Bitcoin Forum

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

While this has been mentioned in some post earlier , that the Bear is still on and there are some who says price will drop to 10k this year.

I also asking about what triggered this but know what? best to take this as an advantage to buy and buy , because there are some coming years that the market will boom and surely , this buying will make you richer in that time .

lets not look at this moment as negativity , instead the positive is what we must see here and that is the chance to buy more.

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused. This could be the next market crash this year like 3AC and Luna caused. At the moment, it is not clear whether investors will lose money forever. After all, hopefully everyone needs to remember: not your keys, not your money.

Look around the forums, there are a good amount of threads about FTX being insolvent and whatnot. While I think the market reaction was totally overblown, there technically is some contagion risk concerning Alameda and their balance sheet. Though we don't know for sure yet since we don't have much information.

The reaction is overdone but not unknown action we've had big scares similar to this.  So far as the news, I think the failed exchange is to be taken over and it'll be sorted out but I could be wrong.  Anyhow doubts will quickly knock the price down from lack of buyers and willing sellers, doesnt take too much to upset the balance at least for a few hours and we'll see further out.

https://talkimg.com/images/2023/06/12/AIdlN.png

Shame we had a nice rise going on there, this is about as harsh a retest as one could expect to see.   However its closed above support so there is already some bounce back underway to speculate on.

Keep updated because the market affects the value of your coins.  You may not be in any way involved in FTX but it's part of the crypto space.


And the binance may still have something to do with it. In weeks, a lot of traders are sure positive the bulls are winning and then this happens. Bullish positions must have been liquidated and all because of what CZ did. It's a wild west market still and the futures market takes more when the reaction is overblown.

How long have you known or traded bitcoin? If it is from a short period, then changes of 2% to 10% are considered normal according to supply and demand and do not necessarily require a convincing reason or analysis of why the price behaves like this.

Changes of more than 10% or continuous changes for several months are what require analysis, which is often to know the support and resistance that these cryptocurrencies reach.

To those hoping to scoop more at a lower price, now's the time :)

It's that another drama has taken the market for another bad turn, similar to Luna.

This time it was FTX, weeks prior many have called that this exchanges and it's token are going to fall and collapses and that what happen here. So everyone panics again and sell whether it is bitcoin or altcoins.

But CZ comes to the rescue before it liquidates everything and buy it and now we have this new term introduces by CZ, "Proof-of-Reserves". Sort of doing audits for exchanges if they still have the money to cover for everything.

At least now we know what the real shitcoins are. ETH lost 20% in 24 hours.

Also, I suspect there was some planned dumping to crash the market. Someone pumped the price from 19 to almost 21k and then dumped everything to 17k. It all happened in less than 2 hours and that wasn't a normal natural market move.

What you're seeing is pure panic with people running around the forums asking what's going on, trying to do research and youtubers capitalizing on it saying that the bears won and shit like that.
The bitcoin people were buying yesterday for 20k is the same bitcoin they're now selling for 17k.
If you have some free cash set some buys at this area. You'll thank me later ;)

Adding Dogecoin mate https://coinmarketcap.com/currencies/dogecoin/ losing 37% and that's bad

also Solana and this is how low it cost now https://coinmarketcap.com/currencies/solana/ 43% drop and also so bad to look at.

maybe we will be seeing this drop for another couple of days before showing some strong climb in the coming month of December.


Perfectly mentioned mate, there are lots who ask for lower entry and this is the best time  ;D

actually to answer your question is rather difficult too, because the decline in the price of bitcoin will be difficult to guess. but this time I will speculate that what caused the decline in bitcoin was because, the economic situation was down and also because of mass panic, and that would certainly make the price of bitcoin go down.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.


This time your speculation is wrong. Just check any crypto news portal or even browse around this forum and you will see what caused this recent dump.

Any connection including Bitcoin with the world economy does exist, but I don't want to associate the world's economic problems with Bitcoin because the price decline that is happening to Bitcoin at this time is because there are more sellers in the market so the price has decreased. And it could be due to the influence of Binance's dispute with the FTX crypto exchange trading company as I read about in this resource (https://www.cnbcindonesia.com/market/20221109094850-17-386287/ada-konflik-binance-alameda-bitcoin-cs-ambruk-parah).

