what caused the bitcoin price to drop today? - page 2.

GreatArkansas

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Quote from: LittleBitFunny on November 09, 2022, 08:48:59 PM

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I still remember on January 31, 2022 after completing the series C fundraising, FTX was valued at 32 billion, this is not a small number and less than 1 week, the market capitalization has decreased by more than 150 billion and will continue if there is official information about the bankruptcy of FTX.
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This is also one of the many reasons why a lot of people trusted FTX Exchange, because of their value, it's not a small amount of money. FTX exchange is a well-established exchange I believe after the Binance exchange. And add up also about how SBF did a positive act with Voyager before.
It seems they used the money of their customer for something and something went wrong.

LittleBitFunny

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Quote from: Rikafip on November 09, 2022, 08:18:01 AM

Quote from: LittleBitFunny on November 08, 2022, 11:02:41 PM

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.

Yes, if we compare then no one can be as big as Mt.gox, because at that time there were not as many exchanges as there are today, now assets are distributed and spread across many different exchanges rather than concentrating all on a single exchange. But the collapse of FTX is not just an exchange, it will entail a series of ecosystems that Alameda fund invests in, typically Solana is suffering the most. Alameda Investment Fund is investing in many leading projects in the market and they will have to liquidate them all to save FTT.

I still remember on January 31, 2022 after completing the series C fundraising, FTX was valued at 32 billion, this is not a small number and less than 1 week, the market capitalization has decreased by more than 150 billion and will continue if there is official information about the bankruptcy of FTX.

STT

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Its surely a test of strength, cutting to the bone the resolve of those who believe in longer term strength. A major point in a take over by Binance was the amount of market share that would then be attributed to Binance would bring with it a headache in terms of regulation and red tape apparently this is strong discouragement along with other factors. Its possible a few other parties could take on partial assets like a normal liquidation but thats not the easy solution some might have hoped for

eaLiTy

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Quote from: BALIK on November 09, 2022, 04:49:42 PM

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I remember in a forum vote asking about the bottom of bitcoin this bear season most people were predicting $15k and we were on our way there but it is not clear whether people will buy it or leave the market.

It is a shit show at the moment with FTX but anyone who is here in the market for a while would view these as opportunities rather than leaving the market. Yes there are many who entered when the market was on its correction phase and think that they are stuck and then there are many who are selling off at a loss thinking that the market would fall further. Only one word HODL.

Hamphser

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Quote from: sana54210 on November 09, 2022, 04:29:56 PM

Quote from: hugeblack on November 09, 2022, 04:25:25 AM

Quote from: landheer on November 08, 2022, 09:14:35 PM

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

How long have you known or traded bitcoin? If it is from a short period, then changes of 2% to 10% are considered normal according to supply and demand and do not necessarily require a convincing reason or analysis of why the price behaves like this.

Changes of more than 10% or continuous changes for several months are what require analysis, which is often to know the support and resistance that these cryptocurrencies reach.

Unfortunately, people who are overreacting to a 10% drop is the reason why we are not going up for the past 1 year. If people realized long time ago that this is incredibly normal and the price should be like this and volatility is common then we would have gone up already.

But, people are overreacting and selling and getting out, which causes the price to of course collapse and not go up since people are spreading FUD everywhere. Eventually they will realize it is okay and they will start buying and then bull will start, but it takes time for them to realize that, which is the main problem we are having. Maybe it will be different later on, but right now that’s the situation at hand.

People are been mainly focusing or putting up much attention on ever $1k+- increment dropdown on price which if we do sum up then its really on that 10% drop and now we are getting even more deeper.

For those who are new into this market and havent been able to see up these things are the ones who do easily freak out.Reason on why such drop? Pretty sure that everyone is commonly aware about
the issues in between CZ and FTX and much sure that people been really that blaming out this situation to be the reason on why this market plummets.

Instead on freaking out then it would be better if you would really be that considering on buying out cheaper bitcoin and other altcoins in the market.
When you are dealing with this market then you should really make yourself prepared on things specially attached with volatility because this would be the primary thing you would face on.

