BTC dropping fast af

CloudUser · 2017-01-05T13:18:15.000Z

[QUOTE=Nozomi;12387128] Nope, it dropped to 8xx a few minutes ago.[/QUOTE] Indeed just hit 850

Originally Posted by Nozomi

Nope, it dropped to 8xx a few minutes ago.

Indeed just hit 850

Should I sell my BTCs? Confused af.

Nope. You will contribute at decreasing it. You will solve nothing selling it right now.

Btc is dropping down? Wtf, it went up 400 in one week lol

dropped like a rock! good thing i sold the other day

shit dropped hard lol

Originally Posted by Speedster

anyone know why the rate rises or drops. It seems so random

I read a bit about it, apparently the bulk of btc trading happens in china, and due to capital restrictions (you're not allowed to move large amounts of money to other countries), people started buying btc instead causing the price to go up. But over the last couple of days the chinese government announced that they'll be placing limits on virtual currency now too, hence the drop in btc's price.

Originally Posted by AndroidM

I read a bit about it, apparently the bulk of btc trading happens in china, and due to capital restrictions (you're not allowed to move large amounts of money to other countries), people started buying btc instead causing the price to go up. But over the last couple of days the chinese government announced that they'll be placing limits on virtual currency now too, hence the drop in btc's price.

hmm, thats pretty interesting, china op

Originally Posted by AndroidM

I read a bit about it, apparently the bulk of btc trading happens in china, and due to capital restrictions (you're not allowed to move large amounts of money to other countries), people started buying btc instead causing the price to go up. But over the last couple of days the chinese government announced that they'll be placing limits on virtual currency now too, hence the drop in btc's price.

That's a lie. They have done nothing of the sort. All they did was issue a notice to Chinese exchanges to warn their customers about the volatility and that "bitcoin should not be treated as a store of value/currency", that's all.

Originally Posted by ReverseCold

That's a lie. They have done nothing of the sort. All they did was issue a notice to Chinese exchanges to warn their customers about the volatility and that "bitcoin should not be treated as a store of value/currency", that's all.

Hmm I'm not sure whether they did or not, I just read in a reasonably reliable article that they did. Either way it shows that btc is still fairly risky - especially since apparently the bulk of btc exchanges happen in China - and China's general economy is a basket case waiting to implode (they have crazy levels of debt at the moment). Still think it'll go up, but if China's economy starts to drop, BTC will follow.