I'd like to say that FUDs are the reason but I don't think so this time. Maybe people started selling too much after seeing the negative movements in the market. And it affected the balance of the market also.
such high anxiety can cause all of this, more and more people are certainly influenced by various negative things to the point of doubting. however, not all investors will decide the same, this can be an opportunity to buy too 
Topic: What's up with the recent decline? (Read 447 times)
I'd like to say that FUDs are the reason but I don't think so this time. Maybe people started selling too much after seeing the negative movements in the market. And it affected the balance of the market also.
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There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
No worries buddy, give them some time, their time will come. Most probably if the market stays in this form for another month, I don't think most altcoins will have what it takes to last another bearish period that follows in the coming months. Remember binance coin was one of those project that held strong during the market declines but this recent dumped saw it trading below the $300 mark which means it's has declined more that -50%.
Just like BNB other coins will keep losing their value, altcoins aren't trusted during the bearish market, the project with very strong fundamentals and community are and that's why Bitcoin and ethereum seems to be holding strong. No doubt they have more money in them so they'll be the go to coins for security.
The current decline is actually not surprising since bitcoin got off a hot start from 2020 while the rest of the world struggled to find something during the onset of the pandemic. It lasted for a good while, and we all know that what comes up must come down and that’s exactly what’s happening. The resistance @ $29k is pretty solid, as it was tested a few days back and it held on like a champ. A sideways market, IMO, is to be expected with all these news re: China’s recent actions on miners lingering the scene.
Hopefully the resistance at 29k will stay strong for a long time because a lot of FUD will definitely feast on the market if it breaks and goes down yet again. With all the things that you said though, there seems to me not a lot of long-term effects that is causing the decline in the market so, I think that I can still probably sleep well. 
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
There are no surprises on seeing most of the altcoins are down right now, one of the prime reason for this is, when investors and traders are in bearish mode, they will probably book profits in all their investments (most traders and investors are always good in diversification) and they may not think about buying further until there will be a change in the direction of market.There were multiple reasons why we are having big correction right now in entire crypto space. China's ban on crypto operations must be one of the big one along with Elon Musk's negative comments on bitcoin mining operations.
The effect that we are seeing now is not yet the worst, prepare yourselves for the worst to come as we are in this situation before that people think the market will not be able to survive, but they are wrong because bitcoin hit a new ATH in the recent bull run. Don't panic, that's the only thing we have to do, because if we believe in crypto and in bitcoin, all these worst scenario may only become as a normal one.
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
There are no surprises on seeing most of the altcoins are down right now, one of the prime reason for this is, when investors and traders are in bearish mode, they will probably book profits in all their investments (most traders and investors are always good in diversification) and they may not think about buying further until there will be a change in the direction of market.There were multiple reasons why we are having big correction right now in entire crypto space. China's ban on crypto operations must be one of the big one along with Elon Musk's negative comments on bitcoin mining operations.
The current decline is actually not surprising since bitcoin got off a hot start from 2020 while the rest of the world struggled to find something during the onset of the pandemic. It lasted for a good while, and we all know that what comes up must come down and that’s exactly what’s happening. The resistance @ $29k is pretty solid, as it was tested a few days back and it held on like a champ. A sideways market, IMO, is to be expected with all these news re: China’s recent actions on miners lingering the scene.
Most of the time it would really be having some corresponding reason on why market would really be having these kind of movement and whether its a positive or a negative one then these sentiments could neither gave out some effect or would just simply be ignored.We cant make out comments or words without seeing those market reactions which is a bit typical imho.People still get used to react that much whenever the market do make out its move without realizing that this had been a typical movement ever since this market had started. Expect the unexpected and react according to it.
The current decline is actually not surprising since bitcoin got off a hot start from 2020 while the rest of the world struggled to find something during the onset of the pandemic. It lasted for a good while, and we all know that what comes up must come down and that’s exactly what’s happening. The resistance @ $29k is pretty solid, as it was tested a few days back and it held on like a champ. A sideways market, IMO, is to be expected with all these news re: China’s recent actions on miners lingering the scene.
