Topic: Alts fall, Bitcoin falls ... where is the money going? - page 5. (Read 5630 times)

many are selling bitcoins nowadays because the panic of 1st August, and as altcoins are related in their prices in Bitcoin the whole market is going down. But I think everything will going normally after the first of August.

Maybe because there are some disturbances happening on the price value changes on the market that is why bitcoin and altcoin is dumping at the same time. Or maybe because of the mere speculation of the what so ever event that will happen on August the first, the stock market specially the major investors are holding or hoarding the price amount for the preaparation and assurance of the upcoming event. But let us not conclude for now of its negative impact. We still have couple of days to observe the changes happening between bitcoin and altcoin. Still hoping for the price pumps.

True, unlike before, bitcoins and altcoins are no longer in opposition to each other, they tend to grow together, which makes people worry as bitcoins are about to change, so they simultaneously sell Their money. That's why all currencies are down.

Just a simple realization and a little common sense would actually answer this question If altcoin are falling together with bitcoin this means people are cashing out on fiat money. They do sell of their coins exchange to bitcoin and then bitcoin to fiat. As simple as that and I think the main reason here is the segwit2 fuds roaming around which those weak hands tend to secure out their money first.

They're probably being converted to fiat maybe until all the buzz on bitcoin's forking event settles and certainty regarding bitcoin's future is back(?)

I make a new altcoin, mint 1,000,000 coins  and keep them all myself, I list on an exchange and sell  10 to my friend for $100 each, the market value of my altcoin is now $100m.

Where did all the money come from?

Same as where it is all going when the prices go down, its all in your mind
 

For My point of view this is

*Panic selling of Altcoins by most of the traders because they see it falling.
*They think that Segwit will cause Split forks that will be resulting of low-valued Bitcoin afterwards.
*They converting again their Bitcoin to their own FIAT money.

So for this event that is happening right now is inevitable, it is just what will you do if you already invested, it's either you stay or go away with others.

They are selling all their holdings because they want to buy more bitcoin if the price of bitcoin will drop this August 1 others are just simply panic selling.

Actually the main reason of the dump in the price is due to the rear of panic to loss the Bitcoin in fork ( that is fake new spreading like a fire in the Bitcoin market ) .So people are well as Thier Bitcoin fastly to keep himself away from any type of loss .
And few of them are afraid that they will get loss in.the altcoins also . That is only stupid fear by many people .
Here about most.of the newbies are selling altcoins for Bitcoin and selling Bitcoin for fiat and making the whole market to go down .
Well here you don't need to take tension , everything is safe in the Bitcoin , if you are feeling anything unsafe then transfer your btc at
Official wallet of Bitcoin and pause your altcoin trading until the first week of the August .
And make yourself free from any type of the tension .

Good question.When alts are sold and its price decreases,mostly investors buy bitcoins and so bitcoin price rises.But here bitcoin price also has not risen.It shows that sell order is also high for bitcoins in comparison to buy orders.The reason may be some f bitcoin investors may be selling their bitcoins due to the fear of hard fork.Otherwise,bitcoin price would have gone high.

the money is going back to fiat ofcourse

A lot of investors/speculators are selling Alt coins and Bitcoins to be in a good position to have fiat/cash available when the price drop, just before the 1st of Aug 2017. {SegWit Day} You cannot buy cheap coins, if you have all your coins tied up in Alt coins & Bitcoins. I also sold a few, just to have some fiat readily available, when the price drop. Now it is just a waiting game to see how many newbies will panic and then the big party will start again. ^smile^

with bitcoin it is all about the drama that the whales also love. the weak hands combined with the uncertainty is leading to the sell offs and all the shorters enjoying the period to buy back more coins at the bottom at cheap prices. and sadly it may last awhile too.

with altcoins it is the end of their pumping season. it has started a while ago and as i have said this multiple times now, with small altcoins they die nearly instantly after the pump. you can see it as a sharp drop nearly the same size as their pump.
with bigger altcoins which are on top of the "lists" it takes a longer time because they have more newbies with high hopes. you can see that on their charts as a downward spiral where price starts dropping, it goes down 20% then recovers 5 to 10% then it stops there to let the orderbooks get a bit bigger and then drops another 20% and so on until it reaches the real bottom value of these altcons.

