Why Bitcoin dropped $2000 in less than 24 hours
As per coindesk bitcoin price was:
- $11,290.73 at 9:30 AM on Nov 29th
- $ 9,398.20 at 9:30 AM on Nov 30th
I know that is not exactly $2000 but it is close :-)
And this is just my take on why the price fell so much.
- Many Investors selling Bitcoin for Profit since the Price reached an all time high of 10K & then 11K
Though many people want to believe that Bitcoin is not a bubble, most of them fear that it could be a bubble and they just want to play safe. So many investors would have sold bitcoin for Profit after seeing this exponential growth and they don't want to face the same situation as dot-com bubble.
- Nasdaq following the CME's lead
We all know that CME announcement on the bitcoin futures attracted many investors and it also caused a spike in Bitcoin price. Now the recent spike is due the similar announcement made by Nasdaq which is planning to announce the bitcoin futures in 2018.
- Coinbase to provide the report to IRS
I guess only a least percentage pay tax for the profits they make through bitcoin. So IRS wanted Coinbase to report the users who had performed a transaction of over $20,000. IRS won the court-case and now Coinbase is ordered to report more than 10,000 users to IRS.
This could very well be the reason for the outage in Coinbase since many people were trying to cash out the profit :-)
Thank you for reading and please share your opinion in the comment section.
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Agreed, the reason the price is going down I'd assume is people selling and buying themselves out. It will work it's way back up I bet--this is most likely a temporary blip. As soon as the people who want to sell have finished selling, prices will go up.
im sure prices wil go up again but always wonder how low it will go.. during the last drop it went till $5900 and still wondering if it could get that low again... that will be a good buying price :-)
Yeah, if it goes that low that would be pretty cool. I might consider buying a bit if that happens--of course though, by "a bit" I mean less than 1. Haha
ha ha.. can't afford to buy in full piece :-)
It's normal, don't care about that, it goes to 11000 in two days, so it drop for 2000 to go up for 4000 or 5000, you have to be happy about that because soon we will see how bitcoin will go up for 10000 and drop for 5000 and then much more !
I am sure that the next year bitcoin will cost much more than $100000 and in a few years and maybe even 2 it will cost about $1 million. ☺
1 million :-).. That would change many people's life ;-)
Here is the derector of the famous bitcoin wallet xapo.com saying that :
I kind of don't like that cryptos are taxed. They should be treated as currency.
@ramsteem upvote done see my post if you like don't forget to upvote