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What Caused the Price Drop of Bitcoins Today?

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#1
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As far as I know, there are no tools nor analytical instruments that can see signs of bitcoin's fluctuating prices.

But some economic event can be seen as an implied factor to affect the movement of its value. I said this as an indirect assessment since there are a lot of immediate factors influencing the economy and financial market. Incidental circumstances that might bring the loss is significant currency fluctuation.

What do you guys think?
 

ahmedo24

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#2
To an extent I am of the opinion that the size of market determines the price of bitcoin cos there are people who pull out of the market and some also invest in the market. So the forces of demand and supply determines the price.
 

johnywalker

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#3
As far as I know the volume of bitcoin transactions determines the price of bitcoin price. If a lot of people start buying bitcoins, price goes up, when people stop buying bitcoins the price goes down. People start buying when they hear positive news about blockchain technology, such as some countries legalizing bitcoins etc. people do not buy bitcoins when they hear negative news about bitcoins such as some countries blocking bitcoins.
 

anorona

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#4
I think the realeasing of new crypto currencies also affect the market of bitcoin.
Many got interested and even switch investing to other crypto currency which affects the price of btc. More to this are
those scam btc investment sites which have lowered the trust of some investors .
 
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#5
I read that bitcoin price will stay on this level this year, and, maybe next year, during the summertime, the price will go up. I don't know how much of that is true, but, probably there is something about that, cos, price on bitcoin stay on the same level few months, which is very strange for bitcoins.
 

anorona

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#6
I think one factor that can continuously affect the price of btc is the doubt and the rumor that it can suddenly disappear anytime. Aside from it, new cryto currencey are being given attention too. So some of the investors divert or switch for other currency hoping that it can also be successful like bitcoin.
 

Gabbar

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#7
I am still trying to learn about it and not satisfied with the answers and need to figure out, if what affects a rise or fall in price of bitcoins.
 

ahmedo24

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#8
@Gabbar fundamentally dealing with bitcoin is risky, all answers you will get will require you to be cautious in dealing with it. I am also surprised that the price of bitcoin has been fluctuating between $6000 to $7000 through out this year
 

chameli

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#9
In the last two days, bitcoin price has dropped substantially. It is now around $5500. I don't usually track the price of bitcoin, however, I think this is the lowest value of bitcoin this year. Last December bitcoin price almost touched $20K.
 
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