Bitcoin Forum

It feels really bad going through my portfolio on blockfolio to see massive downward movement in the value of my holdings. I really don't know if this is the usual market correction we have periodically or the end of the bull run. Is it wise to keep holding or take what's left?

Elon was doing FUD to the bitcoin and then recently CHINA is coming with its news to BAN bitcoin.

Both were creating massive sell-off in the market. I think that you must see the fundamental of the market rather than try to rely on your analysis. The bad news is more than a correction because this can create a long term bearish trend. It's the same story with 2019 - 2020 dump. Im still holding my asset even I already lost more than 50k USD but I have been getting almost 500k from the previous bull trend and convert it into the USDT.

The recent drop is the result of a technical pattern breakdown of the Bitcoin chart. I have seen traders predicting supports that Bitcoin could penetrate at $46,000, $42k and $38k respectively. Most of the above milestones have been passed. We are expecting Bitcoin to break through the $38k mark, if not, the next support will be at $35k and $32k.
Every time Bitcoin decreases in value, other cryptocurrencies will also decrease in value. That has become the norm in the cryptocurrency market.

You don't want to see dips? That's impossible mate and why keep staring at your portfolio when they are surging without taking profits? What if bears are slowly taking over the market? I never expected this bull market to last long mate so I've taken all profits I could and leave very few amount of money just in case

You can at least spend a few minutes to visit coindesk or cointelegraph and you will be seeing what the thing that causing this bearish trend for the crypto market.

https://cointelegraph.com/news/chinese-trade-associations-sound-crypto-investment-warning

There are some bad news came to the crypto and these news are very important for the crypto users.

It started with Elon Musk's tweets now the price is coming back when he said no to bitcoin.

No one can't predict when the bull run will end, if you are not someone who wants to take the risk by holding the assets for long time then its time to sell your profits.

mostly because of china ban rumour going around and it triggers people in the recent bullrun who mostly are newcomers to dump the coin altogether accompanied by some whales probably chinese whale that's just my opinion though but
just remember that china have banned bitcoin more than once, if i remember correctly they ban it 3x, idk what their intention is but it seems they want to play crypto market by forcing their citizen to sell it off probably to take profit from the recenrt bullrun and then they gonna lift it again in the future.
call me conspiracy theorist but at this point my statement above does make a little bit sense.

We can't really avoid experiencing such things, there will always be time where the market will suddenly go down. Considering the current issues bitcoin is currently going through like Elon Musk going against bitcoin after using its influence and China planning to ban bitcoin, we can really see how much of bad season it is for bitcoin. Maybe it is just a correction but this time, it wouldn't be the same with those that happened before, we may see bitcoin going down to the point that we will have idea of panic selling or suddenly abandoning bitcoin but if I were you, I wouldn't give up on bitcoin that easily.

Elon musk was going so crazy to the bitcoin after he calls bitcoin needs a lot of energy to operate its network while it's still nothing compared with the banking system.

China was planning to ban bitcoin again and again but the problem is so many people are still triggered by the announcement created by china. This has been happening for a long time ago.

At least india is thinking to unban crypto again in its country and i hope china will be doing the same thing like that in the future. These days are the craziest days for crypto.

It's better to hodl your asset if it has already gone to the dip

The announcement from china is the main reason why crypto is facing another dip again. I guess that if the crypto users must have speculated about what will be the future with crypto after the ban that came from china. This is happening so many times. I think that this dip will not be so long and crypto will recover again from the dip.
The pressure from china is not so big like what already made by elon musk. I hope crypto will recover very soon.

I guess you must have seen why the market is headed the way it is but as for whether you should hodl the crypto assets you have is a question of how much you believe in the project, or should I say, how much good is the project? you don't want to keep hodling on to something that might not survive the long winter if this happens to be it. So if you assets are solid, I suggest to Hodl cos that's what I would do.

Elon is going crazy for months... and as I read, he plans to dump his billion in BTC! Well, he can do whatever he thinks it's best for him and his company!

As you said, China plans to ban Bitcoin, again! That happens at least once a year in the last 7 years!

Anyway, we can send Elon and China our thanks, if they are the reason behind this dump! At least we will have a chance to buy some cheap coins again! I bought yesterday some BTC under $40k, will be interesting to see where will be the bottom!? How low can it go!? To $30k? Maybe $20k?

