 300$ and shoot back up to 400$ but so far just more selling pressure

Buy at floor, sell at ceiling... if only one knew where these were located...

$300 was he floor for several months. Now that it has breached the $300 level I would say that it will probably end up falling to at least the $250 level if not lower over the short term

[AnonBitCoiner]

Currently at $280. I was looking at my wallet, and did a triple take when I saw the different conversion approximation. Damn, this was not a good day

[Bitcoinpro]

Crypto / Exchange Market Capitalization increase for the year is still gigantic

your witnessing very fine manipulation moves here

[Kprawn]

What did you expect? Loads of people buying Xmas gifts and paying for holidays....

Short term price watching, will cloud your judgement.... look long term.... this will remedy itself soon. 

[Bitcoinpro]

Crypto / Exchange Market Capitalization increase for the year is still gigantic

your witnessing very fine manipulation moves here

No, the manipulation was the willybot, this is correction.

no one is selling btc at 280

its just numbers on the exchanges at this point in time

[AnonBitCoiner]

Crypto / Exchange Market Capitalization increase for the year is still gigantic

your witnessing very fine manipulation moves here

No, the manipulation was the willybot, this is correction.

no one is selling btc at 280

its just numbers on the exchanges at this point in time

People can buy a BitCoin on localbitcoins for ~$282, which is pretty much the same thing

[koshgel]

Crypto / Exchange Market Capitalization increase for the year is still gigantic

your witnessing very fine manipulation moves here

No, the manipulation was the willybot, this is correction.

no one is selling btc at 280

its just numbers on the exchanges at this point in time

What do you mean? There's no selling pressure?