[Cryptocurrency] Why is BTC price dropping like a rock?

Seems like just a week ago it was $255. Then yesterday it was $237, and now it's $225? Should I invest to prepare for rising prices?


Comments


[20 Points] 1percentof1:

This comment has been overwritten.


[18 Points] basshead555:

The majority of bitcoins (60%) belong to whales. They are early bitcoin miners and traders who have massive amounts of coins. If they all cash out at once the market crashes and they all lose money so they work together to slowly cash out starting about a year ago. The price will keep dropping as they pull the rug from our feet. This is the main issue for bitcoin longevity as there are not enough purchasers to make up the price difference for the economy to be stable. This is why the trend has been slowly declining


[9 Points] AgoraMarket:

Volatility aside, the price is [roughly] where it should be based on long-term trends.

I think most of the gigantic bubble to $1100+ was caused by numerous frauds by Mt Gox and its portly CEO.

I'm also increasingly convinced that a significant percentage of its price is derived from DNM activity, despite what a lot of people on /r/Bitcoin would have you believe. Evolution scammed, and price basically dropped 25% within a month. If Agora even closes up shop in an orderly fashion (and I hope they don't), I could seriously see the price dropping below $100. Which they must be aware of... I suppose it's an incentive to keep going for the foreseeable future.


[6 Points] 727_FL_:

i don't feel bitcoin is a good investment. it's too volatile.


[6 Points] Theeconomist1:

I don't know if I would call it an investment per se, especially if you don't plan to hold it long term, but it might be a decent speculation play. Not a bad idea.


[3 Points] cannabisity:

to piss of the 5 vendors who are taking forever to ship my product

call me the BTC value dictator, little known factoid


[3 Points] noonehear:

I would prepare for knowing the unknown based off the known which is unknown.


[3 Points] None:

people make this mistake trying to trade sporting events too

the price starts at 2/1 and drifts out to 3/1. It spends a few days or hours at 3/1 and when it starts coming back in to 2/1 people start shouting about how the price is crashing - they forget that the price isn't going anywhere that it hasn't already been. It's doing nothing new, just going back to where it was.


[2 Points] Gusfoo:

Should I invest to prepare for rising prices?

No you should not. There is no good reason for the price to go up, so it is not going up. If, at some point in the future, it starts going up then perhaps reconsider but for now don't hold bitcoin for any longer than you have to.


[0 Points] None:

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