Bitcoin Forum

Bitcoin has crashed really hard but we also need to mention what's important:

Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. It was caused by a single, very risky ALTCOIN, where fundamentals of were not proven sufficiently. It was a weak Altcoin causing a huge crash.
An Altcoin, where no link to Bitcoin's tech was around. Bitcoin and Altcoins are totally independent, still people are getting FUD and sell Bitcoin causing a crash.

People should be aware for a similar situation: Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. No need to sell Bitcoin.
People need to learn to be wise and don't sell Bitcoin when different Altcoins are having techical problems. It will likely happen a lot more because we have a lot of shady Altcoins!

A very good recommendation: don't sell Bitcoin when a different Altcoin crashes!

After all, such crashes will only re- distribute coins from weak hands to strong hands (HODLers).
To be succesful means to understand Bitcoin is independent from Altcoins and to understand HODL.  :)

It would really vary from person to person because it couldnt really be avoided for people not sell out if they do see opportunity on doing so because not all would really be holders on which whenever they do see

some significant increase then thats the time that they would make out immediate action.Also you should mind off about correlation in between prices, Bitcoin is the trend setter no matter what sentiments
or news or fundamentals around if Bitcoin do goes down without knowing the actual reason then the rest of the coins in the market would do the same.
There might be some which goes opposition but wouldnt really be that permanent.

The fact that a shitcoin caused a serious crash of Bitcoin price only makes it worse. The narrative is that Bitcoin is a store of value better than gold, a hedge against inflation and declining fiat, but what we see instead is that some scam project managed to wipe 25% of Bitcoin's value. Of course it's temporary and sooner or later Bitcoin will go to the moon again, but the fact that Bitcoin doesn't have stability and resilience is pretty bad.

It is an altcoin that crashed the entire market. This shows the connectivity and the dependence of the market over one another. The recovery will happen for sure, but the unexpected downfall when people are expecting for a bounce to reach the price above the previous ath is simply bad as the market losses it's trust from beginners who are the major support system to push the market with fresh investments.

I agree with the part that this is temporary. Just look at the price today, slowly recovering and seeing $31,000 start of the week. So now we are in a good direction and probably the shitcoin that causes this wipeout can't bounce back again. But Bitcoin? it will, so resilient from this kind of attacks that the effect of the flash crash is for short term only.

Or maybe we can conclude that every crypto has some sort of correlation to each other? as much as we correlate stocks and other financial markets to bitcoin?

I know a lot of people really lost their money here, but this just proved again that shitcoin will be shitcoins and there's no such thing as stable coins, the chance to fail and go down hard is always there for this so called pegged or tied to USD.

It wasn’t only Luna which caused it to crash. It was also the nasdaq. When Bitcoin broke those lows so did the nasdaq index.

The reason people sold Bitcoin is because they knew that guy had moved $1.5B and that is when the sell off started. He sent it to an exchange and people basically panicked.

However nobody knows for sure whether those bitcoins were actually sold.

The news follows the price action but theres always some story of some kind, I find the graphs precede apparent negatives also and can give a clue of positives in the midst of gloom though its often faint.    Its pretty much correct all the negatives in other blockchains which have no direct link somehow end up reflecting badly.  Some blockchains are horribly biased like a central bank currency, they dont deserve to be called crypto even the rough technology association is enough.
    There is at least 3 different time frames to consider, short medium and long term and in the end an unstable coin shouldnt lastly alter long term dynamics of BTC

So if eth moves to pos and it crashes to 100 bucks dont you think all the wrapped btc will drop like a mofo?

Why wouldn't it? One of the reasons that BTC dropped is because Terra's LFT sold a crap ton of their bitcoin holdings in the hopes of returning the UST peg to $1. So of course bitcoin would drop due to the sell. It's not like this altcoin dropped and bitcoin just followed suit because why not.

This one, I don't think that an stable coin that really affect the dynamics of bitcoin long term. This is not the first time though, we've seen Tether de-peg and it did affect the price but in short term only.

Lesson here is that as much as the Terra Luna or any other stable coin for that matter had a impact on the price movement, maybe because of panic selling or any other reasons, bitcoin will still go and continue to perform better in the future.

