Topic: Every online coin is dropping like Crazy today on the charts what happened? (Read 1322 times)

While speculation was on the air I think it is unfair to say it was just speculation, the prices of all alts went down but the prices are not back to where they were a year ago, anyone that bought a year ago is still enjoying massive profits even at this moment, I think people just took their profits and are preparing for the next round.

Very true I always think this. But it did bounce back up!

You need know the crypto market still easy control by whales or some rich company, they know the price of cryptocurrency in present can control by mentality of trader depend happens on market up or down. Just need creating some trap trend, they can take good profit by that

So? in a few months that guy could be up a few hundreds of thousands as well, the moment you decide to invest in any cryptocurrency you are accepting the fact that you could lose your money with ease in the blink of an eye.

jphamer1 - Yeah this is like stock market. The only time it goes up is when it makes the news I've noticed and gets popular then demand.

LodisMcguire - Let's hope you are right and we'll find out later on.

lite - Golad to get a message from someone with a lot of time on the website here.

Kemarit - Yup that's what is going on from the looks of it. Once I read on here August 1st it made sense.

Yakamoto - That is what I was thinking. Bubble popped. But now about this August 1st thingy. I would strongly believe it's due to that.  I also read and seen on the news that Chinese are starting to mine it as well. They always love to control things like any type of money or trade.

cramcram21 - August 1st yes.

pearlmen - Yes it's also bad that the other crypto follow and base on BTC doings.

Pursuer - You welcome for the smile. Nice another high ranking person on here. online coin = online currency. 96% that is not good! Well out of the billions of people on earth. Some probably did buy when it started to go up and just think someone out there did buy it at over $2k I was willing to buy 20 to 50BTC myself to invest into it. So I'm sure I'm not the only one. Wrong but look how many are pulling out of it. We'll find out if it will hit $10k as you say in the future. I'll hold you on too this. lol.

Amph - You are the highest Legendary in here. Words of wisdom. Lets see what you have to say.  Yes true, correct if not for this chain split people have no idea what will happen then it would be the same still. I still can't understand why other altcoin would drop due to another coin it self. But I guess it's the fear in people and losing funds. Going to guess some people out there have like 1BTC and don't want to lose out on it. Some under 10 BTC and are cashing it out. Maybe the ones with 100 BTC plus are waiting for the price to go back up. But so far it's only stock market. I will wait and see how the news mentions this on the news on August 1st about it. If it's good news it will go back up, if it's fear news it will drop back down even more I think. But I noticed every time it's on TV it goes up within a few days due to the demand of it. It's really supply and demand with the coins and popularity.

i don't think so, there was no bubble or not in the way people think about it, it's just this shitty drama about bitcoin that carried all the altcoin down, if there was not a possible chain split we would be sitting on the same value for all the altcoin

but not all the altcoin are dropping some are increasing very high, this is a proof, that was bitcoin fault

this topic made me smile a lot for many reasons.
first of all what the hell is an online coin
secondly I was always saying when bitcoin drops, altcoins are crushed and now we can see it clear as day how they are dropping hard, each of them has dropped more than 70%. I saw one with a 96% drop today on bittrex!
finally I have to say someone who has 100BTC has not bought it on $2900 he has bought it at $10 and he is either trading it actively and not holding so your "lost $XXX" theory is wrong. or he will be holding it until future where price is 10,000$ again your theory of lost ... is wrong.

The issue here is that while BTC is independent of all other alts, the alts are not independent of BTC and thats why the pump and dump happening for alt is not in anyway affecting BTC but the reverse is the case when it comes to BTC and just again to solidify the dominance of bitcoin in the crypto world that no matter how they try btc will still be leading while others follow.

The crypto currency is dropping down maybe because of the bitcoin fork that is spreading out and would happen in August 1 but we are not yet sure if it will really happen,
So the holders are cashing out right now and maybe they are trying to pump the bitcoin by trading their alts back to bitcoin?

