9/3/2017 Bitcoin Drops Below $5,000 as Crypto Markets See $13 Billion Sell-Off - CoinDesk

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Bitcoin Drops Below $5,000 as Crypto

Markets See $13 Billion Sell-Off
Sep 2, 2017 at 14:20 UTC by Pete Rizzo

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It's the biggest sell-off since mid-July. potential U.S. investors

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At press time, the total value of all publicly traded cryptocurrencies was $166 billion, a figure that was down
on the token sales they invest in
more than 7 percent from a high of nearly $180 billion last night.
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That's when bitcoin, surging on technical improvements and growing investor optimism, topped $5,000 on the and nonchalantly
CoinDesk Bitcoin Price Index for the first time.
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Features
The decline was similar to what was observed on bitcoin, with average global prices declining from a high of
$5,013.91 to a low of $4,619.97, a more than $250 decline. Stuck With Fee
Bitcoin Tech C
Overall, it was the largest sell-off in the cryptocurrency markets since July 15, when the total value of the asset Wallet Guessin
class plunged roughly 12 percent from $72 billion to $63 billion. However, that decline was part of a multi-day
sell-off that saw prices drop more than 25 percent on what was then concern over bitcoin's technical roadmap.
Blockstack To
At press time, market observers seemed split on how to read the market movement.
Already Being
In remarksto CoinDesk, some stated it might be too early to say the market has peaked given the recent Decentralized
https://www.coindesk.com/bitcoin-drops-5000-crypto-markets-see-13-billion-sell-off/ 1/7
9/3/2017 Bitcoin Drops Below $5,000 as Crypto Markets See $13 Billion Sell-Off - CoinDesk
In remarksto CoinDesk, some stated it might be too early to say the market has peaked given the recent Decentralized
upswell in institutional interest and the finite nature of new cryptocurrency creation.

On the latter point, some went so far to speculate the decline could be a "bear trap," one that quickly opens the
door for larger gains.

"Since bitcoin is getting a lot of media attention lately a lot of people are looking for a moment to enter the Inevitable Bus
Makers See Cr
market," Bram Ceelen, founder of cryptocurrency brokerage AnyCoin, told CoinDesk.
as Short-Term
Others pointed to declines in July and May as evidence the market has still retracted, even during its 2017 rally, Boost
and that further declines were possible.
ICO M&A? Tok
Money in mousetrap image via Shutterstock Could Get Mes

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Roger Johnsrud a day ago

You authors, who manipulate the market with your posts, should be held liable for any losses by those
depending on you for information. Hours before you posted Bitcoin going over 5000 for new high. Huge
market cap gains. Then the next day you say huge losses and there are doubts about bitcoin surviving.

You pump the market so the little guy gets in and provides cash for you (the blog and associated
companies) to dump on a high. Then you scare the market by saying the sky is falling so they all pull their
funds to make a much larger down. You then buy on the bottom and pump the information again. The little
guy gets "taken" by you using economic advantage with your companies.

It does not hurt me, I know how it works and it is easy stay about two candle ahead of you. Also the market
is a lot larger than you think and the more experienced market holds during this tirade and hopefully will
short you out of the system.

Why did you not say, bitcoin stayed above 4400-4450 for about a week, then all your hype about it going to
5000 drove in the little guys making the price climb quickly to 5000 (+600) over three days. Then we started
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9/3/2017 Bitcoin Drops Below $5,000 as Crypto Markets See $13 Billion Sell-Off - CoinDesk
5000 drove in the little guys making the price climb quickly to 5000 (+600) over three days. Then we started
our massive profit sell, caused the dip and wrote this article to put out the fear the sky is falling so the price
would drop quickly as the little guy sells in panic and YOU buy the dip.

You forgot to mention the price is still up about 200 after a couple days of pump an dump. You forget to
mention it is up more than 1000 over the low a week ago. You forgot to mention the price is just reaching
the bottom trend line. You forgot to mention it is still 100 above first support. You forgot to mention it is still
200 above last week averages and 200 above the bottom bollinger or one standard deviation away from
the average. You forgot to mention your software is cocked and loaded to buy at any minute you see a
turnaround for the bottom and have squeezed the last penny from the guy you scared into selling on the
bottom.

Or maybe you did not know the above. I do not know which is worse. Manipulating the market because you
know, or writing articles people listen to when you do not have a clue how the market works.
15 Reply Share

Aeschylus P. > Roger Johnsrud 14 hours ago

Very well said. This is really bad reporting. At the same time, may I just add that the sell off was just
normal. With all the attention given to Bitcoin, a lot of new investors have joined in who want to earn
a quick buck. So it is really easy to understand that the sell off was initiated by some if not most
people who bought Bitcoins when the value was $4,300 a week ago and sold it now for $5,000 for
an easy profit of around 16% or a $700 profit for every Bitcoin bought last week. This is what has
been happening since the fork in August 1, buying low and selling high.

