Topic: Why the sudden fall to $700s after stable $900s? (Read 2825 times)
Everyone trying to give an explanation, but I see that everyone has a different theory. Evidently, uncertainty reigns now and reveals the great weakness of bitcoin as a reliable method of store of value.
Theres something that we should all learn from this.
Now that China will be out of it with the things that are going on there now is the time to recover and get more than them in all the bad news that is falling on their side of putting so much into mining and their exchanges.
Now is the time to act and not quibble about how the price is going down but make good of it instead.
Now that China will be out of it with the things that are going on there now is the time to recover and get more than them in all the bad news that is falling on their side of putting so much into mining and their exchanges.
Now is the time to act and not quibble about how the price is going down but make good of it instead.
The reason, in my opinion, is more related to psychology. After the USD ATH was not broken, the more the price got down, the more the sentiment is going in the direction "the rally is over". For example, people that bought in the $400s, can still sell with decent profit. "Bad news" liike those from China help the shorters to make profit themselves and to exaggerate the downwards movements.
Maybe 5000 CNY is a turning point, maybe even the $720 area where the "medium term uptrend" would be broken. We'll see.
You are right - it was a bad sign that the USD ATH was not broken. It broke a pattern that we've had in the last eight years, where each surge in price burst through the previous ATH.
I wonder what this means for bitcoin's future now that pattern has been broken.
After reading of some comments I see that nobody really know the reasons of this sudden drop. Me also. But it's a nice time to buy bitcoin now to those who are ready to make some money on the price difference, cause of bitcoin is going to rise back.
Panic selling is the only reason why bitcoin goes down and down. When there is panic selling ,the next will be a sudden drop in the price of.bitcoin. this scenario is always common in bitcoin.
I think the Chinese incidence in the price movements are generally over-estimated.
That Chinese exchanges tend to have higher volumes than Western ones is largely due to the zero-fees policy. I don't doubt that there are a lot of Chinese Bitcoiners (above all, people related to the Chinese mining pools) but I doubt the relation between the Chinese trading volume and the USD trading volume is an indicator for the real distribution of Bitcoin users.
For example, at https://bitnodes.21.co China is on the 7th place (the first is the US, but even in Canada and the Netherlands there are more nodes than in China).
The reason, in my opinion, is more related to psychology. After the USD ATH was not broken, the more the price got down, the more the sentiment is going in the direction "the rally is over". For example, people that bought in the $400s, can still sell with decent profit. "Bad news" liike those from China help the shorters to make profit themselves and to exaggerate the downwards movements.
Maybe 5000 CNY is a turning point, maybe even the $720 area where the "medium term uptrend" would be broken. We'll see.
That Chinese exchanges tend to have higher volumes than Western ones is largely due to the zero-fees policy. I don't doubt that there are a lot of Chinese Bitcoiners (above all, people related to the Chinese mining pools) but I doubt the relation between the Chinese trading volume and the USD trading volume is an indicator for the real distribution of Bitcoin users.
For example, at https://bitnodes.21.co China is on the 7th place (the first is the US, but even in Canada and the Netherlands there are more nodes than in China).
The reason, in my opinion, is more related to psychology. After the USD ATH was not broken, the more the price got down, the more the sentiment is going in the direction "the rally is over". For example, people that bought in the $400s, can still sell with decent profit. "Bad news" liike those from China help the shorters to make profit themselves and to exaggerate the downwards movements.
Maybe 5000 CNY is a turning point, maybe even the $720 area where the "medium term uptrend" would be broken. We'll see.
It's all because of them damn Chinese Bitcoiners waking up at 5AM China local time on a Thursday and all choosing to sell off at the exact same time that caused the downturn. Luckily, a different sect of sane Chinese Bitcoiners later in the day saw value and purchased what their panicky brethrens sold off in the wee hours resulting in an uptick.
In case you've missed it, the Chinese government is now investigating the crypto exchanges in China for ... wait for it ... market manipulation.
In case you've missed it, the Chinese government is now investigating the crypto exchanges in China for ... wait for it ... market manipulation.
That was really not expected droop. Just this morning I was checking the price and it was like 910$. I was making prognoses just yesterday that we will never see such price as 500$. But after this sudden dip I am not sure. Well, it's good time to buy bitcoins now.
Just found this. It's a couple of hours old but it is some insight on what's going on in China.
