Topic: Why Bitcoin Nosedived (Read 1802 times)

Trained speculators are just nothing more than educated guessers. This bearish trend occurred in the market value of bitcoin since China is the biggest global player in the bitcoin market, and when exchanges and ICOs were banned there, naturally, the value took a huge dip as that would mean a lot less people would be using bitcoin now. However, since then it has recovered and slowly crawling back, I think by the end of this year it should hit around 4700$-$4800.

Its value nosedived after one of China’s largest online exchanges, BTCC, announced that it will end bitcoin transactions by September 30. at,that time cryptocurrency briefly fell below the symbolically significant level of $3,000 a coin for the first time in over a month, china has quite a large scale trading going on, so this created a panic and traders were ready to sell bitcoin at lower rates making value of  bitcoin to decrease more .but  now there is only ban on ICO in china and value of bitcoin is increasing .

One cannot be optimistic as to whether bitcoin value will reach $5,000 before the end of this year. Although the recent decline or nosedive as you rightly put was as a result of China ban on bitcoin local exchange and ICO activities.

In the fact, after the Chinese government banned the ICO market, the price of Bitcoin did not change much, it only dropped down from $4,400 but still keep higher than $4,000 in that time. But after the Chinese government have an anouncement they will close some cryptocurrency market, this FUD made the price of Bitcoin dumped below $3,000.

The force of demand and supply most time affect the upward and downward movement of the value of bitcoin and other crypto currency. And at the same time, fundamental issues also affect the price fluctuation of bitcoin which is exactly what had happen to the value of bitcoin in September as a result of the ban on ICO by the China government. 

Even if that is the case, bitcoin price has already gone up again and is sitting at 4200$+ right now. It can also be clearly seen that JP. Morgan's FUD and as well as China's gradually becomes ineffective as time goes by and it is proven by the rise that had happened recently. Who knows maybe in the future bitcoin won't be affected by China news anymore and by FUDS made by one such as J.P. Morgan?

bitcoin took a dip, when china banned bitcoin, and since china has a huge percent of bitcoin users, they had sold out their coins and the faxt that other capitalize on this, claiming that bitcoin is a fraud, it is expected that bitcoin will drop, since there was panic created, and there were a lot of users, even those outside of china, who feared that they might loose all of their investments, decided to to sodl as well, during that time you can see the volume of bitcoin being sold go up thus, increasing the supply and lowering the value, now that we are now over with that crisis and a lot of good news is coming, it is expected for the price of bitcoin to rise, hopefully there will be a lot of people that will accept bitcoin before the fork, and it will only give rise again to the price of bitcoin. i think the price of bitcoin went down, because of fake news as well, a lot people are recognizing some article to be true and no doing their research, just like what had happened when jpmorgan's jamie dimon, spoke of  bitcoin's value being a fraud, a lot of new investors agreed with him, without even thinking that they have been in the investment scene for so long, that they can manipulate the price, but since bitcoin cannot be manipulated, it is better for them to capitalize on what china did, thus resulting of further nosedive of bitcoin, not knowing that, the person speaking is also an investor, and would do anything, to lower the price of an investment, just for them to buy a lot in return. we should all keep on studying and make sure that we make the right choices, before we regret it.

Considering the beginning of the year and today people have really made a very investment for this year and their profits are huge. Due to china intervention last month their was a break on the price rise and thus slowly now its gathering that momentum. Even I feel now that it will attract more user as the price will touch in some time its all time high and we will have another rally after that.

There were two main reasons  for a huge drop in the price of Bitcoin. One was the ban on ICO's and Exchanges by China and other was J.P. Morgan's CEO Jamie Dimon's statment that"Bitcoin is Fraud".It was a very smart move by Jamie Dimon which resulted in crashing of Bitcoin.But now market is being recovered and within a month Bitcoin has reached its original price and it is still increasing . People who held there Bitcoin instead of selling them  and considered this price drop as an opportunity to buy more Bitcoins will surely get huge profits .