I think most people are selling their bitcoins as a reaction to the market, especially the ones who bought bitcoins when prices were low and are in good profit. It's quite possible that the initial dip on Sunday was due to few whales selling off their coins until August 1 and others are reacting to it by cashing out their coins. It's comparable to the situation when you bet $50 and it goes up to $200 then falls to $100 and you fear to loose it all.  

It was probably even worse that the dip started on Sunday (Weekend) and that probably didn't allow the price to stabilize and once it fell to a certain level then panic set in. If what I'm thinking is right we shall see an upward movement of price sometime later today or by tomorrow.

Alt coins matured, and are now somewhat independent of bitcoin.  You can see this by the fact that since quite a while now, bitcoin's volume is 1/3 or even less of total volume, which means that bitcoin is NOT the "partner" in most alt coin trading (if it were, bitcoin's volume could never be less than half of the total volume, and in fact more, because there would be bitcoin/fiat + bitcoin/altcoin trading).

Alt coins are now separate from bitcoin.  But they are all part of the crypto speculation domain.  Crypto has been in a huge bubble, since, well, since it got into existence essentially :-), but it got crazy since beginning of 2017.  No surprise, crypto IS speculation for most part.  (the "real world use" is negligible as compared to speculative trading, also for bitcoin).

It is true that price-wise, altcoins are falling faster than bitcoin (as they rose faster during the rise of the 2017 bubble too), so bitcoin is gaining market share (from 37% at its lowest to near 50% again).  But this is not because people are fleeing from alts into bitcoin.  It is because people are fleeing somewhat faster from alts than they are fleeing from bitcoin.

There is no distinction of principle (any more) between bitcoin and alt coins.  Bitcoin's first mover advantage is eroding away (and is seemingly "winning" again somewhat, but simply because it is falling somewhat slower, not because it is taking in from what came from the alt scene).

Hard to say what will happen next in this entirely speculative game.

whenever bitcoin falls, altcoins fall harder. it is never the other way around (selling alt to buy bitcoin). that is not how things work.

and if you look closely alts have been in a very big bubble for some time now which is now bursting. it actually started a while back before bitcoin had this recent drop of today. the drop just became faster when bitcoin experiences this dip.

and also if you look more closely not all altcoins are dropping. some are still there keeping the price up.  but only those heavily pumped alts such as ether are biting the dust and going down fast.

OP, you really need to get a grasp of markets and how they behave.  It should not surprise you that alts and bitcoin can fall in tandem.   The bitcoin gets sold for fiat or spent and then gets converted to fiat, that's my guess.  Also if there are more sellers than buyers, guess what?   The price drops.  It's not brain surgery.

I have been screaming on top of my voice and saying stay away from alts, they are not good at all, but people just won't stay away, and alts falling and Bitcoin rising is not at all related. Alts fall cause they have a history of failing, they look good initially and then all of sudden go bust look at one coin. Bitcoin normally falls a bit but now it's due to August 1st post that I expect a huge rally coming in Bitcoins. Also Bitcoin works on demand and supply principles.

Bitcoin is the 'Locomotive' of the crypto economy (about 50% of total crypto market capitalization)  ... it is understandable that any rough movement in bitcoin community will affect the others blockchains. Trading is all about read the psychology of the crowd... since march of this year we been in a bull market up to $3000 (resistance line) ... I think now the smart money is cashing out and I have no idea where they going to invest their money ... bears are taking their profits... taking advantage of the political "problems" we are going through ... I'm not sure where I should draw my support line ... I'm expecting something around $1600
...but by the end of the month we will see what bulls and bears are up to ... so be prepared

I do agree with that technical analysis here ...

https://www.youtube.com/watch?v=lmuYDpKV1Ks

but remember that different traders have different views about what they think the market looks like. On websites like tradingview you will see hundreds of charts and analysis often one contradicting another. So do your own research... it is a minus zero-sum game.

and be prepared try to be on track ...

https://www.youtube.com/watch?v=2k6I7NYvgIQ

i think this will be remembered as the great bull market of 2017.  wonder whats next?