Topic: Crypto dump is just getting started? (Read 617 times)

The only thing that I will say that make some people to view conscious of the market of cryptocurrency is because of the times whenever we are into the Irish market many people in cryptocurrency does not have the knowledge of holding the Bitcoin until when the market will recover so I believe that this have put so many people into a long run

After that LUNA incident, no one really had anticipated nor expected that things would become even more worst.No one had expected that FTX would really be ending up with that issue.
We've seen that the market did really made up some sideways movement after that LUNA situation and here comes another negative news which did really make out some effect in the
market and possibly might be going back into those 2018-2020 price which we didnt really expect for this thing to happen.Majority had been eyeing on breaking that $100k resistance but
it turns out that the market is really just too overbought. Corrections are normal but if its tied up with these kind of incidents then it is really something that could
bring out some panic.For newbies out there then they are the ones who are commonly been affected since they dont have that much experience then it is really just
normal on having these reactions.

It didn't actually start with FTX but with TERRA LUNA and has a domino effect. Now all the news sources are talking about possible bankruptcies, e.g. crypto.com or Genesis. It is logical to assume that investors are feeling panic and fear. And things are probably only going to get worse. Another bad sign is that the cryptocurrency market is falling in the face of a rising stock market.

You really pointed out the right place. Was it all planned or the brutality of the bear market? We can only argue about this. I think it was planned, but I can't prove it. That's why I mean the brutality of the bear market at best. We needed a bear market somewhere. In the bull market, meme tokens were not used everywhere, at the same time in projects with high earning. Assuming that the FTX exchange has a lot of other funding, this one looks longer. Because it creates a completely domino effect.

Honestly? I do not think that it changed my mind. Sure the price went down because of FTX but that's one thing, and I believe nothing about bitcoin itself has changed and I believe that we are going to end up seeing the price go up in the long run.

It means that we shouldn't really be worried about it at all, we should be checking how it will do in the long run and bitcoin will do just fine in the long run for sure, there won't be any problems at all. I know it takes a bit of time for us to recover, and the price won't suddenly be 100k or something, but I know that this fall and bear market is a short term thing and it will one day go back to its peak prices, we just need more time.

since 2017 I hear several people complaining about false volumes on exchanges, when binance bought coinmarketcap.com they changed the criteria for an exchange to be at the top so that with that only exchanges that do not have manipulated volume were at the top, this would discourage many exchanges not to put fake volume, I don't know if this worked or not, but as I don't use other exchanges ( I only use binance ) so I don't know how other exchanges behave, using these new exchanges is something very dangerous that people need be very careful


15500$ is acting as a very strong support, at least for now they are not breaking this support, but if the price keeps going down and constantly testing this support then this support will give way and the price will go down a lot due to the panic selling up to 10,000 $, and at 10,000$ also nothing guarantees that the price will not fall even lower than 10,000$, the last time I remember after falling to 10,000$ there were strong supports between 7000$ to 6000$, but these are scenarios that may not happens, the most important thing is that the price does not fall below 15500$ at this moment

And so I was ready already to hold and buy more if I have spare money. Yes, it is indeed the negative influence of FTX that has been spreading and continue to change the mindset of investors. Though I wasn't worried about the incoming dump, however, I was not also happy to see people get in a panic situation because of that issue. It is really disappointing to see big exchanges get into the problem for they will certainly give a huge market impact and causes panic selling. And I see this bear market will stay longer, might some coins will tried to pump, yet it was just short pump and it drops back again.

This week has already started with a fall due to the news you described. I also think that as soon as there is some clarity, the market will react with more negativity. But in addition to Genesis there are other rumours about different exchanges. In general I think the fall will continue. Although some coins such as LTC or XMR feel fine.

This week we’ll likely find out if Genesis is going to fail or if they’ll be able to raise a billion dollars and make their lenders whole. If they can’t, it’s another big loss for crypto users and the market price will likely reflect that. We may also get more news on GBTC and if they did something dumb with their coins and are now leaving investors high and dry. Volatility is likely incoming soon so strap on your seatbelts and stick to your plans.

