what are the causes of the continuous plunge in Bitcoin? - page 4.

aardvark15

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Quote from: RemarkJohn on June 12, 2018, 04:32:40 AM

At the end of May, Bitcoin hit a new high this year after a sustained surge, which began to reverse on May 25th and 26th. It once fell by 900 US dollars, a drop of more than 30%; China's bitcoin prices once fell to around 14,000 yuan, today About 14,700 yuan fluctuations.
Interestingly, the reporter noticed that the renminbi’s exchange rate movements from the onshore market are in stark contrast to the plunge in bitcoin prices. Also on May 25th, when Bitcoin turned down and fell, the exchange rate of RMB began to turn upwards.
The spot price of offshore RMB exchange rate CNH has risen from 6.8752 to 6.8498 from May 25th and has been rising all the way. Today, the intraday trading session of CNH rose to 6.8031. Onshore RMB spot exchange rate CNY, although closed today at the Dragon Boat Festival, rose to 6.8678 at 6.8860 on May 25 and rose further to 6.8525 on the 26th.

The recent development is the hack of coinrail but I think there is a cumulative affect from various negative news. It also hard for investors to gain confidence in the cryptocurrency markets after a huge crash like we just saw 6 months ago. I think we will need several months of good or neutral news to get new investors to be interested in investing.

spongegar

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Well, it's almost always because of supply in the market. The more supply people have in the market, the lower the price is. When people sell their coins it contributes to the price going down. That is why we should just hold in to our coins, the more people buying and holding the higher and more stable the price is.

kryptqnick

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Quote from: RemarkJohn on June 12, 2018, 04:32:40 AM

At the end of May, Bitcoin hit a new high this year after a sustained surge, which began to reverse on May 25th and 26th. It once fell by 900 US dollars, a drop of more than 30%.

I'm sorry, but how is a $900 drop more that 30% this year? If you were right, bitcoin's price must've been about $2.5k, right? Otherwise such a drop is at best a 15% one. As for the causes of bitcoin still not recovering, I think that is mainly due to the fact that in 2017 serious people really started to notice bitcoin and not always they had good intentions. Cryptocurrencies became a serious threat to contemporary economy and especially banking system. Various governments started making attempts to regulate cryptos and exchanges. Such things are still happening from time to time, causing the panic selling.

sunanbonang

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this is because some investors do panic sell and sell bitcoin they have, this makes things worse because it can make bitcoin price down.

susila_bai

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The reason is very simple due to all country taking steps to regulate the crypto currency and some country have banned it uses in their country so who ever is in trading is only for short term trading as soon as they get to start profit they start to take it. So the market reacts and the price goes down. Till all country dont regulate fully and start functioning i think bitcoin price wont improve much.

First77

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At $8,000 there are more sellers but who will buy Bitcoin at $8,000 ? More sellers and less buyers, the price falls.

Quote from: wongjack on January 06, 2018, 04:44:06 AM

I'm from Malaysia,and I brought 8000 BTC when many years ago(and glad that I still have found back).I'm looking for cash out all the btc I have own now,it is about 100 million usd fund,but I don't think my country market have support that huge of volume,I do my research found that exchanges in Malaysia are really small,big exchanges like only bitfinex and coinbase can support that much of volume,but it can't use their service in Malaysia,and I'm not US citizen.I don't know what to do now.I'm really frustrated knowing I own that much of money but I can't cash out due to my country is not popular with this coin,any suggestion for me? Whoever can help me solve my problem I promise to gave him 50btc after I manage to cash out.A man will keep his word.
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updated: 6.1.2018 4:54pm

what country that can support 100 mil usd withdrawal? I'm actually have thinking about open an US bank account,but I'm not sure whether I can withdrawal that much of fund from exchanges to my bank account or not.I actually don't mind paying tax fees to US or Malaysia gov whatever,I just want to have a cash out plan.

RemarkJohn

newbie

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At the end of May, Bitcoin hit a new high this year after a sustained surge, which began to reverse on May 25th and 26th. It once fell by 900 US dollars, a drop of more than 30%; China's bitcoin prices once fell to around 14,000 yuan, today About 14,700 yuan fluctuations.
Interestingly, the reporter noticed that the renminbi’s exchange rate movements from the onshore market are in stark contrast to the plunge in bitcoin prices. Also on May 25th, when Bitcoin turned down and fell, the exchange rate of RMB began to turn upwards.
The spot price of offshore RMB exchange rate CNH has risen from 6.8752 to 6.8498 from May 25th and has been rising all the way. Today, the intraday trading session of CNH rose to 6.8031. Onshore RMB spot exchange rate CNY, although closed today at the Dragon Boat Festival, rose to 6.8678 at 6.8860 on May 25 and rose further to 6.8525 on the 26th.

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