The problem here is that some people still believe that Bitcoin seem to them a pump and dump scheme, until the vast majority begins to realize and have a well understanding that Bitcoin should be a place where we should hedge our funds In case of such event and not thinking that Bitcoin will crash and thus run into save theirselves with fiat.

For instance with this UST event,
Just imagine that if investors and institution were running into buying Bitcoin to hedge their funds rather than panic selling, we wouldn't have had such crash.
I think that the problem here, is that the Petro dollar dominance is still in play, therefore we need conscientize investors and reshape their mind in order to understand that Bitcoin BTC is a safe heaven for all investors.

If a single entity can so easily amass enough coins to crash the market at will, that's a problem. Imagine what would have happened if Saylor suddenly dumped all his coins?

Basically, Bitcoin market is still very far from being mature. Gold is a store of value because it never crashes by 20% in one day. So Bitcoin still has a long road ahead until a broad audience will trust it.

I don’t think the reason why Bitcoin is falling is the crash of Terra (LUNA). That can’t be the reason. If Terra (LUNA) falling down has any effect on Bitcoin, it should be net positive rather than negative. LUNA falling down could mean much of the funds coming from LUNA might be moving to Bitcoin. There is heavy selling on LUNA and if investors are looking for a safer exit, they would be directed towards Bitcoin. Also the falling price of Bitcoin has already been happening even before the LUNA fiasco took place. There must be another reason why Bitcoin is in its current bear phase.

Though I disagree — it's somewhat arguable that it's a problem, but that's how markets work. Lower liquidity and thinner orderbooks equals more opportunity but more risk. Higher liquidity and thicker orderbooks equals less risk but less opportunity.

Most altcoins crash when bitcoin goes bearish so how can we describe that situation? Actually no coin cause other coin to fall it just caused due to the people's reaction towards one coin goes bearish they just pretend to be conservative and try to secure their asset value as much as they can.

Since Bitcoin is the basis of the market, altcoins follows that trend and yes that is the normal action of the investors and not the altcoins itself. Blame BTC, then what? It’s useless since BTC doesn’t control by anyone and of course many whales are behind this coin which can cost the big drop in the market. If the situation is bad, just stay focus and wait for the bottom price because that could be your best price to enter in the market.

BTC, NASDAQ also fell at the same time so there is a trend around the financial market. It just do happen the Luna suddenly goes down, creating a domino effect around the world.

Of course, every single coin is partnered with BTC so obviously they will also go down. And now that the drama of this shitcoin is over, BTC wil start it's recovery phase again in the coming months and we will forgot that this happen to us.

Yes I'm also sure after all this has passed bitcoin will bounce back as it was last year and now slowly there is another increase in sales volume for bitcoin and of course this is good news for us and also for investors who have started buying again bitcoins.

It is natural that what happened to the Luna coin has an impact on Bitcoin, Bitcoin is like the mother of all cryptocurrencies, so it is natural when a major accident occurs that Bitcoin will be affected, Luna was not one of the weak coins, but rather had a high rank in the market, so its collapse caused a blow Painful for the cryptocurrency market and caused a loss of confidence in cryptocurrencies in general, but of course this impact will be limited on Bitcoin and it will come back much stronger than it was as we always used to.

Yes, but people need to learnto HODL because trading is very high risk.



Only real BTC should be considered real BTC.  :)



But Shitcoins are always source of issues. It's so annoying.
People need to learn to know how weak Shitcoins are and how independent Bitcoin is from Shitcoins.  :)

This is quite important to notice. Bitcoin didn't had any problems at all, we started with FED interest rate, and we had Luna crash at the same time, combine those two things together and we are looking at something that would be a big deal for the whole market and not something that would be problem for anyone in the long run.

So, we just need to understand that bitcoin has been great for a long time, this could be something related to other stuff and that could be the reason that we need to understand that bitcoin is irrelevant in this topic. Just focus on what we can recover and bitcoin has been going up right now and that is a lot better.