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
Indeed interesting and maybe this could be part of the reason for big drop but isn't China always going in and out of banning/regulatory mode with Bitcoin? It will be interesting to see how they will attempt to regulate.
Just found this. It's a couple of hours old but it is some insight on what's going on in China.
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
https://www.bloomberg.com/news/articles/2017-01-11/bitcoin-price-slides-as-chinese-officials-inspect-local-exchange
Yep China is busy again, really hating it, every time there is this pump and dumping and we get stuck soon or later due to that.
You seems to get it wrong.
Chinese were buying expensive BTC at $1200 a week ago and now are selling at $700 to European and American whales. Chinese are the victim here. Instead Bitcoin would help them it steals their hard earned money.
The Problem is 1/3 of BTC Volume is from Chinese.
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
if sth like that happens 300 usd is a very optimistic price to guess imo
Yep China is busy again, really hating it, every time there is this pump and dumping and we get stuck soon or later due to that.
I just don't understand. It was almost like in an instant.
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
The price volatility is unpredictable since the beginning of bitcoin operation. Also bitcoin price doesn't established a stable price at $900. It just stays around that range but only for a few days only if you will summarize the weekly or monthly chart view.
If this is a downtrend or will it be back again to price increase doesn't have an accurate answer. Just take out those extras arrows and began targeting and purchasing those bitcoin at cheap rates to considered if you believe that price will back again and passed it's ATH.
No room for too much coffee when there is a sudden price rally whether to increase or decrease.
Its indeed china they are always pump and dumping it every time, its really annoying if I have to be honest.
It's the gamblers mentality.
Just think, if the coin was moving up in a slow controlled way, the chinese govt wouldn't have noticed because they have other things on their plate. It's the big sudden moves where it goes parabolic and is clearly a pump, and all the newspapers write excited articles about it, that then provokes them to start investigating.
Its indeed china they are always pump and dumping it every time, its really annoying if I have to be honest.
BTC 500$ here we come
The Problem is 1/3 of BTC Volume is from Chinese.
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
This is a sad reality for bitcoin: The one that holds the most volume governs how it rises and how much it falls. They can make it fall if the one pulling the strings decides to make a rule that will force all the ones that hold bitcoin and there are alot of microcosm in china to either fold or sell them. So it is literally in those individuals hands of what happens to the price. Whether it rises on any given day or if falls like it is now.If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
Just how far it will fall is the question that is on everybodys minds.
It's once again no coincidence that the price has gone down after it went through a fantastic roller coaster. It's just a game that is being played, where you'll find a few very wealthy elite traders plus the exchange operators that end up with millions in profit time on time again. Stop feeding these whales. As long as this continues, these people will see that it works, and thus will repeat it over and over and over. Common sense is a very important factor beside market knowledge. People should cash out at prices over $1000 instead of buying. It would allow you to buy back at these prices...
the reason is only one word: PANIC
there is nothing going on. the news you keep hearing is an exaggerated versions of what is happening like bitstamp being inaccessible or China banning bitcoin,...
people these days are so fast on clicking sell than they are on using their brains/
there is nothing going on. the news you keep hearing is an exaggerated versions of what is happening like bitstamp being inaccessible or China banning bitcoin,...
people these days are so fast on clicking sell than they are on using their brains/
The Problem is 1/3 of BTC Volume is from Chinese.
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
If we lost this support Bitcoin will Bounce in 200 to 300 Dollar Range
Scared Chinese people are pulling their money out of OKC and Huobi in fear of government investigation into the exchanges and exposing fraudulent behavior. The price on OKC and Huobi is now more than $50 below the western exchanges while before it was the other way around. If you believe the Chinese government will not do much except make the exchanges promise them to be good and take a bribe or two then now could be a good time to buy and make some money. 
Well, what if it gets banned in China after the investigations? What will be the implications then? Will we recover?
Yes this is the kind of fear that's making the market drop right now. You feel it don't you? Want to sell your coins right now?
Bitstamp someone are still pushing the price up.. and i think if chinese are selling their bitcoin i hope there is other people are buying more bitcoin just to pushing up the price of bitcoin those chinese they are planning to centralize and they are attracting other to panic sell so if you sell you will just lose..
Go bitstamp traders go push back to $800 value above..