China again bans crypto https://www.reuters.com/article/idUSL2N2N510T
News of a country banning crypto, has a very bad impact on the price of BTC and other Altcoins. Moreover, China has quite a lot of crypto users.

This is kind of normal in the industry of crypto were when the price is not going well, it will take for the crypto market some days to resolve it or some months. depends on when they will buy back again some coins simultaneously. they will be back again and that is for sure but the only problem is not all of the altcoins will recover, for some of them will remain their current fallen value for a long time and in some worst cases, they won't recover again.

According to me there are two major reason for downfall of the market

First china being so many active user had announced to ban the uses of crypto which really impact all the coins and the market

Second big reason is none other but due to Elon Musk tweet that tesla doesn't accept the usage of Bitcoin due to these tweet market sickly suddenly shown a huge dip

But still i am holding all the altcoin and meme coin

it's not only banning crypto but the fact that if china was also restricting all of the payment and financial institutions to deal or offer the crypto service.
That means if crypto must be adopted by countries other than china to make china open its gate to the crypto again.
This shit is happening so many times. I just wanna know when china will be feeling tired to ban ban and ban crypto again. This will never end if this country still exists.

Ya it's hurt for me too. I just returned into this crypto world and now all of my investment are down more than 50%, but i don't sell any single coins. I still believe the price will bounce back to the moon.

I think that you are a new comer that never seen the big dump like this before but as an old player and i can suggest you to take a look at the all time chart of bitcoin.
The dump like this ever happened in 2018 and 2020. This is not something news in crypto when china was issuing very bad news for bitcoin.
This is not a usual market correction and this is a bit different than it dude.

just keep hodling mate no matter what happen yes the situation is getting worse after the bull run in the market but this is just a temporary situation and soon once the market gain enough strength it will be fine again, as the matter of fact recently some of projects in the market shown green so perhaps this isn't the end. 
Indeed in my personal opinion if you're a long term holder this is nothing because you know what will happen to the market even there are some factors that sometimes can cause changes, wherein the fact that it always recover is enough especially if you're in a good project..

You're not alone mate. But this time that the market is not good, much better to keep some profit and convert it into an stable USD or simply convert to fiat money then buy at the dip. But if you are a risk taker person, you can still hold your assets and wait the time it will bounce back. After this bad news about china, I believe people will still invest in bitcoin and other digital currency and nobody can stop.

After an incredibly big and rapid decline, the markets are currently recovering. Hopefully this was a correction. I think we watched a final shake before Bitcoin's hike to $ 70000. I wish cryptocurrencies will be stronger than before.

You are not alone, as all people who invest in crypto will have the same thing as you. It is a big correction in the crypto market and it is always like that. But this time, the correction is too deep and makes many people panic, and I think they sell some of their coins to buy back at a low price. I still keep holding my coins but I also try to buy back at a low price. So you can do the same as me if you want.

Now there is some bad news for cryptocurrency and on average it has to do with China, so the downturn in the cryptocurrency market is happening in huge numbers now, so the solution is to be patient and wait for the fix to arrive.

Probably another fud that brought all the markets down. Billionaire’s make things happen and this is what they do, if you sell you will lose but if not then rip the harvest in the future. They keep using old fud’s to bring the market down, same old trick yet still effective.

This flash crash and recovery is the first thing which came to crypto. Its hit my stop loss then bounce back as fast as my eyes blink.
I cant think any plan when its happen, sadly i will hold my last bag in spot and will open it later. Hope the price come back faster so i can recover my lost.

Same thing happened in last bull season where china put ban on crypto and the market start crashing but still even if there is no ban the market will still crash, people needs to understand that rise and fall is why crypto survives

The reason for the current deep fall in prices in this market is its prolonged preliminary growth. After such a high growth, a fall is inevitable. And here it is no longer very important what was the last straw for this. If it were not for the statement by Elon Musk about bitcoin, for which he is now so strongly criticized, there would have been other similar events and prices would have collapsed all the same. The cryptocurrency market develops cyclically, and current events are proving it once again. Therefore, today's price drop should be treated as normal, logical and natural events.

I think Elon musk rejection of bitcoin impacts on market . Bitcoin is down a big % .and it affects on other crypto currencies . Another reason may be t China again reject bitcoin . Both along  make down whole market.