That is what we should always remember, even if bitcoin crashes too because bitcoin price can increase back and sometimes, the price can increase higher than before.
The bear market is just temporary and will not stay in the market and the bull market will come and will give us a chance to make a profit.
We only need to be patient and not sell because of panic because that will make us lose the money without having a chance to recover.
In the bear market, we have a chance to buy back any potential coins, including bitcoin and there is a discount price to us that we can use it.

Perhaps, this situation isn't new for us old-timers. And we don't see any reason to put blame Bitcoin for the market crash, it eventually just the time has come every time right after Bullrun. We're giving the chance to buy more and prepare before the next halving comes as an expected price surge is really what we see. So instead of finding a ground for this market crash, we'd rather fill our bag with Bitcoin and some valuable altcoins.

I'm not thinking for another 2-3 years in bear season, so people must not waste this opportunity either.

Don't blame other people for what's happening right now. now bitcoin is falling very hard and can't convict that bitcoin is not responsible for this incident. it could be that the incident of the bitcoin price falling was deliberately caused by them by making strong price corrections to succumb to intense business competition so they had to really bring down the market and re-slam the strong so that bitcoin got high support.

 BTC had already dropped pretty much 50% from its ATH by the 5th May by the time Luna/UST went pop, and it did that all by itself without any help from Luna. Sure there was a further BTC sell off due to the Luna/ust lunacy... but I would argue that was going to happen regardless of Luna/ust imploding.

I had pointed to BTC hitting the 55 on the monthly.... and was expecting it, however, I did not expect it to happen so quickly.... if we do not dig in soon, then , more doom on cards..... and even if we bounce here,  we could just hit say 35k, form another lower high, and then ... doom..  personally still of the view there is no macro bull run case, until we break and form support over 48K at least.  

Worst case imo is we bottom out between 10/11K to 17K, unless there is another black swan then, who knows.....

Hoping we do not get worst case, but it would not surprise me either....  200W MA is next logical pitstop if we do not dig in soon thou, and would expect a reaction there... either a bounce or a shit the bed/capitulation moment.

(ps breaking say 36.7K and then forming some support above there would be a good start, and would get my attention)

Maybe what you say is true, but the fall in the price of bitcoin this time really made them doubt and lose the sensation of bitcoin.
Even though at this time bitcoin really needs encouragement and strong support from us.

There is nothing wrong in booking your profit when you expect that a major crash is looming over us. The reason for the entire cryptocurrency market to fall may be because of multitude of reasons, first the increase in interest rate by the FED and then a stable currency crashed because they had a shitty algorithm based stable currency which was bound to fall like this.
 

Im not thinking of it as a crash to begin.   BTC only went on a round trip which is nothing new, we are back to similar prices from a year ago so not a big deal really.   Disappointment sure but I would imagine the full scale of negatives and positives is far beyond what we've seen; despite the great movement BTC is well known as highly volatile and this kind of sell is relatively normal.  
  I agree with the idea that some of the price at least is external to actual ongoing factors for crypto so that is bullish.   We have strong dollar for the moment but in the context of an issuing government who cannot really repay their debts, it would appear inevitable that Dollar concludes with negative value vs BTC where nothing changed especially within this economy

I agree that this is not a crash. I would call this a crash if Bitcoin went down to as low as $1,000. But if the price is only decreasing to around $30,000, it means this is simply a bear season, which as already pointed out is partly caused by the Terra (LUNA) fiasco. Since Bitcoin is part of the overall crypto market and the Terra (LUNA) market is also playing a big role in it, it is inevitable that Bitcoin also suffers from its huge effect. The overall crypto market sentiment is affected.

Well, Luna held like 80,000 BTC or something which they dumped on the market pretty much all at once. So it's not like an altcoin dying just indirectly caused Bitcoin to crash. It was a very direct cause from dumping BTC. And also UST and LUNA were two of the major cryptos in the market, I think they were 9th and 10th by marketcap just before the crash. So two of the biggest cryptos not just crashing but completely dying and directly dumping billions of Bitcoin at the same time makes Bitcoin's crash very reasonable. It would have been insane if Bitcoin didn't crash from an event like that. Also don't forget the whole world is in a bear market now so investors are already negative and ready to sell.


