Why did Bitcoin drop in value over Christmas?

rekinthis

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Quote from: Jet Cash on December 26, 2015, 09:09:38 AM

I can see it dropping before Christmas as people want money for presents, but why has it dropped over the last 24 hours?
It's gone from £308 to £280. It looks as if it might be a good time to buy.

when price is so low, of course that it is good time to buy, and i think price drops low before and after Christmas because

people buy bitcoins as a gift to family and/or friends, and after Christmas, they sell bitcoins for money, so price drops even week after it

gkv9

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Quote from: Supercrypt on December 28, 2015, 12:47:31 AM

Quote from: rjclarke2000 on December 27, 2015, 04:54:25 AM

I believe in years to come people will be telling stories of how they had x amount of btc in 2015. They will then be asked why they aren't now rich as Bitcoin has now become widely used and therefore the price is very high.

This is when the idiot has to admit selling his btc due to making $chump change profit at xmas that year and not buying back in when they could.

We cannot be sure that bitcoins would be widely used after 10-20 years as now to people doubt its existence. Selling bitcoins is not a bad thing as money in hand is aways worth rather than holding it for years and then counting the losses. This I can say as people are still regretting buying bitcoins when the price was $1000 or more.

No one should actually regret, some think that Bitcoins are ponzi...
Just take a minute and think, if Bitcoins were ponzi, then it should have been completely destroyed when that dump took place from $1.2k to $120...
Some would have made more than x1000 with their old mined coins, while some would have lost, but only if they sold, else the opportunity is still there, but they need to wait, else if they got out, it's their decision...

Supercrypt

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Quote from: rjclarke2000 on December 27, 2015, 04:54:25 AM

I believe in years to come people will be telling stories of how they had x amount of btc in 2015. They will then be asked why they aren't now rich as Bitcoin has now become widely used and therefore the price is very high.

This is when the idiot has to admit selling his btc due to making $chump change profit at xmas that year and not buying back in when they could.

We cannot be sure that bitcoins would be widely used after 10-20 years as now to people doubt its existence. Selling bitcoins is not a bad thing as money in hand is aways worth rather than holding it for years and then counting the losses. This I can say as people are still regretting buying bitcoins when the price was $1000 or more.

Gloober

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Quote from: Newcoins2020 on December 27, 2015, 06:26:08 PM

Quote from: stoat on December 27, 2015, 04:01:34 PM

Quote from: jt byte on December 27, 2015, 03:12:37 PM

There is no logic explanation published so far.

My presumption is that some kind of action triggered panic selling and the other exchanges followed this dip.

The logical explanation is retailers who accepted bitcoin are cashing out into fiat after the christmas sales period.

Retailers cashing out always hurts the bitcoin price. Businesses need to keep bitcoin as bitcoin. And bitcoin consumers need to be careful about spending btc with businesses who convert to fiat.

This sounds like a legimate reason. Altough why would they do it on christmas day? Wouldn't it better to enjoy christmas with family and then
sell it today?

I believe hat some big whale also decided to sell his coins.

These are all quite realistic reasons for people to sell. I think most of the people who sold, made profits off it and were able to spend a little extra on their families because of that. They are probably buying back in January and hold for a bit to gain back some profits.

Newcoins2020

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Quote from: stoat on December 27, 2015, 04:01:34 PM

Quote from: jt byte on December 27, 2015, 03:12:37 PM

There is no logic explanation published so far.

My presumption is that some kind of action triggered panic selling and the other exchanges followed this dip.

The logical explanation is retailers who accepted bitcoin are cashing out into fiat after the christmas sales period.

Retailers cashing out always hurts the bitcoin price. Businesses need to keep bitcoin as bitcoin. And bitcoin consumers need to be careful about spending btc with businesses who convert to fiat.

This sounds like a legimate reason. Altough why would they do it on christmas day? Wouldn't it better to enjoy christmas with family and then
sell it today?

I believe hat some big whale also decided to sell his coins.

Altynbekova

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I heared some people were selling to pay of yearly debts. Maybe some people want to sell bitcoins for tax reasons.
Fact is the price dipped and, we have to focus on getting it where it is now.

stoat

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Quote from: jt byte on December 27, 2015, 03:12:37 PM

There is no logic explanation published so far.

My presumption is that some kind of action triggered panic selling and the other exchanges followed this dip.

The logical explanation is retailers who accepted bitcoin are cashing out into fiat after the christmas sales period.