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
The decline is our support of current resistance, which I believed loosened bearish market dominance. On my point of views, this is a good indication that future potential pumps will be going to existence someday. Though it seems unpredictable, but we need to be careful when that time comes because if you haven't filled your wallet yet there could be tendency of frustrations by time we fail due to emotions.
So what's your point of view regarding this decline?
It is simple, holders taking a profit. Aside from that, bad news from different countries such as China forbidding merchants to accept cryptocurrency followed by closing miners on their jurisdiction and some country acknowledging Bitcoin as legal tender then later retracting the statement. It sure affects the mood of the market.This means when the price reached 40k levels that ended with the price going down because it failed to go any higher, even if it managed to hit just 42k that would mean 45k+ easily, or at least stay above 40k but since it failed that meant going down. It is simple really, when there is only one way to go and other direction is blocked then you have other direction blocked simple as that. It is not really a shocking thing, it is something that has been around for 10 years now.
So what's your point of view regarding this decline?
It is simple, holders taking a profit. Aside from that, bad news from different countries such as China forbidding merchants to accept cryptocurrency followed by closing miners on their jurisdiction and some country acknowledging Bitcoin as legal tender then later retracting the statement. It sure affects the mood of the market.But I believe it's strong enough for bitcoin to hold on and the price bounces back after doing its resistance.
So what's your point of view regarding this decline?
It is simple, holders taking a profit. Aside from that, bad news from different countries such as China forbidding merchants to accept cryptocurrency followed by closing miners on their jurisdiction and some country acknowledging Bitcoin as legal tender then later retracting the statement. It sure affects the mood of the market.
That is true reality, when bitcoin goes down there is really not that many coins that makes a profit, it is definitely one way to say that it is not doing good and I fear that it will always be connected.
Yup, because of that I'm curious why the OP said there are some altcoin which isn't down as bas as BTC and ETH. When I have altcoin portfolio then BTC is down like yesterday, I loss 50% meanwhile BTC just crash for 10-20%. I need some explanations of what the OP said. Maybe I got miscommunication of what he wrote. Reason for Dogecoin to dump?
1. Hype is over
2. Big hodlers cashing out
I am pretty sure those that were hodling Doge for the last 2 years like myself (bought at 25 sats) sold long time ago. I sold mine in ladders and my highest sell was 5 cents. Yes feel like an idiot for selling so cheap but keep in mind that I bought it for like 25 sats (forgot what the USD price was at the time)
And I am sure there are tons more like me and more were big hodl'er who probably most likely sold when the initial pump happened. Where it went to like 9 cents and topped, then traded sideways for like a month before heading higher. So most hodlers sold at 5-10 cents.
The reason is dumped is probably because panic started when TikTokers realised that its not going to hit $10 and they all started to dump on one another.
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Ethereum and Dogecoin follow the downtrend and so with the other altcoins. I hope it is the last correction for the bitcoin and crypto and in the next month, the price will start to increase.
Almost all crypto dump when bitcoin price drop, we can see this happening always as alts are dependent to the movement of bitcoin. And I also hope that this is the last correction to see since if we can see more of it then maybe we will wait again another 4 years (next halving) to see a good price rally brougt by this event. But I doubt the pump will happen next month so better we should watch how the market moves.
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
Just normal crypto cycles. When people make tons of paper profits when things slow to a halt people start selling out to realize those gains. Just profit taking, the real question is where will the new base be. That's the scary part
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
-Reason for decline?Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
1.Profit taking
2.Fud
3.Panic sell
4.Whale dumps
Reason for Dogecoin to dump?
1. Hype is over
2. Big hodlers cashing out
Not all coins would be going down but of course it would really be having price correction which is pretty normal.
When you do deal with crypto investment then you should really make yourself prepared into these circumstances.