Speaking for myself, I really won't be concerned even if Bitcoin drops to $3,500 because Bitcoin is
the first cryptocurrency and Bitcoin is here to stay. Now that the value has decreased, there is again
an opportunity for everyone buy low.
1 Reply Share

Adam Guerbuez a day ago

HODL tight, 5500 incoming in a matter of hours
12 Reply Share

Orchideric > Adam Guerbuez a day ago

Mmmh hmmh, what happened to PMF?
Reply Share

Adam Guerbuez > Orchideric 21 hours ago

Oh man, PMF was a legend, He showed up on drunk off his wits one day on a dogecoin
chart at poloniex not too far back and he was escorted off the property within minutes. He
had no idea where he was or what he was doing. I told him to get a grip and lay off the
sauce, get back to bitcoin, he told me he would visit it the second time it crosses 5k, so this
is going to be that time.
2 Reply Share

Michael Riordan a day ago

False, the Market Cap is based on the theoretical value of Coin Price x Coin Supply (In Circulation).
Realistically, all those 16M Bitcoins are not all priced at 4.5k USD. The amount of Bitcoin readily available
to buy/sell at that price is significantly less because it is what people are willing to buy/sell Bitcoin for. I
would bet it took less than 13Billion USD for that sell off.
4 Reply Share

NikP > Michael Riordan 18 hours ago

Yeah but buyers are not willing to pay 4.5k for all those millions of coins either. if all coins were up
for sale, Bitcoin would be worthless.
3 Reply Share

Marcello > NikP 5 hours ago

If all Apple share were up for sale, it would be worthless... But if only a very little amount of
Bitcoin are up to sale it means Bitcoin worth much much more than 5000.
Reply Share

Malcolm Pace > Michael Riordan a day ago

Agree 100%
1 Reply Share

Zac Sand > Michael Riordan 20 hours ago

Good point.
Reply Share

W. Roberts a day ago

In other words, this summation of this useless article, one is left with a big "maybe, you decide." Useless
media. BTC is going nowhere.
3 Reply Share

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9/3/2017 Bitcoin Drops Below $5,000 as Crypto Markets See $13 Billion Sell-Off - CoinDesk

Zac Sand > W. Roberts 20 hours ago

...it's going up!
"To the moon, Alice!"
2 Reply Share

Jrgen Strobel a day ago

It has dropped some more already, but still hasn't erased the large 1-week gains. Not mentioning this detail
is bad reporting.
3 Reply Share

Rassalas > Jrgen Strobel 15 hours ago

CoinDask is trying to crash the price so they can buy cheap.
Reply Share

NAIJABOY a day ago

wall street is coming in. HOLD FIRM
3 Reply Share

Zac Sand > NAIJABOY 20 hours ago

HODL for the Win!
1 Reply Share

Timothy Bryan Burns a day ago

Continue to HODL!
2 Reply Share

Zac Sand > Timothy Bryan Burns 20 hours ago

HODL for the win!
1 Reply Share

Roger Johnsrud a day ago

Did anyone ever consider that BTC-e customers are drawing from all coins to save what they have after the
takeover. How about people needing money from disasters and governments like Venezuela? An unusual
high is a good time to take some profit knowing it will come back down to rebuy.
2 Reply Share

Miguel Folch > Roger Johnsrud 8 hours ago

I think this was defintely a BTC-e selloff... You're right on the money.
1 Reply Share

Jedaiah Ramnarine > Roger Johnsrud 7 hours ago

Hi Roger, I've been reading your comments for a while and they are quite informative. I'd love to
reach out and contact you further. Also saw the website. Very interesting
Reply Share

Kusturika > Roger Johnsrud a day ago

like some hundred million would matter... but hey I don't know what's gonna happen, so you might
be right...
Reply Share

Dog a day ago

price is cheap
2 Reply Share

Michael Riordan a day ago

It's all about relativity and 250 - 500 drop in BTC price now is not as significant if it were 2000USD
2 Reply Share

Zac Sand > Michael Riordan 20 hours ago

It goes up, it goes down, it goes up some more...
It's a respiratory cycle, Bitcoin is breathing.
4 Reply Share

10TenK a day ago

It better come back that's all I know I just bought some ltc dammit lol
Knew I should of bought it a week ago when it was at 40
3 Reply Share