Also, people should understand that while yes Bitcoin is a far better store of value than Gold due to its monetary properties, as a market it is still developing. If we're talking short term store of value, it has many years to go before it becomes as stable as Gold. Bitcoin is still an emerging market. It is a store of value but right now it is a long term store of value. It takes time and a lot of adoption and education before it becomes a short term store of value.

People like to claim it isn't a store of value because it is volatile, but those people miss the time factor involved. Bitcoin is GROWING into being the ultimate store of value, and so people call it a store of value now because its properties make it obvious that is what it is, and so that label works when talking about it as a long term savings, but in terms of short term price action it has a long way to go, so it isn't "pretty bad" that it can crash like this, it's just that Bitcoin is still very young. Nobody has any expectation that it will be a stable store of value on all time scales right now. Bitcoin is acting exactly as you would expect it to - it is very young but the best hard money humanity has ever had, so it is still early in price discovery and therefore very volatile but long term it is safe to just keep going up as the world gradually discovers, gets educated on it, and adopts it.

We weren't at 68k neither, there are tons of people who talk about the recent drop as "we were at 68k at peak and now we reached 26k at bottom!!!!" but the reality is that we already dropped from 48k to under 40k, we were going around 36k or so levels before this Luna deal happened.

So, dropping about 30-35% is not a big deal for crypto, it has done that many times before and not a new thing. Will this change the minds of anyone? Of course not, they will continue to believe that they are doing the right thing and getting away, but this was just a mere bear market and nothing big for any of us who have been here long enough, we have seen that and find this very normal.

It is a good argument but at the end of the day the ones that are holding bitcoin are regular people, and if they decide to sell their bitcoin when an altcoin is crashing then the price of bitcoin will go down as the supply in the different exchanges goes up and the demand cannot absorb them fast enough, so if anything the issue is with the bitcoin holders and not with bitcoin itself, as they get scared very easily with news that are unrelated to bitcoin.

I hope you know that the founder of Luna bought bitcoin before it crash and turn like this.. Lol  

Because you know a lot of people sees that the situation of the market is all about panic selling because of the bitcoin situation, wherein without knowing that the founder of luna invested on bitcoin and a lot of investors are not feeling safe on the project itself.. ;D

I believe that's the reason tbh for the founder, because they assume that when they invested into bitcoin their own project will skyrocketed, but unfortunately it fails. That's why poor again. Lol

It seems that now investors are not easily panicked, as happened in 2018 when the market fell very drastically. Now many investors are aware that
the Bitcoin price drop is normal and we don't need to panic because of it. Even the decline in the price of Bitcoin has actually happened repeatedly
and Bitcoin has proven that it can always recover, so the decline that occurs now will not last long. Therefore, the price of Bitcoin is still stable
at $29k-$30k for now, even quite a lot of people end up buying more Bitcoin at the current price. I'm even very optimistic that next month
the market will start to recover and the price of Bitcoin will go back above the $30k price.

There are several reasons on why bitcoins price decline or crash.

1. Panic selling
2. Market switch up from BTC to alts
3. Fundamentals
4. Typical Sell off to secure profits

Dont know on why people cant just accept with these kind of circumstances considering that these had been happening through ages.

The current issue with Luna contributes on how the sentiments of the people towards how they take the market and for seeing the price continue to decline they mostly try to sell off trying to minimize their losses that's why we go on this far. But for sure all of this will be countered since the issue towards those huge incidents has been covered up and people sentiments has been diverted towards on good things right now.

lol there is no people who had been blamed here instead it is the market to be blamed because if its volatility and the greediness of people that makes this possible .

and besides it is the attitude of us that makes our funds risky, let know your desire and be responsible for everything that may come along the way.

Yeah, bitcoin isn't responsible to anything that happens here but it was the people's responsibility. They are the ones that invest here. They are also the ones that creates the price. There are people that will sell but it does not mean that they are panicking but maybe they just need money. If alts crash then why would someone sell their btc's? They did sense that btc will follow next?

