Don't blame Elon musk and China for the dip!!!!!!! - page 4.

serjent05

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Quote from: ogundowotoby01 on May 19, 2021, 06:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Aside from that, blame those who sold. Price won't crash if no one panic sold their stash. Elon just states what is in his mind and China is just implementing its rules and laws regarding Bitcoin and cryptocurrency. It is the weak hand that makes the price crash, not these two anti-Bitcoin entities.

Reosta_

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Elon musk tweets and the ban on cryptocurrency in China are the biggest triggers for the decline in the crypto market today, if not for these 2 reasons maybe the cryptocurrency market will continue to increase and the bull run will still be long for the next few months.

I definitely agree with it. We can't just say that these incidents didn't affect the dump. It'd not be very sensible. Because as we all know, this market is highly manipulable. We've seen so many examples about it.

Kasabus

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Elon musk tweets and the ban on cryptocurrency in China are the biggest triggers for the decline in the crypto market today, if not for these 2 reasons maybe the cryptocurrency market will continue s to increase and the bull run will still be long for the next few months.

News of these days will definitely have huge impact on the flow of the crypto market but i still don't believe that those are the main reasons why the market is in bloodbath. I see this is just a healthy correction so that the market will be fair and balance since a recent bull run has just happened. So let's continue to dream big in crypto and start filling our portfolio now with cheap but high potential coins.

Cling18

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We can't blame everything on these events yet we can't deny the fact that every single event in the crypto world would affect the market situation. Elon Musk shouldn't be blamed alone because the people who easily believe in his tweets that are always panicking are also involved. Let's just accept the fact that dump and dip are also part of the cycle.

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Quote from: TopT3ns on May 20, 2021, 12:33:03 PM

Quote from: ogundowotoby01 on May 19, 2021, 06:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

elon made a status on twitter which made a lot of people panic and maybe a lot of whales who used it to make the price crash and it seems that everything is elon musk's fault, but you have to know if elon didn't make a statement like that then there wouldn't be a dump like this.

I don't want to be pointing at Elon and China for the dump it is mainly siding with whales - it is not the regular people that has caused this - it is coordinated and it just happens that China made its stance on crypto at the same time.

I'm not saying Elon is not a cause, yes, he is but the action was at the hands of the big manipulators and these two events we see might just seem like cover up things to hide the actual fact that the price all this time has been manipulated.

It saddens me to see how far we have come with the crypto market and how easily all this progress can be sidetracked.

MishaSER

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In fact, a large dump happened because of this news https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html. Big institutional decided to sell their assets and buy gold. 05/19/2021

kayiboyu

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I don't agree with you. These kinds of events always affected the market directly. It's not seen the first time. For example, Bitcoin price increased really fast right after we got the news of Tesla making a $1.5b investment.

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Quote from: retreat on May 21, 2021, 06:21:26 AM

It is a fact that both of these events are the cause of the market dip, these two events seemed to have been arranged, spreading the FUD together to make the market crash.

he was only using technical indicator as a way to analyze the market while the fact said the opposite thing. This time market is giving lots of reaction to the news. People already moved from technical to the fundamental analyzation. The latest news from elon was also giving another pressure. he is slamming bitcoin again.

retreat

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Quote from: ogundowotoby01 on May 19, 2021, 06:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

It is a fact that both of these events are the cause of the market dip, these two events seemed to have been arranged, spreading the FUD together to make the market crash.

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Quote from: iTradeChips on May 21, 2021, 01:11:04 AM

Some have suggested that the market was correcting itself and I would agree with that. If you are going to take into consideration the previous bull run and something like 30% to 40% was the correction back then. So I am sure that this is similar to what happened in the past. It is possibly true that Elon Musk must have an indirect relationship with what has happened in crypto and how this has affected the prices. China too has been at war with Bitcoin and crypto in general for the longest time so this should not come as surprising.

I also believe that this is a correction that is happening to the market. however, the trigger for the price down like this is the statement of Elon Musk, and China. Well, that was evident when the price started to dump quickly when both of them announced it. Well, anyway, I don't blame anyone, but right now the trigger is probably because of it.

Godwinpaul

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Whenever there's something uncomfortable, we tend to look out for something to blame. In this case, Elon musk and China government happen to be the most logical situation to accuse. It may be something else that might have caused the dip, probably a group of whales decided to take profit the same time or a team of manipulators are manipulating the market, but we are all here blaming China and Elon musk.

