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Topic: 45% drop - this is new territory, never seen before (Read 964 times)

newbie
Activity: 22
Merit: 0
but the thing is that they usually learn their lessons after the first incidence and that is what makes it even better.

It might look like so, but the thing is that there are so many of these people, that those who end up learning from their mistakes, are still no match in number for those who keep making the same mistake. Great thing however is that the market has been going up continuously regardless of all this incompetence. Each time the price is going down, people act like it's something ground breaking, while if you look back, it all fits in how this market operates. People should understand that this isn't the stock or Gold market. In no shape or form does this market acts similar to how the aforementioned markets act, and that should be clear by now. It's like people don't think Bitcoin deserves to have this value, or even doesn't serve a purpose.

This is only a price fluctuation. The similar ones happened this year too, nothing to get surprised I think. We need to act carefully and watcht the market price. I hope it will recover soon after the altcoin bull market ends.
sr. member
Activity: 456
Merit: 250
In less than 100 hours the price dropped from 19.700$ to 10.890$. That is a 45% drop.
There has never been a drop like this in such short time in the full history of Bitcoin.
Ever.
"volatility is normal in crypto" I hear many say. But not like what we see today. We have never ever seen anything like this.
It might be a new territory for you but people have seen many crashes in the past,the one i remember is the big crash in 2013 when the price suddenly had a peak above thousand dollars for the first time and then went down drastically,i am not sure within how many minutes that crash occurred but that was a pretty heavy crash in terms of percentage.
People have seem similar price crashes, but none could have expected such a massive price fall in a much shorter time period. In particular the price price increase happens without any initiation during the year end and continue to the start month of the falling year. This time nothing has happened, other than panic among the users.
sr. member
Activity: 327
Merit: 250
In less than 100 hours the price dropped from 19.700$ to 10.890$. That is a 45% drop.
There has never been a drop like this in such short time in the full history of Bitcoin.
Ever.
"volatility is normal in crypto" I hear many say. But not like what we see today. We have never ever seen anything like this.
It might be a new territory for you but people have seen many crashes in the past,the one i remember is the big crash in 2013 when the price suddenly had a peak above thousand dollars for the first time and then went down drastically,i am not sure within how many minutes that crash occurred but that was a pretty heavy crash in terms of percentage.
member
Activity: 170
Merit: 10
The price at 19000 was clearly overstated, so the decline was inevitable. Then bitcoin went up to 13-15 thousand and is still in this range. Such a price for today is justified. I hope that after the New Year the cost of bitcoin will start to rise.
legendary
Activity: 966
Merit: 1042
Hahahahahaha what the fuck? Zoom out that chart champ. Take a look from 2013-2014. Do you see that? That's a 90% dip. Now that's a kick in the pants. 45% from the ATH is normal fluctuation. If you can't handle the 45% dips you don't deserve the 1000% gains lol.

Welcome to the wonderful world of cryptocurrency. Every bank wants it gone so they can continue to generate money out of nothing. Now they have to work for it, and soon they'll just be so screwed that they pressure governments to ban it, which is about as useful as banning an email client or the internet hahah.. Just HODL. Best advice I ever got as a newbie.
member
Activity: 183
Merit: 43
One day, back in 2011, I went to sleep with it around 30 USD, woke up the next morning with it at around 3 USD. A 90% drop over night.
sr. member
Activity: 1988
Merit: 283
In less than 100 hours the price dropped from 19.700$ to 10.890$. That is a 45% drop.

There has never been a drop like this in such short time in the full history of Bitcoin.

Ever.

"volatility is normal in crypto" I hear many say. But not like what we see today. We have never ever seen anything like this.
yes thats true and this situation is very frightening and it can made a panic selling and maybe that's the reason why bitcoin keep crashing nowadays, and this issue is not normal cause it will be a concern because it can reduce our profits much if the price will continue to collapse. Maybe this is the end of bitcoin journey for this year. Perhaps the price will recover in first week of 2018.
full member
Activity: 854
Merit: 116
Actually, this fall in price is very frustrating and the decline was over of 16% in last 7 days. Furthermore, maybe the biggest reason is that there are many people selling great value of their budget of bitcoin. But surely that after this drop of the price there will be a huge growth in a short period of time. In otherwise, this may be achieved early next year.
Moreover, this volatility of the value is  expected and normal for all Cryptocurrencies.
legendary
Activity: 2170
Merit: 1427
but the thing is that they usually learn their lessons after the first incidence and that is what makes it even better.