I think there is no such pattern as that but it must be the opposite. It will be more acceptable that people will sell alts when they saw that btc crash first because alts are definitely going to follow. Just don't stress yourself too much as there will always be people that won't get it but better to focus only your own.

Whales have a different thinking and different approach on this market, if they move their big funds it will surely affect the market but what dictates the market the most is that, small investors are following those whales and that could trigger more selling or buying pressure if ever. The market cycle is a pump and dump trend, we cannot stop this kind of trend and in fact, we can have more profit if we only know how to ride on time. We are only responsible for our own decision making, we can’t control others decision with regards to this.

For having long stretch capital to use on their trades for sure they have different perspective to other traders because they can spread wide their balances and can able to cover up the possible losses by buying at the dip once their position got hold by the dump. What causing the selling pressure in the market is those small investors who easily got panic then spread fuds on the market when there position fail to give them profit and they are trap for the bad situation happened.

Without a doubt the issue with luna has affected this market in ways that many people were not expecting, and while some may be worried about what happened, at the end of the day this has no relationship with bitcoin at all and this should not affect bitcoin on the long term either, which means that this is a golden opportunity to get bitcoin for sub 30k prices, so if you have some cash which you do not think you will need during the next years this seems like a golden opportunity to invest in bitcoin.

Yeah, I don't think it will affect bitcoin's price long term, we've seen the devastating effect on the economy from the Covid-19, and yet we have bounce back from it. This is just another noise in this bear cycle, and I think we will recover from it. Might take a long time because of the current conditions, nevertheless, maybe in the next quarter, we will forgot about this one and we will definitely move forward again.

Shit like this happened before and so it will happen again. It will just pass.
The trend may not be over but it's slowing down. Many investors and supporters of Luna doesn't have the same energy anymore and they just want out, that's why they stay.
What they can do? They are suppose to hype the new Luna for their ROI. They need to help or else it won't happen.
Back to Bitcoin from OP which I agree mostly, markets of altcoins should stay with altcoins, it should not be suggested to sell Bitcoin whenever they fall.
The Luna case was a good example.

There is no debate about the recovery and we all know that the major coins will recover in the long run, but there is a difference in the term long time, it is not just the next quarter but might take a couple of years until the next halving.

There are two types of speculation that continue to occur between traders and holders, they may be very bullish and they can still be bearish. Such thoughts are normal for anyone who wants something where there is a goal they want to achieve. In the long term, of course, there is hope for a price increase regardless of whether ATH will be hit or not because it all depends on supply and demand which is directly affected by FUD or Hype.

The price of bitcoin has two directions, it will not continue to be in one direction because both are mandatory. So far, halving is one of the factors that will continue to have a positive impact on bitcoin prices, actually it all depends on supply and demand but we know that the facts are true.

The stand of altcoins is Bitcoin rising and bitcoin existence, if we removed bitcoin for two months all the altcoins will not survive it, and if you leave only bitcoin cryptocurrency will continue going. This is noticeable since that if bitcoin crashed today altcoins will die and the system of gold will continue to be sellable in the market, before cryptocurrency gold has being trending in the market, so without bitcoin no cryptocurrency

The development of bitcoin is unstoppable, nothing can stop bitcoin. Not only Luna but even a ban of a large country like China cannot make bitcoin fall forever, bitcoin will continue to grow and go up after that. Is it just temporary.

Without Luna, I believe we will have to deal with other things. The downtrend is sure to come as we had a strong bull run in 2021, so don't be too surprised when a bearish cycle is in progress.

actually the Manipulation will only progress once the small investors or those weak handed people starts allowing themselves to be affected and with all of those the market will suffer from our wrong decisioning , so this is the thing we must understand and lets not blame the market for the crashing because all of us are contributing to this effect.
try not to be affected and lets see if Whales will succeed in their plans .

It is clear to me that whales will try to do their best to convince the smaller investors to follow what they are doing, or at least do what they should do, so that whales would be able to make a lot more profit.

