I was wondering why Bitcoin took a dive in price. Now I know.

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soup
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I was wondering why Bitcoin took a dive in price. Now I know.

Post by soup »

Buy on rumors. Sell on facts.

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General Mackevili
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by General Mackevili »

Damn, this sounds more complicated than I had first thought. I'm just going to close my eyes, hold everything and go loooong.

https://bitcoinmagazine.com/articles/be ... oin-split/
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by Username Taken »

Last night from around 8 PM Cambo time, Bitcoin dropped 600 USD in value as it fell from around 4650 USD to 4050 USD in the space of about 90 minutes. That's a lot of Bitcoins sold very quickly.

But, why?

"NEW YORK (Reuters) - Bitcoin fell sharply on Friday after a report from a Chinese news outlet said China was planning to shut down local crypto-currency exchanges, although analysts said this was just a temporary setback.

Sources close to a cross regulators committee that oversees online finance activities told Chinese financial publication Caixin that authorities plan to shut key bitcoin exchanges in China.

Reuters was not immediately able to verify the report. But two sources in direct contact with officials at three Chinese bitcoin exchanges - Beijing-based OKCoin, Shanghai-based BTC China, and Beijing-based Huobi - said the platforms told them that they have not heard anything from the Chinese government."

https://www.reuters.com/article/us-bitc ... SKCN1BJ1US

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AlonzoPartriz
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by AlonzoPartriz »

Market Overheating?
Another possible explanation for the recent cooling of cryptocurrency prices is that the market may have simply become too hot too fast. Bitcoin just hit a fresh all-time high of just about $5,000 per coin, a massive increase so far in 2017. Throughout its history, the world's leading digital currency has always followed a period of massive gains with a slight decline. Perhaps this was simply the case here, and the decline was somewhat bigger than normal. As of this writing, bitcoin has regained some of its lost value, climbing to nearly $4,600. This may suggest to some investors that the cryptocurrency space is not experiencing a true crash, but rather a less drastic price correction.

Nonetheless, the speed with which the drop took place, and the fact that it affected nearly every one of the top 20 cryptocurrencies worldwide, may prompt some investors to be cautious with their money in the future. In fact, at the same time that digital currencies were falling, gold was actually climbing in price.

Also Bitcoin cash having an effect on Bitcoin hash rate.
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Barang chgout
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by Barang chgout »

12% ish..... in 90 minutes, "A slight decline"....

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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by AlonzoPartriz »

China’s central bank and other regulators said Monday that ICOs are potentially illegal fundraising activities and have gravely disrupted normal economic and financial order. All forms of ICOs would be prohibited and completed ICOs must return money raised to investors.

Since the first ICO was conducted in 2014, this form of crowdsale of digital tokens to investors as a means for projects or companies to raise capital have caught fire in China. During the first half of this year, 64 ICOs were issued in China, raising crypto currencies worth a total of RMB2.6 billion (US$420 million), taking over 40% of the global total, according to a report issued by China’s State Internet Financial Security Technology Expert Committee earlier this year.

Bitcoin has recovered a bit today. Maybe the hash algorithms?

Any news on Kcoin offerings?
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jayblues
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by jayblues »

This entire currency market is built on speculators and has no solid foundation nor is it a globally recognized currency.
It's bound to bottom out, trade and buy/sell while you can.
AlonzoPartriz
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by AlonzoPartriz »

jayblues wrote: Mon Sep 11, 2017 10:20 am This entire currency market is built on speculators and has no solid foundation nor is it a globally recognized currency.
It's bound to bottom out, trade and buy/sell while you can.
You must be joking. With the new attention that the Swiss banks et al have been getting, and the rather large pants they have been pulling down, they will only get stronger. You don't get rich by being a good guy and paying your taxes you know.
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bangkokhooker
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by bangkokhooker »

Bitcoin is the future. Many people are just blind to it.

Fools.

It's not a Ponzi scheme.
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Re: I was wondering why Bitcoin took a dive in price. Now I know.

Post by Barang chgout »

Ask the Amerucans and their bitcoin.... it's called the dollar.

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