Bitcoin price tanking past couple of days was caused by...

Joyawan13

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elysian.finance

Quote from: YOSHIE on January 22, 2021, 03:42:59 AM

Speak facts:
Basically, goods with a lot of stock, few people buy, these goods can be cheap and the price goes down, on the contrary.
Something like that can happen to the crypto market, maybe one of the exchanges sells more Bitcoin than the buyer, this is also a factor that can affect Bitcoin and the crypto market.

I'm not talking about analysis, or anything of the sort that points to a negative factor in Bitcoin's current downturn.
Talking about the experience and current market conditions, for example on the stock exchange we sell almost billions while only millions who buy, meaning that many are selling than buying.

I think that the current decline in Bitcoin is influenced by several investors by selling Bitcoin a lot.

it could be, with lots of big investors owning bitcoin assets and they bought them when bitcoin lowered its price last year, and maybe they want to make a profit on some of what they invest and sell some of the bitcoins they own, and for whatever. the reason we don't know, but nothing is impossible, of course as we saw a few days ago on the other hand some people want to invest but don't 'No matter how many bitcoins they buy, the price can go up quickly, and even though there are many investors have sold bitcoins that if they want them to sell, regardless of the amount, the downturn that occurs will not be able to bring the price of bitcoin to a much lower price than it is now, because I think there will be more people looking to invest in bitcoin by 2021.

verita1

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It's FUD everything is happening in a month. Bitcoin was doing very well, more institutions joining. We only need time to pass to know the fruits of the injection of capital.

While US investors invest in bitcoin, a negative event occurs that causes the price to fall favoring Asian traders.
Fortunately bitcoiners don't give in.

There is a plan to make Bitcoin the main digital asset if we want to continue together we must not lower our guard.

Plan B summed it up in a tweet.

Quote

So in 1 month we had:
✅ Mnuchin regulatory scare
✅ tether fud
✅ ledger hack
✅ Mt.Gox fud
✅ Yellen, Lagarde, Dragi scare
✅ Faketoshi nonsense
✅ scam & spam attacks
✅ bitcoin software bug bullshit

Some would say that is a bit too much coincidence. Just saying.

https://twitter.com/100trillionUSD/status/1352549830938271744?s=19

bekti3

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Merit: 15

Quote from: daweller1 on January 22, 2021, 01:07:32 AM

some news about the possibility of Bitcoin double-spend...
which turns out did not happen.

Bitcoin spending has doubled, not separated after the inauguration of Biden two days ago. there is a kind of temporary waste of prices. and several other news states that in a few days until mid-February, bitcoin will be very aggressive again.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: avikz on January 22, 2021, 02:12:29 AM

First possibility:
The double spend did not happen indeed. Read the actual news,

https://www.coindesk.com/bitcoin-double-spend-that-never-happened

So, that was a FUD by the media. I don't know if such kind of news has a power to bring down the market to this level. I don't think so!

Second possibility:
A record $3.7 billion worth of Bitcoin options are set to expire on January 29, 2021. Quote from the source:

https://www.businessinsider.co.za/bitcoin-price-options-record-expiry-speculation-derivatives-2021-1

It's a FUD. Double spend on bitcoin network. No as there is no financial returns for attackers if they have and readily to spend expensive cost to do attack.

Why the double spend attack happened this year, not years ago when mining pools under control of Bitman have almost or more than 51% total hashrates on the network. The attack can only be done by very big pools when they combine their hashrates. It is impossible for a single guy, group outside those pools to steal hashrates and run attacks.

Asuspawer09

sr. member

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Merit: 436

I’ve also mention that in my post where the double spending news might affect the market :

Quote from: Asuspawer09 on January 21, 2021, 12:08:06 PM

Probably it was just supply and demand thing in the market, bitcoin was recently just pumping in the past month so most of the people are already expecting a correction at this point.

There are some articles about a million bitcoin sell of in the market, its already too risky to hold bitcoin at this point if your not going for a long term investment since we already have a big resistance at 40k$.

Also according to some research majority of the investors think market is already in a bubble, personally i think market is already at its limit and needed some correction at this point. There are also some negative news about bitcoin that could affect the market like this double spending thing:

https://markets.businessinsider.com/currencies/news/bitcoin-price-double-spend-flaw-critical-report-suggests-2021-1-1029990921

but we dont really know for sure, like you mentioned that it doesnt happened at all.

Quote from: avikz on January 22, 2021, 02:12:29 AM

First possibility:
The double spend did not happen indeed. Read the actual news,

https://www.coindesk.com/bitcoin-double-spend-that-never-happened

Articles like this could easily affect the price in the market, so we dont know because some of the articles might just be made up by the companies to influence the market price of bitcoin. At the same time market price of bitcoin continue to pump in the past few months so in my opinion its normal in the market to experience this correction, i mean its still bullish considering the last ATH was 21k dollars to 40k dollars.

slaman29

legendary

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Livecasino, 20% cashback, no fuss payouts.

