Reason for current bloodbath - page 4.

The Sceptical Chymist

legendary

Activity: 3528

Merit: 7005

Top Crypto Casino

Quote from: pakhitheboss on November 22, 2019, 04:12:05 AM

There is nothing to panic, it is what is called bear market.

I don't know if this is actually a full-blown bear market, but it would appear that sentiment is quite bearish right now. And what it really looks like is that bitcoin is just trading in a wider range than it usually does--$7000-$9000. But who knows, the market could be in for more slaughter and bitcoin might drop even lower than $7k. I'd like to see it not do that, or course, but I'm fully aware that it could.

Unfortunately I've bought all the bitcoin I can for right now so I won't get to take advantage of the lower prices, which I see as a fire sale. Now would be an even better time to get into the market if you're not already, but only if you're going to hold for the long term. In the short term, things could get uglier.

I'm going to stop watching the price for now, though it's hard to not know what bitcoin is doing since I see all the thread titles in the Speculation section and usually when bitcoin rises or falls in a dramatic fashion, those titles give it away and I end up checking preev. lol.

Questat

hero member

Activity: 2982

Merit: 610

Quote from: nydiacaskey01 on November 22, 2019, 04:56:04 AM

Quote from: bakasabo on November 22, 2019, 04:00:46 AM

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

According to the news posted by Bloomberg, Binance denied the rumors that an office in China was raided by Police Officers. Binance claims that they don't have any fixed office in Shanghai and China this was the press release by the spokesperson based in Malta. So this more of a FUD. Good time to buy and get more Bitcoins. https://www.bloomberg.com/news/articles/2019-11-21/crypto-exchange-binance-says-no-shanghai-office-amid-raid-rumors

That's a great news, hopefully this would help the investors to be confident again.

It's really dropping so fast now, in 24 hours, btc dump to 10% already and we just touched $6k again.
Binance low at the moment is $6790 - https://www.binance.com/en/trade/BTC_USDT

Beerwizzard

full member

Activity: 924

Merit: 148

Meh, Binance arrests wouldn't cause so many dumps.
IMHO one of the most realistic reasons is miner capitulation. Miners are one of the biggest bitcoin whales and when mining becomes less profitable they have to sell their mined BTC in order to save their business.
If you didn't hear about that then you may google miner capitulation. Ofc it is mostly a FUD but generaly those news have a huge influence on market.

nienzer

jr. member

Activity: 65

Merit: 1

Quote from: Wysi on November 22, 2019, 03:57:16 AM

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

You need to get used to BTC volatility. In fact, some grandiose events are not needed for the dump, it can be created by several whales in one moment

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

Probably manipulation of the margin trading markets lead to this dump. I am buying!

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: Wysi on November 22, 2019, 03:57:16 AM

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

One thing I have come to discover when it comes to the issue of bitcoin market is that when there is drop in prices which goes across the crypto market, we tend to look for answers to find a reason to rely upon as the why but in most cases, the reasons given to me, are just circumstantial that may or may not have any bearing to what is currently witnessed. Now we are attaching it to halving but in true sense, halving is a constant thing that everyone knows will happen. The date has been predetermined before a lot of us got into crypto how exactly is a constant factor began to affect the volatility of the market. Its purely circumstantial.

Kemarit

legendary

Activity: 3080

Merit: 1353

We also have to understand that the price surge from $7400-$9000 was artificial and everyone attributed it to the so called China news on blockchain adoption. So the whales ride on that news push the price to more than $9400 and then FOMO sets in. And now it looks like they're cashing it out and we could go back to where the price used to be $7400 or less. Not sure about the the Binance/Bithumb offices being shutdown in China, both of them have denied it already, however the damage has been done as the market price has plummeted.

Eugenar

sr. member

Activity: 1274

Merit: 278

Quote from: Wysi on November 22, 2019, 03:57:16 AM

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

In my perception of the current scenario, what is happening on the cryptocurrency right now especially to bitcoin is that the market is undergoing a correction on its market price after the increase based on the Chinese adoption way back in October-November the first week. Right now, we might think of a pattern happening before a big increase in market price when the market is falling. And there is really a great chance that the market will increase because of the halving.

MURONDI

sr. member

Activity: 812

Merit: 257

actually the conditions of rising and falling prices in the market are common, there are many factors why prices can go up and down, maybe because it's approaching Christmas and the new year so many people sell bitcoin for vacation plans, or maybe this is a game to panic bitcoin holders so people sell bitcoin, so people who play with bitcoin prices get cheap prices.

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

Quote from: bakasabo on November 22, 2019, 04:00:46 AM

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

Binance has responded to that. You guys all know Binance left China a long time ago, right? The moved to Hong Kong, and then out of it.

