Why is bitcoin plunging? What is the reason for this?

Oceat

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Quote from: erep on July 08, 2021, 12:18:42 PM

Quote from: Connor Britton on July 08, 2021, 04:18:03 AM

The main reason for the collapse of Bitcoin is due to a series of measures recently introduced by China that have led to the price drop. Decline, but Bitcoin has also rebounded in the middle. I would rather regard this decline as a rest period for Bitcoin, because Bitcoin has risen very high since last year, and it will take a period of time to adjust. I think this is to reach a new height. There is no need to worry too much about the price of Bitcoin for the necessary rest period.

Bitcoin has been stuck in the $30-35k range for the past few weeks and I agree if this is a break after the ATH movement in the last few months, the period is highly anticipated as bitcoin has declined by more than 50% and the opportunity to buy cheaper to hold in the long term.

I'm done expecting that this current price would lead to a break of new ATH, it's been two months and nothing happens. Maybe if Elon Musk make some miracle again in this market maybe we will see the expected price. The time of accumulating Bitcoin is already done last year, we should accept the fact that this will lead to a bear market soon.

If you look at the price already there's no guarantee that this would lead to break a new ATH. Maybe if this is year 2024 it would be realistic to believe that the price would pump and break to six digit figure but nah, this is just a consolation after accumulating and gaining profit from the bull run.

buwaytress

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Quote from: Reatim on July 16, 2021, 08:53:24 PM

Yes Possibilities that Miners had already pulled out the operation but surely they are no starting to find migration , Miners will not stop mining just because of the regulation as they are free to transfer their mining in countries that they are most welcome.

Not possibilities, it's happened and with more en route in countries all over the world. The clue should have been in all the media coverage of the move actually. Happy people packing things up in a nice way, and very organised and orderly. This wasn't a panic mass exodus with China setting out the dogs to chase miners out. It was simply a state decision (which they'll come to regret).

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Quote from: btc_angela on July 12, 2021, 07:53:15 AM

Quote from: Connor Britton on July 08, 2021, 04:18:03 AM

The main reason for the collapse of Bitcoin is due to a series of measures recently introduced by China that have led to the price drop. Decline, but Bitcoin has also rebounded in the middle. I would rather regard this decline as a rest period for Bitcoin, because Bitcoin has risen very high since last year, and it will take a period of time to adjust. I think this is to reach a new height. There is no need to worry too much about the price of Bitcoin for the necessary rest period.

China news is over though, but perhaps we are still feeling the impact because the Chinese miners may have pulled the plug already.

Yes Possibilities that Miners had already pulled out the operation but surely they are no starting to find migration , Miners will not stop mining just because of the regulation as they are free to transfer their mining in countries that they are most welcome.

Quote

We have seen the hash rate falling down hard recently. In any case though, the impact will not be long term. And it's good that the minings are no longer concentrated on one country.

That is why we are having a Best future now as the miners will be scattered around the globe to continue their operation and not just in china .

Quote

So let's just wait for a while, others call this boring, but the best thing to do is just continue to accumulate and wait for the bull run to resume. And bitcoin is not going to die or something, it will continue to thrive and will go on it's normal cycle.

Waiting is the best weapon in crypto , there are prizes on those who can wait as this has been proven for long time now.

cabron

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Quote from: STT on July 16, 2021, 06:59:47 PM

Stuck in a range, gains unlikely is enough to contain any upside action from fast profit taking. It can easily make a graph look like a plunge when its a normal reversal and tide change going through more of a cycle then a collapse.
There is no more to doubt then the rise itself was impossible, my firm belief is we end the cycle between tide upwards and back down further ahead and so overall in a bullish formation longer term. People of course look at prices daily not so much on a year cumulative view, we are all a little more impatient then is best given with a full perspective view .

There is nowhere on the earth that will make you invest in something, all markets are acting the same way as the stock market and inflation is also rising which is why everyone is selling their coins to buy something they will need. Looks like everyone is going to lose money after the bullrun. To some analysts the market isn't going sideways, it's going down to $24k. We could look at it as a notification to sell or just hold until another cycle.