I'm a bit behind on the info it seems, which altcoin isn't as bad as BTC and ETH when the dump happened? Because so far what I have seen is that if BTC drops, the overall market is red, especially altcoins that are not popular enough. Because if you look at the market capitalization, BTC and ETH dominate around 70% so that if BTC goes down the market will also go down and vice versa, the both of coins will recover first. CMIIW
That is true reality, when bitcoin goes down there is really not that many coins that makes a profit, it is definitely one way to say that it is not doing good and I fear that it will always be connected.The fear of connected is that we do not really have any choice but to accept that we all go up or we all go down and what is the point of studying coins at that point? Sure some coins went more than others I am not going to argue that, but mainly when there was a bull run everything went up and everyone earned money, some more than others I agree but we all made money, and when it went down we all lost money, so why do I study all other coins? I could simply buy bitcoin with 50% of my portfolio and the rest 50% will be divided 5% with other 10 best coins (except usdt) and just hold? That would make me enough money and I would not have to research any coins by that logic.
In forex trading for those using institutional style trading..what usually happens is,before the institutional investors buy they first have to sell and give that manipulative picture that market is going down when in reality its preparing to be bullish and this is likely what is happening and probably a coincidence with what's going on in China and the bitcoin miners.
So let's be on the lookout for market manipulation while the Chinese make the headlines.
So let's be on the lookout for market manipulation while the Chinese make the headlines.
The recent decline was bound to happen. In fact, it was really over due. But regardless, there are only two ways to go; either bitcoin goes back down a bit right now(which is what I am assuming) or goes up to 37k-ish levels of resistance then back to 40k-ish(if it succeeds, and then back again to 30k-ish levels. Short/mid term. After this happens, I expected steady ups. I even think that the month of july will be a great month for every coin.
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
Those "some" altcoins are probably shitcoins that are controlled by the developers. They can easily manipulate the price and keep the volumes up. So don't look at those. Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
As for the decline of other well know crypto currencies, it is because of series of "bad news" and FUDs being spread all over. People were already in fear that the price might crash. Those negative events just acted as a catalyst to cause the market to crash. And then there is China banning shits. This effect is short term. Keep holding if you invested or else you might cry later.
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
I think that a lot of people and investors have started to look at their options, since the recent news of companies like Tesla dropping bitcoin as a payment method and China banning bitcoin mining and taking some serious actions against it, and all of that is causing some panic as always that is leading to people selling, as of the other altcoins i think some of them are centralized stable coins means that they don't get affected by anything and their userbase has no reason to dump them.Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
Technically it's as it was always, -- Buy the Bitcoin first, then create hype, accept it as payment here and there, then dump it on people then make scare them by removing it as a payment option because of price's downfall.
~~Buy Again and repeat the same cycle with some modifications to the strategy.
How easy it's to manipulate the people.
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
I think that a lot of people and investors have started to look at their options, since the recent news of companies like Tesla dropping bitcoin as a payment method and China banning bitcoin mining and taking some serious actions against it, and all of that is causing some panic as always that is leading to people selling, as of the other altcoins i think some of them are centralized stable coins means that they don't get affected by anything and their userbase has no reason to dump them. Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
I don't think anything out of the ordinary is happening with the price now. It's been a month of the price largely below $40k but always above $30k. It goes in ups and downs all the time, jumping by a few thousands here and there, and it seems to be already recovering from the current tiny cycle. The market is struggling, and I guess there's a lot of tension between buyers and sellers now, but it's not like we're seeing the price dropping even further for now, so there shouldn't be a particular reason for the fluctuations we're observing.
Looking at the majority of the replies here on this thread which is " China's responsible "
Well, yes it's possible that China's responsible for that they don't have democracy but pure dictatorship and can change the rules on a Whim.
So you can see if that's the case then how easy it is to manipulate a market, which is China's specialty.
I recently made a thread about China linking with U.S, Where this guy "Dr.Fauchi" paid a lab in Wuhan to create Corona Virus along, there had been Email found regarding his Assistance in creating Covid-19, Along with Emails linking Bill Gates on the matter as well.
I'll post the link here if anyone wanna check it out: (Covid-19 Virus Research Criminal Found - Anthony Fauci): https://bitcointalksearch.org/topic/covid-19-virus-research-criminal-found-anthony-fauci-5342617
China's everywhere being the bad guy but somehow doesn't get hit to break it, I somewhat believe there are People pulling Strings behind China to show China on the frontlines of being a bad nation.