FTX, FTT, Binance, CZ. Those are the keywords to search today in the crypto field and they are showered all over social media, forums like this one, articles, and even mainstream media.
Considering how big FTX is, and their platform being advertised in local tv commercials, it will be a big hit to the market if something really went wrong.
CZ had it all planned and it's working. He may be the starter of the dump that we are experiencing now but we cannot blame him, no one should be.
Many investors are in panic.

See the thread I created about exchange wars.

Basically due to a leaked document on Coindesk, it turns out FTX/Alamada was heavily leveraged using FTT as their collateral. When Binance CEO tweeted they are selling their FTT, it created alot of panic.

At first it was fine but eventually there was too much selling and Almada pulled the bids and then everything tanked. Their largest holding was SOL and hence why it crashed below $20. And other assets started to crash like BTC and ETH.

Now there is panic and hate everything and people are just bailing out of crypto. First Celcius, Voyager, bunch of Defi hacks, 3AC, Luna, people are hurt and they are leaving crypto forever most likely. And will stay out of investing for the time being.

Not looking good.

I think the best hypothesis for crypto market would be if Binance really buys FTX right now. It may calm down investors and stop panic among them. Otherwise, prices can crash even deeper to very low levels such as 10,000$. On the other hand, by purchasing FTX, Binance consolidates itself as a titan exchange among all, leading crypto to more centralization, what is never good.

Sadly so many top tier scammers are completely ruining crypto environment this year. Reputation of cryptocurrencies is on its lowest level so far, I suppose.

Bitcoin’s price solely depends on us. The price affects due to the demand of the coin. As Bitcoin’s are limited in number, so when the demand increases, the price also rises in order to fulfil the demands. Similarly happen when the demand decreases and hence price falls down. If you want to understand more easily, then just consider, today there were more people selling their coins, instead of buying in many exchanges.

Unfortunately, people who are overreacting to a 10% drop is the reason why we are not going up for the past 1 year. If people realized long time ago that this is incredibly normal and the price should be like this and volatility is common then we would have gone up already.

But, people are overreacting and selling and getting out, which causes the price to of course collapse and not go up since people are spreading FUD everywhere. Eventually they will realize it is okay and they will start buying and then bull will start, but it takes time for them to realize that, which is the main problem we are having. Maybe it will be different later on, but right now that’s the situation at hand.

Unfortunately, in the latest twist of events, binance walks away from this possible acquisition.

https://www.coindesk.com/business/2022/11/09/binance-walks-away-from-ftx-deal-wsj/

It says from the article that FTX issues are beyond their (binance) control and couldn't bail out FTX.
I believe this is one of the major contributing factor why there is sudden drop in btc.
And now, the sister company, Alameda Research is getting out about $37M of WBTC.

https://www.coindesk.com/markets/2022/11/09/alameda-in-eye-of-crypto-storm-takes-37m-of-wrapped-bitcoin-off-ftxus-exchange/

I believe, its investors are already in the panic mode and more than likely, selling or withdrawing their assets from FTX, if they still can.

That is definitely a major reason why the market is selling off hard.  If Binance can't fix the problem you've created, you know you messed up.

Hard to believe this all started with Sam tweeting about CZ poking fun at him a couple days before Halloween.  It's hard to believe that someone could be so out of touch.  Sam was tweeting that people should hold and was teasing the idea of airdropping coins to those who didn't panic right up until the end.  Now he's just deleting those tweets and hoping to escape with his freedom and his billion dollar golden parachute. 

This cycle has been a strange one.  First Do Kwon and now Sam...  If only greed didn't play a factor, I'm sure we'd be sitting at much higher levels right now.

If you call ethereum a shitcoin then the whole altcoin market is shitcoin not just eth and doge. Sol will be the second luna because when FTX filed for bankruptcy solana will end, FTX and alameda are sol's biggest VCs.

Binance has announced that it will not acquire FTX due to unclear financial statements of FTX and alleged US agency investigations. We don't have to wait until December, mate. We are seeing a bigger crash that Luna caused this year, BTC officially has a new bottom.


I remember in a forum vote asking about the bottom of bitcoin this bear season most people were predicting $15k and we were on our way there but it is not clear whether people will buy it or leave the market.

