Topic: Why Bitcoin Nosedived (Read 1790 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.

Bitcoin is not scary if you are talking it scary then you are doing wrong because it can let you do everything because bitcoin is decentralized bitcoin can change your life because bitcoin having ability.

I agree. But it's scary that BitCoin depends so much on one government.

the price started to stabilize now. hope it moves upward soon

Coins cannot be regulated by goverments, they are regulated by the protocol.
Goverments can only regulate the exchanges (Fiat)or to alesser degree paymentsystems.
Not-fiat-exchanges anyway will pop up decentralised and are also not regulatable.
And the world is huge. There will always be countries that allow almost unregulated exchange fiat/crrypto

China is simply stupid as it looses a huge market that exists anyway

may be in future china will regulate the coins i think

It was pretty scary seeing bitcoin take such a steep nose dive so quickly. I better get used to it. It was because of china banning certain ico's etc.

Actually this all rumours and fud was done to cover their short position which they have done it from low, china just banned the ICO but rumoured that exchanges are also closing so the china public and weak hands started to sell what ever price they see. And now their short position is covered now they will pump the bitcoin to its new high very soon.

This is what I believe too. I think those rumors and issues about China banning ICOs and exchangers and JP Morgan's statement only gave us the opportunity to buy BTC at a lowest price as I am sure it'll rebound after a couple of days from now and hopefully break the $5k mark soon.

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China

Yeah bitcoin's price will increase after few months.  The recent hike was very quick. So the the price fell down quickly.  I would say this as a correction. After few months, gradually the price will increase.  Now i guess the price will touch 1500 USD or even lesser in the next few days.

If you will just look on a chart of bitcoin, you will see that its price always drops, when it reaches its high peak, after some time it recovers back and gains more

Well they are all right that is because of issues. Mainly when china banned Tokens and now they are creating there own. China ia manipulating the 75 percent holders both huge and small holders. Then comes Dimon of JP Morgan giving a perfect finale blow on the bitcoin value. Now what? Every whales are taking advantage of all the panic sell going on around.
Exactly just let us keep our composure and continue buying while all are low.

Yes it will definately go high once again. BTC is a de centralized currency and what ever happen or any news that looks to threaten a major player in that effect downplay into the whole currency and that is exactly what happened when the Chinese government decided to ban ICOs. People cashed out because they were a bit worried.

If this was true, and they really wanted to buy "low".
Why not take more extreme measures? Why not ban btc for example? They could definitely get the price a lot lower.

I think you have to read between the lines. Its say they are operating without a formal license. The way I see things, if Chinese government laid the groundwork and enforce tighter regulations and local trading platform comply and apply for a license, then they can go back and up again and be operational lets say in a couple of months. But then again the damaged has been done and its irreversible as we are seeing the price nose dived to ~$3000. I think the trend will continue, but this is a better opportunity to get bitcoin will its low and cheap. If by chance Chinese exchange become operational again, we may see the price go up and recover so buy it while it is still cheap.

I look at this as a buyer's market soon. The markets react to any news that may sound a little negative and a correction was due. Also too much new money came into BTC and most of these noobs were traditional mlm and marketing noobs who just wanted to make a quick buck and they also sold at the first opportunity as they are not the long term holding types.

More bad news is coming for BTC. for example first day of November.
No hope for backing to $4000

Now its official:
All Chinese exchanges will be closed now.
https://www.coindesk.com/document-lists-closure-steps-for-chinas-bitcoin-exchanges/

yes, you just have to sit down to see how they buy media, buy when the time comes to pick up some bitcoin from their bag, at least you need to wait 1 to 3 weeks ahead.

https://www.viabtc.com/announcement/detail?id=11

The statement of JPMorgan was a simple bullshit.
If I would be a bank I would also do everything to destroy crypto because it kills my business.
Actually banks are fraud  and classic fiat is the biggest bubble ever existed on earth.

Time to buy BTC cheap now.

Not sure if you will see it around $5000 at the end of the year, but I do believe that it's price will rise again in November.
Chinese hold a lot of coins, and are in panic right now because of the ban on ICOs and the announcement from the 3 major Chinese crypto exchanges saying that they will suspend activity in the 30th of September. The statements from JPMorgan, saying that BTC is a fraud didn't help of course.

