What's dragging the bitcoin price down?

B

Bitcrypto

Contributor
Warren Buffett and Bill Gates, both billionaires' view of cryptocurrencies has an impact on retail investors. This might be the main reason behind it.

However, some market analysts have noticed that bitcoin price is correlated to the stock market. Analysts are starting to use Dow Jones as a predictor of how bitcoin price will move.

What's dragging the bitcoin price down?

How do you think?
 
The CC Forums

The CC Forums

Admin
Staff member
Bitcrypto said:
Warren Buffett and Bill Gates, both billionaires' view of cryptocurrencies has an impact on retail investors. This might be the main reason behind it.

However, some market analysts have noticed that bitcoin price is correlated to the stock market. Analysts are starting to use Dow Jones as a predictor of how bitcoin price will move.

What's dragging the bitcoin price down?

How do you think?
Click to expand...

Bill Gates said he would short bitcoin IF he could. Well, he can and he isn’t. I highly doubt Mr. Gates ever shorts anything. And as far as Buffett goes, Berkshire Hathaway has underperformed the index funds over the last 10 yrs, largely due to tech stocks in those funds that are shunned by Buffett. Times do change. Technology does progress. Sometimes old people fail to keep up.
 
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BitFit

BitFit

Contributor
I need someone to say positive thing about bitcoin and raise it back up. Are you guys buyers, sellers or hodlers as they say at this price level? 9k. I’m wondering if I should buy more or wait and see. Thanks.
 
B

Bitcrypto

Contributor
The CC Forums said:
Bill Gates said he would short bitcoin IF he could. Well, he can and he isn’t. I highly doubt Mr. Gates ever shorts anything. And as far as Buffett goes, Berkshire Hathaway has underperformed the index funds over the last 10 yrs, largely due to tech stocks in those funds that are shunned by Buffett. Times do change. Technology does progress. Sometimes old people fail to keep up.
Click to expand...

You are right, the world is changing.
 
The CC Forums

The CC Forums

Admin
Staff member
B

Bitcrypto

Contributor
Bitcrypto said:
Warren Buffett and Bill Gates, both billionaires' view of cryptocurrencies has an impact on retail investors. This might be the main reason behind it.

However, some market analysts have noticed that bitcoin price is correlated to the stock market. Analysts are starting to use Dow Jones as a predictor of how bitcoin price will move.

What's dragging the bitcoin price down?

How do you think?
Click to expand...

Bitcoin pessimists claim that the cryptocurrency trades much like a commodity. Over the long-term, commodity prices move towards their marginal cost of production. Since the mining profits for Bitcoin will eventually fall to zero, miners will eventually stop producing, claim people who are pessimistic about Bitcoin.

However, viewing Bitcoin as a commodity is incorrect. Miners provide a service, called transaction verification, that Bitcoin users critically depend on. So miners are not producers; they are laborers who perform a certain service.

One good post: why is bitcoin price stagnant?
 
CryptoTC

CryptoTC

Crypto Fat Cat
Headlines like these from CCN main page either hurt or help bitcoin price. I’m just not sure which. ;)

KkF1cfq.jpg
 
BitFit

BitFit

Contributor
Nice. So somewhere between $0 and $25k this year huh. Well, that’s right where it is now, between those numbers.

Last year when one of the big analysts talked up bitcoin, the price shot up. This year not happening. I keep hoping for big investors to move in like in the articles here and other places, but hope is waning.
 
BitFit

BitFit

Contributor
Bitcrypto said:
Bitcoin pessimists claim that the cryptocurrency trades much like a commodity. Over the long-term, commodity prices move towards their marginal cost of production. Since the mining profits for Bitcoin will eventually fall to zero, miners will eventually stop producing, claim people who are pessimistic about Bitcoin.

However, viewing Bitcoin as a commodity is incorrect. Miners provide a service, called transaction verification, that Bitcoin users critically depend on. So miners are not producers; they are laborers who perform a certain service.

One good post: why is bitcoin price stagnant?
Click to expand...

Here we go down again. Ouch.
 
BitFit

BitFit

Contributor
Bitcrypto said:
Bitcoin recovered today to a price level above $7,500.

The coin price dropped yesterday because of the criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies. Bitcoin Price Manipulation?
Click to expand...

They need to start manipulating it back up to $20k! Maybe there’s something to the rumors of Wall Street keeping prices down until they have a chance to move in. Some are pointing to the bitcoin futures as keeping price down. One of the members of the Chicago exchange said something about taming bitcoin or like that.

Unregulated markets. Unpredictable behaviors?
 
Old Man Crypto

Old Man Crypto

Expert chainblocker
We are stuck in a chart pattern that I call “the boring back and forth without going anywhere pattern.” Can I trademark that?

:D
 
CryptoTC

CryptoTC

Crypto Fat Cat
Well something is dragging the price down. So many recent news stories and reports of developments, Wall Street, large exchanges and so on yet price doesn’t move.
 
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