But we'll always be proud of "Made in China"
Well, yes it's possible that China's responsible for that they don't have democracy but pure dictatorship and can change the rules on a Whim.
So you can see if that's the case then how easy it is to manipulate a market, which is China's specialty.
I recently made a thread about China linking with U.S, Where this guy "Dr.Fauchi" paid a lab in Wuhan to create Corona Virus along, there had been Email found regarding his Assistance in creating Covid-19, Along with Emails linking Bill Gates on the matter as well.
I'll post the link here if anyone wanna check it out: (Covid-19 Virus Research Criminal Found - Anthony Fauci): https://bitcointalksearch.org/topic/covid-19-virus-research-criminal-found-anthony-fauci-5342617
China's everywhere being the bad guy but somehow doesn't get hit to break it, I somewhat believe there are People pulling Strings behind China to show China on the frontlines of being a bad nation.
But we'll always be proud of "Made in China"
As the title says I'm curious what's the real reason for the decline?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
There is viral on twitter china ban crypto and government start investigating high source using for personal and company mining. I think there is one of the major reasons why the price of crypto has fallen drastically in the last few weeks.
I'm a bit behind on the info it seems, which altcoin isn't as bad as BTC and ETH when the dump happened? Because so far what I have seen is that if BTC drops, the overall market is red, especially altcoins that are not popular enough. Because if you look at the market capitalization, BTC and ETH dominate around 70% so that if BTC goes down the market will also go down and vice versa, the both of coins will recover first. CMIIW
for as long as i can remember whenever bitcoin dropped all the altcoins (including ETH) got dumped a lot harder. it is because despite what some people may claim they never have any faith in the altcoins, they only thing EVERYONE has faith in is bitcoin so they always dump altcoins the first chance they get.
I'm a bit behind on the info it seems, which altcoin isn't as bad as BTC and ETH when the dump happened? Because so far what I have seen is that if BTC drops, the overall market is red, especially altcoins that are not popular enough. Because if you look at the market capitalization, BTC and ETH dominate around 70% so that if BTC goes down the market will also go down and vice versa, the both of coins will recover first. CMIIW
The recent decline cause was China banning or shutting down mining facilities in their country. This should only affect the market in the short term while miners are looking to move towards other countries more welcoming of crypto and mining, and shouldn't affect the market in the long run. The Doge meme died already afaik, there wasn't much news about it so I guess that's what happened. This is actually an opportune moment to buy and hodl for a short term gain since the market would naturally bounce up after a few weeks after the China fud dies down.
The shut down this year is a bit different if you think about it because China seems to be much more serious than the last time that they did this ban since they are preparing for their digital currency, might as well remove the possible competition.Yes. But also, keep in mind that new mining facilities are coming online, so this decline will be overcome. And as more companies move in to the market, the prices should eventually increase.
CHINA, it is because of China again. The recent news about banning all crypto mining activities dues to a shortage of electricity supply sends a huge impact on the minds of the people making them decided to sell their cryptos. The FUD's has a bad influence on the community and can no longer stop people to dump their coins.
But I think the decline is over as the market started to grow. And for that short dumps, it emphasizes something that many were still able to keep themselves quiet and calm, and it makes the market not going deeper.
But I think the decline is over as the market started to grow. And for that short dumps, it emphasizes something that many were still able to keep themselves quiet and calm, and it makes the market not going deeper.
I wonder if they'll ever laugh at memes, especially on the doge ones
Dogecoin is not the problem nor any other coin for the matter on the drop. It is natural with the market if you have followed. The bear came in and every coin is getting the share of the fud. China could have a hand in it with the restrictions, so not just doge. Every coin including bitcoin has dropped more than 30% of its gain and you should expect the end effect on altcoins. This is actually the time to buy and not for lamentation about the price drop. If you check back in 2017/18, this kind of repeating the incident backwards.
The recent decline cause was China banning or shutting down mining facilities in their country. This should only affect the market in the short term while miners are looking to move towards other countries more welcoming of crypto and mining, and shouldn't affect the market in the long run. The Doge meme died already afaik, there wasn't much news about it so I guess that's what happened. This is actually an opportune moment to buy and hodl for a short term gain since the market would naturally bounce up after a few weeks after the China fud dies down.