People are been mainly focusing or putting up much attention on ever $1k+- increment dropdown on price which if we do sum up then its really on that 10% drop and now we are getting even more deeper.

For those who are new into this market and havent been able to see up these things are the ones who do easily freak out.Reason on why such drop? Pretty sure that everyone is commonly aware about
the issues in between CZ and FTX and much sure that people been really that blaming out this situation to be the reason on why this market plummets.

Instead on freaking out then it would be better if you would really be that considering on buying out cheaper bitcoin and other altcoins in the market.
When you are dealing with this market then you should really make yourself prepared on things specially attached with volatility because this would be the primary thing you would face on.

It is a shit show at the moment with FTX but anyone who is here in the market for a while would view these as opportunities rather than leaving the market. Yes there are many who entered when the market was on its correction phase and think that they are stuck and then there are many who are selling off at a loss thinking that the market would fall further. Only one word HODL.

Its surely a test of strength, cutting to the bone the resolve of those who believe in longer term strength.  A major point in a take over by Binance was the amount of market share that would then be attributed to Binance would bring with it a headache in terms of regulation and red tape apparently this is strong discouragement along with other factors.   Its possible a few other parties could take on partial assets like a normal liquidation but thats not the easy solution some might have hoped for

Yes, if we compare then no one can be as big as Mt.gox, because at that time there were not as many exchanges as there are today, now assets are distributed and spread across many different exchanges rather than concentrating all on a single exchange. But the collapse of FTX is not just an exchange, it will entail a series of ecosystems that Alameda fund invests in, typically Solana is suffering the most. Alameda Investment Fund is investing in many leading projects in the market and they will have to liquidate them all to save FTT.

I still remember on January 31, 2022 after completing the series C fundraising, FTX was valued at 32 billion, this is not a small number and less than 1 week, the market capitalization has decreased by more than 150 billion and will continue if there is official information about the bankruptcy of FTX.

(....)
I still remember on January 31, 2022 after completing the series C fundraising, FTX was valued at 32 billion, this is not a small number and less than 1 week, the market capitalization has decreased by more than 150 billion and will continue if there is official information about the bankruptcy of FTX.
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This is also one of the many reasons why a lot of people trusted FTX Exchange, because of their value, it's not a small amount of money. FTX exchange is a well-established exchange I believe after the Binance exchange. And add up also about how SBF did a positive act with Voyager before.
It seems they used the money of their customer for something and something went wrong.

well , I gave just quoted the post that I think says it all , and added those who have bad movement ATT  ;D

and not until altcoins prove the Shitcoin word wrong , they will remain one for the whole Bitcoin supporters  ;D


seemingly  , there are more to come that just 15k bottom , the price approaching now to 15k level and the market still shows no strong movement.

I think there is a dilemma here. If you are a bitcoin maximalist, if you have all your wealth in bitcoin, you are going to take advantage of these times to accumulate more. For me this is too risky and it is better to diversify a little.

Then, if we step back and look at the bulls from the sidelines, as we would say in Spain, although it is a good time to reload, you have to do it with a very long-term view, as the market is such that one more small scare will take the price to around 10,000 USD. We have already had several downturns caused by problems with exchanges like this one, and now virtually all exchanges are being targeted, such as Coinbase.

I say this not because of people with experience and who have known what they are doing for many years, but because I can already see more than one inexperienced person buying at 17,000 thinking that it can only go up and selling after a fall to 12,000 out of panic.

Binance bailed out of the deal, causing the price to tank even further

This is a saddest time for me , because yesterday before I leave for company representation , I almost have a withdrawal but decided to not and will do when i come back from the trip.
but what I saw now is the market falls from so much comparing from 2020 even before the great  pump in 2021.
the FTX issue and Binance seems to be the reason? because there is nothing more that I can see.

A number of crypto companies collapsed this year due to rugpulls. Celsius Network, TerraLabs, just to name a new

Why? Does btc don't have a permission to go down even without a reason? It still can. Down is more normal than going up but you are right that what fuels the dip in the price are the economic crises but the recent decline we have recently are caused by a new issue. I am sure you already heard it because they are now trending in the crypto space. I am talking about Binance and FTX but as usual, we will always experience a relief soon.