Bitcoin double spend so old story and everybody knows almost no service now will accept double spend attempts and they are easy to detect, even casinos have had detection systems in place for years now.

Maybe fudders can come up with something new one of these days?

btc_angela

hero member

Activity: 2660

Merit: 551

Quote from: daweller1 on January 22, 2021, 01:07:32 AM

some news about the possibility of Bitcoin double-spend...
which turns out did not happen.
Angry

Bitmex 'reported' this story... they just wanted to liquidate longs.

We really don't know what's Bitmex intention though, we can only speculate that they did it on purpose about a supposedly double spend, in actuality it is RBF as other have pointed out, so now we are clear with that.

The price has been tanking for several days though, and there are a lot of FUD just this week to cause the price to be very volatile and occasion dips. But this news really hurts, many investors liquidated their bitcoin asset because they afraid that this double spend could be true. "Buy the rumour', sell the news".

cryptomaniac_xxx

hero member

Activity: 1344

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Bitcoin was already trading in the line of $32k-$35k and went as high as $39k. But I'm not sure if this is the catalyst to pull the price to $30k, but it could have influence many traders and speculators to sell because of this bad news which didn't really happen. They should have investigate more before releasing this to media. But we can't undo it, on the contrary those who are waiting for the dip will have their opportunity today.

YOSHIE

legendary

Activity: 2128

Merit: 1775

Speak facts:
Basically, goods with a lot of stock, few people buy, these goods can be cheap and the price goes down, on the contrary.
Something like that can happen to the crypto market, maybe one of the exchanges sells more Bitcoin than the buyer, this is also a factor that can affect Bitcoin and the crypto market.

I'm not talking about analysis, or anything of the sort that points to a negative factor in Bitcoin's current downturn.
Talking about the experience and current market conditions, for example on the stock exchange we sell almost billions while only millions who buy, meaning that many are selling than buying.

I think that the current decline in Bitcoin is influenced by several investors by selling Bitcoin a lot.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Nope, I think it is just some negative sentiment from speculators who saw "Janet Yellen" statements of the possibility that the new government would regulate Bitcoin more. She is under the impression that Crypto currencies are mostly used for illegal transactions and that scared some of these speculators.

A lot of Bitcoin enthusiasts support regulations, because regulations make commerce and trade of Crypto currencies less complicated, because law abiding citizens wants to know within which legal framework they can trade and pay for services and also to buy goods.

I think she is still angry, because the "Bitcoin Guy" made a fool of her and she wants to take revenge. Angry

avikz

legendary

Activity: 3080

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Quote from: daweller1 on January 22, 2021, 01:07:32 AM

some news about the possibility of Bitcoin double-spend...
which turns out did not happen.
Angry

Bitmex 'reported' this story... they just wanted to liquidate longs.

First possibility:
The double spend did not happen indeed. Read the actual news,

https://www.coindesk.com/bitcoin-double-spend-that-never-happened

So, that was a FUD by the media. I don't know if such kind of news has a power to bring down the market to this level. I don't think so!

Second possibility:
A record $3.7 billion worth of Bitcoin options are set to expire on January 29, 2021. Quote from the source:

https://www.businessinsider.co.za/bitcoin-price-options-record-expiry-speculation-derivatives-2021-1

Quote

The options show that speculators are bullish about Bitcoin. As of Monday the open interest in "calls" (which are broadly bets that prices will rise) was considerably bigger than the open interest in "puts" (bets the price will fall).

So if I have to believe the above, the price shouldn't have tanked.

I strongly believe that it is a market correction. Every meteoric rise like this has to correct in order to maintain stability in the market. A lot of people have sold their bitcoins and book profits, especially people from 2017 who finally had a chance to recover their lost money and pay off their debt. So it's a healthy corretion. The market will be back on track quite shortly.

Lorence.xD

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Leading Crypto Sports Betting & Casino Platform

I was checking the prices too, and by far the latest article featured about bitcoin is that the cause of the price dump is that USA and European countries are selling off their supply which caused it to go around 10-11 percent, for me this is just another temporary dump in the prices I might be wrong but this seems to be a bounce back, hopefully. Not to mention that US just announced some things that will definitely be problematic for some bitcoin users in their country.

traderimage

copper member

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I think this was a combination of factors, including sequoia offering to pay employees in btc, and Janet Yellen is to speak tomorrow. But when zoomed out it looks like a market correction from the rally

daweller1

jr. member

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Merit: 3

some news about the possibility of Bitcoin double-spend...
which turns out did not happen.
Angry

Bitmex 'reported' this story... they just wanted to liquidate longs.

Topic: Bitcoin price tanking past couple of days was caused by... (Read 182 times)