Today's (11/20) Sudden Drop | Bitcointalksearch.org

DroidR17A

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Quote from: TRexMcStubyArms on November 21, 2017, 05:51:09 PM

Thanks for the input guys. I wasn't worried at all about the downward trend. Frankly I welcome down turns for buying purposes! Cheesy

My concern was about the parallel reduction across all the coins mentioned in my OP. From most of the articles I've been reading and certainly there's hard evidence to this, when BTC prices goes up quickly, alt coins drop as people convert over to BTC. In this case, both BTC and alt coins dropped which to me, correct me if I'm wrong, this means liquidity is being removed from crpyto as a whole and converted back to fiat. I just found the reaction odd, as well as the timing seemingly within minutes.

I also saw the tether hack today and some main stream sites said it was to blame for the decrease: http://fortune.com/2017/11/21/bitcoin-price-ethereum-price-tether-hacked/ Obviously there was a quick recovery.

From everything I've been reading, this seems to be the main culprit. It will probably be a temporary setback, as these things usually tend to be. People have very short memory spans - especially when there's an opportunity to make more money.

TRexMcStubyArms

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Thanks for the input guys. I wasn't worried at all about the downward trend. Frankly I welcome down turns for buying purposes! Cheesy

My concern was about the parallel reduction across all the coins mentioned in my OP. From most of the articles I've been reading and certainly there's hard evidence to this, when BTC prices goes up quickly, alt coins drop as people convert over to BTC. In this case, both BTC and alt coins dropped which to me, correct me if I'm wrong, this means liquidity is being removed from crpyto as a whole and converted back to fiat. I just found the reaction odd, as well as the timing seemingly within minutes.

I also saw the tether hack today and some main stream sites said it was to blame for the decrease: http://fortune.com/2017/11/21/bitcoin-price-ethereum-price-tether-hacked/ Obviously there was a quick recovery.

Yaunfitda

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Quote from: BitCoinKeeper on November 21, 2017, 01:01:13 AM

Quote from: TRexMcStubyArms on November 21, 2017, 12:18:29 AM

So I've been watching the coins most interested in throughout the day (BTC, ETH, LTC, GRS, FTC, BCN, VTC, MUSIC) and everything seemed stellar. At one point, FTC was up 50% from yesterday.

Up until 20:40 when there was a 3 hour long sharp correction across the board in the coins above. BTC dropped roughly $400 USD, ETH $20, LTC $4, etc. etc. What would cause this besides whales taking profits across multiple coins? Alt coin holders being reactionary to BTC? Trying to understand this market...

I believe it was all Roger Ver, due to the fact as BTC was correcting, BCH, was rising. As soon as it (BTC) started a downward trend I immediately pulled up the price, and sure enough BCH was on the rise, now it has reversed again. Coincidence, I don’t think so.

They already made their moved already, but they failed, so I don't think they are going at it this early. They still consolidating and maybe try to make one attempt again in the future. Let's see.

Quote from: TagaMungkahi on November 21, 2017, 01:36:28 AM

It's just the normal drop because some users sell off their bitcoins, and i see nothing wrong about that. You should worrying if Bitcoin dip to $3000-$4000, that time somebody did something to make Bitcoin dip that hard. Don't worry too much, Everything will back to normal well it is on the normal state right now.

Just consider the OP is a newbie, a minor drop is a big cause for a alarm. But yes, this is just a normal drop but I'm seeing bitcoin today hitting $8200 once again So the fear should be subside by now. To the OP, just stay and don't be nervous when you see dips, it just normal, as stated, maybe they are just cashing out and enjoying the profit. The more you stay in the ecosystem, the more you will understand how this drop in price sometimes is healthy to the market.

teilwalL05

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There are no Hard Fork on the Rise, All I see are FUD's from left to right, maybe people are realizing the need of a risk in an investment and realize it is not very risky if they came across bitcoin, many are now buying bitcoin, or the countries that accepted bitcoin made an innovation in taking bitcoin to a whole new level or the market cap from that different countries are already increasing we can never say it is all just my opinion but it is a possibility.

illinest

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Quote from: TRexMcStubyArms on November 21, 2017, 12:18:29 AM

So I've been watching the coins most interested in throughout the day (BTC, ETH, LTC, GRS, FTC, BCN, VTC, MUSIC) and everything seemed stellar. At one point, FTC was up 50% from yesterday.

