What cause Bitcoin to drop up to 42k$? - page 3.

rhodelmabanal

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Quote from: Twinscoin2017 on September 21, 2021, 01:09:25 AM

Bitcoin price is still below 200 Daily MA/moving average which means very weak. Is this the time that we can see bitcoin below 40k$ or back below 30k$ is there something wrong or negative feedbacks that cause this dropping of the price? Do you have an idea about this dropping guys?

i heared a news an hour ago that
this particular drop was caused by a combination of factors that may have made this drop more severe, Noble theorizes, from excitement about low-quality coins, to negative remarks from Elon Musk, to China's latest crack down on crypto services. I hope this will help you guys understand why btc price drop down to 42k$.

electronicash

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Quote from: UKprod on September 21, 2021, 02:09:28 AM

Like the replies mention, many predict that this is a result of the Evergrande Crisis. However, having said this, Bitcoin market is very volatile and to a lot of extent immature. It needs a lot of time before it can come into maintstream. Until then you could expect it to crash like this. However, this might just be the right time to invest in Bitcoins since there is a dip right now.

that is what they are saying. evergrande was compared to Lehman Brothers collapse but it's no way near to that knowing that CCP could intervene to the company before it will ever happen. but this is evergrande collapse is likely done deliberately to bring markets down, the CCP didn't intervene. it's affecting investors and dragging the crypto market as well.

maybe they really need to cripple all markets just sanctioning everyone along with AUS.

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Quote from: Poker Player on September 21, 2021, 01:14:31 AM

I guess the trigger was the Evergrande crisis. Like it or not, Bitcoin is a financial asset that is susceptible to the ups and downs of non-crypto markets. People see a hint of a crisis and sell because they get scared, then as the asset prices go down because people are selling, more people get scared and sell. In turn, leveraged positions get liquidated, etc.

Yup and this is a Domino effect , once some holder sells their coin and when the market shows dropping then others will follow and this makes the market shows the volatility , but others took advantage as they are buying when dip is happening like now.

Quote

It's a good time to buy, if you're going long term, which is as it should be.

Sad that all my funds are inside my folio, all my stocks USDT was converted when the price of bitcoin goes down to 30k level.

Hope i will find source of funds before this market strikes back,

UKprod

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Like the replies mention, many predict that this is a result of the Evergrande Crisis. However, having said this, Bitcoin market is very volatile and to a lot of extent immature. It needs a lot of time before it can come into maintstream. Until then you could expect it to crash like this. However, this might just be the right time to invest in Bitcoins since there is a dip right now.

DapanasFruit

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Quote from: Poker Player on September 21, 2021, 01:14:31 AM

I guess the trigger was the Evergrande crisis. Like it or not, Bitcoin is a financial asset that is susceptible to the ups and downs of non-crypto markets. People see a hint of a crisis and sell because they get scared, then as the asset prices go down because people are selling, more people get scared and sell. In turn, leveraged positions get liquidated, etc. It's a good time to buy, if you're going long term, which is as it should be.

I was a little surprised when I opened CMC today seeing that Bitcoin is now hovering around $42K with more pressure that it can go down some more though getting into $30K can already be too much. Now, I searched for what can be the biggest reason and yes I also read about that Evergrande thing which is actually a China-based real estate property developer the biggest as they say in the country. What comes to my mind is what the heck has that to do with Bitcoin...if there can be a huge problem in that Chinese property developer why would Bitcoin be thrown with it as well? Should not the BTC become the beneficiary of that company's fall? The answer is we don't know for sure.

Cryptoshops

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Quote from: zanezane on September 21, 2021, 01:50:28 AM

Quote from: Cryptoshops on September 21, 2021, 01:27:32 AM

Stock markets across the world are down and the Chinese property group called Evergrande caused the Asian markets to fail and then the US and Europe markets followed suite becuase of concerns the huge property group might go bust as they are in so much debt. Crypto also tends to follow the stock markets around the world hence the sharp decline.

That's a bit over the top don't you think? I mean that's crazy to think that crypto follows the stock market because that means that crypto isn't as independent as we think it is because it's basing it's movement to the stock market. Probable cause for the dips in prices is probably that there's more people that's taking some profit and there's also the news of a dormant address that's started moving.

If you look at the crypto ups and downs throughout its history it does follow the stock markets pretty closely Here is an Item from Forbes "Bitcoin is meant to be an uncorrelated asset and this is/was a positive. However, it is clear that right now bitcoin correlates with stocks very closely

https://www.forbes.com/sites/investor/2020/05/13/bitcoin-and-stocks-correlation-reveal-a-secret/

zanezane

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Quote from: Cryptoshops on September 21, 2021, 01:27:32 AM

Stock markets across the world are down and the Chinese property group called Evergrande caused the Asian markets to fail and then the US and Europe markets followed suite becuase of concerns the huge property group might go bust as they are in so much debt. Crypto also tends to follow the stock markets around the world hence the sharp decline.

That's a bit over the top don't you think? I mean that's crazy to think that crypto follows the stock market because that means that crypto isn't as independent as we think it is because it's basing it's movement to the stock market. Probable cause for the dips in prices is probably that there's more people that's taking some profit and there's also the news of a dormant address that's started moving.

kanayaTabitha

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Quote from: Twinscoin2017 on September 21, 2021, 01:09:25 AM

Bitcoin price is still below 200 Daily MA/moving average which means very weak. Is this the time that we can see bitcoin below 40k$ or back below 30k$ is there something wrong or negative feedbacks that cause this dropping of the price? Do you have an idea about this dropping guys?

Probably it's because this news. you can check it here

https://www.coinhighlight.com/2021/09/how-chinas-property-market-could-trigger-a-crypto-crash/

China's bad news is always success bring market to bleeding market days. i think it's because crypto possesion from china is big percentage so when the china community are doing mass selling, it will impact to the world wide crypto market.
Hope it will recover soon.

Cryptoshops

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Stock markets across the world are down and the Chinese property group called Evergrande caused the Asian markets to fail and then the US and Europe markets followed suite becuase of concerns the huge property group might go bust as they are in so much debt. Crypto also tends to follow the stock markets around the world hence the sharp decline.

Poker Player

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I guess the trigger was the Evergrande crisis. Like it or not, Bitcoin is a financial asset that is susceptible to the ups and downs of non-crypto markets. People see a hint of a crisis and sell because they get scared, then as the asset prices go down because people are selling, more people get scared and sell. In turn, leveraged positions get liquidated, etc.

It's a good time to buy, if you're going long term, which is as it should be.

Twinscoin2017

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Bitcoin price is still below 200 Daily MA/moving average which means very weak. Is this the time that we can see bitcoin below 40k$ or back below 30k$ is there something wrong or negative feedbacks that cause this dropping of the price? Do you have an idea about this dropping guys?

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