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Quote from: fortune1002 on May 20, 2021, 02:13:30 PM

Quote from: ogundowotoby01 on May 19, 2021, 06:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Your point is correct but their is somewhat effect of Elon musk's tweets and Somewhat effect of China ban on Market. If China have not banned than many people have been still holding their crypto.

Elon musk tweet has a fundamental impact on the price of Bitcoin, I agreed with OP that the price is far overbought however whatever price correction that would have taken place it won't go below 10% but in the present scanerio the price corrected to over 30% I believed this is the consequences of Elon Musk tweet and Chinese ban on cryptocurrencies. China has a large market for cryptocurrencies activities like mining, investors and traders thus. alot of hodlers will dump their coins.

iTradeChips

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Some have suggested that the market was correcting itself and I would agree with that. If you are going to take into consideration the previous bull run and something like 30% to 40% was the correction back then. So I am sure that this is similar to what happened in the past. It is possibly true that Elon Musk must have an indirect relationship with what has happened in crypto and how this has affected the prices. China too has been at war with Bitcoin and crypto in general for the longest time so this should not come as surprising.

EmmaGod

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I understand that the Chinese has a large stake in the cryptocurrency industry as several bitcoin mining companies and cryptocurrency users are in the region, but we've heard about the Chinese ban several times in the past and in most cases the impact on the market is not as bad as we have it presently.

elisabetheva

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Quote from: karungbitcoin on May 20, 2021, 11:37:27 PM

I have been see big dumped on crypto market before, and this is still normal of price action. In my opinion this is only correction in bullish season and next a few month the price of Bitcoin and others altcoin will be higher than the resistance area. I don't think the bull season only happening for a few month after 3 years of bearish market so keep calm and patient for waiting the price rebound.

optimism must always remain that the correction has indeed taken place, but this is not a very dreaded end. This will not be the same as when the correction occurred in 2018, because now it is different because many unexpected influences are visible at this time.

Bitcoin with the existing capabilities will be able to overcome this problem with the influence of investors who are starting to return are no longer always affected by those who are looking for opportunities to make profits. Bitcoin travel time is still long, let this correction provide an opportunity for those who have not been able to enjoy bitcoin to also have this opportunity.

FinneysTrueVision

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I was expecting this to happen when I saw so many clueless noobs trying to get involved. We saw meme coins getting pumped really hard even though they are not fundamentally sound currencies. I hope this crash has scared some of them away but I know people will get greedy again and we will see a repetition of this.

semobo

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Quote from: ogundowotoby01 on May 19, 2021, 06:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

China banned cryptos? I guess its a wrong information.

Elon Musk know what he is doing which intiated the price dump for sure because he just wanted the Doge to be bullish so lured the investors to buy more Doge and also he said he is not going to accept bitcoins for payment modes.

sadewa69

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Quote from: acdc on May 20, 2021, 07:45:10 PM

Quote from: makishart on May 20, 2021, 12:26:40 PM

Quote from: ogundowotoby01 on May 19, 2021, 06:52:07 PM

It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Did you think the fundamental didn't give impact to the market? The fact that if these days technical analyzation means nothing when it was facing a very bad news like china was banning crypto from its country.

In fact, technical analysis has never been true for bitcoin and cryptocurrencies.
The cryptocurrency market operates on the trust of investors in the project of their choice.

that's right, the overall value will be determined by the market. but sometimes the sentiments created by certain people make a trend change in the market. We cannot blame, but what happens now we can take the experience that the crypto market still consists of investors who are very easily influenced by bad news outside of the world.

karungbitcoin

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I have been see big dumped on crypto market before, and this is still normal of price action. In my opinion this is only correction in bullish season and next a few month the price of Bitcoin and others altcoin will be higher than the resistance area. I don't think the bull season only happening for a few month after 3 years of bearish market so keep calm and patient for waiting the price rebound.

acdc

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Quote from: makishart on May 20, 2021, 12:26:40 PM

Quote from: ogundowotoby01 on May 19, 2021, 06:52:07 PM

It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Did you think the fundamental didn't give impact to the market? The fact that if these days technical analyzation means nothing when it was facing a very bad news like china was banning crypto from its country.

In fact, technical analysis has never been true for bitcoin and cryptocurrencies.
The cryptocurrency market operates on the trust of investors in the project of their choice.

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