Topic: Why the price of Bitcoin going down so fast? (Read 2021 times)

I think there is a panic sell in market and if it continuous then tomorrow we may see price going below 900 level which would not be a good sign as we don't know how long it will take again to recover its price but it would be a good time to buy some bitcoins.

It coincides with the exchanges publishing their stances on the possibility of a hard fork, the increase in fees charged by popular online wallets, and recent mining polls declaring their intentions on which client they will support. If a fork happens and you are in position, then your money doubles....some whales may be factoring that in and maneuvering for position.

Whatever the reason, lets get Bitcoin back in the hands that matter, not the rich farm corporations.  Greedy fucks!  I hope it plummets to $100 again. ( i know it wont, but would love to see it)

I would love to see the greedy bitcoin rich start to sweat a little.  Their too busy lining their own pockets, instead of helping others or bitcoin itself.

opps sorry for the rant. 

I am also surprised because of excessive speed lowering bitcoin. And another regret I don't  noticed lowering the price of bitcoin because missed either convert to peso i lost big in that way.  But am still hoping that bitcoin going up again

Well the ETF failure might have caused weak hands to sell. Together with the proposed forking (still find it confusing) some people probably thought there's no reason to keep their money in bitcoins for now and started selling. Then like fish in the ocean everyone starts moving the same direction. "Oh shit, prices are going down again! Better cash-out my bitcoin or buy some alt." Those sort stuff.

Well as for me, I'm not gonna lose anything large anyway so hodler I go.

People are scared of a contentious fork, and are cashing out while it's relatively high so they can buy back in at a lower price.

Yeah and without thinking twice i think we should start buying at a maximum limit as price has gone down and  if you want to make good profits in future then this is the best time to buy bitcoins as price will be going higher pretty soon.

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There is no relation between the ETF decision and the current decline. The current decline is related to Bitcoin unlimited, the attacks it suffered and, probably, the link between bitcoin unlimited and AntPool which is a juggernaut in the world of mining, do not forget that behind, there is Bitmain. For me Bitcoin look more and more a war of religion. With its dissenting sub division, (Bitcoin core, Bitcoin Unlimited, Bitcoin Classic) and it is the same for Ethereum (Ethereum, Ethereum classic, classic classic Ethereum?)

Hi to everybody and sorry if I write some mistakes, English is not my native language.
About your question, I think this is for several causes:

Technical for common people:
1. Bitcoin Unlimited: New people that have bitcoin, or simple speculators or people who want to wash money, ignore if they will lose their money when BU will be implemented.
2. Bitcoin Unlimited: Replay attacks problem.
3. It’s not the same blockchain technology that bitcoin.
Questions people ask me: "If we have €, why we need bitcoin when I trust in blockchain technology? Is it better for people to keep € but with blockchain technology?"
Hypothetical question of banks and governments to theirself: "Well, we have our local currency, why don’t create our blockchain and throw away bitcoin?"

Speculative:
1. Recover pump’s gains during SEC decision week. Maybe a lot of people bought at $1150-1200 for a possible "super pump". (a lot of media explains that if SEC says "no" bitcoin could drop until $500 but it didn't fall and several people continued buying).
2. I think it’s important to remember € it's weaker than $. Maybe people that bought in € need to sell bitcoin and make up for $.
3. Media and hackers can change opinions about bitcoin in two minutes (do you imagine that most important bitcoin exchanges are hacking now?).
4. Wash money and laws.

Social:
1. What normal person wants to buy 1Btc for $1200? People that want to enter in this world must pay a high price and maybe they prefer their local coin and think that bitcoin is a bubble. Do you want to pay $200 for 1 ¥? BTC is not equally affordable for people who live in Texas, China, Saudi Arabia, Italy or Algeria (remember BTC price before and after Cyprus crisis. Nowe it's very difficult to buy BTC for portuguese people, for example).
2. How a person can trust in bitcoin when there are few people who use it? Much $ for 1BTC if you want buy bread.
3. PONZI systems and High Risk Investors: A lot of people who don’t know what is a cryptocurrency, their first notice arrives with a black man who offers “1 SuperCoin” for 0,50cents. But if you want a BTC, pay $1000. This is a big problem for all stable and trusted cryptocurrencies.