For me its always nosedived when it climbed the highest value beacuse of its volatility attitude which is changing direction time on time. And its value doesn't stay for a moment.  Its always fall and climbed again in again. I know this scenario alwasy affect in mind of the crypto community here in forum that planning to invest or to sell in the future.but i suggest to hold and wait for the chance that bitcoin reach your preferred amount.  instead of eagerly sell because of your doubt about volatility of bitcoin. Cause it always happened even before when this currency start emerge in the market.

There is no more Mt.Gox since a very long time.
And the trades that make the price take place and are not "hacks".
Some time ago in China and on hitbtc there was a manipulation with the trading volume. But the real prices are not manipulated.
Otherrwise the exchanges would loose tons of funds. Today many people trade arbitrage...
That is just Buy and Sell.

So what are you talking about?


The only manipulation that takes place is the placing of news and fake news.

It is tempting to look for a dramatic reason for a decline like this. It may well be simply that with a relatively small number of people trading the currency, a proportionally small number of people can trigger a big sell-off that will tank the price. It could also be a calculated attack on Bitcoin. It is possible that this is a hack, and not real trades. The current time between when a trade order is placed and executed on Mt. Gox is 1 hour and 13 minutes. Normally it should be a few seconds at most

Sometimes, I doubt is really we are safe when we still holding our Bitcoin after dip price?
Although the price of Bitcoin recovered very fast after dip price, but nobody can sure it is not a trap.

I have no doubt that the bitcoin will rise. A lot of people think that the last time bitcoin was down. I don't understand why they think so. In the beginning of the year bitcoin was worth 1000 dollars. It seems to me that the reason for the panic is human greed.

Look at the current bitcoin prices, the improvements that occur prove that bitcoin is very strong and can survive from a variety of difficult conditions. such as the situation some time ago that resulted in bitcoin prices got a very high correction. china's decision to make a lot of people experience a tremendous panic and they sell the bitcoin they have simultaneously. but now the prices are back to normal and this has proved that bitcoin can move up to 5000 $ in some future time. we just have to wait until everything becomes stable and bitcoin can be one of the most popular financial commodities.

try hanging around and learning more about bitcoin and this market first before making a random "speculation" comment in here and embarrass yourself like this.

There is always a correction after Bitcoin touches ATH. There is indeed a demand in the market for Bitcoin and hence there is a growth in the price as well. But the growth isn't natural always. There is some instances of pumping in price and thus a correction takes place to take the price back to a natural number. This time in September, price along with experiencing a correction got dropped deeper because of negatives news such as China's ICO ban and Jamie Dimon speech. But now market has recovered from that and is now bullish. Price is set to touch another ATH in October. So, have patience with your Bitcoin investment.

It still can thrive even with the government's strict rules and intervention. Though licensed exchanges might take a beating about this, person to person trades and exchange can still happen albeit the ban that happened. The main goal of bitcoin is to distance ourselve away from the banks and the government shoving their monetary policies unto us and start using our money freely, so even if there are bans here and there, expect that bitcoin will still continue to thrive.

As for the price though, it feels like it's an orchestrated dump by whales since there are huge sells of 300+ btc on exchanges a few weeks ago. Not much to worry about it now since the market seemed to have recovered from the fud and negative news.

The reason why bitcoin nosedived because people panic sell.  After hearing the news about Chinese government closing local exchanges, and at the same time a FUD statement from a known personality that bitcoin is fraud, people with weak hands believe the statement and think that bitcoin will crash even more.  But seems the FUD are somehow successful pulling bitcoin to sub $3000 for a short time but after that Bitcoin rebounded and now trading at more than $4200.

The price was negatively affected because people were panicking over the whole situation that was unfolding back in China. Now that the panic has stopped, panic dumping has stopped and people have turned to buying and pushing bitcoin price up once again.

Anyways, this is a classic example of 'buy the dip'.

If you bought the dip when everyone else was panic selling, you'd be sitting on at least $500 profit per bitcoin you bought.