Bitcoin Forum

From yesterday night, in Bangladesh, we are unofficially lacking of bitcoin seller. No one is selling BTC at the moment anymore which was very different on last 2/3 days.
None of the local BTC providor exchanges have reserve. I have looked at some local exchanges, their conversion rate is very higher. Usual rate of 1 USD = 85bdt to 95bdt, but it's 105bdt now.
Even with this change, people purchased all the BTC available on those exchanges and so far how many exchanges I have checked are out of BTC supply.

If you can buy through p2p exchanges like LocalBitcoins and if you have enough capital, this might be a good arbitrage opportunity. Try comparing the prices if you can buy BTC through USD, and sell it for BDT. The price might be big enough for you to take advantage off it.

Really? This sounds unbelievable. While your country is lacking of Bitcoin sellers, the whole world is definitely overflowing of it. The sell orders are inundating the market. The buy orders must be buried deep down. Panic selling I guess, or cut loss perhaps, or early take profit, I don't know, must be because of a gloomy market forecast due to the virus most probably. Or perhaps people simply need cash.

Mk4 above me is right. Make the most of it and make money. This dire situation right now won't stay for long. Strike while the iron is hot.

Not only in your country Bangladesh, experiencing this phenomenon, everyone was devastated in recent days, including in my country, the purchase and sale of BTC has fallen sharply, I read and looked at various sources ranging from Twitter and this news is caused by the corona that is attacking at the moment, but whether it's true or false, what is clear is that Bitcoin is currently experiencing unexpected things.

Really ironic what happened the last few, in general people experience bad things 'investment capital is sinking'. Maybe with this factor people are afraid or stop selling / buying for a while, waiting for the market to stabilize, people don't want to take risks.

For me can only pray, the crypto market in the future can recover and people start trading and investing again as before.

At least in your country the people are hoarding bitcoins. But why is that so? I think every countries now are heavily selling due to panic but Im quite clueless that you dont have any btc stocks at the moment?

Some exchanges have gone out of supply? Many are dumping so this is quite confusing. I guess whales are on shopping on your country now. Use Binance plenty of btc are still on sale.

The same effect played out in my country sellers automatically devalued my nation's currency themselves, and still were not willing to sell in an unofficial market, people are now wiser, they sell at loss and buy at a higher rate, I think people have much faith in the market to quickly recover than the false media reportage.

this has always been the case whenever there is a such a huge and unexpected drop that is more like a manipulation than a natural drop. only a small percentage of investors that are usually referred to weak hands do a panic sell and others try to stay away from the market or start buying which makes the price go higher in smaller markets such as in Bangladesh because the "buyers" are more than "sellers" and there is no whale in such markets manipulating (dumping) like there is in bigger ones.

These sellers are generally on the bigger exchanges like Bitfinex. In countries like Bangladesh and India, most people see this as a buy opportunity. The exchanges are also mostly p2p matching the sellers to buyers. The prices are generally at a premium of 10-15% compared to the price at CMC or any of the major exchanges.

I don't think there is any major buy pressure despite this. The number of people with spare to invest are limited to students/ young workers. The bigger fish, those with established businesses etc are still not enamored enough to jump onto the bandwagon during these dips. Those people are still wary of the 2018-19 crashes.

That's weird, I think it's the opposite compared to what is happening to the market now, there is a panic selling on most exchanges and yet in your exchanges people are not selling their bitcoin, how is that possible?

It only means no one is willing to sell at the current price in Bangladesh. Even I, I don't have the balls to sell at this low and I'm keeping it for myself.

But isn't it that bitcoin is banned there?

Everyone learns everyday, I am too. I do not like to hold on stable coin but it seems I could make a good amount of profits if I had some stable coin on any exchange. $1 worth of stable coin would cost me around 85-87 bdt and now I could sell it higher through buying btc from exchanges. We do not have the option to deposit BDT from bank as you know BTC is banned here.

Yes but who cares. Everyone is dealing here and there.

Interesting explanation! I still don't believe in whale manipulators, but it is true that some people own more BTC than most of us and it might be them selling hard these days just like people selling stock. I did not know it could be a problem to buy Bitcoin when everyone's selling, to be honest. As for local exchanges (centralized ones where the prices seem to be set rather than determined by the market) that allow selling Bitcoin for UAH (local Ukrainian fiat), the situation is quite attractive but I won't do it anyway. Namely, while the price of BTC on preev.com is 133 500 UAH, local exchanges still offer around 148 700 UAH (which is around $5700) per Bitcoin! Buying Bitcoin is possible but hugely unprofitable as the price is around 160 000 UAH per BTC or around $6150!

Lacking of bitcoin seller? Maybe right now it is already lacking on selling the bitcoin because the bitcoin value was very down and it is really sad to say so that the sellers are not selling their bitcoins in the market because of the heavy loss that they may get. The people are just holding right now their bitcoin because this is the bright thing to do.

Maybe the exchanges think the price will drop a bit further.

I also don't get it our local wallet called coins.ph (https://coins.ph) have a limit right now on converting our Fiat currency into BTC in their wallet.
I don't know if it is just in out local wallet or is it even happening to some mobile wallet providers.

It doesn't take balls to sell when prices are plummeting.  It takes balls to not sell.

Seriously.  I don't know what the situation is in Bangladesh other than what OP described, but right now it's definitely a buyer's market.  Maybe if you're talking about a P2P exchange, it could be that no one wants to sell bitcoin at these depressed prices but no one should have any trouble getting ahold of bitcoin on a traditional exchange like Binance or Coinbase.

And hell yes, now is the time to make money with bitcoin.  The key is to buy low, and I'd say it's trading pretty damn low.  Even a monkey could make money in a week like this--assuming the monkey had money to invest, in which case he'd be in a better position than me since I'm broke.  Figures.

Meanwhile over here in Malaysia, there are plenty of loose hands selling. Sadly I have no extra cash to enter though :D

Absolutely i am not convinced that there is no seller into the market because we all know that many people are panicking right now because of the coronavirus that is spreading right now and when it comes to the token or coins there are so many people who are selling their bitcoins and tokens or other coins all coins rather just because of the major dump the past days and many people who intend to sell coins into the market.

Feels like no one wants to sell their coins for this rate because they bought it in the range $9-10K so they are going to lose their capital invested so better hold on as they have decided but as a trader this can be profitable moment as other said if you are willing to take risk by selling coins from the high price then buy back at available market rate on other exchanges if it is possible.

i dont know but in local exchange this scenario is actually happening and possible.
For buyers i think its better to buy directly from other big exchange so you will not be late buying it at  cheaper rate today. Than waiting for your local exchange to have the amount you want to buy and filled your orders.

Some of the exchanges in india have also started to decline btc purchase request. They are stating they do not have enough reserves. They are also delaying int deposite request. I am not sure how suddenly there is a supply issue. Something is not correct here too.

This might be a tactics for exchanges to hoard bitcoin so it will start to rise again, honestly its hard to sell bitcoin if you bought it at the top price and maybe this is the real situation in the market. Get more capital and if you see opportunity to buy bitcoin, do it without any hesitation or you can choose the best alternatives, the top altcoins.

They are taking advantage of the crisis, I guess? Or they could have banded together to inflate the prices up before appearing back into the market and selling it once more. Either way, I don't see anyone force buying bitcoins currently, but rather force buying necessities and other stuff that are currently being hoarded by lots of citizens from all over. This is prime time for people who have bought cheaper to sell something in the market of Bangladesh in the mean time and make a little something, and perhaps turn this into a short stint of arbitraging. Then again, we don't know how much buyers are there currently to take up such an offer.