Topic: What cause Bitcoin to drop up to 42k$? - page 2. (Read 410 times)

We can expect a bounce back if those exchanges submitted their requirements, probably people are panicking without knowing the real situation because you can still access your funds even if those exchanges failed to submit because that’s your money and they are still regulated so nothing to worry about. This is a temporary dump, good things will come again, keep holding.

We have the upcoming Bitcoin futures expiration if I'm not mistaken (billions worth, I don't have the exact numbers though), and this is a big factor every month why the price keeps on dropping on the last week. So I wouldn't be surprised by the current move, although I think the $43k should be a good support, unfortunately it is broken down, so a bad sign that we might see <$40k before the end of this month. Nevertheless, we should keep on buying and stay relatively calm on another dip in the incoming days.

Hard to say that these fundamentals arent relevant because having these kind of events or upcoming decisions would really be causing out such possible results or effects to the overall market.

Its really hard to determine which one or the main cause of such slump because price could move out randomly or unpredictable which it is really hard to make out decisions on point.

This is something that you could see almost everyday when it comes to price volatility.It could neither pump or dump.

According to Cointelegraph if South Korean crypto exchanges fails to submit their new requirements then 10 crypto exchanges will wipe out and that will be with in 24 September. It would be the reason for decline bitcoin price.

We really don't know, that is the reality. We can't just rely on the news or any FUDs as I'd never heard any but have to consider this that any drops and pumps will certainly come at any moment and not a thing to worried about.
Perhaps, I was expecting this to come. I know some didn't happy with what they saw but can't deny that some were also praying for this just for the sake to let them buy coins at a cheaper price. This is gonna be an opportunity for them, right? And if we have money, may we could take this chance as well.

I like your vision, but you still haven't convinced me completely, only partially. I used to think Bitcoin was a store of value and it would remain to be seen if in the future it is a currency. You argued to me in another thread that it is a currency and it remains to be seen if a store of value. Now I think it is both, which I know is not exactly what you think but it is closer to your thinking than it was before.

But I think the analogy you raise is not correct:


I've bolded a couple of sentences.

I don't know what you compare Bitcoin to, but comparing it to indidual stocks is not indicative of anything as an indidual stock can go down when the market is up. If we compare it to the S&P, the S&P has had a comparable rally to Bitcoin, it is up 100% since then, which is less than the 1306% you cite, but that is a lot of upside in a year and a half for an asset that is up 10% on average per year, and where the assets that make it up are stable low volatility.

I don't see a conspiracy of a hidden hand trying to make people think that Bitcoin is an asset linked to other assets. People just believe it without anyone trying to convince them.

The masses who are buying Bitcoin are not doing it because they dream of paying with Bitcoin at Starbucks, they are doing it because they want to make money. The same goes for institutions.

Another thing is that in day to day life many people spend it as a currency, but it has the part of a financial asset.


Well, he seems to have a strong and clear view of what Bitcoin is and how it works, but the conspiracy theory part I don't see it either.

A classic example of writing an article about nothing and saying nothing



Common, lately, you're seeing only conspiracies, sometimes when I read your post I double-check to see if it's really you writing this.
Seriously, what's gotten into you?


And again it's exaggerated fear, it's more of a scare of what could be rather than what actually is happening. I'm watching how silent Beijing officials are about it and it seems like they don't plan on doing anything to save it, they will let it flop and rescue only some of the most affected y the wave but otherwise normally viable companies.

If you look at the graph, yes. Bitcoin is weak right now. We must be vigilant when entering into a coin that we want to invest in. Make sure it's very potential in the future. We are now in a bearish time.

We heard that stock is down while many stock investors are moving to bitcoin, so they think that bitcoin will also be down as stock so they sell their bitcoin before it is later. That is a little analysis from me but I do not know what causes the bitcoin price to drop to $42k. The price now is at $43k and has already reached $44k before. But the price can go back to $42k if people are still selling their bitcoin because they heard of the bad news at stock. If they can hold and have patience holding bitcoin, bitcoin price will not go down instead will increase because people will want to invest in bitcoin after what they see with stock. Hopefully, this will not take too long to see the bitcoin price will increase again.

I'm not an expert and economist but with what I've seen in the past is that when stocks was down, bitcoin was also down too. That's just based on what I've seen. I don't know much about this propaganda but thanks for this because I've learned something new.