STT

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Stuck in a range, gains unlikely is enough to contain any upside action from fast profit taking. It can easily make a graph look like a plunge when its a normal reversal and tide change going through more of a cycle then a collapse.
There is no more to doubt then the rise itself was impossible, my firm belief is we end the cycle between tide upwards and back down further ahead and so overall in a bullish formation longer term. People of course look at prices daily not so much on a year cumulative view, we are all a little more impatient then is best given with a full perspective view .

btc_angela

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Quote from: Connor Britton on July 08, 2021, 04:18:03 AM

The main reason for the collapse of Bitcoin is due to a series of measures recently introduced by China that have led to the price drop. Decline, but Bitcoin has also rebounded in the middle. I would rather regard this decline as a rest period for Bitcoin, because Bitcoin has risen very high since last year, and it will take a period of time to adjust. I think this is to reach a new height. There is no need to worry too much about the price of Bitcoin for the necessary rest period.

China news is over though, but perhaps we are still feeling the impact because the Chinese miners may have pulled the plug already. We have seen the hash rate falling down hard recently. In any case though, the impact will not be long term. And it's good that the minings are no longer concentrated on one country. So let's just wait for a while, others call this boring, but the best thing to do is just continue to accumulate and wait for the bull run to resume. And bitcoin is not going to die or something, it will continue to thrive and will go on it's normal cycle.

SquallLeonhart

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Quote from: DU18 on July 10, 2021, 03:29:04 AM

for those who have been in the crypto world for a long time, of course, they realize that crypto is a volatile asset so prices can go up and down at any time without anyone being able to predict 100% accurately, and the decline that is happening now is no different from what happened in 2018. (repeating cycle) so that those who are optimistic will certainly keep their bitcoins. Actually what the Chinese government did this year, has also been done by the Chinese government in 2017, but the difference is when the Chinese government banned bitcoin but on the other hand they tried to make their own digital currency, namely the yen in digital form, but now This expulsion of bitcoin miners is one of the triggers that makes the market fall, but even so, if we look at the existing experience, of course, it is very likely that the bitcoin price will improve again on the condition that there is a positive impulse or sentiment that will return to the market later.

That's literally me, I have been in crypto even before the 2014 bull run, so I have seen this now 3 times so far and I know what is going to happen. I realize that the price of bitcoin is not only volatile but also goes up in the long run, in 2014 when the price reached 1400 and dropped people said it would never recover, then we have seen 20k in 2017 and when it went down to 3k in 2018 people said it will never recover and now we have seen at highest 64k and now there are less people that say we will never see that, because people finally realized that bitcoin could go down but it will always go up in the long run and that is what I like about it as well.

All those news and bad stuff that is coming out of some nations are irrelevant because the price will always go up in the long run and that is what I care about, in a few years 64k will not be ATH for sure.

ILuckyGuyI

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Of course it doesn't mean that this is the end. You are saying it like we are seeing Bitcoin like this for the first time. Bitcoin has had many bad periods. We've witnessed many bear markets. After some time, Bitcoin always recovered. This is a similar situation also. We will see the price getting stuck at these levels for some time more and it will start recovering after a point.

DU18

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Quote from: Nora Olin on July 10, 2021, 01:27:02 AM

Bitcoin is declared dead by many people, but it will return as a victor every time. After each plunge, it will still rise, ups and downs. However, the recent suppression by China is clearly a more critical issue. Although it will affect, but the problem is not big, he will still exist, and the future can be expected.

for those who have been in the crypto world for a long time, of course, they realize that crypto is a volatile asset so prices can go up and down at any time without anyone being able to predict 100% accurately, and the decline that is happening now is no different from what happened in 2018. (repeating cycle) so that those who are optimistic will certainly keep their bitcoins. Actually what the Chinese government did this year, has also been done by the Chinese government in 2017, but the difference is when the Chinese government banned bitcoin but on the other hand they tried to make their own digital currency, namely the yen in digital form, but now This expulsion of bitcoin miners is one of the triggers that makes the market fall, but even so, if we look at the existing experience, of course, it is very likely that the bitcoin price will improve again on the condition that there is a positive impulse or sentiment that will return to the market later.

