Possible reason why Bitcoin price is decreasing for last few days

[awesomewebsites]

This was not a question and let me give the possible reason. There is no major negative news and thus it is not because of it. There are next gen of ASCIs which had made mining easier. These are being tested by some pools and cost of mining btc is reduced because of this. They can thus sell for less and thus prices have reduced.

 

[proxified]

Its a highly manipulated market like other markets. Its not something which haven't happened before in crypto or in stocks as well, and will keep going on since thats how whales get into any of the booming markets. Since crypto is getting more and more recognition and getting accepted widely its attracting bigger and bigger investors who can actually control the markets with media and money both so anyhow they tend to get the market prices down before they can buy in huge chunk. I am not an expert or old into crypto but just my 2 cents why I believe bitcoin and all other cryptocurrencies price is going down for now.

 

[awesomewebsites]

More big investors being ready to invest means more demand. Shouldn't it push prices up ?

 

[proxified]

More big investors being ready to invest means more demand. Shouldn't it push prices up ?

Not really. Understand the psychology, whales don't really pump unless they are really sure that market is not favorable for them. They push prices down and buy from panic sellers rather buying at current prices.

For an instance - There were many FUD's in month of January-February, it was easiest time for whales to make money but manipulating market through media as they could spend few thousands by getting press releases and news spread all over about any upcoming negative impacts and "short" their positions. They pump only when everyone is expecting that market will dump so that it will cause FOMO which is one of the rare cases.

By taking the price lower they can accumulate more and more since the market anywhich ways has to go up now.

Its just my individual point of view.

 

[jamie3000]

Long term is key in crypto, just like real stocks

 

[Alexpaberla]

is like domino ... Big whales control the market, if they sell everyone will sell ... Dimino strategy make them sell at lower price

 

[thetraveller]

is like domino ... Big whales control the market, if they sell everyone will sell ... Dimino strategy make them sell at lower price

True, and they get prices lower gradually on exchanges.

 

[BacklinkzTopper]

Great update. I was wondering what could be the possible reason for the downfall. Any news on when this could skyrocket again?

 

[awesomewebsites]

Great update. I was wondering what could be the possible reason for the downfall. Any news on when this could skyrocket again?

Not soon if this is actually the reason.

 

[BacklinkzTopper]

I'm disappointed to hear that

 

[Nut-Nights]

People started understanding that its one big scam.

 

[Jack@]

This is what markets do get used to it

Markets go up: Everyone is happy, omg this is the future, lets overthrow the banking system. HODL!

Markets go down: Omg, all of this is just a scam, the market is being manipulated, whales shorting the market! HODL!

And yet people fail to realise that Bitcoin is up 3.3x from precisely 1 year ago.

I guess this is what we call a bear market nowadays..

 

[redjebo]

People started understanding that its one big scam.

Nah, you're overestimating them. Primal greed and fear are what's driving markets, rational thought process and unbiased analyzes comes natural to only but a few, those 1-2 % who actually are capable of profiting from stocks/forex/cryptoshit?

 

[redjebo]

And yet people fail to realise that Bitcoin is up 3.3x from precisely 1 year ago.

I guess this is what we call a bear market nowadays..

And? Does this prove anything at all? Drugs were going higher and higher for decades, yet it gives you nothing in the long run, only takes out from you, same with gambling, vigorish goes down and bonuses increase as time progresses, popularity is higher than ever and gambling companies have shares worth millions, still it's only designed to transfer wealth from masses to selected few.

 

[Jack@]

And? Does this prove anything at all? Drugs were going higher and higher for decades, yet it gives you nothing in the long run, only takes out from you, same with gambling, vigorish goes down and bonuses increase as time progresses, popularity is higher than ever and gambling companies have shares worth millions, still it's only designed to transfer wealth from masses to selected few.

Yes? This proves that people are exagerating and dont look at the bigger picture. This is not a bear market at all....

In a sense your last sentence is right as warren buffet said that the stock market is a device for transfering money from the impatient to the patient. But not the way you meant it because thats not how crypto works at all

 

[hero76]

You cant compare crypto to the regular market as 95% of crypto is owned by 5% of all investors.

Imagine if a bank held $10,000 and 5 people held $9500 and 95 people split the remaining $500. That is exactly what crypto is!

 

[Deleted member 969102]

This makes little sense to me.

Volume (24h) 551,903 BTC

Whereas there are only 1800 BTC mined per day.

https://blockchain.info/charts/hash-rate?timespan=60days

The hash rate is increasing yes, and there are definitely ASICs that perform much better than Bitmain's (public) ones, but I do not see why this would be the cause of the price change.

https://blog.sia.tech/the-state-of-cryptocurrency-mining-538004a37f9b

This is an interesting read about ASICs

You cant compare crypto to the regular market as 95% of crypto is owned by 5% of all investors.

That is a made up number

Imagine if a bank held $10,000 and 5 people held $9500 and 95 people split the remaining $500. That is exactly what crypto is!

You mean like... Richest 1% own half the world's wealth, study finds (I don't think this accounts for the trillions that the gov and banks hoard)

 

[Jack@]

You cant compare crypto to the regular market as 95% of crypto is owned by 5% of all investors.

Imagine if a bank held $10,000 and 5 people held $9500 and 95 people split the remaining $500. That is exactly what crypto is!

Idk where you get these numbers from but Im not even going in on this...
If anything is owned by the minority it is the traditional monetary banking system and not crypto

 

[Zombiekwl]

Oh its random, make no sense

 

[jazzc]

And? Does this prove anything at all? Drugs were going higher and higher for decades, yet it gives you nothing in the long run, only takes out from you, same with gambling, vigorish goes down and bonuses increase as time progresses, popularity is higher than ever and gambling companies have shares worth millions, still it's only designed to transfer wealth from masses to selected few.

Weren't you the one talking about rationalism a few post above this and how only the elite few have it? Did you post this nonsense so that you can prove to everyone that you're not part of the rationalist group?