The bubble popped, which may have been initiated by a whale starting to cash out before the fork to avoid risk. Anyone telling you that the crash is solely because of the fork probably also believes that cryptos are really worth $114B USD when used by the average person and it wasn't just speculation massively driving up the value of everything because everyone wanted to get in on the gold rush and make a lot of easy money.

This is a correction because everything was in a bubble. Bitcoin is the gold, and if BTC goes down, people sell shitcoins and then sell BTC to prevent whatever losses they can.

Well I'm sure that you know that there are a lot of uncertainty regarding the Aug 1 date. This fear and worries cause casual investors to sell their bitcoin because this think that the chain will split into 2 after Aug 1. I say that its better to hold really on this kind of trying times. Because I believed that bitcoin can really rise in price after the Aug 1 date. Investors are now observing what's really gonna happen. If they see that the price will steadily gaining then I assume that they will go back to the market and buy bitcoin again. But for now, you can't blame others for pushing the sell button.

Anyone who sells now will lose($100k), those who keep their bitcoin they would have to wait to make profit.

Risk of what? your 1 bitcoin will be 1 bitcoin even after august 1, all one has to do is keep bitcoins in wallet like core/electrum/mycelium.

The upcoming segwit in august 1 is shaking people to sell because they didn't want to take risk
But after that the price will slowly go back to the way it was before and will getting higher after some time
For day trader it's suck,but for long-term investor it's no problem

It used to be that if bitcoin rose, alts fell and vice versa. Now we have a situation lately where they rise and fall together. At ANY moment this can change again. Infact I believe that this will take over if bitcoin really starts to plummet. Alts may start to go up feverishly in response.

mrayazgul - Newer system = newer fear but chances are it won't be for the best. Watch it be a system that tracks everything with ID and is no longer a anonymous source. As it got too popular in price probably got on the radar.

NUFCrichard - If you lost $100k you'd feel it trust me. If it does recover won't be fast either.

Catmony - Yeah large whales wouldn't want to risk it. Newbies same thing.

I'm going to sit back and watch what happens.


Preclus - ah.

Bitcoin and all coins are dropping because the price is determined by the last buy/sell transaction.

To maintain a price, you need buyers matched with sellers. How excited buyers are vs. sellers is what determines the price.

The reason the price goes down is because you have more excited sellers than excited buyers.

The reason there are more excited sellers than buyers at this specific time is likely due to the ICOs.

People who would buy into bitcoin want to get rich buying coins and selling them to someone else at a higher price. They want that risk. The biggest risk right now is ICOs and the ICOs have taken in a lot of money. That is buying money that would have gone into bitcoin. Instead, those people have been buying new coins from well.. scammers taking their money in ICOs

So, that new money isn't flowing into bitcoin and because of that, there are fewer excited buyers. Fewer excited buyers = lower prices

You need a constant influx of buyers to keep the bitcoin price where it is because you have a lot of people who own bitcoins and who want to sell them to get cash to buy things. More ICOs and other coins take money away from bitcoin.

Segwit has absolutely nothing to do with anything. It has zero effect on speculators.

Whales pulling out profit other newbie traders selling off their holdings due to panic and uncertainty.
Weak hands will always loss, when this chaos will end we will start to see some green candles again.

Just hold whatever you have for now.

Very literally wrong. If someone has 100BTC they are not a poor guy, they have $194.7k just in Bitcoin.
Go back to the Bitcoin chart and look at the 6 month chart, or the 1 year chart.

You don't have to feel sorry for people who have bought and held, maybe those who bought at the very top, but time is on their side, they can hold and sell in the future, unless it never goea back to $3,000, which I find unlikely.

Surely if you are new here you can read the news here https://bitcoin.org/en/alert/2017-07-12-potential-split and got the understanding of why bitcoin is losing the value . Its because of an unknown fear and also people are scared about altcoins too for unknown reasons

Got it. So is there an article for August 1st? I also seen some altcoins that did good today. But still that sucks.