[2014-07-25] Bitcoin Price Drops Below $600 After Relative Stability

young3dvard

full member

Activity: 193

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Quote from: Muhammed Zakir on July 25, 2014, 01:12:16 AM

Quote

“In any other time, in any part of 2013, and even before that, an event like Dell [taking bitcoin], would have shot the price up by 20-50%,” said Mark Lamb, chief executive of London-based exchange Coinfloor, which has been growing its daily trading volume of about 150 BTC since it launched in March.

In fact, the value of a bitcoin hadn’t closed below $600 over the last 30 days, according to the CoinDesk BPI, except for a blip today, which saw it dive briefly to a low of $591.

I thought that the price will increase after the adoption of BTC by DELL but now it the BTC price dropped in a way we didn't though.

But every DELL Bitcoin sale decrease Bitcoin price a bit because these sales are converted to USD. But DELL accepting Bitcoin payments is good news even if it mean more pressure for Bitcoin selling.

ThomasCrowne

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★☆★ 777Coin - The Exciting Bitco

Price holding at $602.24 on BitStamp as of this writing.

bryant.coleman

legendary

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A 1% or 2% drop doesn't mean anything. In fact, I am quite frustrated at the fact that the price is remaining stable for almost two months now. Even the good news from Dell had no effect on the exchange prices.

Muhammed Zakir

hero member

Activity: 560

Merit: 509

I prefer Zakir over Muhammed when mentioning me!

Quote

“In any other time, in any part of 2013, and even before that, an event like Dell [taking bitcoin], would have shot the price up by 20-50%,” said Mark Lamb, chief executive of London-based exchange Coinfloor, which has been growing its daily trading volume of about 150 BTC since it launched in March.

In fact, the value of a bitcoin hadn’t closed below $600 over the last 30 days, according to the CoinDesk BPI, except for a blip today, which saw it dive briefly to a low of $591.

I thought that the price will increase after the adoption of BTC by DELL but now it the BTC price dropped in a way we didn't though.

Quote

The trough of disillusionment

Maybe bitcoin’s price needs more than good news.

After all, people need time to figure out world-changing, disruptive technologies like bitcoin. Positive newsflow in the interim isn’t going to help the world adapt to our bitcoin future, no matter how many computers Dell sells.

That’s what Joe Lee, a trader and founder of bitcoin derivatives exchange BTC.sx, thinks is going on.

“The price is stagnant because we’re going through a trough of technology adoption for crypto currencies, where the world is working how to take it,” he said, citing technology research firm Gartner’s theory of a technology adoption ‘hype cycle’.

Gartner’s hype cycle, which comes complete with interactive chart, is a fancier way of saying that all that positive news is going to take time to sink into people’s minds. In Gartner-speak, we went over the Peak of Inflated Expectations in January, when the price was soaring, and now we’re headed into the Trough of Disillusionment.

Gartner’s hype cycle

I think that's true though we don't think it is. Roll Eyes

Kindly,
MZ

ganabb

sr. member

Activity: 434

Merit: 250

http://www.coindesk.com/market-monthly-stable-bitcoin/

The last two months have seen no shortage of positive bitcoin news.

DISH became the latest big retailer to accept bitcoin in June, only to be eclipsed six weeks later by Dell. Then, there was the successful US Marshals auction of roughly 30,000 BTC, which proved bitcoin’s fungibility in the eyes of the US government.

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