The Phaserl


Bitcoin Freefall: Prices Drop Nearly $200 in 1 Hour

by Stan Higgins, Coin Desk:

Bitcoin prices tumbled sharply this morning.
According to data from CoinDesk’s Bitcoin Price Index, markets averages dropped only days after passing the $1,000 mark on 1st January. This morning’s fall came after prices reached a high of $1,153.02 in early morning trading.

Still, despite coming within reach of all-time highs, prices fell more than 20% across global exchanges before recovering, with markets reaching a low of $887.47, the lowest figure observed on the BPI since 25th December.

At press time, the average price of bitcoin was $958.31, a decline of more than 15% from the day’s peak.

The movements marked a sharped contrast from yesterday’s trading sessions.

Then, prices surged past the $1,100 mark, a rally that saw markets climb more than 10% over the course of the day. At the time, however, sell order pressure kept markets below the all-time high, leading some analysts to predict that prices could fall sharply in the face of additional pressure.

CNY-denominated markets fell more than 15% from the start of the day, dropping to a low of ¥6,160.68. BPI data reports that CNY-denominated markets are trading at an average of ¥6,644.34 at press time.

Rally in question

Today’s price move raises the question of whether the rally that began last month will continue into the new year – or if we’re in for a repeat of 2013-2014.

One might be tempted to look at the steadily rising markets over the past few weeks – in mid-December, the price hadn’t yet crossed the $800 line – but this metric is only part of the equation.

However, the answer to whether the current bitcoin rally is sustainable may lie in the volume numbers, or the amount of money traded per day across global bitcoin exchanges.

At least one exchange operator says that the volume picture is different this year than it was during the last market high in late 2013, which saw prices cross the $1,100 mark before tumbling over the months to come.

When reached for comment, representatives from Chinese bitcoin exchange Huobi – which boasts nearly a quarter of the world’s bitcoin trading market share – said that the situation is very different from three years ago.

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29 comments to Bitcoin Freefall: Prices Drop Nearly $200 in 1 Hour

  • Craig Escaped Detroit

    Yes, Bitcoin is pretty highly ‘influenced’ by Chinese buyers scrambling “into” or “out of” Bitcoins to be able to move “money” out of China, or to side step devaluations of the Yuan.

    Chinese investors also have a very lemming-like, spooky herd stampede mentality. They move together, a lot like a school of fish, so when Bitcoin looks like the “new great thing”, they rush into it and the price shoots up.

    Then when they smell some shit, they turn and run away. Price crashes.

    Perhaps a great way to “influence” the BTC market, is to control and spread rumors about Bitcoin. Buy a bunch of BTC when it’s down, and spread some Chinese rumors that make BTC sound like the best place to put Yuans, and the price will rise.

    Then sell your BTC and spread rumors that the Chinese government will arrest people who deal with Bitcoins, and the price will crash again. Lather, Rinse, Repeat.

    I don’t think there are any USA laws about “influencing-controlling-pumping and dumping” the Chinese investor sentiment, are there?

    Just look at the “housing market” in Vancouver, when the Canadian government slapped a tax on Chinese buyers, and the Chinese moved their purchasing into a different region. Vancouver prices quickly fell, while the new region climbed much higher.

    • windrunner58

      Craig I owned a fair amount of bitcoins at one time last year. I sold as my wife and I decided to pay off two condos we owned as we are not cool with the housing market in Canada either. At least if they are paid for, and we don’t sell, the market does not matter. Rents are good. As neither of us have “government pensions” to secure our retirement, we decided to ensure that at least we had our real estate secure. Vancouver is insanity! Here in Alberta it is artificially high, but it is not bad outside of Cowtown.

      So….to see BTC sail to over $1500.00 Canadian (I sold at $650.00) it was mind numbing, but I kept saying to myself that it WILL pull back and a lot )I still like BTC and was going to re-enter if if came down. BUT, not at this price), I think we will see that now. It is still a small market with a lot of the BTC owned by a few, so they can manipulate at any time. This may be it…

      I keep looking at the G&S price and yawn. Nothing happening and so many experts saying it will explode!!! We have some and can’t wait. But am not holding my breath.

      • Eric

        Silver miners are going ballistic today. Looks like a breakout. US Dollar Index down over 1% today. Equity markets are getting hit.

        Remember, physical metal is not an investment. It’s insurance and it’s money. Silver is already up 4.5% since Sunday. Don’t fall asleep too much man. 😉

      • Craig Escaped Detroit

        Yes, the BTC is not able to be so well controlled/rigged as the PM’s market numbers…so we see a much more “honest market pricing” in the BTC world.

        PM’s are SO heavily controlled by all the paper-ponzi-criminals (as they must), but when the paper fiat currencies fall apart (such as Venezuela, Greece, India, etc), I am sure that we will be astounded by the rise in “prices” of the PM’s.

