Topic: Why did BTC drop to $570 level? (Read 4315 times)

precisely, the wise one will also ask why it should go up? not many people realize that bitcoin just jumped ahead of its true price due to mass scale MtGox fraud... it wasn't China pump per se but rather well organized MtGox fraud that ignited the gambling fever in China which created this illusion of sudden wealth while distorting true reality... a lot of people suddenly lost their senses and thought that they'd retire rich not thinking hard enough about where all that money needed to come to get them there.... nowadays every bull is just blindly echoing another bull's echo saying "we'll go up soon, this is just shakeout, this is manipulation, 5 digits soon and etc"... At the same time there are other bulls that are finally understanding the truth of the matter that bitcoin is not immune to what's going on outside the world and it's time to cut losses while you still can.. despite bitcoin's innovation it's still the least item on investors' mind when you look around hard enough to see much uncertainty arising from geopolitical tensions, economy indicators that are flashing red, low investor sentiment and etc.. even mighty whales that bulls hail about give up eventually to cover other expenses or diversify into real assets such as gold and silver in times like these..

i'm neither bull nor bear just someone trying to stay sober and i haven't lost a single faith in bitcoin's future, just that i should've seen this coming and reduce my exposure.. oh well i'll hold till at least to a point where i can recover my initial investment.. in my view crypto is just evolving into something better that will suit times ahead of us.. will it be bitcoin? could be but as you can see its very survival is at stake and if it doesn't evolve fast enough and make its blockchain more valuable by introducing more innovation then there could also be alternatives too... hint: invest into cryptos that are immune to shit like bitlicense, regulation, surveillance and wealth confiscation because as we approach WW3 that's the first thing governments will do to fund their wars...

$580 not gonna happen, bitcoin is going to nowhere but down

Well i dont think so its that easy.. if we have  a pump to 580 in two hours and your short orders get screwed easily.. i think that if you think it will raise at the end just leave your coins alone.. being greedy triying to get more can be more bad.

Price ist still way to high.
We have to correct to 350-400$ and then start a slow climb.

But these up and downs are perfect to generate more coins.

Why does everyone just "expect" the value to rise?  It seems to me it has fairly evened out over the last couple of months.  Sure there is still a bit of volatility, but the long term looks pretty steady.

lol... so then what does that make LTC?

it goes under $550 now.

Even when there was already an exchange the coins were cheap.. the first price on mt gox was 0.025 usd so enyone could have bought thousands of them.

this, except that anyone who was an actual early adopter is probably already a millionaire. early adopters are those who were mining coins before there was an exchange. so they got their coins for less than a penny. the people who bought at 500-1000 and thought they'd have 40000 by now are the ones who are selling fast.

Aside from the not so great news about the bitlicenses (affecting New York), I haven't seen any legitimate bad news that is really worthy of lowering prices.   I think we will start slowly increasing again soon...

because it is fading away............

On the short term scale it looks like a drop, but if you consider April 2014 it was 405$ its been rising. I think it's part of how nature influences the price, in long term it will probably go up again. Bump in April 2015 

What? School does start only in September no? Also what does it have to do with supply and demmand of bitcoin?

It's raining.

School start

i also could not find any logical explanation for this price drop it looks like nothing happened

hope so lol!

I agree, a sudden unexplained drop seems to often come before a price increase.  I wouldn't be surprised if the price jumps back up to the $600 range in the next few days, or possibly higher.

There is no logical explanation for this price drop, the only one i can think of is the ethereum ipo sale. In the long term this is just another good opportunity to enter the market, every little drop helps you to accumulate more and more coins.

Use the low price and buy more coins, longterm it can only go up.

Yep. Excellent buying time. I was buying up bit coin in February and March. I am quite happy I did. If it drops below $525 I am going to buy another whole coin.