[2017-10-18] Bitcoin Price Drops by over $400 Without any real Reason

SvenBomvolen

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Quote from: NotSteveCohen on October 18, 2017, 08:20:50 AM

Quote from: ivanpoldark on October 18, 2017, 07:34:45 AM

There were few reasons, why bitcoin drops today. It is very overvalued asset comparing to other cryptocurrencies, he has not such value except speculation momentum. Transactions are slower and taxes are higher, no smart contracts feature. All people just want to get free BTC gold, and after this mania will over, we will see the real BTC price and the rise of new cripto assets. Don't get me wrong, I like Bitcoin, but it`s time for real competition, it`s wrong situation when all other currencies are tied up to BTC course.

I don't know that I agree with this in the slightest.

Everything you listed was already priced into the token at the time we saw heightened valuations.

You basically just said that it has no traction except momentum, and then a few words later said that it shouldn't have gained any momentum because of all the reasons you listed up there.

That isn't even logical.

This price drop more than likely has to do with the Chinese congress though I cant say how. Either that or as OP says, it happened for no reason, or a reason we are not aware of.

I think the situation with Bittrex shooted the price and it fell down. Only 1% of accounts were blocked, but that fact that the site didn't explain "WHY" people simply got worried and started to withdraw their money. I think exactly that fact was the reason of -400$ today.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: davey76 on October 18, 2017, 07:03:32 AM

Things are not looking too great in the world of cryptocurrency right now.The Bitcoin price is going through an unexpected market correction once again.

Total bullshit IMO.
This correction was totally expected. Have you ever read tradingview? I guess the author of this article hasn't.
This is just one of the examples: https://www.tradingview.com/chart/BTCUSD/mrjv73yr-Bitcoin/
Small corrections are always to be expected, especially when the market acts like a slingshot. It contracts a bit to shoot up soon after. I'm pretty sure we're preparing to break $6000 right now and it's going to happen right after the fork.

Karakyli

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The fact that bitcoin fell in price to $ 5,360 after reaching almost $ 6,000 dollars, perhaps there are no objective reasons at all. We must always remember that the crypto currency is inherently very volatile. In addition, that its course is strongly influenced by any news from outside, it is usually spread by waves. After take-off, a fall follows, followed by take-off again. Therefore, I do not see anything strange in the current drop in the bitcoin rate. Do not panic and just wait for another wave increase in his rate.

acquafredda

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Ups and downs are part of the game. Who can't handle it should leave the Bitcoin World immediately. Bitcoin is a wild horse that follow no rules (and that's the best part).
Don't worry too much about these drops.

vit05

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Quote from: Kprawn on October 18, 2017, 12:57:29 PM

I saw some scattered articles claiming that ICO's will be banned in Japan. This might have triggered some panic in Japan and

some people might have dumped some coins. {thinking that the price might drop} The slightest bad news, even if it is pure

FUD will have a ripple affect in the markets. This might not be the reason and this could just be market manipulation by some

whales to push people to panic and to stop hoarding their coins. Huh

Do you have any link? Because China and Japan are still pushing the price down. But they are sleeping now, I think. So the price is going up. I want to know what is going on before they wake up Cheesy

Kprawn

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I saw some scattered articles claiming that ICO's will be banned in Japan. This might have triggered some panic in Japan and

some people might have dumped some coins. {thinking that the price might drop} The slightest bad news, even if it is pure

FUD will have a ripple affect in the markets. This might not be the reason and this could just be market manipulation by some

whales to push people to panic and to stop hoarding their coins. Huh

hatshepsut93

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Activity: 2954

Merit: 2145

Quote from: davey76 on October 18, 2017, 07:03:32 AM

Things are not looking too great in the world of cryptocurrency right now.The Bitcoin price is going through an unexpected market correction once again. As a result, the Bitcoin price is now down to $5,360 and it is possible the value will keep going lower moving forward. There is no real reason for this sudden bearish attitude whatsoever, as it seems manipulation is in full effect once again.

More: https://themerkle.com/bitcoin-price-drops-by-over-400-without-any-real-reason/

Crypto journalists like to overdramatize every Bitcoin price moves, but anyone who has been into Bitcoin for a while knows that volatility has always been there. There are many possibilities why Bitcoin dropped after reaching the new ATH - it might have been just a usual correction, or maybe it's a reactions to some news not yet known to the public. Either way there's no reason to worry for hodlers, and as for traders - they shouldn't base their decisions on media and get some better sources instead.

eckmar

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Telegram: https://t.me/eckmar

Well i guess there is always the reason when people just want to cash out. A lot of newbs hold BTC short term and they set sell orders for prices. We must take that into account every time btc price goes up.

vit05

hero member

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Merit: 526

This is just an opinion. I do not understand why to post something like this on a Press section. It should be posted on speculation section. It would be great if the press section has only news from reliable sources.

NotSteveCohen

newbie

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Quote from: ivanpoldark on October 18, 2017, 07:34:45 AM

There were few reasons, why bitcoin drops today. It is very overvalued asset comparing to other cryptocurrencies, he has not such value except speculation momentum. Transactions are slower and taxes are higher, no smart contracts feature. All people just want to get free BTC gold, and after this mania will over, we will see the real BTC price and the rise of new cripto assets. Don't get me wrong, I like Bitcoin, but it`s time for real competition, it`s wrong situation when all other currencies are tied up to BTC course.

I don't know that I agree with this in the slightest.

Everything you listed was already priced into the token at the time we saw heightened valuations.

You basically just said that it has no traction except momentum, and then a few words later said that it shouldn't have gained any momentum because of all the reasons you listed up there.

That isn't even logical.

This price drop more than likely has to do with the Chinese congress though I cant say how. Either that or as OP says, it happened for no reason, or a reason we are not aware of.

ivanpoldark

sr. member

Activity: 700

Merit: 250

There were few reasons, why bitcoin drops today. It is very overvalued asset comparing to other cryptocurrencies, he has not such value except speculation momentum. Transactions are slower and taxes are higher, no smart contracts feature. All people just want to get free BTC gold, and after this mania will over, we will see the real BTC price and the rise of new cripto assets. Don't get me wrong, I like Bitcoin, but it`s time for real competition, it`s wrong situation when all other currencies are tied up to BTC course.

davey76

full member

Activity: 508

Merit: 101

Things are not looking too great in the world of cryptocurrency right now.The Bitcoin price is going through an unexpected market correction once again. As a result, the Bitcoin price is now down to $5,360 and it is possible the value will keep going lower moving forward. There is no real reason for this sudden bearish attitude whatsoever, as it seems manipulation is in full effect once again.

More: https://themerkle.com/bitcoin-price-drops-by-over-400-without-any-real-reason/

Topic: [2017-10-18] Bitcoin Price Drops by over $400 Without any real Reason (Read 330 times)