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RE: Bitcoin is sliding, again. What's causing the drop?
Newbie investors don't have the capital to affect Bitcoin's price at all though. The daily trading volume is in the billions of dollars. The price is pretty much entirely determined by large investment firms and billionaires. These people aren't really privy to sharing why they're selling as they want to keep their profits to themselves. Any analysis is just speculation.
not true. I know a lot of very well off newbies with a huge collective sum invested. There are also a lot of very well off people investing who are still newbies. Analysis is speculation yes.
I mean, even if you knew 100 people who had $100,000 each and they simultaneously sold all they had, that combined would still only be 0.2% of the daily volume during a big drop.
Yes I agree, but we're not talking $100k when it comes to a lot of people, the deeper you get in to this world the more you will see how much some people invest, I agree that it's mainly firms and some VCs etc., but they aren't the only ones who have a defined effect.. in fact the snowball effect could be produced by very small percentage moves.