Up until 20:40 when there was a 3 hour long sharp correction across the board in the coins above. BTC dropped roughly $400 USD, ETH $20, LTC $4, etc. etc. What would cause this besides whales taking profits across multiple coins? Alt coin holders being reactionary to BTC? Trying to understand this market...

I'm not one to use news stories to create narratives for price movements. Usually that's just post-hoc rationalization. But the timing does line up pretty well with the Tether "hack." Tether now needs to hard fork their blockchain because someone made off with 30 million USDT.

It's silly, really. Of all the coins to steal, why take the one where nobody cares if it's unilaterally forked? After all, it's completely centralized. The other funny thing is that if Tether were truly in trouble (frozen funds, law enforcement actions, etc), it wouldn't make sense to sell for Bitfinex USD or Tether USD. Rather, people would need to exit the USDT markets and Bitfinex, driving crypto prices up in the process.

suvo05

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Quote from: TRexMcStubyArms on November 21, 2017, 12:18:29 AM

So I've been watching the coins most interested in throughout the day (BTC, ETH, LTC, GRS, FTC, BCN, VTC, MUSIC) and everything seemed stellar. At one point, FTC was up 50% from yesterday.

Up until 20:40 when there was a 3 hour long sharp correction across the board in the coins above. BTC dropped roughly $400 USD, ETH $20, LTC $4, etc. etc. What would cause this besides whales taking profits across multiple coins? Alt coin holders being reactionary to BTC? Trying to understand this market...

Bitcoin is at 8066$ now and I can't see any kind of threat on the price fall, which you are talking about. This is a normal price correction and if you follow the price everyday you will see it to happen almost everyday. This kind of drop shouldn't be considered as a sudden drop.

TagaMungkahi

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It's just the normal drop because some users sell off their bitcoins, and i see nothing wrong about that. You should worrying if Bitcoin dip to $3000-$4000, that time somebody did something to make Bitcoin dip that hard. Don't worry too much, Everything will back to normal well it is on the normal state right now.

barabut

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It seems like it is a trial of a big drop waiting to act

Herbert2020

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it was just a temporary drop which was most probably because of some panic sellers acting on the rise above the new ATH and whenever there is a dump like that, it becomes bigger although this wasn't exactly big and didn't last long.

but generally speaking the fluctuation like this which are smaller than 10% are to be expected because the exchanges are still pretty small, a small amount of dump or buy can cause a big change in price since orderbooks are thin. but since the demand is always there, the change is always comes to a balance fast.

TorbiK

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Diagon

The price can not go up endlessly and continuously. Corrections always occur. Just when you reach a certain mark in the price of the asset, those to whom it is acceptable for sale are unloaded. This leads to constant price spills.

audaciousbeing

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Quote from: BitCoinKeeper on November 21, 2017, 01:01:13 AM

Quote from: TRexMcStubyArms on November 21, 2017, 12:18:29 AM

So I've been watching the coins most interested in throughout the day (BTC, ETH, LTC, GRS, FTC, BCN, VTC, MUSIC) and everything seemed stellar. At one point, FTC was up 50% from yesterday.

Up until 20:40 when there was a 3 hour long sharp correction across the board in the coins above. BTC dropped roughly $400 USD, ETH $20, LTC $4, etc. etc. What would cause this besides whales taking profits across multiple coins? Alt coin holders being reactionary to BTC? Trying to understand this market...

I believe it was all Roger Ver, due to the fact as BTC was correcting, BCH, was rising. As soon as it (BTC) started a downward trend I immediately pulled up the price, and sure enough BCH was on the rise, now it has reversed again. Coincidence, I don’t think so.