The shut down this year is a bit different if you think about it because China seems to be much more serious than the last time that they did this ban since they are preparing for their digital currency, might as well remove the possible competition. 
Ethereum and Dogecoin follow the downtrend and so with the other altcoins. I hope it is the last correction for the bitcoin and crypto and in the next month, the price will start to increase.
Almost all crypto dump when bitcoin price drop, we can see this happening always as alts are dependent to the movement of bitcoin. And I also hope that this is the last correction to see since if we can see more of it then maybe we will wait again another 4 years (next halving) to see a good price rally brougt by this event. But I doubt the pump will happen next month so better we should watch how the market moves.
hero member
Activity: 2912
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Hard to say the reason for the recent decline because that will be many reasons that can make the price down. But the last news comes from China which wants to ban bitcoin and close the mining in that country. The other reason is that people worry if the price is still going down and stay at $20k level price so they sell it without waiting for a while. But fortunately, the price can bounce after a touch below $30k and now, the price is back to $34k and hopefully, the price can increase more.
Ethereum and Dogecoin follow the downtrend and so with the other altcoins. I hope it is the last correction for the bitcoin and crypto and in the next month, the price will start to increase.
Ethereum and Dogecoin follow the downtrend and so with the other altcoins. I hope it is the last correction for the bitcoin and crypto and in the next month, the price will start to increase.
OP, you might want to move this thread to Speculation, because that's where it looks like it belongs.
This decline is kind of to be expected IMO. Bitcoin got really hot, really quickly in 2020 and looked like it was going to $100k. If that had happened, there's no way that price level could have been maintained for long, because it would have induced a ton of bitcoin holders to sell and take their profits in fiat. As it stands, a lot of them did just that anyway, and I think that's why the price has dropped recently--along with a lot of altcoins, too.
What it appears is that money is flowing out of crypto and into something else. I'm not entirely sure what that something else is, but my best guess is the stock market or cash. The bull market in crypto doesn't seem to be over, however. If there was a real crash, bitcoin would be well below $32k. Yeah, it's true that right now it's at half its ATH but it's still way higher than it has been for much of its existence, so that should tell you something--and one of the things it tells me is that now is the time to be buying and not selling. The time for selling was between $50-60k. Just my opinion, of course. Bitcoin could always go lower, but I happen to think it's not going to go that much lower than where it is now.
This decline is kind of to be expected IMO. Bitcoin got really hot, really quickly in 2020 and looked like it was going to $100k. If that had happened, there's no way that price level could have been maintained for long, because it would have induced a ton of bitcoin holders to sell and take their profits in fiat. As it stands, a lot of them did just that anyway, and I think that's why the price has dropped recently--along with a lot of altcoins, too.
What it appears is that money is flowing out of crypto and into something else. I'm not entirely sure what that something else is, but my best guess is the stock market or cash. The bull market in crypto doesn't seem to be over, however. If there was a real crash, bitcoin would be well below $32k. Yeah, it's true that right now it's at half its ATH but it's still way higher than it has been for much of its existence, so that should tell you something--and one of the things it tells me is that now is the time to be buying and not selling. The time for selling was between $50-60k. Just my opinion, of course. Bitcoin could always go lower, but I happen to think it's not going to go that much lower than where it is now.
I suppose the Chinese FUD has a hand in this.
That could be a possibility as well, since China has a huge influence on bitcoin. It always amazes me that it does, given how tight a grip their government has over its citizenry and its currency. 
The recent decline cause was China banning or shutting down mining facilities in their country. This should only affect the market in the short term while miners are looking to move towards other countries more welcoming of crypto and mining, and shouldn't affect the market in the long run. The Doge meme died already afaik, there wasn't much news about it so I guess that's what happened. This is actually an opportune moment to buy and hodl for a short term gain since the market would naturally bounce up after a few weeks after the China fud dies down.