Before the FTX case occurred in early November, I was optimistic that the price would skyrocket and touch $ 25k and then continued to rise, unfortunately there was a FTX case that made a big problem and now the opportunity to drop in the $ 15k range is very large, and I think Cut Loss is better and us See if the end of 2022 prices can survive in the current range or not.

It is just a utopian view to believe that any market is free of manipulation. In theory this bear market could have well been an orchestrated endeavor. But so could the whole downturn in the world have been one. Nobody can tell. In every crisis there are also winners, and these winners might or might not have known in advance what's going to happen next. That doesn't mean we should lead every event ad absurdum in terms of conspiracy theories, like the virus has been spread intentionally in order for the Pharma industry to earn outrageous profits. At the same time the opposite would also be stupid, to think that nothing is being manipulated.

What we see in crypto now does actually allow for substantial conclusions and that is rather not about manipulation in the sense that big companies have concerted this. It is more about a systemic problem that we have also seen in the banking industry (where there has also been collision) and that is leverage. Betting on rising Bitcoin prices and taking on irresponsible gambles, locking crypto assets for lending or staking that leads to funds being locked that customers may want to withdraw at some point and many many more things like that.

It is also just about amateurish, stupid behavior like that by SBF. Now that we look at it, look at that dude, how could the community even entrust that guy with tens of billions of dollars?

So is the dump just getting started? I presume it depends on how much junk there is in the leading companies' balance sheets that we don't know about + systemic risk due to trickle down effects. I guess the next weeks might discern some more important info for the global crypto community in general.

Manipulation and other related things is never been new on this market, even if we do speak out into those traditional markets on which there's no way on guessing out on when dump or increase of price
could really happen.We dont even know if the dump hasnt start yet or its already over which the market could able to get a good hold on crashing out.This is why as someone who do make out
involvement and engagement then it would really be that better to brace or make yourself prepared about these things to happen.Everything cant really be known
and this is why we do always make out speculations because this market is totally that random.

I feel like a good few years before we could go up a lot is because people usually rather see it move like that after the halving, and that’s usually the case for when the price goes up. If there is ever halving in crypto, if we look at the history you will see that it’s not that rare to see it go up after a year, it usually skyrockets and that’s really a common thing.

So, people are saying that if we are going to have a bull run like that in 2024-25 or so, then it would be weird if we see it right now as well. I mean a break out increase in price in 2023, and then 2024 and 2025? That is unlikely, which means that either it won't be after halving, or it will be, and many think it will be.

Why do you think it's too early in the bull run? I too think a real bull run will happen in a few years and that this is a nightmare time for cryptocurrency. But since you and I have similar thoughts, as do many on this forum, then we are more likely to be wrong. The market is more often than not irrational and moves in the opposite direction from the crowd's expectations. It could be that all the fud associated with FTX will disappear and then good times will happen.

Any scenario is possible, not just 10,000$ BTC. Of course, I'm talking about the negative scenario. In the current situation in the  crypto industry, only a market decline is foreseen. Even more. Moreover, it is still very early for the start of a bullish trend and troubles with FTX Exchange are pushing for the continuation of the bearish trend. This will last more than one week and more than one month. Perhaps, by the next halving, the situation will stabilize and a slow and small growth will begin. In the meantime, we are determined that everything will be bad for a long time, in terms of prices for sale btc and the general mood, but it is good for profitable purchases of BTC.

As bitterguy28 answered, there is no such thing as everyone winning, there will be winners and losers, money goes from one person's pocket to another, from weak hands to those with diamond hands. Those who are anxious, can't stand the rigors of the market, they don't deserve the reward, the reward should only be given to those who stay in the end, those who deserve it. The market really isn't so scary but most people can't wait because they just want to get rich quick.

There are two set of investors,

Those who are into the long haul of it, regardless of what the price is right now, they will do DCA and continue to accumulate and wait for the right time to sell and make a huge profit

And there are those who are into it for short term, so make a choice.

For me it's very easy in this crash or crypto dump, it's better to buy and accumulate and wait till the next bull run.

