Bizarre crash! What cause bitcoin crash??

wxa7115

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Quote from: atjiat on December 21, 2019, 06:28:33 AM

It seems to me that if cryptocurrency users changed their attitude to bitcoin, then this would bring much more benefit to the entire crypto currency market. If every investor made long-term investments in bitcoin, then clearly the price of coins would increase dramatically and the stability of Bitcoin would bring much more benefit than today's volatility. Today, all the problems of the cryptocurrency market that the cryptocurrency market receives from the governments of many states are primarily associated with the lack of stability and because of the possible dangers and risks for each user, which many officials justify their negative attitudes towards cryptocurrency.

While I would definitely like a more stable bitcoin that was way more predictable in the way it moved you are asking for something impossible people will always have different reasons for joining a particular market and they are going to follow their own strategy because they believe that is the way they can get the greatest benefit for them out of this market.

So while I am a long term investor and I fit your definition I have no doubts that the people that day trade the markets are making a lot more money than me and as long as that is the case the volatility will continue as people exchange their coins daily.

atjiat

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Quote from: wxa7115 on December 20, 2019, 07:08:19 PM

Bitcoin unlike other commodities is never boring even if the price of bitcoin has been going down for the last 6 months you could have shorted the market and earned a fortune while the price of bitcoin was going down. And that is just the long term trend you just have to take a look at the movements of bitcoin during the last weeks to understand that there were several traders that made a fortune during the last days.

However when this market gets stagnant for real and does not move then many people lose their interest since they are here for the volatility and not for the long term goals of bitcoin.

It seems to me that if cryptocurrency users changed their attitude to bitcoin, then this would bring much more benefit to the entire crypto currency market. If every investor made long-term investments in bitcoin, then clearly the price of coins would increase dramatically and the stability of Bitcoin would bring much more benefit than today's volatility. Today, all the problems of the cryptocurrency market that the cryptocurrency market receives from the governments of many states are primarily associated with the lack of stability and because of the possible dangers and risks for each user, which many officials justify their negative attitudes towards cryptocurrency.

wxa7115

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Quote from: justdimin on December 18, 2019, 09:54:16 AM

There must some sort of "boredom" that reflects on the price as well. The price has been at low levels (I don't know if we can consider 7 thousand low considering we started the year around $3.5k) and it hasn't made any moves at all, people expected it to go up but it didn't go up so right now there are many people who consider selling bitcoin and not many people buying bitcoin.

Stagnancy kills these kinds of commodities, same happened with gold, it goes up and everything is well but if it doesn't move up then it becomes boring so when it becomes boring people move their money somewhere else that could make money. Even a 1% interest rate is seriously better than bitcoin for the past 6 months, it hasn't moved a bit and even got down a bit so people are getting out.

Bitcoin unlike other commodities is never boring even if the price of bitcoin has been going down for the last 6 months you could have shorted the market and earned a fortune while the price of bitcoin was going down. And that is just the long term trend you just have to take a look at the movements of bitcoin during the last weeks to understand that there were several traders that made a fortune during the last days.

However when this market gets stagnant for real and does not move then many people lose their interest since they are here for the volatility and not for the long term goals of bitcoin.

darkangel11

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Some nice volume coming in today. I guess this is what the traders were waiting for. A clean drop to the previous support at 6500 and an instant buyback to 6800. If you had orders waiting you could make a couple hundred bucks in a few minutes. We have a nice double bottom on the daily let's see how it plays out.
I don't expect us to go below 5k at all before the halving.

As for the reasons of the recent downtrend some blame that Chinese ponzi scheme. There's an analysis showing the price was dropping every time ponzi liquidated some of their stolen bitcoins on huobi.

bitbunnny

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I wouldn't call this a crash. It's a price correction that os usual in volatility cycle. I know that no one doesn't like to see price fall but you need to understand that Bitcoin price can't go only upwards.
It's hard to determine the exact cause of price correction, it's something that affected the situation in the market.

justdimin

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There must some sort of "boredom" that reflects on the price as well. The price has been at low levels (I don't know if we can consider 7 thousand low considering we started the year around $3.5k) and it hasn't made any moves at all, people expected it to go up but it didn't go up so right now there are many people who consider selling bitcoin and not many people buying bitcoin.

