Here’s Why Bitcoin Just Dropped Nearly 4% - page 2.

carlfebz2

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Quote from: Deathwing on November 19, 2019, 04:03:45 AM

It's just the usual drop before the end of the year. Google launching any kind of "banking" product does not really have an effect on Bitcoin, from what I've read about it, it's just an Apple Card competitor, nothing less, nothing more. Not to mention that it's just "announced" there's still a long way. Until it's released.

Still got surprised where people being still shocked to these kind of these percentage drops on a short period of time.If they've been here
for a while then these movements are just like typical or normal days in crypto, knowing that 4% isnt really that much because price can
really swing into those direction without even realizing it. Reasons? We can really make one but it isnt really precise about that Cache thing,
as said it has nothing to do with Btc so its a nonsense thing to consider or to point out.

darkangel11

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There's no way this is an effect of google's account. It can't even be a bitcoin killer because it's a centralized service. How can a centralized service compete with a decentralized one? The only thing in common is that they are both a money transfer systems, but bitcoin also allows you to keep money safe which is something no bank can guarantee.

The drop in price is purely technical. There was a very fast rise to 14k and some people took profit. It's always like that but all cycles in Bitcoin have one thing that keeps happening. Always less people sell it in a bear cycle than buy in a bull. When 100 people buy it on the way up and the price starts to fall oly 90 will sell and 10 will hold. It's not an exact number but the same thing keeps happening for 20 years.

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Quote from: cheezcarls on November 19, 2019, 03:59:32 AM

Bitcoin traders woke up to some bad news Monday morning, as the price of the coin dropped by nearly 4%. The move brought the price down below the previously held support at $8,500 and left many wondering what caused the struggle.

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

For the full news, continue reading here

Do you guys agree about this kind of reason why Bitcoin dropped nearly 4% as of now? I know that there are many factors or reasons behind this, but I am not really sure if Cache is actually doing this.

Same thing goes for the bull run or price spike. We can't tell exactly the true reason behind the sudden price changes.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

If you have traded for any significant amount of time you know that such explanations do not make sense, the market moves by itself and it doesn't need any news to move it, it is only after the fact that people begin to look for explanations about why a move happened and they will try to attribute the drop in the price to whatever negative news that they can find, but the price dropped simply because there is no demand for bitcoin at the moment and as such that price was unsustainable.

Febo

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Quote from: cheezcarls on November 19, 2019, 03:59:32 AM

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

Come on man. You cant be serious. Maybe Libra could lose 5% if it would exist because of GooglePay. Not Bitcoin. i would say because of impeachment Trump is not making a clown of himself as he did before. That made Bitcoin way less bullish as did in first half of this year.

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I dont see why a product to work with googlepay a completely different way to access nominal value of a currency has anything to do with the other. Undecided

Samsung pay which might I remind has tried to create their own crypto based currency in the past and had finally given up. But will just come out with a multicrypto wallet instead in trying to do the same thing. Announcement of this was not the reason to make the price go up nor down at the time so it wast seen as an underlying factor. So news of this shouldnt either. Embarrassed

Wexlike

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Quote from: cheezcarls on November 19, 2019, 03:59:32 AM

Do you guys agree about this kind of reason why Bitcoin dropped nearly 4% as of now? I know that there are many factors or reasons behind this, but I am not really sure if Cache is actually doing this.

Same thing goes for the bull run or price spike. We can't tell exactly the true reason behind the sudden price changes.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

No way, it's just trader sentiment trying to push the price down. I would be VERY surprised if we manage to fall below $7000 again. I think it's currently just a race to buy the bottom while standing on the sidelines for many participants.

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Quote from: cheezcarls on November 19, 2019, 03:59:32 AM

The move brought the price down below the previously held support at $8,500 and left many wondering what caused the struggle.

And that's why I think "support levels" are complete bullshit, as well as TA in general. I've seen so-called support levels broken through so many times in crypto and in the stock market that I just cringe when I hear that phrase.

Quote from: cheezcarls on November 19, 2019, 03:59:32 AM

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.[/i]

Gotta love the journalistic weasel words in an attempt to explain what amounts to a paltry percentage drop for bitcoin. It's not something that needs to be explained in the first place, nor do I think that Google had anything to do with it.