Investors are people who want to invest just because there is a chance of profit after investing even if they have to wait for a while. Now, in this case, investors who have already invested, of course, want to wait for the duration to pass, but for investors who haven't had the chance to invest this month, I think they will choose another place to invest, even if it's only for a while, while monitoring the market getting better.

Because they also don't want to waste time just because of certain conditions that are happening when there are other places that are more profitable to invest their money in. And if you have to wait, I think everyone will definitely want to wait for the sake of not losing because losing is something that everyone who works as an investor always avoids.

There might be some companies and individuals which might be holding lots of coins on to their stashes but doesnt mean that they could really be the ones who could make out huge or sure impact on the market.

Its true that lots had been also owning coins or totally been distributed although there are ones who do hold lots but wont really be that precise on telling that they have the full control.

Dumps causes out by fuds is not really something new, even on a market which doesnt really have any news or fundamentals could really still make that random movement
which is totally unpredictable.

If you do not trust bitcoin, that doesn't take away anything from bitcoin, but it does take away a lot from you in the long run, that's the thing they do not understand. If you know what you are doing, then you should be able to do it properly without a problem, but only if you know what you are doing.

People who let their emotions take control when they are trading or investing will not be able to profit no matter what. I personally do not let my emotions dictate anything, even if I am insanely scared, I see that as a good sign to buy instead of sell. Many people who know that long term holding is a great way to profit, could buy and then end up selling when the price goes down because they are scared.

the situation is still as is mate, i mean there's no changes since the market start to show a bearish sign and its normal that till now it keeps making correction. However if that news is true perhaps the company have a good reason to dump despite of the situation and i believe it will not make the market affected unless if we don't panic as its very common since day one.  Indeed they're are not the only one who owns massive amount of crypto in the space, so i think there's no need to worry about it IMO. Wherein just keep believing instead that afterwards market will recover from the dip.

There are many reasons for this dump, and one of the reasons is the collapse of the FTX platform, as this crisis incurred a major downturn in the market because the FTX platform was one of the largest exchange platforms for cryptocurrencies, in addition to shaking people's confidence in cryptocurrencies in general, and and then this resulted in large cases of selling tokens, especially the FTT token. For me, I am not optimistic about the market conditions these days, but the dump that we are witnessing will encourage us to enhance and increase the quantities of our tokens.

Those people who feel nervous are those who are not invested in Bitcoin or those who are lack of trust in crypto.

Whether you are going to believe it or not, whales are just playing us, doubters and panic sellers, because they are taking advantage of us. I know we can't erase the possible scenario of panic selling because not all are willing to hold their coins. The price will dump and be heavily affected by them but you know what, it is only their regrets when the bear season is over.

We all know that Bitcoin will increase in the future and reach the value it deserves, and you are right about this. The real question here is, will the investor be able to wait for the duration that will pass? While there is a problem in the world every month, there is a great uncertainty. This is one of the things that makes people nervous.

yeah , while others are losing some of us(also we) are gaining , this market is a cycle in which one must lose for others to earn.we must not worry about the price now because we all knew that it will increase eventually , sometimes it took longer but at least the assurance of increasing are there .
buy nowand keep it , the dump will continue so this is our chance to take wins in the future.

10k for bitcoin is still far from reality mate , lets assume that there will be closer to 15k but 10k? look at the effect of FTX to the market , this make the price of bitcoin down to 16k(lowest of the price  since 2021 bull market) but still there will be more happening that we can expect but this does not mean that ten thousand price is on our way.

if we can lower the price this may be at least 12k the closest , and this is what the market is making us believe in its movement nowadays.and also our capacity to keep holding , and our trust to this market. this will add so much value in the future because Bitocin proven this for how many times now.

The FTX collapse forced people to withdraw which lead to the current down ig, not to mention people profiting off from the 20k high we got at the end of October. The market still going down so far, I honestly thought we'd stop at around $17k again and just hover around there but it seems like we might even touch $15k again.

It probably won't be the last, but I don't think we'd see another one in the close future. As for a $13k dip, it isn't all that impossible but let's see if it breaks below $15k first before anything else.