Stagnancy kills these kinds of commodities, same happened with gold, it goes up and everything is well but if it doesn't move up then it becomes boring so when it becomes boring people move their money somewhere else that could make money. Even a 1% interest rate is seriously better than bitcoin for the past 6 months, it hasn't moved a bit and even got down a bit so people are getting out.

karanggatak

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in my opinion bitcoin is always like this and the volatility is very high. so I think bitcoin doesn't need a reason to go up or down. what determines the price of bitcoin is demand and supply. and indeed I admit that these offers and requests can be manipulated by the popes and sometimes small traders are also affected by selling bitcoin. this making the price of bitcoin even lower. and at the end of this year the price of bitcoin tends to decline because maybe some people choose to sell bitcoin for Christmas and new year needs.

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Quote from: illusion_ishita on November 26, 2019, 12:31:23 AM

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

Buying and selling, just market behavior ....

The Sceptical Chymist

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Quote from: AjithBtc on November 26, 2019, 12:38:03 AM

I don't get what you try to say, because bitcoin always stays at the top.

Yeah, it stays at the top of the coinmarket cap list, but that doesn't mean bitcoin doesn't crash--which it's in the process of doing as I write this post. And since altcoins like ETH are priced in terms of bitcoin, they're all loosing fiat value if not bitcoin value. So the ranking stays the same, basically.

And who the hell knows why mini-crashes like this happen. I'm disappointed to see bitcoin below $7k again, but it was only a drop of about $400 (yeah, only). There have been much worse declines before, so my eyes aren't exactly popping out of my head. Yet. Let's hope next year is going to be a better one. 2019 started off with bitcoin less than half of where it's at now. It's good to remember that.

Irvinn

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Quote from: wxa7115 on December 15, 2019, 04:56:44 PM

Quote from: barabarian1 on December 03, 2019, 02:31:17 AM

since the first time I entered bitcoin cryptocurrency it's like this can go up and down for no reason. bitcoin volatility is common. so I don't think we need to panic. and it's unlikely that bitcoin will crash because bitcoin already has a large volume of trade and community. bitcoin price reduction of $ 100 - $ 2000 I think is not a crash. believe after a bitcoin dump will pump again.

That is precisely the issue with people, they are always looking for a reason for the price of bitcoin to move the way does and the only valid explanation is the supply and demand of bitcoin everything else is just pure speculation, not long ago people were speculating that the price of bitcoin went up because positive news came from China but when you read the actual news you understood that the news were not positive at all.

Those explanations most of the time come after the fact and are an attempt to use fundamental analysis to predict the market which is something impossible to do.

The increase in prices for Bitcoin in 2016 and 2017 was primarily due to a very good PR campaign and many people investing in cryptocurrencies in the hope of getting fast and very good profits. Moreover, the rise in the price of Bitcoin from $ 500 to $ 20,000 for almost a year had a very progressive effect on new cryptocurrency users. To date, the situation has changed and therefore the capitalization of Bitcoin has decreased many times. I believe that today manipulations on the cryptocurrency market and negative statements regarding the cryptocurrency of many governments have a negative effect. If we talk about Bitcoin, then this is the main problem on the way to raising prices, it is a low transaction speed, because this is what prevents attracting Big Business to use Bitcoin.

wxa7115

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Quote from: barabarian1 on December 03, 2019, 02:31:17 AM

since the first time I entered bitcoin cryptocurrency it's like this can go up and down for no reason. bitcoin volatility is common. so I don't think we need to panic. and it's unlikely that bitcoin will crash because bitcoin already has a large volume of trade and community. bitcoin price reduction of $ 100 - $ 2000 I think is not a crash. believe after a bitcoin dump will pump again.

That is precisely the issue with people, they are always looking for a reason for the price of bitcoin to move the way does and the only valid explanation is the supply and demand of bitcoin everything else is just pure speculation, not long ago people were speculating that the price of bitcoin went up because positive news came from China but when you read the actual news you understood that the news were not positive at all.