Its just usual that bitcoin will fall from 910$ to 840$ since it is volatile. Right now, it's price on preev is 872$ and no one can predict bitcoin's price a month from now it might rise more or dump but in my opinion it will dump. That's just a wild guess though let's just wait and see what's the future price of bitcoin this will be a good month for bitcoin and it will have a very volatile price thats what im certain of.
Dude it did not fall to 840$, it just hit 787$ only because some news of chinese exchanges about to be investigated. This is price manipulation by whales, or people panic selling because they are fucking pussies and will panic sell at the smallest FUD news. It's ridiculous.
I think with this news we hit the 500 dollar again
Bitstamp is working fine right now, so that's definitely not the reason the price is going down significantly.
I think it has more to do with the Chinese government trying to tighten down own exchanges as they allow people to move wealth from one country to another.
And as you know, China can't stand that. I wonder what the outcome will be. It seems that traders don't want to wait and thus start dumping massively. It's time for sub $800 prices.
I think it has more to do with the Chinese government trying to tighten down own exchanges as they allow people to move wealth from one country to another.
And as you know, China can't stand that. I wonder what the outcome will be. It seems that traders don't want to wait and thus start dumping massively. It's time for sub $800 prices.
Looks like Huobi is falling to 760s. Has bitcoin been regulated or worse, banned in China? I don't seem to find any news regarding that, except few weeks ago that they wanted to regulate it.
Basically, it's nothing major that is justifying this level of price decrease. It's purely the panic from gamblers as they are pulling back their borrowed money out of fear.
Smart people that have sold their coins above $1000 will now look at the price with great joy. Buying back at least $200 lower is a nice first step. Maybe the price will even sink further.
I don't get it. So until now chinese exchanges weren't collecting any info about theirs users? They were anonymous?
Every western exchange I know is collecting ID, personal info when users is buying/selling more than $XXX amount.
Every western exchange I know is collecting ID, personal info when users is buying/selling more than $XXX amount.
Scared Chinese people are pulling their money out of OKC and Huobi in fear of government investigation into the exchanges and exposing fraudulent behavior. The price on OKC and Huobi is now more than $50 below the western exchanges while before it was the other way around. If you believe the Chinese government will not do much except make the exchanges promise them to be good and take a bribe or two then now could be a good time to buy and make some money.
Well, what if it gets banned in China after the investigations? What will be the implications then? Will we recover?
Yes this is the kind of fear that's making the market drop right now. You feel it don't you? Want to sell your coins right now?
Scared Chinese people are pulling their money out of OKC and Huobi in fear of government investigation into the exchanges and exposing fraudulent behavior. The price on OKC and Huobi is now more than $50 below the western exchanges while before it was the other way around. If you believe the Chinese government will not do much except make the exchanges promise them to be good and take a bribe or two then now could be a good time to buy and make some money.
Well, what if it gets banned in China after the investigations? What will be the implications then? Will we recover?
Scared Chinese people are pulling their money out of OKC and Huobi in fear of government investigation into the exchanges and exposing fraudulent behavior. The price on OKC and Huobi is now more than $50 below the western exchanges while before it was the other way around. If you believe the Chinese government will not do much except make the exchanges promise them to be good and take a bribe or two then now could be a good time to buy and make some money.
It's China.
Here is some more news:
https://pbs.twimg.com/media/C144Te5UcAADppu.jpg:large
Don't know if it is enough to stabalise things.
This is why you should never do pumps boys and girls - it's too eye-catching and you attract the attention of people in power. We'd have been better off with a slow move up, rather than a 30% increase in a month.
Here is some more news:
https://pbs.twimg.com/media/C144Te5UcAADppu.jpg:large
Don't know if it is enough to stabalise things.
This is why you should never do pumps boys and girls - it's too eye-catching and you attract the attention of people in power. We'd have been better off with a slow move up, rather than a 30% increase in a month.
Oh jeez. Looks like majority of Chinese are dumping it now after the news.
It's China.
Here is some more news:
Don't know if it is enough to stabalise things.
This is why you should never do pumps boys and girls - it's too eye-catching and you attract the attention of people in power. We'd have been better off with a slow move up, rather than a 30% increase in a month.
Here is some more news:
Don't know if it is enough to stabalise things.
