A Sudden Price Drop in The Crypto Markets - page 8.

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Quote from: Ultegra134 on May 13, 2021, 07:05:59 AM

Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

It's clearly market manipulation, and I despise what he did because, if he really supports bitcoin in the first place, he should've known what effect bitcoin mining has on our environment, right? It's not an excuse to say he just did some research because he has a lot of good people or experts who can look into those details.

But.. he also clarify that he didn't sell his bitcoin but still, people should learn from this that he's not the icon for cryptocurrency.

https://www.reuters.com/technology/tesla-stops-taking-bitcoin-cites-fossil-fuel-use-mining-cybercurrency-2021-05-12/

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Quote from: goldade on May 13, 2021, 07:45:37 AM

Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

I do not believe the sudden drop in the crypto markets will be the end of the bull run. This is not the first time a bearish correction would happen and will eventually retraced to form a bullish run.
I do believe that a dip is actually the best time to buy more and hodl. Dips like this give one the opportunity to buy these coins at a very low price because the bearish move would be corrected and it will instead turn back to a bullish market.
I don't know what could have caused it, it could have been Elon Musk's tweets and all because of his influence but I'm sure he doesn't control the market.

Everyone is afraid of the downturn but some people are looking forward to buying crypto at a cheaper price than before. With the decline that occurs is not the end of all virtual currencies because this is a normal thing that should happen to crypto. A lot of people conversing on this forum about dropping due to the Elon Musk tweets. You better not believe it too much, this will be a big mess in the market.

xSkylarx

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Quote from: goldade on May 13, 2021, 07:45:37 AM

I don't know what could have caused it, it could have been Elon Musk's tweets and all because of his influence but I'm sure he doesn't control the market.

He doesn't control it but he can influence it just like what happened today and how he made dogecoin popular. I just don't understand what type of people sold their bitcoin just because of his tweet. I sleep last night with the price at $57k and when I woke up I was shocked that it dumped all the way to $46k. It is just hard to believe that retailers can bring that price that low. I'm sure that there are many buyers who are waiting to buy at a lower price especially $50k but still able to bring the price lower than that.

Ultegra134

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Quote from: Oshosondy on May 13, 2021, 07:24:42 AM

Quote from: Ultegra134 on May 13, 2021, 07:05:59 AM

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

We should not even focus on environmentalists now, we should focus on Elon Musk, he only wanted to use the opportunity to manipulate the market. Let us take a look at the scenario, he knows if he make go against bitcoin, that other crypto price will crash, that is just the reason he did it, but using bitcoin electricity consumption as an excuse, he only want the bear market of 2021 to begin.

I acknowledge that environmentalists are just an excuse, Elon Musk is the main issue here. He's using the environment excuse for his own profit. I wouldn't be surprised if he is currently buying Bitcoin, Dogecoin and other coins, under the radar of publicity, taking advantage of the lower prices. This situation of market manipulation is starting to annoy me, Musk acknowledges that if such thing was happening in the stock market, he'd now be sitting behind bars.

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Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

I do not believe the sudden drop in the crypto markets will be the end of the bull run. This is not the first time a bearish correction would happen and will eventually retraced to form a bullish run.
I do believe that a dip is actually the best time to buy more and hodl. Dips like this give one the opportunity to buy these coins at a very low price because the bearish move would be corrected and it will instead turn back to a bullish market.
I don't know what could have caused it, it could have been Elon Musk's tweets and all because of his influence but I'm sure he doesn't control the market.

cryptomaniac_xxx

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Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late.

We have seen this is the past, even in a bull run.

Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come?

I'm sorry but it looks like you are in a panic mode, just relax, this is not a sign of worse things to come.

Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

We will know if we are in the crypto winter if we are already on it. This is just a day of the price decreasing, maybe tomorrow we will have a bounce back.

Yaunfitda

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Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

Just because we have a sudden crash today means that the bull run is over. In January-February, we've seen the price goes to an average of 25% and yet the market recovers, established a new all time high of $64k.

So I don't think we can consider the end of bull run, probably investors are cashing out, and for sure they will come back, no need to panic here. The year is not over yet, we have a lot of rooms to grow.

Kong Hey Pakboy

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I don't think that we are on the winter yet, this is a sudden and I believe that by the week the prices will probably recover. This drop was unexpected though, one day the prices are running high and I sleep and the prices took a plummet.

Oshosondy

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Quote from: Ultegra134 on May 13, 2021, 07:05:59 AM

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

We should not even focus on environmentalists now, we should focus on Elon Musk, he only wanted to use the opportunity to manipulate the market. Let us take a look at the scenario, he knows if he make go against bitcoin, that other crypto price will crash, that is just the reason he did it, but using bitcoin electricity consumption as an excuse, he only want the bear market of 2021 to begin.

mrquackquack

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Well given the fact that the company he is associated with supposedly invested in bitcoin and seemingly sold at profit can only make you think this is the start of such problematic behavior. Not all too recently it was also seemingly announced that SpaceX may be accepting DogeCoin as one of its payment options. Given the current state of more specific state of stocks i.e. Tesla plummeting in the recent weeks and pushing for acceptance into crypto markets makes you wonder if this will be a good thing for the whole crypto market side of things or something else?

Ultegra134

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Quote from: mrquackquack on May 13, 2021, 06:52:29 AM

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

mrquackquack

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A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

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