Crisis will fade and the war between the two exchanges are soon to be over. If I were you I won't join the others who are panicking right now and doing the wrong things. Remember, it's best to engage when someone are fearful. This is how wealth is being built up.

the main perception of a sudden decline because the main thing is Ftx news and this news is reinforced by cz who wants to sell ftt which makes the market situation change so fast. I think the entire crypto industry had a pretty big impact on this incident especially after ftx closed the withdrawal which made the market situation quite volatile. many of them suffered considerable losses from this incident and many large investors did not can withdraw their money on the ftx exchange so that this case became the second case after the luna incident. I believe bitcoin will bounce back when this incident is fully resolved and it will take some time to resolve the concerns of many traders.

And so as the CPI report comes in, it's not that bad as expected. So the whole crypto market is up today more than 10% from some top tier coins.

At least though in the last 3 days, it was really bad for us, bitcoin nose diving to a lowest low at $15,500, but now recovery on it's way, around $18k. So that's how the market works, there will be times that the market will drop very hard, but there will always be bounce back due to some positive news. So I guess the next question is when we are going to see $20k again because this is our support line for the last couple of weeks.

Of course, this isn't the first time the market has crashed, and it's not the worst either. Everything heals with time and with bitcoin it only takes a little while for everything to be back to normal. I'm lucky I don't use FTX and this is more of an opportunity for me than it scares me, I bought some bitcoin when it hit $16k and will keep waiting for more drops in the future. The bears are not going away anytime soon and we should take advantage while others are scared.


In my prediction we can't get back to the $20k resistance this month or next as the death of FTX is still happening, there will be many FTX invested and partnered platforms that will declare breaking production in the near future. Prepare money to start a new shopping spree.

The market is trying to recover after its low of $15.5K, I agree on that. However, it seems that the recent market turmoil will not allow him to recover quickly as there are many things that might affect the demand in the market due to the battle between Binance and FTX. This is the case that has set the market on fire for the last few days in my opinion, so this time we need some time to see the market recover.

But in the end we may not know when this bearish will end and a new trend will start. I believe this is a great time to increase your bitcoin balance for long term investments, and I think it's an opportunity that really is still open to everyone.

but this is the worst thing that happened this year because after ftx crash in this week, even today news ftx is hacked again which of course will cause quite deep sorrow for traders who use ftx. but as you said right btc will slowly strengthen again and we just need to be patient to see it. This incident is also the second incident after Terra Luna, causing quite a pain in the hearts of traders because two major incidents occurred in the same year. therefore I agree with your opinion we can take advantage of this incident to be able to buy btc at a lower price this year and expect a strong bounce early next year.

Just feeling that this FTX bankruptcy happened at a totally wrong time. This is not the best time for such  an incident.  The crypto industry has been in a very long bear due to one news/events or the other that is postponing supposed in-between bull runs.
I was expecting a mini bull from the third week of December till January, but this FTX bankruptcy might likely defeat this anticipated bull.
This industry is full of risk and uncertainties.

We have a triangle formation on the daily bars since that initial drop, recovered in price but then also adjustment down to a finer sideways movement in the last couple days.   Probably we end the weekly bar on this state and we have to see how the momentum long term reflects ongoing prospects.  My expectation is volume must be built in the teens as a platform for future gains,  that'll take months to do.

We are below weekly and 2 day average now, thats pressure downwards then I presume.   Probably we dont get a better view till about Tuesday at earliest.

One of the causes of the decline in the price of Bitcoin can be said to be due to the decline in the world economy. But on the other hand a bear market always follows a bull market. This wasn't a sudden occurrence, but something the great whales did to make a fortune. The small pump that occurred some time ago has also happened before, because after that the price will suddenly dump.

There are also effects or influences from other things apart from what you said, because apart from the whales who have started playing in the market, other investors are also still very reluctant to enter the market in conditions like now. So a bigger increase is very unlikely in the near future although there is always a possibility for Bitcoin to increase in the market when conditions start to change.

Are you worried about bitcoin dropping to $16k right now? What is causing bitcoin to go down right now is the panic that is happening to some people because they think that with the much negative news about bitcoin or crypto out there. The world economy is indeed shaken and it is a possibility that it will decline and it looks like it will impact bitcoin. But bitcoin will rise again, and you don't need to worry and stay patient. This is a normal correction that happens in crypto, giving investors an opportunity to return to investing at low prices because this may be their last chance before the price starts to increase.