This is why you should never do pumps boys and girls - it's too eye-catching and you attract the attention of people in power. We'd have been better off with a slow move up, rather than a 30% increase in a month.
Bitstamp is working fine right now, so that's definitely not the reason the price is going down significantly.
I think it has more to do with the Chinese government trying to tighten down own exchanges as they allow people to move wealth from one country to another.
And as you know, China can't stand that. I wonder what the outcome will be. It seems that traders don't want to wait and thus start dumping massively. It's time for sub $800 prices.
I think it has more to do with the Chinese government trying to tighten down own exchanges as they allow people to move wealth from one country to another.
And as you know, China can't stand that. I wonder what the outcome will be. It seems that traders don't want to wait and thus start dumping massively. It's time for sub $800 prices.
Looks like Huobi is falling to 760s. Has bitcoin been regulated or worse, banned in China? I don't seem to find any news regarding that, except few weeks ago that they wanted to regulate it.
Apparently a few exchanges are going to be investigated..
Lol. Excelent meme out there.
Yeah its what he have said.
http://beijing.pbc.gov.cn/beijing/132005/3233066/index.html
Maybe some panic due to Bitstamp being unavailable for many users ( me included 
) ?
Bitstamp is working fine right now, so that's definitely not the reason the price is going down significantly. ) ?I think it has more to do with the Chinese government trying to tighten down own exchanges as they allow people to move wealth from one country to another.
And as you know, China can't stand that. I wonder what the outcome will be. It seems that traders don't want to wait and thus start dumping massively. It's time for sub $800 prices.
Sub $800 here we come...
Someone is dumping a ton of coins. People are getting scared and its causing a panic selloff.
If you've got the balls and time it right you might be able to make a huge amount of money in the next day or two.
Someone is dumping a ton of coins. People are getting scared and its causing a panic selloff.
If you've got the balls and time it right you might be able to make a huge amount of money in the next day or two.
Aaand it keeps falling, yea I see sub $800 coming too.
Sub $800 here we come...
Someone is dumping a ton of coins. People are getting scared and its causing a panic selloff.
If you've got the balls and time it right you might be able to make a huge amount of money in the next day or two.
Someone is dumping a ton of coins. People are getting scared and its causing a panic selloff.
If you've got the balls and time it right you might be able to make a huge amount of money in the next day or two.
Someone finally woke up from the new years hangover and realized the BTC rally happened.
Not kidding. I feel exactly the same right now
lol
No one knows which direction the market will move! You can ask until you are blue in the face, the price might rise, the price might fall.
It seems now like we had a mini-bubble. The Yuan price was 8900, which is an all time high, and about $1280.
Now the Chinese price has fallen back into line with the USD price, and the mini-bubble has popped. We are back at mid-December prices, remember the price was sub800 early in December, so we are still actually up since then! I am hoping for a continued rise from here, without it bubbling over. Who knows what will happen though.
It seems now like we had a mini-bubble. The Yuan price was 8900, which is an all time high, and about $1280.
Now the Chinese price has fallen back into line with the USD price, and the mini-bubble has popped. We are back at mid-December prices, remember the price was sub800 early in December, so we are still actually up since then! I am hoping for a continued rise from here, without it bubbling over. Who knows what will happen though.
Yea lets hope the same too.
Maybe some panic due to Bitstamp being unavailable for many users ( me included ) ?
Nah, it has nothing to do with Bitstamp or any other western bitcoin exchange. Current decline and somewhat unstable situation is caused by Chinese government trying to curb bitcoin trading. ) ?They continuously see Bitcoin as a danger to their own domestic financial market and fiat and way for Chinese citizens to transfer money abroad.
That is why they recently announced harsh AML/KYC procedures will take place on every major Chinese exchange from now on... There might be more anti-bitcoin laws coming.
Wasn't this the reason for the big drop about a week ago? Maybe he is talking about the smaller decline just recently, after the price was pretty stable around $900 for a day or two.
Did any new news come from China yesterday that I missed?
Maybe what happened was delayed liquidation of large positions in response to this news? But I think this is all over now. Time to gain.
I think aside from this reason, whales wanted to accumulate at lower price, realizing that Bitcoin is still bullish and will probably uptrend soon, the dump is needed to create a panic so sheeps will follow. but I guess it has recover some of its price now @ $870 as of the time while I am writing this reply. But I guess the event is still normal
. This happen several times so no new here. 
