What the hell happened to the Bitcoin Price
I just checked the Bitcoin price on CoinCap and it's dropped from over $1,180 to under $900.
WTF happened ?
I just checked the Bitcoin price on CoinCap and it's dropped from over $1,180 to under $900.
WTF happened ?
Market correction, man. I bet enough people saw the peak and decided to sell off some of their BTC at what they figured was a high price that it caused a major price drop.
Or, you know, aliens.
Love the alien theory, cashing in before the meteor strike
That's what I was wondering! I woke up, checked Polo, Factom and STEEM looked okay, I checked my Balances, went "Whut!?", and saw that BTC was ~$980.
Best I can guess, Bitcoin coming close to its all-time high yesterday prompted a lot of folks to crack open their (cold?) wallets and sell while the selling was good. In other words, we saw good ol' equilibrium forces: a high price calling forth additional supply, which drove the price down.
Coindesk had no news, just something like the above. plus a note that GDAX went down briefly because of high volume:
http://www.coindesk.com/sell-orders-halt-bitcoin-rally-time-high-remains-elusive/
Again exchange falure on high volumes. When the superscalar blockchain exchange??! And agan a selloff after exchange failure.
It is like the bastards at a dance party cranking up the volume such that amps autoshutdown for half an hour, these exchanges. Pathetic.
I get you. Funny thing is, most of us are used to it. Comes with Bitcoin rising up in the frontier (so to speak).
Our ancestors(-in-spirit) were used to worse...
(Image from here.)
By now you would think scaling capacity was more of a must. And maybe some more profit invested in code audits!
Who knows...
Really, it's only a matter of time before code auditing becomes a profitable line of work. As for scaling, I'm sure the exchanges scale-up mostly on an as-needed basis. I wonder who more exchanges don't take advantage of Amazon AWS or Google's service?
Probably because of security. That's why there needs to be on chain exchanges. Instruments like SBD hint at how to move the fiat online without so much bank wrangling.
Janet Yellen scared the crap out of the markets when they released the FOMC minutes. It's not as good as we thought - so the dollar weakened dramatically. See what happened to USDJPY - USD weaker. This should have driven up BTC price.
So it was not that. PBOC also took action to drive CNH and CNY higher - this will weaken BTC.
My guess - the big boys and the scared money took some profits right across all the markets.
I managed to do a short leveraged (5:1) trade on Kraken, just as the price began falling. Once it hit the bottom, I flipped it and bought myself 5.6 BTC to increase my long-term Bitcoin holdings. Overall, happy with the correction and the current price level.
What normally happens - the volume curve leveled off and any trader worth their salt cashed out. Considering the price only dropped to about $875 (and is quite a bit up from that point), I'm as happy as ever with Bitcoin.
Looks like all the currencies are taking a hit just now. Would be fascinated to know what was happening myself
Damn, I sold BTC at Coinbase last night for $1134, now it's $934 :)
Sweet move, now the hard Q? Do you buy back in Now? Or see where it goes from here?
It's in the bank now. I had BTC on Poloniex loans so I did it in three stages. $1016, $1082 and $1134 as the loans ended. The middle one was the largest, about 1/2. My Spidey sense says 1/2 Zcash and 1/2 ETC if I want to be risky. 100% ETH maybe, or XMR
ETH & XMR seems to be the solution so far
where do you see this drop? as I see it on coinchoose.com it is 1100$
can anyone recommend me a valid site?
Poloniex or Coinbase
People sold to make a profit.
Nice post. I was about to post a similair thread. The price of a coin should depend on the quality of the product, the team behind it, if proffesional investors believe in it, and a lot more facets. An interesting website I found: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. Check for example: https://www.coincheckup.com/coins/Bitcoin#analysis To check Bitcoin Report.