To OP: sorry to say so, but I hope you learned your lesson now.
You have no idea what you bought and how markets work. Unfortunately, people like you always form the last wave of new investors and therefore suffer most of the damage.
To not fall for it again next time, unless you understand the risks of what you are doing. I feel sorry for you though.
Topic: why is the price dropping? where is the logic please read! (Read 624 times)
I would disagree with you. I think that Bitcoin is heavily under-priced right now. Bitcoin is being used as a currency by around 10 million people, and still its market cap is below $50 billion. On the other hand, the market cap of the Swiss Franc, which is being used by less than 8 million people is many times that amount (including bank deposits as well). So in my opinion, the current dip may be a temporary one, and new heights may be reached in a short time from now. Sell your coins now, and regret later.
10 million users? Are you sure? Last I've heard is that only 300.000 wallets have more than $5000 worth of bitcoins.
Also it is absolutely dysfunctional as currency - high fees, slow processing and no incentive to spend when price is going up.
It's because the Chinese exchanges are shutting. The market makers on there have already exited to the western exchanges, which means that those selling on the Chinese exchanges are selling into an abyss.
This leads to a drop on the western exchanges, because the automated bots have been programmed to take account of prices on all the exchanges, including the Chinese exchanges.
Once we are past September 30th and the Chinese exchanges are closed, the selling pressure will abate and we return to normal.
This leads to a drop on the western exchanges, because the automated bots have been programmed to take account of prices on all the exchanges, including the Chinese exchanges.
Once we are past September 30th and the Chinese exchanges are closed, the selling pressure will abate and we return to normal.
Bitcoin is crashing because it was irrational for it to be anywhere remotely close to as high as it was in the first place. Bitcoin is really just a speculative commodity, and not a currency at all. It can't be used as a currency because of its volatility, yet people try to value it as if it were a currency.
This crash is 100% normal, it should not surprise anyone, and it is only beginning, with plenty more room to fall. Bitcoin does this over and over again. It will crash down and stabilize for a while (maybe a couple years) and then have another bubble where it crushes previous all time highs.
Basically you only want to buy bitcoin when it is boring to buy bitcoin... and even then, it's still an extremely risky investment.
This crash is 100% normal, it should not surprise anyone, and it is only beginning, with plenty more room to fall. Bitcoin does this over and over again. It will crash down and stabilize for a while (maybe a couple years) and then have another bubble where it crushes previous all time highs.
Basically you only want to buy bitcoin when it is boring to buy bitcoin... and even then, it's still an extremely risky investment.
I would disagree with you. I think that Bitcoin is heavily under-priced right now. Bitcoin is being used as a currency by around 10 million people, and still its market cap is below $50 billion. On the other hand, the market cap of the Swiss Franc, which is being used by less than 8 million people is many times that amount (including bank deposits as well). So in my opinion, the current dip may be a temporary one, and new heights may be reached in a short time from now. Sell your coins now, and regret later.
Bitcoin is crashing because it was irrational for it to be anywhere remotely close to as high as it was in the first place. Bitcoin is really just a speculative commodity, and not a currency at all. It can't be used as a currency because of its volatility, yet people try to value it as if it were a currency.
This crash is 100% normal, it should not surprise anyone, and it is only beginning, with plenty more room to fall. Bitcoin does this over and over again. It will crash down and stabilize for a while (maybe a couple years) and then have another bubble where it crushes previous all time highs.
Basically you only want to buy bitcoin when it is boring to buy bitcoin... and even then, it's still an extremely risky investment.
This crash is 100% normal, it should not surprise anyone, and it is only beginning, with plenty more room to fall. Bitcoin does this over and over again. It will crash down and stabilize for a while (maybe a couple years) and then have another bubble where it crushes previous all time highs.
Basically you only want to buy bitcoin when it is boring to buy bitcoin... and even then, it's still an extremely risky investment.
You dont need logic too many noobs had joined recently thus its more of a emotional trading the best is to make money from the current situation.