Nora Olin

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Bitcoin is declared dead by many people, but it will return as a victor every time. After each plunge, it will still rise, ups and downs. However, the recent suppression by China is clearly a more critical issue. Although it will affect, but the problem is not big, he will still exist, and the future can be expected.

erep

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Quote from: Connor Britton on July 08, 2021, 04:18:03 AM

The main reason for the collapse of Bitcoin is due to a series of measures recently introduced by China that have led to the price drop. Decline, but Bitcoin has also rebounded in the middle. I would rather regard this decline as a rest period for Bitcoin, because Bitcoin has risen very high since last year, and it will take a period of time to adjust. I think this is to reach a new height. There is no need to worry too much about the price of Bitcoin for the necessary rest period.

Bitcoin has been stuck in the $30-35k range for the past few weeks and I agree if this is a break after the ATH movement in the last few months, the period is highly anticipated as bitcoin has declined by more than 50% and the opportunity to buy cheaper to hold in the long term.

Connor Britton

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The main reason for the collapse of Bitcoin is due to a series of measures recently introduced by China that have led to the price drop. Decline, but Bitcoin has also rebounded in the middle. I would rather regard this decline as a rest period for Bitcoin, because Bitcoin has risen very high since last year, and it will take a period of time to adjust. I think this is to reach a new height. There is no need to worry too much about the price of Bitcoin for the necessary rest period.

poldanmig

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Quote from: leea-1334 on June 29, 2021, 03:04:20 PM

Quote from: dimonstration on June 28, 2021, 02:38:57 PM

Quote from: leea-1334 on June 28, 2021, 12:04:29 PM

This is not unique to crypto only though,,, every system has inherent risk and the rewards for those who take that risk are always higher as proportional to the risk they take. The safer the system, the less the risk:reward ratio. But let us not be fooled by thinking there is no more reward to Bitcoin. It is STILL high risk in comparison to so many other existing things out there:)

Sometimes being too worried as well not enjoying the moment leadks to difficulties in accepting the profit, if there are time the market seems good take advantage on buying but still will limit on what to buy.

Which is why I do not trade and just set long-term goals for myself. Buy every time you have cash to spare,,, or save whatever earnings you get in crypto. And then do not check.

The worry comes from having money you cannot afford to lose,,, and the constant checking markets where you cannot even change anything anyway.

DCA is always the best for most people.

it seems that you are an optimistic person and also dare to take big risks, so you dare to save and target prices according to your own wishes without going back to looking at current market conditions, to be honest, I personally feel the need to continue to monitor the assets I have and when indeed I think the price will no longer rise, I will prefer to sell the asset even though I have to lose a little money that I have.

Ararbermas

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Quote from: w-smallteenager on June 21, 2021, 12:25:53 AM

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

bitcoin will not end mate because it's still so high and expensive and it's too far to become shitcoin fyi. Lol probably you were new in the space reason you don't know anything why it often happens to bitcoin and what are the causes behind of every fluctuation in the market . You need to make research mate in fact all the information can easily search through Google so you must try it if you have more questions about how bitcoin really works and etc, because it's very informative through that way to be honest..

wxa7115

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Quote from: leea-1334 on June 29, 2021, 03:04:20 PM

Quote from: dimonstration on June 28, 2021, 02:38:57 PM

Quote from: leea-1334 on June 28, 2021, 12:04:29 PM

This is not unique to crypto only though,,, every system has inherent risk and the rewards for those who take that risk are always higher as proportional to the risk they take. The safer the system, the less the risk:reward ratio. But let us not be fooled by thinking there is no more reward to Bitcoin. It is STILL high risk in comparison to so many other existing things out there:)

Sometimes being too worried as well not enjoying the moment leadks to difficulties in accepting the profit, if there are time the market seems good take advantage on buying but still will limit on what to buy.

Which is why I do not trade and just set long-term goals for myself. Buy every time you have cash to spare,,, or save whatever earnings you get in crypto. And then do not check.

The worry comes from having money you cannot afford to lose,,, and the constant checking markets where you cannot even change anything anyway.

DCA is always the best for most people.

While it is a common advice that people should only invest what they can afford to lose this is a very difficult advice to follow, after all a person investing in any market is doing so with savings that took them years if not decades to accumulate.