Oh, by the way: This article brought to you by Google.

I was a little surprised to see bitcoin drop as much as it did, but I know I shouldn't be. This is basically a normal fluctuation, but I was hoping and half expecting the next semi-big movement to be to the upside. Bitcoin surprises me yet again.

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I don't think that the dropped of bitcoin price is because of Google. There should be something else which we don't know, but I think the dropped is always happen. It is normal if then the media related the dropped of bitcoin price with something happen in out there so they can make people will think twice to invest in crypto. The media needs the audience, so they blew the whisper to make people afraid. I hope that the situations will be back to normal so the media cannot make people worry.

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Quote from: DeathAngel on November 19, 2019, 09:00:12 AM

It’s just standard, regular bitcoin price volatility. It’s nothing to do with Google, the halving is in 6 months & the price is relatively stable (in bitcoin terms) so it’s easy for whales the move the market whichever way they desire to.

Your point is logical that's why I agree with you. This is common scenario for BTC dive deeper after a thrilling week of green bar. The price is still normal unless it goes deeper below 7900 support. If that happens the price might go deeper to lower support and this is not a good sign for BTC.

But this current dip is just a normal day for BTC.

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It’s just standard, regular bitcoin price volatility. It’s nothing to do with Google, the halving is in 6 months & the price is relatively stable (in bitcoin terms) so it’s easy for whales the move the market whichever way they desire to.

1Referee

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Anything that is being advertised to be this or that killer ends up being a huge disappointment. Many Bitcoin, Ethereum, Coinbase, Binance, etc killers have all ended up either failing directly or perform below average for a long period of time to fail later on.

I do somewhat like it though, because it means that Bitcoin is doing something very well, otherwise there wouldn't be a need to be referred to as Bitcoin killer. It means that you want to deliver something that's better than Bitcoin. In other words, Bitcoin is the main benchmark when it comes to financial projects and whatnot.

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Quote from: hatshepsut93 on November 19, 2019, 04:40:45 AM

Every time Bitcoin's price makes a rapid movement, crypto media will immediately try to tie it to some event that happened recently. If you look at the charts, Bitcoin was under bearish pressure for weeks - it failed to break past the walls at $9k and since then was defending its current positions. A lot of analysts have predicted that Bitcoin will soon plunge further if it fails to sustain the key $8,500 level, and this is exactly what happened. These Google news are really irrelevant to Bitcoin, it's just another centralized payment processor, it's not a direct competition to Bitcoin.

Bitcoin doesn't need exposure anymore... those giant companies who looking for opportunity creating business in financial technology is the one who did it Grin

.
No wonder the media force themselves to correlates it to bitcoin , market did respond it quickly and weak hands pull themselves out piece by piece but don't worry we have strong support at $7,000 we are still safe from the price plunge at this point.

I would scared to the death if in the next couple of weeks the price plunge did occurred.

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Quote from: akirasendo17 on November 19, 2019, 05:41:23 AM

Bitcoin is realy volatile no matter , how people do everything to manipulate, the coin is not going to be easy , the price really is just like other type of coins but bitcoin ofcourse is special but since , there are some news coming like bad and good, the price down and up is just normal, so we dont have to panic on the price that bitcoin is showing us in the past few months, its going to be better in 2020 mim sure

It's normal that the prices fall, it can be considered as correction as we experienced a bit of increase this past months. I don't think that there is something to do with the Google as bitcoin is always been volatile, dump and pump happens due to manipulators andbecause of countries adoption not merely on updates of other apps as they are different in focus.

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No... I think it's far from that, from recent years, there's always been a small to medium price fall during the November to December period, and my theory is that it's just people cashing out at the end of the year, but it could be a range of things.

It's probably people selling BTC for Christmas presents Tongue

Quote from: Kemarit on November 19, 2019, 06:27:00 AM

Nah, I don't think that Google has something to do with the drop. I mean many have been calling a drop to $7+++ and maybe they are just right. Seriously, Bitcoin Killer? many have tried in the past already and no one ever did succeed toppling BTC. We all know how the Bitcoin's price is very volatile so most probably speculators taking profit. We just have to look at the bright side and take advantage of every dip.