It's because of China, it's china's fault after all. Kidding aside, Bitcoin price is always the same when more people panicking selling, the more price decrease. And china's decision related to cryptocurrency always have a huge impact with the while community.
That's why if bitcoin is banned from china then we will expect more dump.
That's why if bitcoin is banned from china then we will expect more dump.
it is partly because price has been rising too fast in a short time and partly because people don't understand that rising fast like bitcoin did was completely normal.
and then it is the sell pressure caused by the panic that is being spread all over the social media. it is propaganda against bitcoin price. and a well planned strategy of making a lot of money from the drop while others are panic selling at a loss.
and then it is the sell pressure caused by the panic that is being spread all over the social media. it is propaganda against bitcoin price. and a well planned strategy of making a lot of money from the drop while others are panic selling at a loss.
It's pretty simple.
In your scenario 500 have cashed out but 500 have been bought for less than the last coin traded at 5000$.
Basically the new owners have bought them cheaper and cheaper.
Of course the ones that sold higher can buy back at any time but, as the market suggest at this point not so many are interested in doing so.
More people are willing to sell than buying.
100 coins for sale, 90 offers for 3100, somebody will sell for 3090 cause they believe it will go even lower.
In your scenario 500 have cashed out but 500 have been bought for less than the last coin traded at 5000$.
Basically the new owners have bought them cheaper and cheaper.
Of course the ones that sold higher can buy back at any time but, as the market suggest at this point not so many are interested in doing so.
More people are willing to sell than buying.
100 coins for sale, 90 offers for 3100, somebody will sell for 3090 cause they believe it will go even lower.
The price is decreasing because people are selling Bitcoin at lower price and there are buyers for the same. People sell at low price when they are concerned about their investment and want to withdraw their money and convert it to fiat.
Recently many negative news are spreading that have created a panic in Bitcoin community. People are now more skeptical about Bitcoin's future. However, this drop is for short term. Bitcoin has always dropped after touching some fixed ATH. First happened at $3000 and now at $5000. Relax and keep on holding. Price will recover soon. Wait for sep end atleast.
Recently many negative news are spreading that have created a panic in Bitcoin community. People are now more skeptical about Bitcoin's future. However, this drop is for short term. Bitcoin has always dropped after touching some fixed ATH. First happened at $3000 and now at $5000. Relax and keep on holding. Price will recover soon. Wait for sep end atleast.
hello
can someone tell me why is the price dropping, to make a easier explanation for example
worldwide bitcoin supply is 10000 BTC
traders are selling coins due to panic. but the bitcoins are still in the chain and still 10000 just the owner changed. its not like the coins are cashed irrevesible to fiat and its -500 ( rest 9500 btc remaining ).
sorry my english isnt that well i hope you can undertand me. if not just reply i try to explain it more better
Relax, it's normal. can someone tell me why is the price dropping, to make a easier explanation for example
worldwide bitcoin supply is 10000 BTC
traders are selling coins due to panic. but the bitcoins are still in the chain and still 10000 just the owner changed. its not like the coins are cashed irrevesible to fiat and its -500 ( rest 9500 btc remaining ).
sorry my english isnt that well i hope you can undertand me. if not just reply i try to explain it more better
hello
can someone tell me why is the price dropping, to make a easier explanation for example
worldwide bitcoin supply is 10000 BTC
traders are selling coins due to panic. but the bitcoins are still in the chain and still 10000 just the owner changed. its not like the coins are cashed irrevesible to fiat and its -500 ( rest 9500 btc remaining ).
sorry my english isnt that well i hope you can undertand me. if not just reply i try to explain it more better
can someone tell me why is the price dropping, to make a easier explanation for example
worldwide bitcoin supply is 10000 BTC
traders are selling coins due to panic. but the bitcoins are still in the chain and still 10000 just the owner changed. its not like the coins are cashed irrevesible to fiat and its -500 ( rest 9500 btc remaining ).
sorry my english isnt that well i hope you can undertand me. if not just reply i try to explain it more better
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