Why did Bitcoin drop in value over Christmas?

rekinthis

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Quote from: Jet Cash on December 26, 2015, 08:09:38 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

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Quote from: Supercrypt on December 27, 2015, 11:47:31 PM

Quote from: rjclarke2000 on December 27, 2015, 03:54:25 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, 03:54:25 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.

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Quote from: Newcoins2020 on December 27, 2015, 05:26:08 PM

Quote from: stoat on December 27, 2015, 03:01:34 PM

Quote from: jt byte on December 27, 2015, 02:12:37 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, 03:01:34 PM

Quote from: jt byte on December 27, 2015, 02:12:37 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, 02:12:37 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, 02:24:19 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, 01:57:59 PM

Quote from: richardsNY on December 26, 2015, 01:55:04 PM

Quote from: Yogafan00000 on December 26, 2015, 01:49:59 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, 08:09:38 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, 01:55:04 PM

Quote from: Yogafan00000 on December 26, 2015, 01:49:59 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, 09:09:16 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, 01:55:04 PM

Quote from: Yogafan00000 on December 26, 2015, 01:49:59 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.

richardsNY

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Quote from: Yogafan00000 on December 26, 2015, 01:49:59 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.

Yogafan00000

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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

Junko

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Boxing Day/After Christmas Sales, people gearing up for New Year's Eve celebrations, others need money for going on holiday over winter vacation or entertaining guests from out of town and a whole myriad of other holiday expenses.

mammon

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It's obvious that some Big Boys are manipulating the price over and over again Angry

Just making a lot of money when pushing the price back and -GREEDY- doing this over and over again.
(Check the last 6\8 months, happens over and over...)

I think they spoke each other yesterday and "created" this dump while most people are with
family and having a nice Christmas. No, these are the moment those greedy bitches will act,
as you can see! And they will not stop doing this.

Too bad for the small Bitcoin users, because they put a lot of effort in getting -some- BTC
and seen there worth (very) rapidly melt.
They get disapointed, sell there coins and leaving BTC and not coming back.

Still wondering why BTC won't get Mass acceptation?
A lot of "problems" are coming from these forms of greed...

Mammon Wink

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Quote from: HostSurf on December 26, 2015, 10:36:07 AM

Quote from: TheGr33k on December 26, 2015, 10:25:48 AM

I have no idea. I was dissappointed, but tried to hide the obvious anger.

Don't be. It is just a ~~natural~~ artificial market manipulation. You will see the market ~~calming~~ going into panic mode when china wakes up tonight and from there a new potential ~~pump~~ dump will come.
~~Either before NYE or the first weeks of 2016~~
Tonight

Corrected it for you, you are welcome.

Moneyburner

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The quick jump up probably enticed some people to sell out and have some fun with their extra money.

Amph

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because 400-500 range still need consolidation to be rock solid, it was reached too damn fast, it's always like that wehn you touch another mark

high chance that it fall, but it's quite clear that we are heading again there, see you after this bull trap

Ceizer54

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Quote from: hdbuck on December 26, 2015, 08:12:35 AM

because santa does not exist.

Exactly,I agree with this..people are selling there coins just to buy gift for there loved ones,there kids..I wish if santa really existed then we can have that same rate that was just the few days ago Grin

BlackPanda

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Quote from: Jet Cash on December 26, 2015, 08:09:38 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.

This decline could occur because some traders were stopped conduct trading activities. bitcoin volume activity will increase after the long holiday ended. most choose a vacation. Grin

HostSurf

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Quote from: TheGr33k on December 26, 2015, 10:25:48 AM

I have no idea. I was dissappointed, but tried to hide the obvious anger.

Don't be. It is just a natural market reaction. You will see the market calming down tomorrow and from there a new potential pump will come.
Either before NYE or the first weeks of 2016

TheGr33k

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I have no idea. I was dissappointed, but tried to hide the obvious anger.

HostSurf

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People getting impatient could be the main reason.
Perhaps some big time investors needed some cash to pay some big debt.
There could be so many reasons...

quadriple7

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well i can think of just one reason that might affected the price to go down like that, i believe that people started selling their bitcoins because of the fact that they needed some money to spend for christmas presents after a month or so it will rise significantly in my opinion

bitraine

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i think something going to happen looks like the price drop is preparing for a big pump.

yeah people are selling bitcoins. grandma dont want bitcoins for a christmas present.

Jet Cash

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I appreciate that there are fluctuations in value, but the Christmas drop seemed to coincide with some strange behaviour in the Dollar/Sterling rate. This made me wonder if there was a news item that I had missed.

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Quote from: Jet Cash on December 26, 2015, 08:09:38 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.

First because the presents can be made even during or even immediately after Christmas. So continue the trend. Second because might be made some speculation knowing that in this time of the year can be fluctuations of the value of bitcoin because of the celebrations. And third (maybe this can be the most important one) the celebration were not finished yet. In most countries (first of all the Muslim ones but not only in those) the last day of the current year is celebrated more than Christmas. Much more. In those countries the presents are made the last days of the year. So can be again time to see how will go the price of bitcoin.

maokoto

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I heard some speculation about Bitcoin going up for Christmas. That might have made people buy a lot, then it did not go so much up, and people decided to cash in after Christmas.

But who knows really...

wadii33

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it's normal their are a lot of people need money for chrismass so they started selling their bitcoins that's way it going a bit down it's better to buy now because i think it will go higher in january

unamis76

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

tn211

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It was a logical move to go down, after so much time we should be happy it stayed so high for along. In a way i expected it go down much earlier.

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Quote from: Jet Cash on December 26, 2015, 08:09:38 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.

rise or fall of the price of bitcoin is very common, why suddenly so many who ask this? Grin

santa might not like bitcoin Cheesy

Jet Cash

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I've just noticed that someone else has started a similar thread. Apologies for starting this. Mods please merge or delete this thread if you feel it will clutter the board.

hdbuck

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because santa does not exist.

Jet Cash

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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.

Topic: Why did Bitcoin drop in value over Christmas? (Read 2908 times)