That was the 1st wave.
Second time, JPMorgan said that people interests to invest in gold and skipping bitcoin are getting increased. According to CME futures contract, many have this open interest. After JPMorgan said this, market reacted heavily. BTC even got down to $30k.

That is really bad for some people who don't TP when the market is on the pump but this market dip is good news for those traders/investors that already take their profit a few weeks ago. Because they already maximized the market on being bullish and they have enough funds to go shopping while the market is currently on sale. In other words, they sell on green and buy the red. The question is, on what side are you on right now?

I don't know how many people noticed, but I'm sure that you didn't notice. Cryptocurrency never followed any news, check the history of marketcap value. Always for any correction, we blame those news. After everything, the marketcap always increased. We blamed "Elon musk" for the price of 42k USD, now we have nothing to blame. So now we are asking each other to know the real reason, but I knew it and this bear trend could alive approximately 2 months.

Too many bad news that led many big whales to sell what they've got. And I'm sure that they've probably waiting for just another dip for them to get back. It's really bad if you're checking your portfolio from time to time. I think it's now time for you to uninstall the blockfolio app for the meantime and just focus with the accumulation. Reinstall it back when the market goes better but this time, you just have to endure what you're seeing or do something like buying the dip.

Market corrections doesn't have specific range to call it as "usual". Corrections are inevitable and that's a nature of a highly volatile market. Whether it's a short correction or sharp correction that's still called a correction, a sudden declination of price after the bullrun.
Now the question is, is it wiser to take what's left even If it means you're not profiting just to avoid further loss?
Of course not. As long as you're not holding the shitiest coin, I guess you're fine to hold it and wait till it pumps back again.
Market cycle goes up and down. Not all the time the price is on top.

Also, if he doesn't have urgent needs for his cash, better hold it. As you said, as long as the coins are not considered to be the crap ones, there's a chance that it will go up again. But if it is a crap coin, high likely that it will be totally abandoned by the 'dev' team. So if you are holding like eth, bnb, just for example, I guess there's no need to worry. This correction is needed for a healthy market. And it doesn't mean the downward movement is forever, so sooner or later, we will see the upward movement again.

I think the reason is quite obvious. The reason of the first decline was Elon Musk. And the reason of the second one was China's ban on cryptocurrencies. After this news, Bitcoin price has been literally destroyed.

don't sell it, just hold on if you've bought it at a high price, because I'm sure after the dump there will definitely be a pump, that's a cycle,
I also still hold, even though my portfolio is still losing money, everything will be fine, bitcoin dominance has dropped sharply,
wait just until things get better, then, boom! altcoin season starts  ;D

The cryptocurrency market as a whole lack a lot of fundamental elements to back up the values of the various assets making it easily influenced by FUD and bad news.
The recent news out of China was like the last straw after the FUD that resulted from the Elon musk tweets about Tesla no longer accepting BTC

You should already TP when the market is on the top and hodl until the market dump so that you will maximize the market of being the sale. Crypto market right now is not just in the correction phase, it is on the crash that is why most of the coins are down around 40% and up.

Already thinking about taking profit! How would you survive in the real bear market? Even the whole cryptocurrency wasn't down 2 times and 55K to 38K USD of Bitcoin. Before this correction is over, I think again Bitcoin will take dominance that could be the last time until the bear market. I won't be surprised if we can see bullrun again after 3 months.

There may be many reasons for the recent declines in the cryptocurrency market. And one of these reasons may be the ban imposed by china on bitcoin, people withdrew from the market due to elon musk's disgrace of bitcoin and the bitcoin sales that he made, but these are not the only reasons for these declines. It may also be time for the bitcoin correction, and after this correction the market will rise again with a stronger rise. Our only fear is that these falls will not last long.

Elon Musk and China combined caused the recent dip to happen. There was also an investigation started about Binance but I don't think that affected as much as Tesla's decision and China's cryptocurrency ban.

i am very disappointed this month, i just got back into crypto world and now all my investment has dropped by more than 60%, but i hold and don't sell a single coin i hold. I still believe the price will go up again in the next few weeks

For the it’s the news surrounding Tesla, the announcement about not accepting Bitcoin as a method of payment, and the fear of selling the Bitcoin they hold at the moment, people are scared and don’t want to lose what they have gain so far

1. Elon Musk
2. China
3. Panic Sellers

These three are the main reasons of the recent dump that we are seeing right now. Because of these three, the crypto market is on a free fall. Are we in the bear market already? I don't think so. $30,000 is considered a strong support right now but if we broke that then hello bear market :D.