BALIK

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Quote from: bitterguy28 on November 09, 2022, 05:42:35 AM

Quote from: darkangel11 on November 09, 2022, 05:37:18 AM

At least now we know what the real shitcoins are. ETH lost 20% in 24 hours.

Adding Dogecoin mate https://coinmarketcap.com/currencies/dogecoin/ losing 37% and that's bad

also Solana and this is how low it cost now https://coinmarketcap.com/currencies/solana/ 43% drop and also so bad to look at.

maybe we will be seeing this drop for another couple of days before showing some strong climb in the coming month of December.

If you call ethereum a shitcoin then the whole altcoin market is shitcoin not just eth and doge. Sol will be the second luna because when FTX filed for bankruptcy solana will end, FTX and alameda are sol's biggest VCs.

Binance has announced that it will not acquire FTX due to unclear financial statements of FTX and alleged US agency investigations. We don't have to wait until December, mate. We are seeing a bigger crash that Luna caused this year, BTC officially has a new bottom.

Quote from: bitterguy28 on November 09, 2022, 05:42:35 AM

Quote from: UserU on November 09, 2022, 04:44:18 AM

Quote from: STT on November 09, 2022, 01:23:23 AM

To those hoping to scoop more at a lower price, now's the time

Perfectly mentioned mate, there are lots who ask for lower entry and this is the best time Grin

I remember in a forum vote asking about the bottom of bitcoin this bear season most people were predicting $15k and we were on our way there but it is not clear whether people will buy it or leave the market.

OgNasty

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Quote from: TimeTeller on November 09, 2022, 04:38:33 PM

Quote from: uneng on November 09, 2022, 11:13:06 AM

Quote from: Rikafip on November 09, 2022, 08:18:01 AM

Quote from: LittleBitFunny on November 08, 2022, 11:02:41 PM

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.

I think the best hypothesis for crypto market would be if Binance really buys FTX right now. It may calm down investors and stop panic among them. Otherwise, prices can crash even deeper to very low levels such as 10,000$. On the other hand, by purchasing FTX, Binance consolidates itself as a titan exchange among all, leading crypto to more centralization, what is never good.

Sadly so many top tier scammers are completely ruining crypto environment this year. Reputation of cryptocurrencies is on its lowest level so far, I suppose.

Unfortunately, in the latest twist of events, binance walks away from this possible acquisition.

https://www.coindesk.com/business/2022/11/09/binance-walks-away-from-ftx-deal-wsj/

It says from the article that FTX issues are beyond their (binance) control and couldn't bail out FTX.
I believe this is one of the major contributing factor why there is sudden drop in btc.

That is definitely a major reason why the market is selling off hard. If Binance can't fix the problem you've created, you know you messed up.

Hard to believe this all started with Sam tweeting about CZ poking fun at him a couple days before Halloween. It's hard to believe that someone could be so out of touch. Sam was tweeting that people should hold and was teasing the idea of airdropping coins to those who didn't panic right up until the end. Now he's just deleting those tweets and hoping to escape with his freedom and his billion dollar golden parachute.

This cycle has been a strange one. First Do Kwon and now Sam... If only greed didn't play a factor, I'm sure we'd be sitting at much higher levels right now.

TimeTeller

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Quote from: uneng on November 09, 2022, 11:13:06 AM

Quote from: Rikafip on November 09, 2022, 08:18:01 AM

Quote from: LittleBitFunny on November 08, 2022, 11:02:41 PM

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.

I think the best hypothesis for crypto market would be if Binance really buys FTX right now. It may calm down investors and stop panic among them. Otherwise, prices can crash even deeper to very low levels such as 10,000$. On the other hand, by purchasing FTX, Binance consolidates itself as a titan exchange among all, leading crypto to more centralization, what is never good.

Sadly so many top tier scammers are completely ruining crypto environment this year. Reputation of cryptocurrencies is on its lowest level so far, I suppose.