There is no Shanghai office to close down. But of course, people will follow the news:

- Quantum computing threat? Panic
- China ban? Panic
- Facebook Libra? FOMO

It never ends, does it?

Capt00

full member

Activity: 938

Merit: 105

Not new to us having this scenario, in fact, for the 10 years of existence, I don't think we need to worry about it. What I'd look now, the market behaves as what is to be. May we don't see a positive response from the community but I'm still hoping to have a twist in the coming days and we will end up this long bearish season.

Quote from: d3nz on November 22, 2019, 08:04:44 AM

We all know that the market are still in bear market and were experiencing a crisis and i think we can take advantage of the market since we can buy while its cheap and i know that the market will rise up soon and make a lot of profit.

That's why we need to have a stop-loss position since we might lose our funds and not able to caught uo while the market is in dip.

Then buying some Bitcoins and potential altcoins is a good option right now.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: Wysi on November 22, 2019, 03:57:16 AM

~snip~

As soon as I saw the drop on preev I had a hunch that China was behind it, and to confirm my suspicions I did a quick google search and found out that I was correct they were back to haunt bitcoin users. What puzzles me most is that China targeted illegal exchanges, but news reports are saying Binance and Bithumb offices were raided it’s just not making any sense. When you read the article further they’re claiming that they’ll entirely ban bitcoins, which can only mean one thing i.e. they’re preparing to launch their own centralised crypto and very soon we will witness the official launch of it.

Source: https://cointelegraph.com/news/bitcoin-drops-below-73k-as-china-vows-to-dispose-of-exchanges

d3nz

sr. member

Activity: 1372

Merit: 264

We all know that the market are still in bear market and were experiencing a crisis and i think we can take advantage of the market since we can buy while its cheap and i know that the market will rise up soon and make a lot of profit.

That's why we need to have a stop-loss position since we might lose our funds and not able to caught uo while the market is in dip.

senne

hero member

Activity: 1078

Merit: 507

Bitcoin went up significantly in august and september. For that price to shoot more up, more volume was needed to sustain the pump. But unfortunately, bulls went weak there. Bears overpowered them. Price has come down to almost 50% of this year's ATH. At every support bulls didn't sustain and supports were broken one after the other.

There isn't any major reason for the fall. It is just there isn't much volume which can pump the price or to even hold the support.

Amel

legendary

Activity: 1638

Merit: 1033

BTC dump now is normal after BTC suffered a pump a month ago, and now things are back down. And currently bitcoin is still in the hor support area, I myself am still monitoring the next situation while hoping it will bounce back.

Odyssey963

newbie

Activity: 2

Merit: 0

I think beside the rumors of Binance, the current tanking of the market is the result from panic selling from some Chinese crypto-traders or holders as
today the PBoC ( and some local government entitis）claims to initiate an action for investigation and clearing the so called "illegal ICO, IEO,STO IFO platforms and any entity or exchange trading virtual currencies inside China. remember the 04.Sep.2017 China bans all exchanges and expells all outside of country, but right now in China there are still some big or small exchanges offering trading services to the Chinese, they become target of the government. China is always pro-blockchain but against all ICO, coins or tokens in any form.
you could say the Chinese traders are not as important or vital to bring a substantial market pump or dump influnce as they did years ago, but they still stands for a significant portion and has certain impact to the market (if they don't leave this market).

putukin

jr. member

Activity: 108

Merit: 1

Quote from: bakasabo on November 22, 2019, 04:00:46 AM

Quote from: Wysi on November 22, 2019, 03:57:16 AM

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

The Binance office in Shanghai is just a small drop in the crypto sea. I do not think that this event could have such a sharp impact on the market. Most likely, large players are manipulating the market, we just don’t notice it

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: bakasabo on November 22, 2019, 04:00:46 AM

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

It probably did cause a dump, but if you take a look at the charts, prices have already been steadily dropping the past few days. Pretty crazy that this happened after all the optimism people had in China though lmao.

But yeah, this might just be people waking up and realizing that China is no friend of crypto's:

Quote from: https://www.bloomberg.com/news/articles/2019-11-21/bitcoin-drops-below-8-000-as-sell-off-drags-into-seventh-day

“This price drop is a technical move; this is where the price was before the news of China’s support of blockchain, which is not crypto,” said Joe DiPasquale, chief executive officer of BitBull Capital. “So, the price of Bitcoin is simply returning to normal. However, more downside cannot be ruled out, since the recent drop has turned sentiments to negative.”

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: bakasabo on November 22, 2019, 04:00:46 AM

Quote from: Wysi on November 22, 2019, 03:57:16 AM

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

I thought Binance had moved to Japan and Malta to avoid being under threat from the Chinese government?

hz-bk201

newbie

Activity: 10

Merit: 0

China is suppressing blockchain companies

Topic: Reason for current bloodbath - page 4. (Read 716 times)