It might look like so, but the thing is that there are so many of these people, that those who end up learning from their mistakes, are still no match in number for those who keep making the same mistake. Great thing however is that the market has been going up continuously regardless of all this incompetence. Each time the price is going down, people act like it's something ground breaking, while if you look back, it all fits in how this market operates. People should understand that this isn't the stock or Gold market. In no shape or form does this market acts similar to how the aforementioned markets act, and that should be clear by now. It's like people don't think Bitcoin deserves to have this value, or even doesn't serve a purpose.
hero member
Activity: 882
Merit: 500
Actually it is very normal for this to happen in crypto-currencies trading, I guess the OP might be quite new to the crypto-currencies trading scene, and that is why he felt shocked to see this tremendous price dip in bitcoin, that is one of the reason why bankers and analyst warn a lot of investors to take extreme caution when trading in crypto-currencies due to the huge volatility.
Prices come down and then again go up there is no risk in it those who are smart can make profit from both types of time and don’t listen to the bankers they are jealous from the progress of bitcoin and only thing they want to do s to stop bitcoin because bitcoin is real threat to the existence of banks and yeah that’s true bitcoin is volatile but when profit of millions comes that is also because of volatility buddies,
legendary
Activity: 1652
Merit: 1057
Yeah, hopefully this slump will go away soon.

I would even prefer to believe that it was just temporary bad news (the factors you mentioned and others) that caused the price to drop, but as I was cautious about CME futures and the new incentive for market manipulation, others plowed ahead and skyrocketed the price.

Then, the price kept going up even as it was parabolic, which should have scared most reasonable people, IMO.

Anyways, hopefully people will scoop up what the panickers left behind.
The thing is that there would always be those who would panic and there is no way we can separate them from the market, but the thing is that they usually learn their lessons after the first incidence and that is what makes it even better.

Like you said, it was a scary bullish move within a short period of time but it was so much expected that this would happen. It is good it did and this gives room for the real believers to buy back more into bitcoin for the long ride and this is also not the first time this would happen.
legendary
Activity: 1386
Merit: 1058
Actually it is very normal for this to happen in crypto-currencies trading, I guess the OP might be quite new to the crypto-currencies trading scene, and that is why he felt shocked to see this tremendous price dip in bitcoin, that is one of the reason why bankers and analyst warn a lot of investors to take extreme caution when trading in crypto-currencies due to the huge volatility.
Absolutely normal. That even showed the extent at which so many of these newbies were just busy buying for the wrong reasons and why so many of them allowed whales to get the best of them while they were busy losing and donating the little they have to them.

Lots of times, we have said it already that a lot of people do not even have an idea of the reason they are investing except for the fact that they wanted to just get rich quickly and though bitcoin would be the saving grace and not knowing it takes, knowledge, patience and understanding to get the best of bitcoin.
full member
Activity: 518
Merit: 145
It's fine.

The new investors are always the ones who get hit the hardest. They are the ones who make the price of the coins go up in the first place.

But yeah, if they did research, they would see that panic-selling in the past has always been a really horrible strategy.

On the other hand, if they did research, they would not have bought at 19k in the first place (crazy).
Apparently, they are the ones. It is good to have that experience anyway, for someone who really saw bitcoin as a get-rich-quick-scheme. Probably this time around, they will get to learn to understand what they are really into, while the ones who are not ready to learn and understand will definitely get scared away, only to come back later on in the future to see what they have really missed. Knowledge is needed in this world and it was just unfortunate the greed took over some people which was normal anyway and good we ended up having this correction.
zby
legendary
Activity: 1592
Merit: 1001


I don't really agree to your assumption that bitcoin never went such a dump in short time. According to this chart, there was a massive dump of 72% in 2010 and the last dump in November was also 30% in 4 days. There is nothing new in this dump. Yeah, the fall in USD must be quite high, but percentage wise it is just another dump.

