What was the cause of recent price dump?

alyssa85

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Quote from: Red-Apple on June 10, 2016, 03:57:48 AM

Quote from: korila on June 10, 2016, 12:35:27 AM

Quote from: Herbert2020 on June 10, 2016, 12:27:36 AM

Quote from: korila on June 10, 2016, 12:11:53 AM

Quote from: Alley on June 09, 2016, 08:53:46 PM

What is that like $5? Sweet dump...

like $14

apparently it is a different world in bitcoin-cny market!
you see the topic saying dump and we check the market and see the price is almost the same $570 as it was before so maybe it is because of the difference of price (according to google 3875 cny is ~ $590)

That's true. USD amount is now meaningless.

over 90% BTC is traded in CNY.. I think..

if it was meaningless the price of bitcoin in USD would have gone up to match the price in CNY not the other way around.

besides it is not 90% of the market and the high volume there is because of the zero fees which lets them trade easier. and the rest of the world is trading USD.

You guys know that the Chinese yuan isn't free-floating but instead is pegged to a basket of currencies (dollar, pound, euro, yen and swiss franc). That's why the movement was so closely correlated.

Ayers

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my theory is that chinese are pumping the market because otherwise the halving will kill their mega-farm lol, and with this they can cause a panic pump, so more fish buy in the panic pump and the vlaue skyrocket, it make sense i think

OrangeII

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Quote from: 1Referee on June 10, 2016, 02:52:27 AM

The price has gone up considerably very recently. It's normal that traders are cashing out a portion of their coins from time to time. Just keep holding as I expect a tiny bull run to take the price to around $600 and a little bit further.

Well, lots of things can cause it, and maybe one of them is a trade, but you're right, this is a regular thing, and I'm sure soon bitcoin prices will rise again

Red-Apple

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Quote from: korila on June 10, 2016, 12:35:27 AM

Quote from: Herbert2020 on June 10, 2016, 12:27:36 AM

Quote from: korila on June 10, 2016, 12:11:53 AM

Quote from: Alley on June 09, 2016, 08:53:46 PM

What is that like $5? Sweet dump...

like $14

apparently it is a different world in bitcoin-cny market!
you see the topic saying dump and we check the market and see the price is almost the same $570 as it was before so maybe it is because of the difference of price (according to google 3875 cny is ~ $590)

That's true. USD amount is now meaningless.

over 90% BTC is traded in CNY.. I think..

if it was meaningless the price of bitcoin in USD would have gone up to match the price in CNY not the other way around.

besides it is not 90% of the market and the high volume there is because of the zero fees which lets them trade easier. and the rest of the world is trading USD.

Fortify

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Quote from: korila on June 10, 2016, 12:35:27 AM

Quote from: Herbert2020 on June 10, 2016, 12:27:36 AM

Quote from: korila on June 10, 2016, 12:11:53 AM

Quote from: Alley on June 09, 2016, 08:53:46 PM

What is that like $5? Sweet dump...

like $14

apparently it is a different world in bitcoin-cny market!
you see the topic saying dump and we check the market and see the price is almost the same $570 as it was before so maybe it is because of the difference of price (according to google 3875 cny is ~ $590)

That's true. USD amount is now meaningless.

over 90% BTC is traded in CNY.. I think..

Well you say that, but everyone outside of China references the conversion in USD. The Yuan is being manipulated and highly controlled by the Chinese government, until they take their hands off then it will never be trusted globally. I don't see much of a price dump, just a normal daily swing but it'll likely correct eventually.

1Referee

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The price has gone up considerably very recently. It's normal that traders are cashing out a portion of their coins from time to time. Just keep holding as I expect a tiny bull run to take the price to around $600 and a little bit further.

alyssa85

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Plain old profit taking. Bitcoin is up 155% since Jan - that's bubble territory. So some people in profit crystallized those profits. As the Rockerfellers used to say, no-one ever got poor by taking profits.

ImHash

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it really depends on people if they buy more price goes up and vise versa .

korila

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Quote from: Herbert2020 on June 10, 2016, 12:27:36 AM

Quote from: korila on June 10, 2016, 12:11:53 AM

Quote from: Alley on June 09, 2016, 08:53:46 PM

What is that like $5? Sweet dump...

like $14

apparently it is a different world in bitcoin-cny market!
you see the topic saying dump and we check the market and see the price is almost the same $570 as it was before so maybe it is because of the difference of price (according to google 3875 cny is ~ $590)

That's true. USD amount is now meaningless.

over 90% BTC is traded in CNY.. I think..

Herbert2020

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Quote from: korila on June 10, 2016, 12:11:53 AM

Quote from: Alley on June 09, 2016, 08:53:46 PM

What is that like $5? Sweet dump...

like $14

apparently it is a different world in bitcoin-cny market!
you see the topic saying dump and we check the market and see the price is almost the same $570 as it was before so maybe it is because of the difference of price (according to google 3875 cny is ~ $590)

korila

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Quote from: Alley on June 09, 2016, 08:53:46 PM

What is that like $5? Sweet dump...

like $14

Alley

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What is that like $5? Sweet dump...

dothebeats

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Quote from: korila on June 09, 2016, 03:45:18 PM

This dump !!!

I think it's just a matter of time to break 4000 yuan.
we all know it's going to happen

also halving day is only 31days left.

Starting from next week it will be 28days left, and as time goes by, more upward tension will build up

Shorters, small correction, shakeout? Not entirely sure but that doesn't seem to be something we should be worried about. We still got a month before the halving, though. Also praying to break even $600 for me to get a nice hefty profit.

korila

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This dump !!!

I think it's just a matter of time to break 4000 yuan.
we all know it's going to happen

also halving day is only 31days left.

Starting from next week it will be 28days left, and as time goes by, more upward tension will build up

Alley

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What dump?

korila

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OMG!!
I was up +5BTC, and then went down to -10BTC ...
But I held,,,.... What was the cause of recent price dump??

I am now break even..

https://coin.dance/blocks
I don't know much about BIP but sure seems promising.

Let's ride this rally over 4000yuan~~

Topic: What was the cause of recent price dump? (Read 716 times)