        Until the elites lose control of PM’s, the ‘prices’ will seem very lackluster and sleepy, even stagnant. But when our North American world comes crashing down, that is the time when the PM’s will rise higher than Mt. Olympus.

        • Eric

          When the paper fiat currencies fall apart (such as Venezuela, Greece, India, etc), I am sure that we will be astounded by the look on people’s faces when they suddenly realize they just lost 90% of their life’s savings and 70% of their living standard.

          It just doesn’t register with them.

          • Craig Escaped Detroit

            Yes, the moment of tragedy & comedy, when the sheeple get that specific look on their faces when they suddenly detect that the “Black-Pineapple-swan-suppository” has been inserted.

            Poets will be writing about it for generations. Not even fingernails on the chalkboard will compare to the screeching sounds we will hear.

            • Eric

              4 simple words Craig…

              “I TOLD YOU SO!”

              • glitter 1

                “Slow and Steady” has always won the race.

                Gold in 1971 was priced at $35-$41oz,that was 46 years ago.Today it’s $1,158oz,which is over a 3,000% increase,which also indicates the extent of Lost Dollar Purchasing Power.

                Gold will preserve purchasing power,especially during periods of high inflation.

                • Eric

                  That’s what I tell them but they keep buying lottery tickets.

                  Doing the same thing over and over and expecting a different result.

  • windrunner58

    Wide awake “man”. I own enough of both metals that if they take off, my wife and I are in good. But it is good to be diverse. Cash in hand, BTC on a paper wallet, in hand, real estate NOT owned by a bank, all good.

      • Eric

        Peter Schiff basically nails it in his latest video.

        You can trade it. But it’s not a long term store of value.

        With technology the way it is today, you can back it with anything. Why back it with nothing?

    • mike

      Exactly how would that fix the price? Its just like Sprott PSLV tracking spot price..
      I suppose it would affect the BTC market when they purchase BTC for their ETF. Sprott moved the Silver market $4.00 when he purchased Silver for PSLV…Then of course he dumped his shares..Classic pump and dump lol, classic. For months beforehand he was pumping the bogus silver story like there was no tomorrow. That is why he is a billionaire..He is willing to pull the wool over peoples eyes and not lose a wink of sleep.
      The only way to manipulate the price for BTC is with BTC. Like today obviously someone with Real BTC just made a fortune when they sold A LOT OF BTC.

  • Craig Escaped Detroit

    Attention to Everybody.

    Interactive live MAP showing all (or most) of the known RED LIGHT CAMS across America.

  • Craig Escaped Detroit

    Here is the link. I was in too much of a hurry a minute ago.

    • Eric

      Nice. Thanks Craig. Not many where I am. What are the brown ones?

      • Craig Escaped Detroit

        at the bottom of the map, is a “legend/key”, and it “scrolls” left and right (look at the symbol-pointers to scroll to see what’s ‘off the page’.)

        along with the redlight cams, are SPEED cams, license plate cams (I think this is the brown dots), and TOLL road cams (purple).

        Bright blue dots (not in the ‘legend’) are “mobile cams”. I think they might be “trailer mounted cams”…because every jurisdiction has “hand held-mobile speed cams”.

        • Eric

          I like how they’re all around me except for the areas where I go. 🙂

          Texted it to my buddy who delivers packages.

          • Craig Escaped Detroit

            I hope the knowledge of this kind of stuff is HELPFUL for my friends at SGT. Every way we can avoid paying out extra money is a good thing.

            When I drive, I always set my cruise control for the speed limit, often a single MPH slower, because there is NO LAW on the books that says they have to give you a 5mph “grace period”. There are more and more jurisdictions writing tickets for ONE MPH over the limit because it’s the LAW and brings more money into their system, AND gives them a reason to pull you over, inspect your car, or even to perform some “Civil asset forfeiture” against you and your stuff.

            Setting the cruise control for legal speed, allows me to relax and not have to worry about speed traps as long as I pay attention to all the areas where the speed limits signs are reduced.

            You never know if the local cops are related to the guy who runs the towing service and they ALL can make money from hauling your car away on false charges.

            • glitter 1

              I opened your link and guess what,right there in the center,”Farmingdale”! That’s where I live.Those readers on the GSP I see them as I travel it,always knew what they were/are.They were installed over the last 10 years or so as they expanded the lanes.They can see you coming and going live.
              As far as the speed limit and setting your cruise control at it,I do the same as you,it keeps you out of trouble.The State Police who patrol the GSP will allow most to actually go up to +9mph over the posted speed limit,which is 65mph on the GSP.If you are moving with traffic you can get away with 75-80 and it does move at that speed.If you are alone,they’ll pull you over.
              I’m never in that much of a hurry,so I just set the speed control and Geezer my way down the road.65 is good enough for me now days.

      • Eric

        Nevermind. I see. License plate camera reader.

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