This chart is amazing. Dump is the best thing that could happen to Bitcoin. We need that. We need separate the believers in a new world from those that only want another Ponzi scheme. We need that the dump closes some new coins and stupid projects. We need this blood and Red on the charts.

I don't know what exchange it is based on - but on MtGox (which was then the biggest exchange by a wide margin) the correction in April 2013 made the bottom in about 7 days (and was very close to the bottom in less than 3) instead of the stated 88 days. Also the minimum was about $50 instead of $63:


 https://bitcoincharts.com/charts/mtgoxUSD#igDailyzczsg2013-03-21zeg2013-07-20ztgSzm1g10zm2g25zxzi1gMACDzi2gRSIzv
full member
Activity: 602
Merit: 105
This move is a necessary correction than a dump. Because Bitcoin price raised so quickly to 19000 usd from 12000 usd (correct me if I'm mistaken) so this move is healthy, in addition to that some people may want to take over their profits before holiday season or end of the year. So keep HODLing and invest in bitcoin.
legendary
Activity: 1554
Merit: 1026
★Nitrogensports.eu★
it is up 2% and rise about 14,000$ now price is stable less than 15,000$ it is good price.

bitcoin was less than 12,000$ in 2017/Nov

Maybe the price will go down and even lower. For Bitcoin it will be very bad if the price goes below $ 10,000. Many investors will lose money.

Some investors have to lose money. Those who rushed in when Bitcoin was closing in on $20k must have lost money. Greed for quick multiplication of money has its downfalls. We need investors who believe in long-term potential of Bitcoin and won't rush out during times like this.
full member
Activity: 294
Merit: 125
Alea iacta est
If this is the way all the new people in the space think then you guys will have a hell of a time the next couple of months. If you didn't anticipate this steep price drop, not even in the slightest manner, I find it really questionable that you're here in the first place. 45% drop in 100 hours huh? How about the 1,300% gain of bitcoin this year alone?
full member
Activity: 476
Merit: 105
it is up 2% and rise about 14,000$ now price is stable less than 15,000$ it is good price.

bitcoin was less than 12,000$ in 2017/Nov

Maybe the price will go down and even lower. For Bitcoin it will be very bad if the price goes below $ 10,000. Many investors will lose money.
member
Activity: 70
Merit: 21
It's fine.

The new investors are always the ones who get hit the hardest. They are the ones who make the price of the coins go up in the first place.

But yeah, if they did research, they would see that panic-selling in the past has always been a really horrible strategy.

On the other hand, if they did research, they would not have bought at 19k in the first place (crazy).
hero member
Activity: 2632
Merit: 546


I don't really agree to your assumption that bitcoin never went such a dump in short time. According to this chart, there was a massive dump of 72% in 2010 and the last dump in November was also 30% in 4 days. There is nothing new in this dump. Yeah, the fall in USD must be quite high, but percentage wise it is just another dump.

This chart is amazing. Dump is the best thing that could happen to Bitcoin. We need that. We need separate the believers in a new world from those that only want another Ponzi scheme. We need that the dump closes some new coins and stupid projects. We need this blood and Red on the charts.

Great chart otkeep track of the relevant Bitcoin corrections and to keep the FUDsters away from making you panic sell, whe all we've seen is just a very healthy correction of %30, which is clockwork compared to past corrections. We are still on a very uptrend, this correction as I said, pretty much the same as the ones we've seen this year.

If you are worried about the current events, you are NEW. Everyone with a clue is buying this dip, even if it goes a bit lower, smart money is buying while you are crying, this is how it works.

Yes, its a great chart and thanks for the sure. Dump's usually shakes the market, specially the weak hands, They are totally eliminated once dumping started, LOL, they didn't even know what to do except to push the sell buttons. Couple of FUD's and paid schills who created panic and lots of fears on those newbies.

Those who are really shaken are newcomers, they enter the market thinking, wow I can make a lot of money if the price continue to go up as expected, however, when the dump comes, they be like, fuck it, I'm out, selling my bitcoin now. LOL. If they just have the audacity to just really hold and wait till everything settles down, they should have seen profits.
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