This means that people are going to get anxious of every single market movement and even if many people are still in profits despite the current price this does not change the fact they are worried that a new drop may come which may reduce their profit margins even more.

leea-1334

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Quote from: dimonstration on June 28, 2021, 02:38:57 PM

Quote from: leea-1334 on June 28, 2021, 12:04:29 PM

This is not unique to crypto only though,,, every system has inherent risk and the rewards for those who take that risk are always higher as proportional to the risk they take. The safer the system, the less the risk:reward ratio. But let us not be fooled by thinking there is no more reward to Bitcoin. It is STILL high risk in comparison to so many other existing things out there:)

Sometimes being too worried as well not enjoying the moment leadks to difficulties in accepting the profit, if there are time the market seems good take advantage on buying but still will limit on what to buy.

Which is why I do not trade and just set long-term goals for myself. Buy every time you have cash to spare,,, or save whatever earnings you get in crypto. And then do not check.

The worry comes from having money you cannot afford to lose,,, and the constant checking markets where you cannot even change anything anyway.

DCA is always the best for most people.

FanEagle

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Quote from: DU18 on June 29, 2021, 07:27:58 AM

Many factors caused the bitcoin price to fall today, including the controversy over Elon Musk tweet, many whales selling their bitcoins and also the Chinese government current ban on crypto activities, but from some of these reasons, I think the Chinese government has banned bitcoin mining activities is the biggest cause of the current fall in the price of bitcoin, admit it or not China is one of the mecca of the world economy today, so any sentiment issued by the Chinese government will certainly have a direct impact on the world economy, including in terms of crypto.
The second possible reason that caused crypto prices to fall is because the US monetary and fiscal policies are considered more catalytic so that investors see the possibility of the US central bank, the Federal Reserve (The Fed) starting a quantitative easing program that increases liquidity.

The price is already back over 36k price, which is all that we need to know about the market. What does this tell us? Well it tells us that even when Elon tweets, even when Chinese miners close shop, even when everything seems like it is going to suck, we still end up going back up again at these prices.

I am not saying that it went to a great price, we were over 40k just two weeks ago so that drop did cause it to be overall lower than what it was, however it also showed us that even when it goes down, then it goes back up and that is what we should be looking for in the market, a failure to keep going down. So, this means that if people end up buying at near 30k levels, that is going to help them and it has already happened three times total when price reached near 30k (and even go down under 30k once) and then went near 40k levels, that is a great profit to make if you took advantage of it.

Slow death

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we are all wondering the reasons why prices fall, something normal for us to ask these types of questions, in my opinion what happened was the following:

paypal made the announcement that it was accepting bitcoin and with that the price increased a lot until it broke $20,000, but precisely until it reached $28000, then the elon musk twitters appeared that boosted the price until it reached $60,000, reaching $60,000 elon musk shoots negative twitters about bitcoin and this caused people who already had profits to start selling causing the price to drop to $30,000. after that it's just an oscillation of $28000 - $30,000 which is strong support and to $37500 - $39000 which is strong resistance, ie when it doesn't break resistance it falls to a strong support and when it doesn't break the support rises to a strong resistance

DU18

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Quote from: w-smallteenager on June 21, 2021, 12:25:53 AM

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

Many factors caused the bitcoin price to fall today, including the controversy over Elon Musk tweet, many whales selling their bitcoins and also the Chinese government current ban on crypto activities, but from some of these reasons, I think the Chinese government has banned bitcoin mining activities is the biggest cause of the current fall in the price of bitcoin, admit it or not China is one of the mecca of the world economy today, so any sentiment issued by the Chinese government will certainly have a direct impact on the world economy, including in terms of crypto.
The second possible reason that caused crypto prices to fall is because the US monetary and fiscal policies are considered more catalytic so that investors see the possibility of the US central bank, the Federal Reserve (The Fed) starting a quantitative easing program that increases liquidity.

batang_bitcoin

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It's so sad to see that there are newbies that always think of bitcoin's end whenever a correction comes. I think it's important for you guys to be aware of what you're investing with your hard-earned money before you deal with the market and buy your own bitcoin for your stash.
Having no knowledge or the background what happened in the past will make you feel bad when bitcoin plunges. It won't be dead and it won't just come by a surprise.

Topic: Why is bitcoin plunging? What is the reason for this? (Read 649 times)