Those explanations most of the time come after the fact and are an attempt to use fundamental analysis to predict the market which is something impossible to do.

barabarian1

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since the first time I entered bitcoin cryptocurrency it's like this can go up and down for no reason. bitcoin volatility is common. so I don't think we need to panic. and it's unlikely that bitcoin will crash because bitcoin already has a large volume of trade and community. bitcoin price reduction of $ 100 - $ 2000 I think is not a crash. believe after a bitcoin dump will pump again.

Darooghe

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The reason for the crash is because there was a lot of speculators from the initial bullrun at the middle of the year and when the market dropped, they sold for various reasons and some of those people have not came back because they could not handle the dip. There was also a lot of FUD in regard to China news that I think also attributed to people holding off on buying. Then the FUD began and those brand new weak hands began to see the market going down and started to get out and created more FUD.

Dart18

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It became normal to me ever since I saw how big waves can be created by just FUDs.
It will come back though. As you can see now the resistance is $7k and it didn't really go way far from that amount.

We are all just waiting now for a big pump. This could be the lowest that we could ever seen. Who knows? Maybe it is not a negative approach but more of a chance to buy at a cheaper price. That is how I see it.

TastyChillySauce00

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Quote from: bitvalak on December 02, 2019, 12:59:03 PM

Quote from: illusion_ishita on November 26, 2019, 12:31:23 AM

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

I am a little confused and ambiguous with what you mean, however low the current price of bitcoin will not shift its trading volume below other altcoins.
So bitcoin remains number 1, by volume and capital is the biggest among other altcoins.

Isn't that obvious though, when the whole market is being dumped bitcoin instead increase its dominance and thus making altcoin suffer even worse than bitcoin itself and by that there's no way the trading volume of bitcoin below all these alts even the volume's gap is just too far and saying that bitcoin will be below #1 is just nonsense at its best. The fact that bitcoin is the most adopted coin will hardly make it fall below any other alts.

Hippocrypto

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Quote from: bitvalak on December 02, 2019, 12:59:03 PM

Quote from: illusion_ishita on November 26, 2019, 12:31:23 AM

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

I am a little confused and ambiguous with what you mean, however low the current price of bitcoin will not shift its trading volume below other altcoins.
So bitcoin remains number 1, by volume and capital is the biggest among other altcoins.

This is a long term fluctuations that initiates more influence worldwide, somehow this is the best opportunities for eah and everyone. Although that remained number one, we still have to more careful on our decisions as well. Other altcoins will still follow what the market changes are, most importantly you're holding still until the perfect time comes for our asset to mature at higher pumps.

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Quote from: bitvalak on December 02, 2019, 12:59:03 PM

Quote from: illusion_ishita on November 26, 2019, 12:31:23 AM

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

I am a little confused and ambiguous with what you mean, however low the current price of bitcoin will not shift its trading volume below other altcoins.
So bitcoin remains number 1, by volume and capital is the biggest among other altcoins.

The CME futures pump wasn't as severe as it should be. Makes lower lows more probable now.

bitvalak

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Quote from: illusion_ishita on November 26, 2019, 12:31:23 AM

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

I am a little confused and ambiguous with what you mean, however low the current price of bitcoin will not shift its trading volume below other altcoins.
So bitcoin remains number 1, by volume and capital is the biggest among other altcoins.

7788bitcoin

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Quote from: suvo05 on December 01, 2019, 01:22:19 PM

Compared to the past nothing has really occurred to the BTC> This kind of market crash is supposed to be very normal for BTC. But in the recent year, With BTC the altcoins are crashing( which is normal) but the altcoins are not recovering when the BTC is recovering. So I think BTC holder( they are brave Grin

) should not worry about it but it's bad news for altcoin holders.

If the altcoin is giving any real value in the market and gives the confidence in the investors then you will see investments coming in but it is hard to find any unique projects and you cannot expect the investors to invest in all the coins in the market and the bitcoin market is moving higher because the investors have confidence in the market and the crash is not a new thing in the market but there are many new investors in the market who have not witnessed these volatility.

suvo05

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Compared to the past nothing has really occurred to the BTC> This kind of market crash is supposed to be very normal for BTC. But in the recent year, With BTC the altcoins are crashing( which is normal) but the altcoins are not recovering when the BTC is recovering. So I think BTC holder( they are brave Grin

) should not worry about it but it's bad news for altcoin holders.

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