Maybe some panic due to Bitstamp being unavailable for many users ( me included ) ?
Nah, it has nothing to do with Bitstamp or any other western bitcoin exchange. Current decline and somewhat unstable situation is caused by Chinese government trying to curb bitcoin trading. ) ?They continuously see Bitcoin as a danger to their own domestic financial market and fiat and way for Chinese citizens to transfer money abroad.
That is why they recently announced harsh AML/KYC procedures will take place on every major Chinese exchange from now on... There might be more anti-bitcoin laws coming.
Wasn't this the reason for the big drop about a week ago? Maybe he is talking about the smaller decline just recently, after the price was pretty stable around $900 for a day or two.
Did any new news come from China yesterday that I missed?
Maybe what happened was delayed liquidation of large positions in response to this news? But I think this is all over now. Time to gain.
I guess people were selling to pocket their profit, since many of them did it a small panic selling may have occurred...
Nothing new
Nothing new
Yes, The price is falling down . Just buy more cheap coins and hold them for 3 months later. I'm waiting for Trump's inauguration on January 21st, 2017. I believe that there will be some hot news about .
Maybe some panic due to Bitstamp being unavailable for many users ( me included ) ?
Nah, it has nothing to do with Bitstamp or any other western bitcoin exchange. Current decline and somewhat unstable situation is caused by Chinese government trying to curb bitcoin trading. ) ?They continuously see Bitcoin as a danger to their own domestic financial market and fiat and way for Chinese citizens to transfer money abroad.
That is why they recently announced harsh AML/KYC procedures will take place on every major Chinese exchange from now on... There might be more anti-bitcoin laws coming.
Wasn't this the reason for the big drop about a week ago? Maybe he is talking about the smaller decline just recently, after the price was pretty stable around $900 for a day or two.
Did any new news come from China yesterday that I missed?
Maybe some panic due to Bitstamp being unavailable for many users ( me included ) ?
Nah, it has nothing to do with Bitstamp or any other western bitcoin exchange. Current decline and somewhat unstable situation is caused by Chinese government trying to curb bitcoin trading. ) ?They continuously see Bitcoin as a danger to their own domestic financial market and fiat and way for Chinese citizens to transfer money abroad.
That is why they recently announced harsh AML/KYC procedures will take place on every major Chinese exchange from now on... There might be more anti-bitcoin laws coming.
I guess people were selling to pocket their profit, since many of them did it a small panic selling may have occurred...
Nothing new
Nothing new
It happens with the stock markets all the time. It happened with Bitcoin also, in 2013. After hitting the $1,000 per coin mark, Bitcoin fell back to $800-850 and stayed there for a while (before the Mt Gox scandal crashed the exchange rates).
I guess people were selling to pocket their profit, since many of them did it a small panic selling may have occurred...
Nothing new
Nothing new
Its just usual that bitcoin will fall from 910$ to 840$ since it is volatile. Right now, it's price on preev is 872$ and no one can predict bitcoin's price a month from now it might rise more or dump but in my opinion it will dump. That's just a wild guess though let's just wait and see what's the future price of bitcoin this will be a good month for bitcoin and it will have a very volatile price thats what im certain of.
Maybe some panic due to Bitstamp being unavailable for many users ( me included ) ?
) ?
This is just a normal dump price and i think the price of bitcoin will increase again back soon.
Look the chart there are some pattern and i think after few hours the price will increase again back to $900 level..
Look the chart there are some pattern and i think after few hours the price will increase again back to $900 level..
I just don't understand. It was almost like in an instant.
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
No one knows which direction the market will move! You can ask until you are blue in the face, the price might rise, the price might fall.
It seems now like we had a mini-bubble. The Yuan price was 8900, which is an all time high, and about $1280.
Now the Chinese price has fallen back into line with the USD price, and the mini-bubble has popped. We are back at mid-December prices, remember the price was sub800 early in December, so we are still actually up since then! I am hoping for a continued rise from here, without it bubbling over. Who knows what will happen though.
Apparently a few exchanges are going to be investigated..
Someone finally woke up from the new years hangover and realized the BTC rally happened.
I just don't understand. It was almost like in an instant.
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
Was there some pretty bad news?
The volatility is very unpredictable right now.
Is this a downtrend or will it be back up?
Thanks
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