That's why I've said that there's no straight connection on it and it's just my opinion that I've seen it being correlated few times as they've been down together at the same timing from what I've seen before.

As far as cryptocurrency is concern, there are several factors that influence her price; demand and supply, positive and negative news etc. She is not different from other businesses, business circle also occur here. The most important thing for crypto trader or lover is to know when to buy, sell or hodl.
But, the great news is that Blockchain and crypto has come to stay. As day progresses, it keep going viral.

Just when one thinks we have got rid of China they reappear and cause panic, only this time not directly with something to do with cryptocurrencies, but with obviously a very big impact on the real estate and stock markets due to the collapse of one of their large companies. Given that there is evidence that they knew the company was in trouble at least since 2012, the question is why did they let the debts pile up?

Maybe because, as always, they will use this situation to buy on foreign markets at a discount, a strategy that obviously works very well for them.

I'm still loyal to that 200MA. Yes, was expecting a bounce, but it's more often than not a keen and consistent line that price shouldn't stray too far from, and that bounce has to be coming.
 
I did say yesterday I'd be worried if we do go sub-40k and stay there a week, but volumes aren't enough to sustain the bears even at this stage so it's at best temporary exhaustion until Q4 comes around the corner.

I suspect that there is a reason for a panic situation that could affect the bitcoin price as the Evergrande debt pump and the effects surrounding its FUD could begin when the Federal Reserve meeting happenning. If they plan to ease their central bank bond purchases, that would be another divergence that could yield a major bull run for bitcoin. currently, bitcoin daily MA is still around 200 and very weak showing that the state is not yet positive, but the accumulation is growing.

Just traders doing what traders do.  You couldn't expect a clean golden cross without some profit taking to setup for the next leg.  While these signals are great, they are usually preyed upon for quick and easy profits.  That doesn't mean they are invalid signals, just that there's always got to be room for the traders to make money, or at least to try.  If we got down below $30K I would agree that something horrible has happened.  For now, we should just chalk it up to typical volatility. 

No, you have never seen this correlation ever. What you saw was the propaganda I talked about above in the media and didn't follow it yourself and didn't do any research.

Last time we had this propaganda was during the pandemic when COVID broke out. Bitcoin got dumped because the propaganda had convinced everyone that bitcoin is linked to other assets and as they were dumping then bitcoin should have dumped also. But it backfired as bitcoin was done dumping and it reversed back up while everything else continued dumping. While bitcoin went up 100% above its pre-dump price, those other assets were still trying to recover a tiny portion of what they had lost. This little fact attracted a lot of money from those assets and is one of the reasons why bitcoin price is currently 1306% above its bottom price at the peak of propaganda while many of those other assets are not even at their pre-dump prices, most of stocks have gained very little after the recovery and so on.

Now you tell me again where exactly did you see this correlation multiple times?!!

Correction? lol this only happens if there is a Big pump but what we have now? stabling at 45-48k this whole week and now we are having correction? seems like not ethical to believe.
maybe we are now in a good position because the market is recovering now , and looking for some grow back in the next 7 days.

World market is down.

And here goes again the correlation of bitcoin and the crypto market that sometimes happening. Although in reality there's no straight connection of bitcoin and stocks but I've seen it a few times that it did.

Even though Bitcoin and the stock market are different, there's a connection that holds both of them. They are both in the economy section, yet, many stock investors hold Bitcoin as an asset too. There should be many if you want to list. It's like the central bank of a country having financial crisis, and because people have both fiat and Bitcoin, you'll see how Bitcoin price will go up because they want to convert their remaining fiat to Bitcoin.

Fear Uncertainty and Doubt.

People sometimes ignore the power that the propaganda has, I will try to write something about the events of past 2 years when price is in 6 digits territory. But for now I stick to saying that there has been a lot of effort that only started recently trying to turn bitcoin into an "asset" that is also linked to every asset they are involved in so that when their assets fail and dump the fleeing money doesn't go to bitcoin as "safe haven".
They have been successful to some extend as we can see today and we saw at least 3 more times that bitcoin reacted to other markets while there has never been any kind of connection whatsoever.

The good news is that since there really isn't any connection the propaganda has been backfiring. We saw in 2020 that a lot of money came into bitcoin as bitcoin recovered while their assets (mainly stocks) were still struggling and people realized the drop was a market manipulation.