Other people's risk is our chance, I have never worried about anything even in the past accident days. Like in the current crisis, there are many people who are struggling, many businesses which are in danger of bankruptcy, but that does not mean that everyone is in the same situation. In 2021, when the pandemic hits, I have made a lot of money investing in medical equipment and with the current situation and bitcoin, I really want it to go to 10k. If you look at the $100k target that bitcoin will hit in the future, you will see nothing to fear but excitement instead.

I got your point mate and yes it is not that easy as it sounds but for Holder that understands how it may last ? like what you said 2 years or even much more? at least we will be ready to accumulate in this bear market and wake up when the Bull happens(the real Bull I mean)
. maybe also if we are truly dedicated to what we wanted here ?I believe that there is nothing impossible for us to achieve .
our Goal is to make money and alto to benefits from what is crypto is all about.

Although we can't determine when the market will recover and go higher than ATH, but we review that the cryptocurrency market has proven that BTC has released its highest price throughout the period, the important factor is not determining when it reaches the highest price but we have to make sure to increase the asset at the price lows and I think 10k might be the next low area if the market panic doesn't stop by the end of the year.

Sometimes those who make predictions also like to spread FUD so that people panic and sell their holdings as soon as possible into the market. After that, the person who made the prediction appeared and felt he was right because the decline continued after people panicked and chose to sell all their assets into the market.

Do you think the prediction was correct? If that's true, then everyone should spend as much money as possible to buy more Bitcoin at the price you say, because it's much better than the current price. And one more thing, don't you feel like you're losing when there's a downturn like now?

Everyone hope that it is as easy as it may sound. No one knows when will the market price increase. Hopefully it won't be the same as what happened before wherein there were almost 2 years of no upward price motion with Bitcoin and other cryptocurrencies. And if that again would happen, we won't know if it will be as long as the aforementioned or even longer;depends on the market. If that's the case, even big invesyors would struggle beacuse their money would be in deep sleep even if they have ither choices of investments. But indeed, that would depend on what type of an investor you are but for sure, those who've been years in this industry are used to this kind of situations.

No exemption has been seen in the market. The bear season is dragging the prices to go deeper and we expect more for it than a price increase.
Everyone is seeing the current situation but it is understandable, it is just to note that this drop will come and it is expected to happen because of the volatility of the market.

If we see Bitcoin will reach $15k, that was fine because investors will still buy it.
As seen, people are still here because they believe the recovery will come next. It dumps today but it rises again in a few days.

While is that we have a good exchange like binance and it's worldwide exchange that's trustworthy but we still skip it to use FTX, is that they have higher exchange rate than binance that makes you people to be chosen it over binance, because i believe that we have other decentralized exchanges but their rate is below the rate of binance, i have not seen people complained over deposit in binance and also withdraw pending for awhile.

Don't worry mate , if this going to happen? I'm the one who will benefits because I was waiting for this perfect timing to happen , imagine 10k? when the price increase last year to almost 70k?
that would be x7 to the capital if I am going to buy this time, so maybe there will be a different effect to all of us, some will cry while some will smile .

The decline in crypto or we entered bear season exactly from the end of last year, not just the beginning of a few months ago.


If comparing bitcoin falling from 69k ATH to 20k, in my opinion that is actually much worse, dropping from 20k to 16k would be nothing.
I also have the same opinion as OP, the demise of FTX is not simply the death of FTX or alameda, but it will lead to hundreds of projects they invest in or companies they borrow as collateral. Crashes won't happen now, they will happen gradually and will drag the market down more.

It's about FTX collapsed, then CZ and his Binance trying to absorb it, and it the last minute bailing out and so the prices from $21k=>$18k=> the current price of lowest low.


There's always a reason for every dip in crash in bitcoin price throughout history. The worst for us is that we are not the intended victim here, unfortunately, everything is crypto is related so as the news broke out, it has put a negative effect in the price of BTC.

It's not worth noting that they need to withdraw, not sure how much money they have invested or how much they were able to withdraw because it's a messed right now.

The whole crypto market? yeah, but bitcoin? doubt that, I have never heard whales dumping simultaneously to bring the price. And as in other threads, it's not bitcoin's fault here, we are just being dragged by the FTX collapsed that it seems that we are dumping to lowest low.