CONCLUISION:
I think bitcoin will drop off until the maximum that speculators bought it.
I think bitcoin does not a price because a lot of people don't know anything about criptocurrencies. Fear to knowledge is the problem of speculation power.

Damn, that's a pretty solid post.

But I have to disagree, DASH only has about 15% the market cap of Ethereum and is by far inferior to either that or Bitcoin.  There are very few actual technical explanations available as to why DASH is genuinely better than any other major cryptocurrency, especially considering all the different currencies that are created every day.  You argue that DASH is proving to be a strong coin, but DASH has existed since 2014 and has not risen in value at all whereas now it's suddenly been pumped to a ridiculously high price.

Or maybe the Jews are coming for our BTCS with divide and conquer strategy, they know that BTC is the future and don't want a bunch of nobodyes having a say.

Ok, I'll try to make a good post.



/////  General points: //////


1st. The news. Like it was happened before and before AND BEFORE, AND BEFORE AGAIN, everytime BTC reach a high value it gets massive news coverage and everytime this happens BTC price falls by at least 10% and doomsayers start spreading "the death of BTC... again"

2nd. The news about the Hardfork, but it is not affecting the BTC as much as people think, trust me, most people don't even know what is a Hard-fork, but it does help to generate fear, wich leads to our third point.

3rd. PANIC! PANIC! PANIC! The price goes down and the public emotions runs wildly, wich generates sells wich generate an even bigger drop on price.



////// Specific and very important points: /////


1st. The rise of altcoins, SPECIALLY DASH, say what you want, people in general don't know the past of this coin, and most of those who do, don't care. DASH is proving to be a very strong coin, with probably the best interface of them all, very user-friendly, and covers a big number of flaws of the standard BTC.
Monero is another big contender, and altough ETH has been alive for a long time it was not designed to be currency and will probably be on the shadow of better alts forever.

2nd. The steady loss of Market Dominance of BTC, don't be fooled, BTC is still THE king, no exchange tomorrow will stop using BTC as the major trading currency, remember that at the end of the day the alts are still alts, but this situation is pretty much showing the future of BTC.


I mean... when (YES, WHEN) BTC loses Market Dominance, what it will have that others don't?

This is actually normal occurred in Bitcoin, up and down like that and it was triggered due to the news

Uncertainty because of the virtual hardfork.
Some think that Bitcoin could instantly disappear

It is normal for a currency that is not controlled by the government, instead it is controlled by people who has too many Bitcoin that can influence its price. What I am seeing right now is that it is either a normal correction or a panic selling or it can even be both. But don't worry I am seeing a major up trend after a few corrections happen.

It is probably because of the speculation roaming around that there will be hardfork to alleviate the problem that we are experiencing right now in our network. Because of these speculations, people tend to panic sell and convert their bitcoin to cash. People are very vulnerable with these types of rumors especially the ones who are not technically adept when it comes to BTC.  

Most of us agree with you here, also those ETF last week disapproval Announcement has minimal  effect also. Some major Altcoins price are rising,they benefited from bitcoin slowdown. I think this is only temporary correction.

We don't what the exact reason why the price of bitcoin is going down so fast because bitcoin has programmed that no one can control it. I think there are many traders are selling bitcoin and I think it can affect it. Even though we know the reason why bitcoin price is down, we also don't know when it is happen because it depends to the number of bitcoin that we sell.

Ya it is true that now Bitcoin Hardfork is going to happen it means like ETH ETC was created due to hardfork but it got not that much success, so same thing they are doing with Bitcoin Hardfork and creating a new Bitcoin as BU so market is reacting on this news and their is sell off in fear of bitcoin can lose the faith of decentralization

I would just say more people are getting panic due to fear of hard fork.So,they just want to sell off their bitcoins.But,they even dont know that even if a hard fork happens and BU comes,still they would be having their holdings in both the block chains.So,they could sell their BU and make some quick money.But the problem is they are not willing to even listen.Panic,Panic and just Panic.Thats a great opportunity for big whales to buy cheaper bitcoins who know well about bitcoins.