Retailers cashing out always hurts the bitcoin price. Businesses need to keep bitcoin as bitcoin. And bitcoin consumers need to be careful about spending btc with businesses who convert to fiat.

sishendaoye

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Quote from: defaultking on December 27, 2015, 03:24:19 PM

No idea. Like others have said maybe a lot of people selling to pay off there debts after christmas. Maybe because with Christmas other things have taken priority (spending time with families) so buying has slowed. Maybe news of who satoshi was suspected to be had blown over and also slowed down people's interest in bitcoin.

Debts or forced selling because to pay of debts before the end of the year.
From reading the threads here i see a lot of people are fearfull for the future and to be honest i am a little bit worried too.

defaultking

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No idea. Like others have said maybe a lot of people selling to pay off there debts after christmas. Maybe because with Christmas other things have taken priority (spending time with families) so buying has slowed. Maybe news of who satoshi was suspected to be had blown over and also slowed down people's interest in bitcoin.

jt byte

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There is no logic explanation published so far.

My presumption is that some kind of action triggered panic selling and the other exchanges followed this dip.

n691309

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The drop of value of bitcoin can be because in most of the cointries it is holiday and people are not much interested in bitcoin.

MyBTT

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Bitcoin's price is still trying to stabilise. It has been going up and down for a while. I think the price will go up in 2016 though.

BlackPanda

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The only impact of the Christmas holiday. yes the price will go up after Christmas (exactly at the end of the year in 2016) I was very sure about this.

Denker

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Quote from: Wilhelm on December 26, 2015, 02:57:59 PM

Quote from: richardsNY on December 26, 2015, 02:55:04 PM

Quote from: Yogafan00000 on December 26, 2015, 02:49:59 PM

People wanted bitcoin for christmas so price went up. People got their Bitcoin on the 25th and are taking profits/spending so price went down

Why do people want to buy more for Christmas, and then dump their coins on Christmas day? I'm interested to find out. I think it was the panic of people that made the price fall.

Hypothetical scenario:
You have faith in Bitcoin and give other people Bitcoin.
They are scared or broke-ass bitches.
They say thank you and dump right away because they only have a short term vision.

So regarding your case it's better not to give away any Bitcoins for free, at least bigger amounts.
Well imo it depends how much Bitcoin you give to somebody.For instance 0,01 Bitcoin is not that much, but it can demonstrate how easy and beneficial it can be to use Bitcoin compared to bank transfers, paypal, WU or MG for instance.

Epicnicity

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Because it's Christmas and people need fiat to buy gifts and such. They are spending more money than they are holding.
It's a holiday so I expected this already.

Odien

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Quote from: Jet Cash on December 26, 2015, 09:09:38 AM

I can see it dropping before Christmas as people want money for presents, but why has it dropped over the last 24 hours?
It's gone from £308 to £280. It looks as if it might be a good time to buy.

Yeah. Very good time to buy indeed.

rjclarke2000

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I believe in years to come people will be telling stories of how they had x amount of btc in 2015. They will then be asked why they aren't now rich as Bitcoin has now become widely used and therefore the price is very high.

This is when the idiot has to admit selling his btc due to making $chump change profit at xmas that year and not buying back in when they could.

Amph

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Quote from: richardsNY on December 26, 2015, 02:55:04 PM

Quote from: Yogafan00000 on December 26, 2015, 02:49:59 PM

People wanted bitcoin for christmas so price went up. People got their Bitcoin on the 25th and are taking profits/spending so price went down

Why do people want to buy more for Christmas, and then dump their coins on Christmas day? I'm interested to find out. I think it was the panic of people that made the price fall.

because the first who is lucky to buy in the run up, will dump at the peak of that little run up, the other, those who bought at the peak are screwed as usual, but if they are intelligent they should simply hold for the next run up

The Sceptical Chymist

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Quote from: unamis76 on December 26, 2015, 10:09:16 AM

Because people are selling. Just like when it goes up, it's because people are buying Grin

This is pretty much it I think. I don't think Christmas necessarily has anything to do with the price fluctuations. Unless some people are selling at the end of the year for tax purposes--that happens in the stock market.

Wilhelm

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Quote from: richardsNY on December 26, 2015, 02:55:04 PM

Quote from: Yogafan00000 on December 26, 2015, 02:49:59 PM

People wanted bitcoin for christmas so price went up. People got their Bitcoin on the 25th and are taking profits/spending so price went down

Why do people want to buy more for Christmas, and then dump their coins on Christmas day? I'm interested to find out. I think it was the panic of people that made the price fall.

Hypothetical scenario:
You have faith in Bitcoin and give other people Bitcoin.
They are scared or broke-ass bitches.
They say thank you and dump right away because they only have a short term vision.

Topic: Why did Bitcoin drop in value over Christmas? (Read 2809 times)