Price Drop, Real Reasons? - page 2. | Bitcointalksearch.org

randy8777

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Quote from: erikalui on August 03, 2016, 09:26:22 AM

The hack of bitfinex is a major drawback for bitcoiners but there are even more reasons that the price is falling so rapidly. Till yesterday, the price was dropping by $10 and it's suddenly $70-$80 lower and it reached $490 yesterday night. The panic has caused the price drop.

it's indeed a very disappointing moment that once again a major exchange got hacked. the confidence in bitcoin exchanges was already low, but with this it reached an even deeper low. it's a shame that such a large exchange gets hacked and bitcoin is receiving the beatings. as always, it's the people that are messing up, and not bitcoin. i wish the average joe would also understand this.

RodeoX

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Quote from: ImHash on August 03, 2016, 08:39:25 AM

Then bitcoin is that weak to react to a single hack in some exchange site? I never thought bitcoin could be this much easy to manipulate.

Bitcoin can not be manipulated.
However bitcoin speculators can be pushed around by even sophomoric attempts. I guess it's just human nature to assume that someone is "doing this" as opposed to basic market forces. It should be no surprise though, the Mt.Gox hack led to an even bigger drop.

X-ray

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Quote from: erikalui on August 03, 2016, 09:26:22 AM

The hack of bitfinex is a major drawback for bitcoiners but there are even more reasons that the price is falling so rapidly. Till yesterday, the price was dropping by $10 and it's suddenly $70-$80 lower and it reached $490 yesterday night. The panic has caused the price drop.

i wonder why they could getting affected by bitfinex's problem even thought they're not using bitfinex's service,for the proof they still could use their bitcoin,and the market is so volatile if got affected a little bit it'll getting more bigger

erikalui

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The hack of bitfinex is a major drawback for bitcoiners but there are even more reasons that the price is falling so rapidly. Till yesterday, the price was dropping by $10 and it's suddenly $70-$80 lower and it reached $490 yesterday night. The panic has caused the price drop.

starboyshuvo

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it doesnt matter as im long time bitcoin holder. i believe price will surely go up soon...

goinmerry

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Quote from: BitcoinHodler on August 03, 2016, 08:27:36 AM

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

This is rhe right answer for you. Go back to bitcoin discussions and read some comments there. There are also links provided to prove the facts.

fortunecrypto

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Quote from: 7788bitcoin on August 03, 2016, 08:57:43 AM

I think the current value of bitcoin should be around $600. The increase to >$700 is just a small bubble. The recent hack triggered and dump (and pump) action which likely due to a small population expecting a drop in price, and which actually translated into a real drop.

The price should recover back to $600 within days to a few weeks.

I agree with you it's just a temporary set back I am closely watching it on preev and Yobit and as I am writing this they are recovering very fast at $590,so we expect it to get back again at $650 level next week,stakes holders will resolve this issue..

7788bitcoin

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I think the current value of bitcoin should be around $600. The increase to >$700 is just a small bubble. The recent hack triggered and dump (and pump) action which likely due to a small population expecting a drop in price, and which actually translated into a real drop.

The price should recover back to $600 within days to a few weeks.

bL4nkcode

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For this sudden decrease of price of bitcoin some experts said that the reason behind that decrease was after the Hong kong based exchanges Bitfinex discovery of security breach or being hacked by some hackers. And confirmed over 120,000 btc was lost or approximately $60m. And I guess that was the cause also of this loss. Cry

BitcoinHodler

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Quote from: SAMKUSH on August 03, 2016, 08:38:05 AM

Quote from: BitcoinHodler on August 03, 2016, 08:27:36 AM

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

I think as well as this people will withdraw from exchanges fearing they could lose bitcoins, this could also cause the volume to fall and could lead to the price falling. Since it was taken from an exchange less people will be buying and selling Bitcoin.

i doubt that simple withdrawals can cause this much drop. people who are withdrawing will withdraw both bitcoin and cash from exchanges so both supply and demand will go down so price should change that much.

the only other possibility is panic selling.

Quote from: ImHash on August 03, 2016, 08:39:25 AM

Then bitcoin is that weak to react to a single hack in some exchange site? I never thought bitcoin could be this much easy to manipulate.

if you call fear of 77 million dollar dump a simple manipulation, then ok.

Jambolb2

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I think Bitcoin prices fell due to a reaction to a closed meeting between the developer Bitcoin miners core with China. Read more https://www.cryptocoinsnews.com/bitcoin-price-falls-as-miners-meet-bitcoin-core-developers/
Plus bitfinex were closed temporarily because of security breach. But according to information circulating they recently hacked and lost their clients' money. IMO

ImHash

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Then bitcoin is that weak to react to a single hack in some exchange site? I never thought bitcoin could be this much easy to manipulate.

SAMKUSH

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Quote from: BitcoinHodler on August 03, 2016, 08:27:36 AM

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

I think as well as this people will withdraw from exchanges fearing they could lose bitcoins, this could also cause the volume to fall and could lead to the price falling. Since it was taken from an exchange less people will be buying and selling Bitcoin.

Backside walkaround

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I tend to agree with the above, that people were anticipating a drop and so they started selling. That's why I've said this is a major overreaction and is a great buying opportunity. It's hard to tell what drives markets but in this case I'm pretty sure it was the recent hack. There's nothing else that's happened really.

BitcoinHodler

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HODLing is an art, not just a word...

just read this board and you will understand. at least a dozen topics are actively talking about the "bitfinxes hack" and that is the reason for this drop.

because people are afraid that this 119,000 Bitcoin which was stolen is going to be dumped so they dump themselves! which doesn't make any sense since

1) the hacker is never gonna dump all in place and not on an exchanger

2) bitcoin daily trade volume is always 100,000-200,000 BTC each day (on an stable market) and 300,000-400,000 BTC on hot days which is always a lot more than the one single hack

Yutikas_11920

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You do not need to worry, this is not something a problem for those who have long been using bitcoin, because they already know and understand about the assurance given by the bitcoin (profit) so never doubt it. Calm yourself and begin to reflect on what you have to do for the next step in the situation this time

ImHash

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What could be the real reasons behind the recent price dropping of bitcoin?
Do people really control the rises and drops of the price?
From near $700 to $550 in 2 days is a huge risk for anyone to consider entering bitcoin don't you think?

Topic: Price Drop, Real Reasons? - page 2. (Read 1312 times)