Yeah, I think everyone is worried about the sudden decline of the price, if I'm not mistaken, we are in sort of a good run reaching $21k then suddenly the price goes down hard to $18k then the current price that we have.

So there could be others feeling nervous because of the massive drop, nevertheless, for experience investors, this is a good time to buy and invest, for newbie, all they want is to get out. And so the best advise that we can give to them is not to worry and just be patience and invest and look for the long haul. We are in a bear market, so it's just normal to see the price going down to -70% or higher just like the previous bearish cycle.

From my point of view, crypto is an extremely risky and easily manipulated market, so there will always be reasons for a sudden market crash. I used to think that the bear market is not over yet and what will be the next reason why the market will continue to crash, when causes such as crisis, inflation or interest rates no longer affect the market too much, the market is indifferent to the old news. Then the market needs a more terrible reason for the market to continue to crash. The bigger the market, the worse the crash stories are, enough to cause the market to panic, which is what the whales want. It's opportunity and risk is up to one's vision, if one day binance collapses i wouldn't be surprised either.

It is better if they can manage their emotions and have good self-control in following the bitcoin price movement to see if there is an opportunity to buy bitcoin at another low price. If there is, they can try to buy it so that it can increase the amount of bitcoin they have.

People who are nervous about a downturn really need to learn more about managing their emotions so they don't miss out on buying bitcoin at low prices. If they buy late, they can regret it when the bitcoin price experiences an upward reversal. We still advise them not to worry and try to analyze to find the time to buy.

Large events are not just one day, it'll repeat itself and echo until the energy is played out and resolved in the order books globally.   So like any large price action I expect it to reoccur and reappear in some shape or form almost as a requirement as we recover, its a demon which must be slayed a dozen times to be defeated pretty much.  Part of the reason why is to establish confidence and support so that we can later rise back from this negative blow, even if its not fair exactly or the blockchain itself its something that has to be played out until spent.

Funny thing is the Dollar is probably more of a manipulated market but a big deal is the giant amount of confidence the world has in one centralized dollar backed reserve system.  If that confidence ever falters then it leads to tectonic changes that alter the shape of the world.  Some think thats inevitable, to me crypto is quite ironic in that nobody exactly is in control and that too can bring fear but also its freedom from influence such as politics and fiscal budgets etc. that dominate dollar backing and trade done.

One of them is because the influence of the world economy is chaotic, which makes investors withdraw assets from the stock exchange to be used in real assets.
But apart from the influence of the global economy. Of course negative issues can also make Bitcoin prices drop. Currently being developed the issue of Ftx.

Yes, the world economy is in chaos but if investors tend to withdraw their assets from the stock exchange to real assets as you said then the price of BTC should drop because it is also a real asset.
The reason the BTC price dropped started is because of the 4 years cycle and you're currently in a bearish market. However, the last bottom price of the market is always caused by issues from influencers exchange problems, sell of holding, etc

The price of the bitcoin was not a stable.The price of bitcoin was based on the decentralised platform.So the whale plays huge role in the price of the bitcoin.Whale are the people who made huge bitcoin in their wallet to manipulate the market,the will buy huge at the time of the price.The important of whale also had positive way of approaching.By the whale we can also buy the huge coins at the very cheap price.Holding is important one to gain good profit from it.

In my opinion the main factor that makes drop prices is a difficult global economic situation, wherever we often hear many companies go bankrupt so that many people lose their jobs and make them have to sell all assets and cryptocurrencies, of course, are the fastest assets to produce cash.

we cannot ignore it, because at this time the world is now entering a phase of economic crisis which may be prolonged. As a result, most of them no longer have purchasing power, because income is no longer available, and many are even no longer working. to support their daily needs, obviously by selling all the assets they still have, of course crypto assets are no exception, which you are right to say are very easy to sell to generate cash.
The decreasing purchasing power has also made the crypto market experience saturation and everyone is currently holding on and waiting for the situation to start getting better again, who knows when it might happen and certainly not soon.

Today the price of dropping is around 3%, and getting closer to down below $ 16K, indeed the influence of the bankrupt FTX and the expert statement that the FTX case will soon occur containing a very large fear and panic, if the price at the $ 15k level certainly makes We must be vigilant and take action immediately.