Real reason of downtrend or uptrend cannot be obtained. But guesses are made as to the most probably cause. There have been a few negative news about crypto concerning some countries and therefore I guess the price has dumped. Whether some crazy millionaire sold off some coins, nobody can know for sure. Because you are playing something that is pseudo-anonymous and you dont want regulation, so why ask?
But understand that this is a part of the bull/bear cycle and the uptrend will soon come in before you know it, because inorganic causes of price rise happened for the last few months when a certain millionaire started tweeting about crypto and the price rose without consolidating support levels.
I view this as an opportunity to get in/buy, because the downward slope is possible but upward is also possible and when the uptrend starts you will have more than one points to sell from.
But understand that this is a part of the bull/bear cycle and the uptrend will soon come in before you know it, because inorganic causes of price rise happened for the last few months when a certain millionaire started tweeting about crypto and the price rose without consolidating support levels.
I view this as an opportunity to get in/buy, because the downward slope is possible but upward is also possible and when the uptrend starts you will have more than one points to sell from.
all of these declines are the whale's strategy to earn money. especially in China, whose country is doing fud, but cryptocurrency figures from China are even showing off buying coins when they are cheap... so this is like a game. and who is smart and has good risk management, he will win.
I suppose the Chinese FUD has a hand in this. With China banking institutions within its jurisdiction for i suppose a third time if I'm not mistaking, from having any form of transacting with bitcoin and cryptocurrencies, it has left the crypto space and market shaking a little with the correction that was being sustained at a range. Its sad but as sad as it may seem, the buying opportunity for those looking to invest is now. With most coins to hva e dropped to its 50% and even more from the reached ATH during the bullrun where most coins rallied.
After investing, the question is what's next! Your best guess is always to hodl, hodl and get ROI. Don't be focused on the negative, focus on the opportunity in the negativity and its all good.
After investing, the question is what's next! Your best guess is always to hodl, hodl and get ROI. Don't be focused on the negative, focus on the opportunity in the negativity and its all good.
There's no other reason but the usual FUD that has been on going for weeks but in reality it's not been just for weeks but it's been said year after year.
It's the China FUD.
It's the China FUD.
So what's your point of view regarding this decline?
It's about time for a bear market, don't panic because this is normal and the market will recover again.I don't think DOGE affects the market that much, maybe it's more on the pressure of China to Bitcoin and I heard some companies them will freeze your account if you transact cryptocurrency, I'm not sure though. What's good on this bear market is that, the whales are buying and big companies owns a lot of Bitcoin now maybe this is not good but still whales are buying at the bottom and that makes the price recover soon.
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
It has nothing to do with DOGE, this is a cycle and it's normal to see this bear market because we've already reach the peak and the only way to move forward is to have this corrections and the bear market as well. I don't think news affect the market situation now, it's just that we are already on a bear trend and it's happening now. Sooner or later we will start to go up again, but for me it will happen next year. Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
As the title says I'm curious what's the real reason for the decline?
....
Quote
Bitcoin Plunges More Than 11% After China Bans Cryptocurrency Mining
Bitcoin's slump continues now that the Chinese government has shut down cryptocurrency mining facilities, wiping out about 90% of mining capacity in the country.
Last week, it was announced that the Chinese government would implement a ban against cryptocurrency mining, which was extended this weekend. The Chinese authorities ordered the closure of the facilities where this activity is carried out, which resulted in a strong fall of more than 11% in Bitcoin (BTC).
This Monday morning, June 21, Bitcoin reached a minimum price of $31,830 per unit, according to data from CoinMarketCap. Just a few hours earlier, during Sunday afternoon, the cryptocurrency was trading at $35,945, which means a drop of 11.45%.
Last week, Elon Musk said that his company Tesla would accept Bitcoin again when cryptocurrency "miners" used more clean energy. The announcement triggered a rebound in the price of BTC, which even surpassed $40,000. However, it did not stay there long and is getting further away from its all-time high of more than $64,000 on April 14.
Regional governments in Chinese provinces have ordered the closure of cryptomining facilities and ordered power companies to stop supplying power to all mines before Sunday.