Yep... Google is long from QC technology and the video they made aired weeks ago.

Relax mate, small dips in the market happen all the time - no need to make huge articles for such price movements.

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Nah.. I don't think that Google's new product had any impact on the Bitcoin price. It is just the law of supply and demand. We don't have big liquidity in the crypto markets as you are probably aware of so this is why we get these kind of more brutal moves. Hopefully it ain't going to be too long before we resume the bull trend. Until then smart people accumulate BTC. I think most of the people underestimate the power of scarcity and limited supply.

Think about this: the total estimated gold in the world today is around 181,900 tonnes. If each ton has 32150 ounces then G has a supply of around 5,8 BILLION ounces with 1 oz of gold = $1400 you can figure out what kind of numbers can BTC hit with only 21M supply. 5.8B/21M = 276 ( the supply is 276x lower than GOLD's CURRENT supply.) If BTC global evaluation would be equal to GOLD then we get a price of: 276x$1400 = $386,400/BTC

When we take into account that ~4M BTC are considered lost then we get a 17M supply which is 341x lower. Making the same maths as above we get a price of $477,400/BTC

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Quote from: bitbunnny on November 19, 2019, 06:33:11 AM

Quote from: Deathwing on November 19, 2019, 04:03:45 AM

It's just the usual drop before the end of the year. Google launching any kind of "banking" product does not really have an effect on Bitcoin, from what I've read about it, it's just an Apple Card competitor, nothing less, nothing more. Not to mention that it's just "announced" there's still a long way. Until it's released.

These are all speculations and guessing but actualy there is no proof of pattern of Bitcoin price behaviour at the end of the year. Some claim the price always falls and some that always rises at the end of the year but I would tell there are no other market rules or conditions that are different for end of the year compared to the rest of it.
Also, Google doesn't influence the price of Bitcoin, there is no connection.

Sometimes misinformation leads to panic and formulating conclusions that are not appropriate. If you are long enough here dealing with crypto, such drop is just part of the normal trend of up and down movement. That is the usual behavior of bitcoin and the same with other alts. And remember, we cant really give a connection between what had happened last year and to the current scenario. People just want to give some correlation, maybe for the sake of argument.

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Quote from: Deathwing on November 19, 2019, 04:03:45 AM

It's just the usual drop before the end of the year. Google launching any kind of "banking" product does not really have an effect on Bitcoin, from what I've read about it, it's just an Apple Card competitor, nothing less, nothing more. Not to mention that it's just "announced" there's still a long way. Until it's released.

These are all speculations and guessing but actualy there is no proof of pattern of Bitcoin price behaviour at the end of the year. Some claim the price always falls and some that always rises at the end of the year but I would tell there are no other market rules or conditions that are different for end of the year compared to the rest of it.
Also, Google doesn't influence the price of Bitcoin, there is no connection.

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Nah, I don't think that Google has something to do with the drop. I mean many have been calling a drop to $7+++ and maybe they are just right. Seriously, Bitcoin Killer? many have tried in the past already and no one ever did succeed toppling BTC. We all know how the Bitcoin's price is very volatile so most probably speculators taking profit. We just have to look at the bright side and take advantage of every dip.

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whatever Google does will have no effect on the price of bitcoin unless they announce to start using blockchain and bitcoin technology, I see this falling price, maybe a lot of traders are testing how strong the bears have been until now on the market, in mind like this since 2017 bitcoin is almost touching $ 20k and the bear market pushed them to $ 3150 as low as December 2018, at the start of 2019, if not mistaken, prices have risen since February around $ 3,500 to nearly $ 14k last June, at the current price correction testing the price of another low where yesterday just look under $ 7800, at least to get an answer if the bear already looks weak, if YES bitcoin will soon be heading for the next ATH

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Bitcoin is realy volatile no matter , how people do everything to manipulate, the coin is not going to be easy , the price really is just like other type of coins but bitcoin ofcourse is special but since , there are some news coming like bad and good, the price down and up is just normal, so we dont have to panic on the price that bitcoin is showing us in the past few months, its going to be better in 2020 mim sure

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