Major fall in BTC price (16th Jan)

J

jhegarty

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Looks like the crash has arrived.

Currently 25% off of the day ($13607 opening to $10250).
 
The bull case: January often has a dip, people sell after holding off until a new tax year, people sell for Chinese new year. If 10k can hold this could be one of the usual 50% retraces bitcoin has from local tops and the bull market resumes in Feb or March.

The bear case: we've had a series of lower lows and lower highs since mid -December, if 10k breaks with conviction we'll probably fall quickly to the 5k-8k range, if there's no bounce from there the bull market is over and 20k was the top of this 'bubble'.

Don't be surprised by either scenario playing out.
 
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About time really, writing on the wall for this correction for ages.
 
So are you guys still arguing that BTC is a reliable store of value?

Do you think this is just a short term dip?
 
Its a volatile store of value, for sure. Im not sure who argued it was 'reliable'?
The price fluctuations are there for everyone to see.
 
Sarenco said:
So are you guys still arguing that BTC is a reliable store of value?

Do you think this is just a short term dip?
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There's nothing unusual about what happened today (well some alts got destroyed but for BTC). It's actually almost unsatisfying, as I was expecting 8k.
 
I didn't think anything unusual happened today.

I just wondered if you still thought BTC was a reliable store of value.

Do you?
 
Incredibly volatile over the last 24 hours.

At about 10.25pm on 16th, it was €8.3k on Coinbase and I was expecting it to then drop below €8k, but it made a bit of a recovery. Approx 6 hours later, it's €9k.

No doubt some of the gamblers made big money over the last 24 hours, but others have probably taken a bath (assuming they had to crystalise losses) ....

Not for widows and orphans, as they say :)
 
This drop is linked to China's announcements of plans to block all domestic access to cryptocurrency platforms and exchanges. Given how large a part China has played up to now in this market, there are some fears users there will look to offload their holdings while they still can.
 
From my perspective I have no idea what the 'true' value of bitcoin is. But I'm pretty confident it is not going to go away anytime soon. My understanding of bitcoin is that it stands outside of the 'regulated' financial system and uses the blockchain technology to provide trustless transactions - i.e it doesn't need regulation.

So it is somewhat ironic that stories of 'crackdowns' and 'regulations' have spooked at lot of buyers. To me, it indicates that they 1) they don't understand what it is and 2) they were in it for the speculative ride.

For me, I see it as an alternative store of value outside of traditional stores such as gold, art, antiques etc. Notwithstanding its current volatility, that potential remains despite the current sell-off.
 
Sarenco said:
Surely that's a contradiction in terms.
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Perhaps, but I would consider it early days in the life span of bitcoin. Despite all of its historic price fluctuations, a 4 yr graph of its price level would now suggest that it has had a relatively stable store of value up until the summer of this year.

Its all relative.

If you think that bitcoin has potential for a lot more adoption, then expect more volatility.
 
Price seems to be hovering around 10-11k. I wonder if there are supports at this level and once exhausted will the price drop further and suddenly?

A few players are said be the largest holders. Rather than dump everything on the market and bring about a crash, I would expect them to drip feed their holdings. Who is to know whether this is coordinated or not, but surely at some stage, the Prisoner's Dilemma will kick in and it will be each man for himself...
 
Price now $9,790 - I believe this is the first time that the 10k price has been breached...since Nov.

Price now 50% down in the last month.

Some store of value!
 
Leo said:
Yep, where the issues arise is in transferring money into or attempting to take it out of Bitcoin. Those transactions need to comply with whatever anti-money laundering legislation is in place in the local market, and that's causing some problems now. Also, US regulations cover the operation and management of crypto exchanges as evidenced in the Silk Road take down. So while money already in Bitcoin can move regulation free, putting it in, or getting it out is facing increasing hurdles.
Click to expand...

I wonder if any of those with holdings here are having any difficulties in buying :eek: / selling ;) at the moment?
 
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