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Bitcoin dropping after BTC China said it is closing

cnbc.com

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Re: Bitcoin dropping after BTC China said it is closing

#2

Post by koolba »

> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month.

That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash.

Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?

Re: Bitcoin dropping after BTC China said it is closing

#5

Post by rc_bhg »

koolba wrote: post #2

> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?

And for Bitcoin and other cryptocurrencies this is just how life goes.

Re: Bitcoin dropping after BTC China said it is closing

#6

Post by paxpelus »

koolba wrote: post #2

> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?

In cryptocurrency world 10% daily change is considered normal. The markets were extremely volatile in the past and as years pass by they become more stable. We are not there yet but I believe in the future as the market cap increases and more people get involved the price will stabilize more and such changes will be considered a crash.

Also do not forget the people that had money in BTCC exchange. I suppose many of them sold their BTC in order to withdraw there money hence the crash that you see. This price drop in BTCC exchange created arbitrage opportunities and so people (and probably auto-trade bots) started buying cheap BTC in BTCC exchange and then sold to another exchange - resulting in the drop of price that we see right now. Of course panic selling is happening right now too...

Don't forget that 20% changes are not something extreme. Check TSLA price between 23th of June and 6th of July this year. The price went from $383 to $313 which is around 20% change.

Re: Bitcoin dropping after BTC China said it is closing

#8

Post by [deleted] »

koolba wrote: post #2

> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?

[deleted]

Re: Bitcoin dropping after BTC China said it is closing

#10

Post by nwah1 »

paxpelus wrote: post #6
koolba wrote: post #2

> The cryptocurrency traded at $3,601.40 at 7:58 a.m. in New York, far below an all-time high of $5,013.91 set earlier this month. That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash. Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?

In cryptocurrency world 10% daily change is considered normal. The markets were extremely volatile in the past and as years pass by they become more stable. We are not there yet but I believe in the future as the market cap increases and more people get involved the price will stabilize more and such changes will be considered a crash. Also do not forget the people that had money in BTCC exchange. I suppose many of t…

Tesla is considered an infamously overvalued stock, and even Elon Musk has publicly questioned the price in the past. It has had the highest number of shorts for any stock. Despite making 1/100th as many cars as the big manufacturers, it has a market cap higher than Ford and GM.

That is not exactly a great comparison. A normal blue chip won't fluctuate more than ten percent in a month, let alone in a day.

But currencies are supposed to be more stable than stocks. EUR to USD over the past month has wildly swung from 1.17 EUR->USD to 1.19 EUR->USD.

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