opinion Recent Big Bitcoin Price Decline, anyone know why?

[namemarket]

I don't follow the market closely but was surprised to see news on CME Bitcoin futures in what looks like a major bear market and trading today at a low $4,354. If you look at charts there is not much technical analysis support until the 1,900 level. Does anyone know or can guess about what's causing the apparent collapse?

 

[NYJimbo]

REAL markets are turning their backs on it and banks are hinting they want nothing to do with it. Of course people who support BTC and other crypto will tell you I am wrong.

If there is a bounce some will say "See, its okay, now to the moon !". But they are wrong.

YMMV, whatever.....

BTW - is there anyone in the USA still making a profit doing mining ?

 

[Softbay]

Will Boom soon!

 

[NYJimbo]

Will Boom soon!

LOL, thanks.

 

[Softbay]

LOL, thanks.

2019 is the year of Btc

 

[namemarket]

Thanks NY Jimbo that would explain it. BTW, I have a friend I nicknamed Mr.Bitcoin who talks about crypto all the time. He is a Miner (I am not sure what a btc miner is). He tells me he once purchased a new Mercedes for 2 bitcoins when the market was hot. I forgot to ask him when that was.

 

[Softbay]

My this comment will be remember at the time of Boom

 

[alcy]

bitconnneeeeeeeeeeeeeeeeeeeeeeeeeeeeeeect...... lol

 

[NYJimbo]

My this comment will be remember at the time of Boom

The economy is about to slow down and all of 2019 will be tepid at best. Crypto wont do any better.
But have fun with that.
I am done with this thread....

 

[Satyajit Adhikary]

I am rooting for XRP

 

[namemarket]

What I find weird about crypto and bitcoin is virtually no one I know (with 1 or 2 exceptions) has ever heard of it. They look at me like I'm from the moon upon hearing the words. I imagine from its apparent major lack of name recognition in USA the big rise of crypto was not from the US but other nations, however how is that market ongoing when I read stories about some important nations banning crypto?

 

[Furquan]

Bitcoin price declined because of the war in "BitcoinCash".

How,

The war was meant to show the hash power & to show the hash power both parties bought many miners & pointed their mining machine to their own nodes. As the miner moved from Btc mining to BCH the bitcoin transaction touched high fee & the confirmation getting delayed which started panic among the hodler. As a result people thrown more btc to get USD to keep safe.

 

[Jonathan MacDermid]

So I am not that au fait with all the crypto currencies but from what I gather the main ones are only able to process a handful of transactions a second. This makes them pointless as a mainstream currency. Why are people still investing in Bitcoin?
If anyone can educate me, it would be appreciated, I just dont see the point in it.

 

[Internet.Domains]

All markets are down on stock market. Tech stocks are taking a hit. Cryptos going with it. Cryptos and blockchains will be here after the crash, just as the internet is here after the .com crash at the turn of the century. IMO

 

[Internet.Domains]

So I am not that au fait with all the crypto currencies but from what I gather the main ones are only able to process a handful of transactions a second. This makes them pointless as a mainstream currency. Why are people still investing in Bitcoin?
If anyone can educate me, it would be appreciated, I just dont see the point in it.

Scaling up, due to processing speeds, have been an issue, but recent developments in blockchain technology has been reported. Once the developments are shown to work in scale the growth MAY be exponential.

 

[Mister Funsky]

I've said this in other threads but crypto is in danger of being blocked in one or more countries (already is in some). I have a few names and hope this doesn't happen, but not many as I misread the trend. Big banks aren't happy losing so much money due to their highly profitable fee structure being usurped...they would either like to absorb some of the bigger players or shut them down by encouraging regulation.

 

[Jevsim]

The Crypto market is VERY thin. Low liquidity. Some sizeable orders to sell or buy at market price will dramatically impact short-term prices. Not a first time when BTC is losing 80-90% of its last peak value.

Expect huge volatility in both directions

 

[Hootsifer]

It's quite simple. Bitcoin is / was a big mainstream pump and dump. The only reason it's hung around so long is because of HODLR's and newbies. The real pros, the sharks, pumped this thing like a dirty pig and dumped it long ago. Anything they're doing now is just second and third helpings. Bitcoin will be around awhile, no doubt, but as the years pass and newbies lose money on it, it's relevancy will disolve. Just my opinion I may be wrong, and I have domains in all forms of it so it affects me as well. Bitcoins value is simply a current day trend. The value is a combo of psychology, 2018 trends, and unfortunately alot of new users making mistakes getting in too late. I feel if it keeps going down and possibly hits like $3500-3800 we may be in for a huge decline or even possibly a permanant huge decline. It won't ever recover to huge metrics again like the 8k and 18k moments because those moments were purely psychological and trending and it would take a huge news report something incredibly positive for it to happen again and absolutely game changing imo.

Will trends go to a new coin? Most likely. In my opinion, one of the current trending low coins will step up and take Bitcoins place. It might be in a year, maybe two with some new "trending mainstream promise".

 

[IMEZI]

people were feed with false dream, all of those fake analyist were saying bitcoin rate will be 10K, 15K or even 200K in the end of this year, now when this year were less than 40 days people realised that they were daydreaming so those investor were cutting of their dream and saving their money for buying christmas gift. Just imagine if all of those investor selling their crypto, bigger supply than demand... thats why all crypto were dropping...

 

[The Durfer]

people make money both ways in a market. Bull money and bear money. be careful. The bear was more hungry, just saying.

 

[~ The 34 Year Buzz!!]

....Does anyone know or can guess about what's causing the apparent collapse?

FEAR: Scaring "greedy" people who buy near the top since ~2,400 BC

 

[Winfluence]

Fear this...

Now Bloomberg is reporting that the U.S. Justice Department is looking into Bitfinex for manipulating the price of Bitcoin. The belief is that Bitfinex has allegedly been performing wash trades that propped up the price of Bitcoin all the way to its previous $20,000 heights. “[Researchers] claimed that Tether was used to buy Bitcoin at pivotal periods, and that about half of Bitcoin’s 1,400 percent gain last year was attributable to such transactions,”


WTF is happening to crypto?
https://techcrunch.com/2018/11/20/wtf-is-happening-to-crypto/

 

[Hootsifer]

See my above post. Pump and dump. Mainstream penny stock. The tech behind it like Blockchain and crypto will however evolve and be put to many uses. So it's a good thing even with the bad.

 

[NYJimbo]

I had to come back one more time.....

12/15/18 - 1 Bitcoin equals $3,150

 

[Mister Funsky]

I had to come back one more time.....

12/15/18 - 1 Bitcoin equals $3,150

So sad for those that made transactions in the upper xx,xxx range. I know some 20 somethings that sold a piece of property using bitcoin at the top level...I begged them to do old fashioned cash and they smirked at me...said they would increase their 40 grand profit on the sale. I haven't done the math but they are sick now. Something that is too good to be true usually is.