What the hell is the deal with the sudden plunge of bitcoin?

For a day where bitcoin jumped to a year high of over $460 USD it sure is dropping back down fast. It has currently sank to $412 USD within in an hour or so. Is there something big that is going down that everyone should be made aware of?


Comments


[4 Points] PirateRadioSignal:

Chinese new year. They are all selling their cpins, get em while you can, because they will go back up after, probably.


[3 Points] The_fire_bird:

You nearly gave me a heart attack, I saw that and thought "shit, what's it down at now? 250?!!" I get up and see that it's still higher than it was 24 hours ago, and 48 hours ago it was barely into the 400s.

I never saw it rise, so seeing it on bitstamp's charts now, I think it's pretty obvious it wasn't going to stay at that value long term. I'm more shocked that it rose so fast in one day -- that it dropped back down to where it started the day is way less surprising.


[1 Points] scissor_running:

Profit taking.

There seems to be an awful lot of positive spin in the mainstream media, which could be indicative of a top.


[1 Points] loveisrealnfa:

The year high was 504


[1 Points] None:

should be obvious. people selling coin cause its high as fuck


[0 Points] None:

Fuckin' gravity man. Always keeping us down when we want to go to the moon.


[0 Points] None:

Uh yes kinda big. The anonmyous creator was found out supposedly. Worth around $400m and hasn't paid any tax soooooooo:

https://www.reddit.com/r/Bitcoin/comments/3w0zkg/bitcoin_founder_craig_wrights_home_raided_by/


[-1 Points] aSchizophrenicCat:

/r/darknetmarketnoobs


[-2 Points] None:

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