Always take note that dips = opportunities. Don't buy at the top but buy at the bottom. Now that we have given the opportunity to buy then lets not miss this opportunity. If you have spare cash, buy at a lower price.

Yes mate my profolio has been almost half after the last big dip in BTC, but I hope my all money will be recovered soon.
There are many reasons for this market dump, Elon musk's tweets, China and panic sellers.

Tesla influence the market only back when btc was still around $50k, I doubt the recent dip because of tesla, elon also make tweet regarding how tesla gonna hold bitcoin all the way as a diamond hand, it's more to do with the misleading news regarding btc banning in china, unfortunately most of the new investors are lazy enough to read the whole news and find some other sources and that causes the dip, but there's certainly a lot more reasoning behind that and maybe the correction is already gonna occur doesn't matter if the fud exist or not.

if you got a good decision days back then you will be happy in this because you surely have a discount in buying bitcoin again.

Look at the price , falls down to 30,000 and now goes back to 40k ,from the almost  60k last week.
I am lucky man because i got to leave for a while in holding bitcoin and not i am buying altcoin with 30-40+ decrease in prices.

Agreed but there's also the main thing that must be noted if this ban is a bit different caused by china was restricting all of institutions on its country to deal with crypto. that's different with the old ban that was still allowing the institution to deal with the crypto related service. I do believe the market will recover again but this time it looks like there are lots of panic selling happened in the market. '
I have been buying bitcoin at the dip price and im still waiting for the recovery to happen right now.

It is difficult to say what exactly was the reason for such a huge correction of the cryptocurrency market, but most likely it was news from Elon Musk about bitcoin and Tesla and most likely news from China about cryptocurrencies and it seems that these two reasons caused such a fall of the cryptocurrency market, and manipulators took advantage of this and, of course, also began to quickly make manipulation with the cryptocurrency market, and we by ourselves see what this all led to.

I am afraid i have no extra money to buy, i was already fully invested a few days ago, and then the market goes down after i all in, haha.
To be honest, even if i have extra money i will not buy, i am really scare now.

The biggest reasons are: Tesla's decision about stopping Bitcoin payments and China's action on banning cryptocurrencies completely. Still, the market is trying to recover and Bitcoin price reached $40k today.

The reason is only because of the FUD made by a one of the richest man in the world Elon Musk so basically there would be a lot of people who will trust him because of who he is, the good thing to do for now it to keep holding or even buy more, this is the good time to buy more cryptocurrency especially bitcoin as its value is now lower compared to the ATH, Bitcoin will recover soon for sure because this FUD will not last for too long.

I don't think selling all the assets when the market is undergoing a correction is the right choice, and I think it is very smart and wise to keep all the assets you have in this situation. in the meantime we all need patience and don't panic too much about the market situation.

Clearly those are the main reason for the recent dip of crypto market. And nothing can stop the panic seller who dumped their coins after hearing those news. People still says that crypto has bright future. We have seen this type of movement in past too. Some people says ‘this is the end of cryptocurrency’. But in reality, crypto market become more strong as the time goes. ‘OP’ should take his decision more wisely. Don't sell your crypto with loss. Better to hold it for long, market will gain back it's position in future.

A huge fuds that really  move the sentiments ofall those people around this sphere, it's unavoidable since the influence of social media and the negative effects of news about China create fears around this market.

We do need to reassess our position as chances that there are more news that may bring the market to fall more, doing your research will helps a lot in terms of decision making, you need to trust your own judgements and not to follow blindly.

Keep your guard up and never to rush dealing with your decision making. careful and wise to lessen the chance of failing to comply with the market trend.

i feel you man .
its bad when we see our assets in red but whats good is we can buy additional supply if you are not contented yet with your portfolio .
this is not a correction because there is a bad news that is released last day but correction of the price could occur naturally without a bad news but the bull run didnt leave us i guess because prices of  the coins dont drop massively .

One of the well known rules in crypto is that you don't loose until you sell, the market can go down to almost zero but if you trust the coins you hold to not be shitcoins, then keep holding them, it's gonna pay off someday, you loose your money the moment you click that sell button knowing you are selling at a loss, so it's better to be patient if you ask me, in my opinion, this is just a minor correction and I believe that soon enough the market will bounce back higher and stronger, maybe all that are grieved now will be very happy including you poster.