Obvioulsy by now, it's already a collapsed, CZ is not going to bail them out.

I can't say that this is something planned to make a crypto price dump. But games like this are highly structured, so crypto prices will dump simultaneously. Of course, the withdrawal of assets in each exchange with a large amount will make the coin price drop even more.

The FTX exchange is having problems with the withdrawal of some assets from this exchange. If they cannot maintain this condition, of course they will go bankrupt, and make stockholders have to close their exchanges.

Is this the results of exchange wars or there's just something happening that make the price to suddenly plummet?

It doesn't make sense if it's just suddenly dropping but it's possible that these exchanges war are the reason why we are suddenly experiencing this from $21k down to $16k real quick. Then, if this kind of commotion will continue to happen then expect that Bitcoin price will reached $10k. It seems like crypto dumping isn't done yet and we might see another drop if there's a sudden fud showed up.

Good luck with that, if they were the first in the line they might have gotten their money back but if at the time of the article they were in the "process" of it, then they can already write it off. But since the master strategist behind GD is had a tattoo of Luna done one month before the collapse, it's probably zero money recovered, and three times the loss and the exposure.

Also, no, the dump is not starting now because it has started with Do Con and his Terra garbage, which like in a domino effect started crushing investment funds and exchanges and reminding everyone why we call them shitcoisna and shittokens, because there is nothing behind them, there is no real utility, there is no usage, just a ton of wannabe investors moving money that there were never theirs in their place and playing the fraction game ten times the scale banks do and ten times worse.

So, in nothing truly positive happens in the economy, like inflation going under control, the end of the war in Ukraine, or avoiding recession, we will have to keep on watching all this fiasco unfold till we finally weed out every single one of them. But it will come with a lot of pain for the ones that trusted their tokens, that invested money as well for the ones that thought this will be the year of x10 and x20 returns and put another mortgage on their house to catch it.


Oh yeah, all the guys that started DCA at the beginning of the year must be thrilled by now with their results.

The decline in crypto started a few months ago but is happening slowly. And it turns out that the situation worsened after the bitcoin price dropped drastically from $21k to $16k at yesterday's low. And there is a possibility that this situation will continue but that does not eliminate our patience to keep waiting for the market to reverse direction. Maybe next year will be our best year again to see the market start to reverse direction or even 2 more years. And the best we can do is to stay in this difficult situation because all of this will surely end and we will all be smiling happily because we can get big profits again.

FTX has just announced that they have applied for bankruptcy, this is a bad thing we are about to face. I still think that the market will decrease and the bottom may be $ 15k, but with the collapse of FTX and will lead to a series of upcoming collapse, bitcoin dropping to $10,000 is entirely possible. Too many incidents in this year's bear season when we continuously witness the collapse of giants in the market.

Condolences to you, all hope has disappeared, we need to overcome this pain.

No it's not but crypto dumps are already there even before but this recent issue that we are facing can cause crypto to return on their last lowest levels. I don't think this is a planned work. No exchange will wish that they will collapse but bear markets can be the one that is responsible for it because some people got bored of waiting and they are now selling/pulling out their funds inside the exchanges.

In other bear markets, scenarios like this doesn't happen but this one is different. I think that is because the duration of this bear is much longer than the previous one. $10k is possible but it's not guaranteed that it will happen so don't give up yet if you didn't like to see this.

Exactly! I am also a victim here, at first when the issue started to pop public, I am really saying it was just a FUD, I tried to withdraw a small number of funds from the FTX exchange and went succeeded, but after a few hours when withdrawals halted, I deposited some amount which my plan is just to convert it to another chain and until now the withdrawal is still pending.

IF the weekly ends with a big fat red candle then we can be sure that there will be more dips on the way during the next few weeks at least. However the weekly candle closing is in 4 days. No point in panicking just yet. This could prove to be a short term crash which will be quickly picked up again just as fast as it fell. The reason for this train of thought is that the dump was caused by FUD about FTX, mainly. I think we already have seen the worst or will shortly see the worst of the fallout. But as soon as that clears, Bitcoin should be safe again. I see no reason why this would create another monthly bear market.