Local media reported that electricity supplies to all cryptocurrency mines in Sichuan province were cut off at midnight Sunday.
Cryptomining in China fuels nearly 80% of the world's cryptocurrency trade. With this ban, the government ends about 90% of the Bitcoin mining capacity in the country.
The Chinese government's restrictions against cryptocurrencies began last May when it prohibited all financial entities in the country from carrying out transactions with digital currencies.
Analysts point out that all these measures are likely related to China's intention of launching its own official cryptocurrency, with which it can control transactions and prevent capital flight, investment and tax collection.
https://www.chron.com/business/article/Bitcoin-plunges-more-than-11-due-to-Chinese-ban-16263143.php
Bitcoin's slump continues now that the Chinese government has shut down cryptocurrency mining facilities, wiping out about 90% of mining capacity in the country.
Last week, it was announced that the Chinese government would implement a ban against cryptocurrency mining, which was extended this weekend. The Chinese authorities ordered the closure of the facilities where this activity is carried out, which resulted in a strong fall of more than 11% in Bitcoin (BTC).
This Monday morning, June 21, Bitcoin reached a minimum price of $31,830 per unit, according to data from CoinMarketCap. Just a few hours earlier, during Sunday afternoon, the cryptocurrency was trading at $35,945, which means a drop of 11.45%.
Last week, Elon Musk said that his company Tesla would accept Bitcoin again when cryptocurrency "miners" used more clean energy. The announcement triggered a rebound in the price of BTC, which even surpassed $40,000. However, it did not stay there long and is getting further away from its all-time high of more than $64,000 on April 14.
Regional governments in Chinese provinces have ordered the closure of cryptomining facilities and ordered power companies to stop supplying power to all mines before Sunday.
Local media reported that electricity supplies to all cryptocurrency mines in Sichuan province were cut off at midnight Sunday.
Cryptomining in China fuels nearly 80% of the world's cryptocurrency trade. With this ban, the government ends about 90% of the Bitcoin mining capacity in the country.
The Chinese government's restrictions against cryptocurrencies began last May when it prohibited all financial entities in the country from carrying out transactions with digital currencies.
Analysts point out that all these measures are likely related to China's intention of launching its own official cryptocurrency, with which it can control transactions and prevent capital flight, investment and tax collection.
https://www.chron.com/business/article/Bitcoin-plunges-more-than-11-due-to-Chinese-ban-16263143.php
This latest crackdown on crypto mining by china, which fueled this latest big crash. Appears to have caused chinese mining operations to begin relocating outside the country.
While it is devastating in the short term. It may have costed china much of its influence in cryptocurrencies over the long term. China can only kill off their crypto mining industry once. Before they'll have to look at other methods of manipulating crypto markets. While not great. This could be a hard positive for crypto over the long term.
China also had involvement in bitcoin's previous crashes from ATH in 2017 and 2013.
If eth and btc are declining slowly, it means they are being accumulated. Other coins are not being touched because major coins seem to be on the radar of whales and these are yet to see their bottoms for this year as none of them both reached their support areas where it can be called that there are chances of a retracement. This correction will be a very big lesson for those who like to listen to meme coin shills and invest in btc at its top and then dumped on.
Well said, Even if you compare Dogecoin and bitcoin in the recent decline it'll show that bitcoin didn't fell less than 50% comparing it to its higher highs,
But looking at dogecoin look where it went from 0.7$/Doge to -> 0.18-0.19 $/Doge. This is definitely going to be a very big lesson for those who were under the influence of this FOMO which was cast by Elon musk but got taken advantage of by people who invested before the massive population got the meme "Doge to the moon".
I wonder if they'll ever laugh at memes, especially on the doge ones
If eth and btc are declining slowly, it means they are being accumulated. Other coins are not being touched because major coins seem to be on the radar of whales and these are yet to see their bottoms for this year as none of them both reached their support areas where it can be called that there are chances of a retracement. This correction will be a very big lesson for those who like to listen to meme coin shills and invest in btc at its top and then dumped on.
As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?
There are some altcoins that aren't down as badly as popular coins like ETH and BTC.
So what's your point of view regarding this decline?
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