I think the market drop of the past few days is manipulative by sharks, Elon Musk and most likely the Chinese government is among them.
They sold out of their Bitcoin in the last bull run and they need to make bad news to lower the price of bitcoin to be able to buy in.

what do you think of this discussion on 4chan? the message was sent before the crash and it seems that the prediction was accurate... could this really have been the reason?
https://boards.4channel.org/biz/thread/35710754

As the reason for the recent declines in the crypto money market, we can show the negative effects of Elon Musk on bitcoin and the news that China has issued on banning bitcoin. but it would be wrong to attribute the declines only to these effects. I hope these dips will be a correction. I think the bull season is not over yet. If this is the end of the bull season, the bear season looks like it will be tough.

China has been Fudding the Cryptocurrency community since ever since they banned token issuance and crypto trading back since 2017 and the exchange's action was to transfer their operation from other countries, this is not really new and it's a piece of old news, they keep on issuing a warning on the risk on investing in Cryptocurrency causing panic to Chinese investors and preventing new investors from coming in, that cause the dip is Elon's announcement that he will stop using Bitcoin to his companies, the Cryptocurrency community is ok and will continue to be so with or without Elon MUsk.

There is no technical pattern that can predict the direction of bitcoin.
People invest in bitcoin to make profit and Bitcoin grows based on news, if the news is good then bitcoin will go up in price and it will drop when there is bad news.

The market plunge of the past few days is a must as people rush to invest based on the Elon Musk hype.
They invest based on Elon Musk's words and it's not uncommon for them to rush out when Elon Musk says he doesn't accept Bitcoin.

i think you should hold and just wait for the prices to go back up, it's not a big deal, in fact you should have bought more when thing went down hill, i can see things going back to what it was a week ago in like two weeks.

Everyone felt the recent dump, as long as you are holding a volatile coin you would surely experience  the massive drop in your portfolio, and I think this is just a market correction the dump was already going to happen the market has been overbought it needed a little correction I had no idea it will be that big, this dump is similar to 2017 only this time bitcoin has more of diamond hands than in 2017 when there were so many paper hands ready to dump their bitcoin,its better to hodl than sell in loss.

Now there is some unfortunate news for cryptocurrencies, much of which has to do with China, because the decline in the cryptocurrency industry is happening in large numbers right now, so the answer is to be careful and wait for the remedy. The markets are now improving after an extremely large and fast drop. Hopefully, this was a mistake. I believe we saw a final tremor before Bitcoin's ascent to $ 70,000. I wish cryptocurrencies were more powerful than they are now.

Although there could be numerous reasons for the recent dump of the crypto market, but I think the major reason for this is because of the recent ban that china placed on all cryptocurrencies, along side the tweet by Elon musk that Tesla will stop accepting bitcoin payment.

You hate what is happening now in the market because of the dip right? Well, for what is happening now for me is a normal thing and for you it is not a normal and yet your worried if your gonna sell your holdings. Actually, in my own opinion every movement in the market is just a temporary only, so for this case patience is the best tools for this at the moment.

It could be the FUDS made by Elon Musk and China banning crypto or maybe because there was an overbought from the previous bull run so the market will have to balance the market activity.

But whatever it is, we should not take all these things negatively as bearish season carries out the best opportunity to earn and make profits in the future. The market will always have its own dump and pump market and that's inevitable so we should know how to live with it.

Starting from Elon Musk's FUD regarding bitcoin and after that the existence of FUD from China regarding the Crypto ban made the price of bitcoin drop in a short time. and of course this can not be controlled by people. but in fact today the market started to experience a rebound in recovery. if you panic you will lose. when the market goes down it is time to buy not panic. prepare the right money management to be able to get the price you want

Who really knows it is just a correction or this is a signal that the end of the Bull market, buddy, you have to make decision by yourself, it is your money.
Actually, i have lost a mount of money at this disaster day of crypto market too. Anyway, i have selected quit and take a break.

It was because many FUD news are spreading, recent biggest news was from china that they will ban crypto just like the issue back then in 2018.
Moreover with the new superstar crypto influencer, elon musk. Everything that has bad speculation with his new tweet always succesfully affect the market.