And there you have it, officially the dump is still ongoing, going as low as $15k already, so that is huge, we thought that the lowest low for this year is $17,500 and yet we have a new surprised thanks to FTX.

And a lot of meme's going on right now, hehehe, but it is what it is, we need to stomach everything. Yes, not the first time that this had happened to us.

The news is that the deal has fallen between CZ and FTX, causing a huge ripple on the market today.

I don't think though that those who still have funds in FTX can withdraw, I have the feeling that it's all gone that's why CZ doesn't want to messed it up.

I think a lot of people had money on FTX. Many withdrew partially because they assumed it was FUD. Many didn’t withdraw anything at all.

I remember a few months ago there was speculation that Kucoin was insolvent. Turned out to be FUD and people assumed the same.

Even many experienced traders left funds at FTX. We all got burnt.

It may not have been planned but this bear market really is exposing a lot of things. No matter how bullish things may still be but if it's shown during the bear market, it can't be helped.

And now that's of possibility as bitcoin showed under $17k for now. That's the lowest that we've seen since the last time that it has made to $17k. It's likely to continue falling under that price.

I just saw the price of $16K hit the market, this is the deepest drop in a year that many traders have been worried about for a long time. It may be true that the bottom has not yet occurred, but right now there are so many possibilities in a panicked market.

I'm not going to settle for this market situation, but it's nothing new every time bitcoin hits ATH. It's time to buy, it's always good but the concern about the bottom is bound to get stronger. $10K isn't impossible, but I think it's too deep for now. Bitcoin will find strong support in the $13K or $15K area, so I really have to turn a blind eye to the dump now.

No, it just so happened that we are again in this kind of situation, companies are losing money because such project failed. So the only thing they can do is withdraw their money causing panic. But I don't think it's plan, again, that is normal business practice, it's that it was really evident in this FTX saga.


Yeah, anything is possible, the price can go as low as $10k, and it's up to you whether to take advantage and buy cheap bitcoin and accumulate and wait for the next bull run ride. There's nothing wrong if the place plummeted to $10k.

And this is where DCA would set in on which it would be just ideal if you do have considerations on accumulations on cheaper prices if you have done on buying on 19-21k price point.It wont really be that a bad idea

on doing such thing on doing this step but of course this one wont really be that simple whereas people is really been mainly affected by their emotions which making up decision isnt that simple.

Dump has started? Anytime it could really happen and this is why it would really be just right that you should really be prepared on the time you had step your foot on this market.

People who talk about extreme lows want it to go there because they have buys ready at those extreme levels. The more people repeat those stupid predictions telling the world that bitcoin is going to 10k are just making it easier for the manipulators to reach their targets.

Don't get scared and don't sell into panic started by fear mongers. If you bought bitcoin for 19k and it suddenly dips into 17k because of some exchange problems it shouldn't concern you. Nobody can make you sell by manipulating spot price. They are doing it so you feel bad about your choice like you did something wrong buying bitcoin and the more you play their game and sell now then buy back a few weeks from now the more money you lose and the more exchange fees you pay. They want you to do it because they make money this way. Don't be stupid!

This dip is anything but normal. It’s the deleveraging of one of the biggest players in the space. Until FTX has sold off their assets, the market can only go down. Hopefully the pain happens fast and those that buy the dip are rewarded. I’m a bit concerned as we head into a recession with 2 more years of Biden and nothing but bad news in the horizon… That is hopefully a signal of the bottom and buying time.

I wouldn't call it planned, neither call it spontaneous. Whales, traders and ordinary people saw bitcoin price jumped to +$21k and with the long time below $20k, I think it is normal to see them selling a part of their funds or trading violently to get as much profit as possible.
We are now under $17k which is low and not profitable imo. It is actually time to buy. If the price will continue getting down then it will be driven by other big things.

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $ and already at a loss of 68m $, I think we will keep seeing some more dips.

Is this all planned work or just the brutal of a bear market because it seems that in every bear market worst things like this always happens.

Now I have no choice but to believe that 10,000$ BTC is possible.

News Link below

http://coindesk.com/business/2022/11/09/crypto-finance-firm-galaxy-digital-reveals-768m-exposure-linked-to-ftx