This your comment of blaming Roger Ver for everything makes me to go read about the guy even though I had known that he himself is a whale in the crypto industry but saying he is the only person to have been the determining factor of all the crypto currencies identified by Op is something I am yet to phantom. Its true that his allegiance is for BCH but that's not the only thing he supports, he also supported SegWit2x which later failed.

I don't know about his allegiance to BTG but I woke this morning and realize that it has increase exponentially, should be also say Roger is involved? Crypto market is subject to volatility and crediting it to an individual or group of individuals will continue to make them feel dominant and in control.

Catmony

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Quote from: TRexMcStubyArms on November 21, 2017, 12:18:29 AM

Up until 20:40 when there was a 3 hour long sharp correction across the board in the coins above. BTC dropped roughly $400 USD, ETH $20, LTC $4, etc. etc. What would cause this besides whales taking profits across multiple coins? Alt coin holders being reactionary to BTC? Trying to understand this market...

Might be one big whale or a group of whales taken out profit at those hours, but as market is already strong to handle such huge correction it is again in bull run. I am not going to sell any of my bitcoin below $10k which is reachable within end of November considering all this positive attitude of traders towards whole crypto market. Newbie investors are buying bitcoin like crazy...

lupinvn

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I think because some bad news about Tether (USDT) that they was hacked about 30 mil $ and then people panic for that. But after all, until now, everything has stable and the price is going up again.

MiningSensei

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I dont know why it has dropped, but honestly, why are you worried about a drop of less than 5% in bitcoin? you all know that this kind of things are always happening on the market, there is nothing to be worried about.
And you probably wrote this when bitcoin touched less than $7700 for each bitcoin, now it is again at $8000, so i think that you just were on a panic situation.
I saw it when it dropped too, but i know that we are still on an all time high and there is nothing to be worried about, just think about it.
It has never been so high, and you are just complaining because a drop of less than a five percent?
oh my gosh.

BitCoinKeeper

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Quote from: TRexMcStubyArms on November 21, 2017, 12:18:29 AM

So I've been watching the coins most interested in throughout the day (BTC, ETH, LTC, GRS, FTC, BCN, VTC, MUSIC) and everything seemed stellar. At one point, FTC was up 50% from yesterday.

Up until 20:40 when there was a 3 hour long sharp correction across the board in the coins above. BTC dropped roughly $400 USD, ETH $20, LTC $4, etc. etc. What would cause this besides whales taking profits across multiple coins? Alt coin holders being reactionary to BTC? Trying to understand this market...

I believe it was all Roger Ver, due to the fact as BTC was correcting, BCH, was rising. As soon as it (BTC) started a downward trend I immediately pulled up the price, and sure enough BCH was on the rise, now it has reversed again. Coincidence, I don’t think so.

batang_bitcoin

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No idea on what's the real reason of bitcoin's dip for today but this probably gave an effect and has some contribution for the tiny drop.
https://cointelegraph.com/news/roger-ver-declares-bitcoin-cash-to-be-true-bitcoin-market-forces-bring-more-attention
Ver really wants to push his support to bitcoin cash but against the bitcoin community he might affect the price but will never permanently pull it down.

newwest

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Minor correction might be in place as the prices have again stared to rise and reached above 8k. Seems like the upward movement will continue in coming time as well.

coindetective

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I don't think this s related to anything, it s just simple profit taking. After a nice price pump, traders re taking their profits, this is how the market works and operates.

Halcyon Days

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I am not sure, if the timing fits, but there is news, that $30 mio USDT has been stolen from a Tether treasury account due to a hack.
There was a brief official announcement and here is also a news to this story by Coindesk: https://www.coindesk.com/tether-claims-30-million-stable-token-stolen-attacker/

secondgarlic

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I think it is very difficult to pinpoint the exact reason, in another thread we were talking about bot activity. I think altcoin owners still look to bitcoin to understand trends, so when btc starts going down, people start to reactionarily sell altcoins as well. But what triggered the initial decline in btc, I think nobody knows.

Topic: Today's (11/20) Sudden Drop (Read 617 times)