Unfortunately, in the latest twist of events, binance walks away from this possible acquisition.

https://www.coindesk.com/business/2022/11/09/binance-walks-away-from-ftx-deal-wsj/

It says from the article that FTX issues are beyond their (binance) control and couldn't bail out FTX.
I believe this is one of the major contributing factor why there is sudden drop in btc.
And now, the sister company, Alameda Research is getting out about $37M of WBTC.

https://www.coindesk.com/markets/2022/11/09/alameda-in-eye-of-crypto-storm-takes-37m-of-wrapped-bitcoin-off-ftxus-exchange/

I believe, its investors are already in the panic mode and more than likely, selling or withdrawing their assets from FTX, if they still can.

sana54210

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Quote from: hugeblack on November 09, 2022, 04:25:25 AM

Quote from: landheer on November 08, 2022, 09:14:35 PM

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

How long have you known or traded bitcoin? If it is from a short period, then changes of 2% to 10% are considered normal according to supply and demand and do not necessarily require a convincing reason or analysis of why the price behaves like this.

Changes of more than 10% or continuous changes for several months are what require analysis, which is often to know the support and resistance that these cryptocurrencies reach.

Unfortunately, people who are overreacting to a 10% drop is the reason why we are not going up for the past 1 year. If people realized long time ago that this is incredibly normal and the price should be like this and volatility is common then we would have gone up already.

But, people are overreacting and selling and getting out, which causes the price to of course collapse and not go up since people are spreading FUD everywhere. Eventually they will realize it is okay and they will start buying and then bull will start, but it takes time for them to realize that, which is the main problem we are having. Maybe it will be different later on, but right now that’s the situation at hand.

Nrcewker

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Quote from: landheer on November 08, 2022, 09:14:35 PM

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

Bitcoin’s price solely depends on us. The price affects due to the demand of the coin. As Bitcoin’s are limited in number, so when the demand increases, the price also rises in order to fulfil the demands. Similarly happen when the demand decreases and hence price falls down. If you want to understand more easily, then just consider, today there were more people selling their coins, instead of buying in many exchanges.

uneng

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Quote from: Rikafip on November 09, 2022, 08:18:01 AM

Quote from: LittleBitFunny on November 08, 2022, 11:02:41 PM

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.

I think the best hypothesis for crypto market would be if Binance really buys FTX right now. It may calm down investors and stop panic among them. Otherwise, prices can crash even deeper to very low levels such as 10,000$. On the other hand, by purchasing FTX, Binance consolidates itself as a titan exchange among all, leading crypto to more centralization, what is never good.

Sadly so many top tier scammers are completely ruining crypto environment this year. Reputation of cryptocurrencies is on its lowest level so far, I suppose.

adaseb

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See the thread I created about exchange wars.

Basically due to a leaked document on Coindesk, it turns out FTX/Alamada was heavily leveraged using FTT as their collateral. When Binance CEO tweeted they are selling their FTT, it created alot of panic.

At first it was fine but eventually there was too much selling and Almada pulled the bids and then everything tanked. Their largest holding was SOL and hence why it crashed below $20. And other assets started to crash like BTC and ETH.

Now there is panic and hate everything and people are just bailing out of crypto. First Celcius, Voyager, bunch of Defi hacks, 3AC, Luna, people are hurt and they are leaving crypto forever most likely. And will stay out of investing for the time being.

Not looking good.

Reid

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FTX, FTT, Binance, CZ. Those are the keywords to search today in the crypto field and they are showered all over social media, forums like this one, articles, and even mainstream media.
Considering how big FTX is, and their platform being advertised in local tv commercials, it will be a big hit to the market if something really went wrong.
CZ had it all planned and it's working. He may be the starter of the dump that we are experiencing now but we cannot blame him, no one should be.
Many investors are in panic.

Davian144

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Quote from: landheer on November 08, 2022, 09:14:35 PM

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

Any connection including Bitcoin with the world economy does exist, but I don't want to associate the world's economic problems with Bitcoin because the price decline that is happening to Bitcoin at this time is because there are more sellers in the market so the price has decreased. And it could be due to the influence of Binance's dispute with the FTX crypto exchange trading company as I read about in this resource.

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