Topic: Why the price of bitcoin is falling (Read 299 times)

I am very sure this has been the area of concern for the past 7 days to everybody around the world who owns a fraction of bitcoin, as its value continues to fall day by day, leaving people in fear and panic as billions have gone to the drain with this sudden fall in BTC, which it's still falling and nobody knows when next it will turn bullish. Whereas, others have gone on to Twitter with a hashtag "Could this be the end of Bitcoin", putting many in fear, as some has quickly made its swap to USDT, while others cash out, as its value, reduces drastically, which is the main reason I made my research to know what would have been the cause of the sudden fall in the price of BTC, and I was able to come up with these following reasons below.


1.    China Bank Association

From my research, I was able to understand that the price of BTC fell by 29% on Wednesday after China Banking Association warned its banks of the risks associated with digital currencies and placed a ban on cryptocurrency, which this action resulted in a sharp fall in the price of  BTC and also the fall in other altcoins like etheruem, Litecoin, and Dogecoin e.t.c


2. Elon Musk

From my research, I was also made to understand that Elon Musk is also the reason for the sudden fall in the price of BTC, but if in case you don't understand why people are saying so, let me break it down for you. if you could remember, Elon Musk, who happens to be the richest man in the world, and also the CEO of Tesla (A company that produces electric cars) back then in February 2021 made an announcement to have invested $1.5 billion in Bitcoin, and that Tesla will start accepting bitcoin as payment for his electric cars, of which this action of his skyrocket the price of bitcoin back then in February to almost $63,000 per Bitcoin, and just recently, that same Elon musk have come up this May to say his company Tesla will stop accepting bitcoin as payment for its electric cars, reason been because of the volatility of its nature causing its price to rise and fall, of which this very action of his is the reason for the sudden fall in the price of bitcoin.


But, no matter what, whether Elon Musk accepts our bitcoin or not, for the fact that bitcoin has been in existence since 2009 till today, it will surely prevail.👍👍👍👍👍


So, whether Elon accepts bitcoin or not, there are still some big companies that accept bitcoin or planning to accept bitcoin. And here they are:

1.  Overstock.com accept bitcoin as payment for it's goods.
2. MasterCard has said it will soon start accepting bitcoin on its network, and
3. BNY Mellon, the oldest bank in the US said back then in Feb, that it will soon include bitcoin in the service it provides for its clients.


So, that means, our bitcoin must surely prevail, no matter the storms and thunder it faces today.


So, Thank you... thank you... and thank you so much for finding out time to read my research findings...

I remain your humbled junior member in this forum bitcointalk... God bless you all

Some negative news from China can down the price of Bitcoin in huge amount. Elon Musk is mixing the market but people don't follow the trend of Elon Musk now. Besides, we should avoid the panic sell. We need to wait some more days. The price of Bitcoin will be rising very soon and nothing to worry about it.

enerally down bitcoin because it is consumed by negative issues from various elements both media and elements of society at large.
As a result of this issue, many beginners panic and worry, resulting in panic selling regardless of how much the panic costs.

Other than China FUD and Elon Musk tweets.

There are still more FUD out there. We saw earlier that IRS announced, that starting in 2023, they will start targeting cryptocurrencies.
I am surprised the market reacted here, even it is still in 2023. Additional is the media on how spreading these kinds of news, there are some media that misleading, especially the title.
And additional is the Bitcoin Mining in China, which is kinda huge if it is really true.

Here's the summary of FUD lately I found on Twitter

~

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

Other than China FUD and Elon Musk tweets.

There are still more FUD out there. We saw earlier that IRS announced, that starting in 2023, they will start targeting cryptocurrencies.
I am surprised the market reacted here, even it is still in 2023. Additional is the media on how spreading these kinds of news, there are some media that misleading, especially the title.
And additional is the Bitcoin Mining in China, which is kinda huge if it is really true.

Here's the summary of FUD lately I found on Twitter

Corrections are absolutely unavoidable.

News are support for the corrections and there market need this healthy correction for longer growth. The pandemic, QEs bring more gamblers, newbies to the market. Few days ago crash is to get rid of those gamblers. I am sorry for their loses or liquidations but it is the fact. It is how market eliminate gamblers

HODL and buy lower to get more Bitcoin. If you can not speculate things as a time Traveller, hodl.

React with news and join the newbies, gamblers crowd is bad.

From a technical analysis perspective, that’s very true. It was obvious all of the whalecumulators’ sells were already happening BEFORE Elon Musk’s FUD, and BEFORE the China FUD. We were, OR I WAS, too bullish to see it. BUT, would I have sold if I knew? NO, only HODL!

Then buy bitcoin when the price is going down and HODL if you believed that bitcoin can go up again in the future. Those negative news are part of the market economics, because without it, we won't survived, we won't have this kind of boom and bust cycle.

So let the negative news comes along, and for sure we will survived this kind of attack. And then we will see these FUD not having effect on the market eventually. So still a win win for us in the end.

From a technical analysis perspective, that’s very true. It was obvious all of the whalecumulators’ sells were already happening BEFORE Elon Musk’s FUD, and BEFORE the China FUD. We were, OR I WAS, too bullish to see it. BUT, would I have sold if I knew? NO, only HODL!

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

Price is falling not because of news in reality. Those news are FUD and not real things are going on. Price is corrected because it rose sharply in short period and there is no real big correction.

Corrections are fuel and vitamins for higher highs.

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

Yup suddenly alot of enthusiast swap to usdt when they saw tweets about bitcoin massive decline, it's very surprising actually and even us we didn't accept the fact and results that it will continue to go down more like breaking all the support level within weeks because of that reasons.. This is very alarming especially on this current level of bitcoin.. If this ppl continue spreading negative for sure bitcoin will go down more.

Well let them sell and let them loss, all we need to do is to hold and be patience to get profit soon correction is normal and the price van normal drop down because of correction but i believe that after the correction we can see new ATH and new price is a high peak. So waiting is the best strategy panic sellers will always loss.