Rassalas > 10TenK 15 hours ago

Whining is not pretty, suck it up man!
Reply Share
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9/3/2017 Bitcoin Drops Below $5,000 as Crypto Markets See $13 Billion Sell-Off - CoinDesk

Tope PY 7 hours ago

Rule 1 : Always buy for the low.
1 Reply Share

Miguel Folch 8 hours ago

Kinda interesting how the drop coincided with BTC-e allowing investors to withdrawal 55% of their funds
after it had been frozen for some time. It started around 8 am Moscow time.... Hmmm
1 Reply Share

bitfur 18 hours ago

not any hype , the price pumped due to russia entering in the mining of bitcoins on a massive scale going
for 30% global share which they will go for 50-70% soon ,

THE DIPS ARE BETTER TO BUY otherwise when all people buying you never get a chance at good price
buy

It is not a coin like before now main stream big countries support it with listing on moscow stock exchange
too

The volume sellers have already sold at high price now they will be looking for more dips to enter , as they
have to enter somewhere they cannot get pizza coins
1 Reply Share

David Vance(Donacloney,Ulster) > bitfur 15 hours ago

Surely the commies realise that it gets exponentially harder to mine each bitcoin?
Reply Share

Zac Sand 20 hours ago

It's a great time to buy...!
1 Reply Share

Roger Johnsrud a day ago

Duplicate
1 Reply Share

Skaterdiejosh Josh 21 hours ago

It's tough one right now for Bitcoin because of all the exchanges price hikes inflating the price of Bitcoin
untill a sale off or major Bitcoin theft or exchange cash out and run occurs !! You can almost gaurntee
eventually that will happen and Bitcoin will crash back down to 1500-2500$ range and hold at median price
untill next run up into the 10k plus range ..... ???
1 Reply Share

Malcolm Pace an hour ago

Well said Roger Johhsrud, seems you like to take care of the (novices) drawn in like me who have lost out
after only 3 days of investment, my theory, going on what Southbank Investment have been offering
investors is that they ( Sam Volkering n crew ) have made a hefty gain after the $13billion overnight sell off.
Reply Share

Timothy 12 hours ago

This is the most slap ass report coindesk has made. They got some $$$ in it
Reply Share

Miles Cynic 16 hours ago

Am I the only one that does not really care about Bitcoin at all? The opportunity for me to become filthy rich
off of it has long pass. Right now the opportunity is in alternative crypto-currencies for me. You just need to
know which one is likely to be successful and take off and I think I have found it. All or nothing. If it takes off
and I think it would as it is going in the right direction and ticks all the boxes to be successful I would be
financially free. If it doesn't then I have no regrets and I would have done it all over again if I had not known
any better :) Or I can play it safe and just earn it for free.

But my point is people are speculating on Bitcoin gaining a few hundred here or there. Whereas alternative
coins that are worth cents that jump into dollars is what you need to be focusing on as you would make a
greater return then jumping onto the Bitcoin bandwagon for a few hundred.
Reply Share

Coin Vigilance 18 hours ago

HODL & a good entry time for haters - http://coinvigilance.com/bi...
Reply Share

Zac Sand 20 hours ago

Time to get this ball ROLLING!

Ask every cab driver, every waitress, everyone who works with the public, if the use Bitcoin.
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9/3/2017 Bitcoin Drops Below $5,000 as Crypto Markets See $13 Billion Sell-Off - CoinDesk
Ask every cab driver, every waitress, everyone who works with the public, if the use Bitcoin.

If the do, great.

If they don't, tip them $20...if they open a wallet.
When they do, you've just spent $20 for thousands of dollars worth of promotion!

They're going to tell everyone!

"Some really cool dude at work tipped me 20 bucks in Bitcoin." Oh look, it's already up to 25 dollars!"

Let's "crowdfund" Bitcoin TO THE MOON!

Reply Share

Catch A Bit a day ago

With options offered by Indiecape site you can make profit in both price directions. Consider it as serious
investment option, it is not a scam !
Reply Share

YasserH > Catch A Bit 20 hours ago

Scammer!!
Reply Share

Zac Sand > YasserH 20 hours ago

lol
Reply Share

Roger Johnsrud a day ago

To bad coindesk blocks free speech when it is pointed out they should take responsibility for pump an
dump articles. This was added because more than an hour passed and the above were not posted. They
posted it twice. I put in the second post because the first one did not show for more than an hour. I give
them credit for finally posting. Maybe there was something wrong with the queue on the original post.
Reply Share

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