We are worried right now that the price is low, but those whales are not worried at all, they have so much money that, not only they are not selling but they are actually buying a ton of bitcoins and maybe some other coins right now. Because, they are rich and they can afford to wait, waiting for years definitely easy for them since they have a lot more money they can deal with and live with and even invest into other stuff if they wanted to.

Who told you that? altcoin will not survive without bitcoin in 2 months? lol altcoin will increase more once there is no bitcoin because people will start using them instead of Bitcoin.

know what? i don't know where did you get those stupid idea? are you from another forum that only visit crypto? because you seems to not know what you are saying.

Without a doubt such a fast recovery would be ideal and we may be seeing signs that this is coming as the price finally surpassed the 30k resistance level after days of being under that level, still we will have to see how long this recovery last, however it seems the worst has passed already and the effects of the crash of luna are slowly dissipating, however we also need to keep our eyes open as something like this could always happen again, and if it does then the price could crash to even lower levels as the panic under that scenario will be extreme.

Of course recovery will happen, I can't talk about if it will be fast or not, but I can say that it will happen. This is why I believe that we should be just holding for the time being. Maybe it will happen soon, maybe it will happen very late, but I know for a fact that it will eventually happen. So we should not just hope for a quick one and leave it at that, we should just hold even for a very long term one. That will get things going very profitably for us in the long run, people who buy from the current prices will end up with making a ton of money in the long run and that should be good enough of a reason to buy and hold.

We already have, after this news, the price suffered and went below $30k. And as want we have discussed, this kind of debacle will have just a short term effect on the price. Now, if you are going to look at the price in the last 24 hours, we have a good recovery, and we even going to touch $32k this week I reckon. We just need not to panic because in the long run (whatever how long it will take), the price will soon back back and then we will not realized it but we are in a bull run again.

It slows down a bit because major decrease like 1k to 2k drops have rarely seen and the price have also gotten stable lately but its too early to celebrate yet. Don't forget that the exact scenario have also happened last time and by the time many people are expecting that the price is now ready to go up, they didn't expected what happened next. Yes, the price goes down once again.

For the luna investors who won't get tired when you are losing millions of dollars? Some are even literally tired to live that they are now committing suicide. They aren't the ones that need to hype the new luna but it must be the team. If they invest heavily, what if the same shit happen again? But for me it's still okay to sell btc for alts but it should be a good alt only.

Not so fast though, as the price goes ~$30k as of this time.

Nevertheless, I still wanted to be positive this month, and this is still a buy zone for me. At $29k, anyone can make profits out of it specially if you are going to hold long term. And with that, my speculation is that we might see a positive trend to even $35k or higher at the end of the month.

You are right but it is precisely that uncertainty the one that ends up making a lot of people to sell their coins for a bad price, we know bitcoin has experimented both bull runs and crashes, however bitcoin always comes back stronger after each crash but it takes time for it to recover, and since the 2017 crash was so profound and it lasted for so long people are afraid that something like that could happen again, and when we also take into consideration that many of those which invested during the last bull market never had any intention to hold for so long then we can see how it can be difficult for them to endure this bear market.

If it happen again like the 2018-2020 bearish trend then so be it. Just proved that we are indeed in a cycle and there are factors that can affect the price whether we like it or not. The Luna effect was not seen I supposed, because we even have a thread that they are the one causing a good bounce to above $45k if I'm not mistaken because they are buying their reserves with bitcoin. But it was the wrong move as it triggers a domino effect that literally put their price to 0 and then bitcoin going down below $30k because they have to cover what they have lost. Nevertheless, this bear market has open up new opportunities to us to buy cheap bitcoin again and keep on going until this bear market ends in 2 years.

When it is a crash, it's too much sell pressure.
It was clearly not a rational decision because of a lack of education.
When we have more education (Bitcoin isn't affected), less people will sell and we won't get such a huge crash, bro.

Yes, it was based on misconception, because Bitcoin wasn't responsible. Some ppl made a huge loss.
Never sell.

We need to avoid crashes by educating ppl.
Because when people do not sell, it won't result in a crash.
Especially when Bitcoin isn't affected at all.
Some shitcoins have huge problems and will crash but it's NOT Bitcoin's issue,
People need to educate and to learn.