I think this will be a great moment for BTC. Yes it's price is falling and it will probably continue to fall for a while, but as soon as Chinese exchanges get their licenses, and BTC gets more regulated, it will just gain a lot of strength and the rise will follow. In the meanwhile the market wont crash completely, because many will use this opportunity to buy some BTC at a cheap price. Also since the Chinese are selling, and someone else will start buying given this opportunity, the BTC will stop being so centralized in China, and will be less vulnerable to the common China FUD.

Yes! As fast as bitcoin going down it can also so fast rise up! This is cryptoworld!

Anyway besides centralised exchanges there are few decentralised exchanges! And amount will grow!

PURE PANIC and HERD MENTALITY! that's all, that's what we are looking at
and that is why the Bitcoin market has had a little dive.

Without causing any offence but it the likes of yourself opening this thread
to ask if Bitcoin can reach $5000 again which adds to the doubt and panic
in the market!

Of course Bitcoin will regain lost ground.

China's moves against ICO's and Exchanges can actually be a good thing
for the community. As they said themselves they only want to protect
the consumer, thats us !!!!

for the ligitimate ICO's and exchanges this is temporary

for the scam ICO's and Exchanges its permanent

SIMPLE

i believe so too, people will find a way and all those crypto hooked/addicted chinese will not end their cryptolove because of the ban, at least i think...everyone will always find a way to do what they want on the internet, from porn to pedophiles contacting other pedophiles and exchanging shit, to guns, drugs and well, when bitcoin is illegal; to bitcoin

you think the support is enough for btc to rise again? i dont know, it could go both ways but you may be a right tho, the bitcoin world, so the non-chinese part, seems to have accepted that the china ban is definite and has now chosen its position and confidence

It is still not clear. BTC China has announced that they will be closing down. But the reasons are still unclear. On the other hand, OK Coin and Huobi have so far shown no hints of any closing down of operations. Trading is ongoing in these exchanges, although the local exchange rates have fallen below $3,000 per coin (in terms of CNY). In OKCoin, BTC is trading at a discount of around 10% to 12% from the international exchange rates. But purchasing coins from that exchange is extremely risky right now.

Any link to support this?


Yeah, this is the ultimate blow that made bitcoin shave more than a 1000$ on its price. But I think this is normal reaction. Traders should get out of the exchange early before the exchange close, so the drop. It will recover when traders move to a new exchange and starts moving bitcoin again.

Well, they are still rumours since nothing is officialy announced by the government of China. BTCC, like you say yourself, have decided on their own, without ban, to shut down. So, for now it's the rumours of banning causing a chain reaction in China and therefore in Bitcoin-land. It could be a foreseeing move by BTCC (and ViaBTC) but untill there is nothing unofficial, we could say that it's just rumours at this point.

There are many bad news comes in this week through different channels regarding BTC like china ban ICOS and maybe crypto-currencies and a statement by a big tycoon of finance world. It was going to moon and sudden negative news comes like fire and backfired BTC, but now slowly it coming to its support and market also absorb all these negative news in a day or two and it again take uptrend.

ViaBTC another huge Chinese exchange and mining pool will stop the exchange but not the pool.
True its not only rumours...

They are not rumors or FUD. BTCC, one of China's largest exchanges, have already announced that they will be closing their operations on September 30, 2017 after reading a Chinese regulator's statement made 2 weeks ago. After taking everything into account, they decided to do the unexpected. Close down. Now the whole market is in panic.

Because china banned the bitcoin in their country and that is where the biggest amount of trading happens i think. But you don't have to worry because i think that china will unban the bitcoin after a few months and then the value will rise again.

China is manipulating BTC prices so they can buy BTCs for cheap.
but this is also an opportunity for us to be able to buy BTC with cheap price. I am sure the end of this year BTC prices will rise to $ 5-7K

Because of banning or rumours about banning of Bitcoin and/or Bitcoin Exchanges in and by China. China is around 25% of the Bitcoinmarket and most of the Chinese are rumoured to panicsell for lower prices because they are afraid of the ban having an even more devastating affect on the price.

I will like to know the reason why after bitcoin reached the maximum value this month it has been decreasing on a daily basis just at the time i wanted to invest the uptrend just changed suddenly. is there any hope of further increasing as some has speculated that it will reach $5000 by the end of this year?