Catalyst for recent bitcoin dump

[tranthidung]

Then the manipulation of the news went into action. At first, Musk refused to accept Bitcoin as payment, and then negative news came from China. And everything happened almost simultaneously. One piece of news triggered a reaction, while two others amplified the effect.

Elon Musk and Tesla boosted Bitcoin to $65k and the yesterday correction pulls it back to where it began. Elon Musk and Tesla are not responsible for rises or falls of Bitcoin, please stop blame everything on them. They have somewhat contributions but not all.

Bitcoin in the long run will grow but it will neither rely on Elon nor Tesla.

I don’t believe in randomness and coincidence in the crypto market for a long time. After all, the market is very susceptible to manipulation and this is used by people with opportunities. As you know, this news is adjusted to trends, not trends to news.

No randomness and no coincidence in the market. Everything are planned and set up. Indicators, news and sometimes exchange maintenance.

News are the tip of icebergs but most of participants in the market believe that news are causal reasons. They are not, indeed.

China? They have never accept the term cryptocurrency. How suddenly yesterday they said that they did not accept cryptocurrencies? Unbelievable fact but many people believed in that FUD.

There are days people connect every movements of Bitcoin with China, ETFs, SEC, and recently it's a turn of Elon.

[online73]

Any sharp movement in the crypto-currency market is a combination of a large number of factors. Not a lot, - Elon Musk, not a lot, - a fall in American indices, and of course - a simple human panic. Time will pass - prices will recover, but this "lesson" of a good fall in prices will cool the heads of many and teach them to be more careful about the crypto market.

[davis196]

I wonder what really triggered the price of bitcoin to dump this hard. From its ATH of $65k to $30k, that is already more than 50% dump. I don't think Elon Musk is the only one responsible for this because I often read people only blaming him. It's like ghost month came earlier than we expected.

And also, if institutions and many people are buying this dip then who are these people selling their bitcoin all the way down to earlier's dump. If these people are new to crypto and are panic selling, can it really drive the price this low?

I think that the panic selling,caused by Elon Musk had a "snowball effect".The panic created even more panic.
Lots of stop loss orders on the crypto exchanges increased the selling pressure and the people,who want to buy the dip are waiting for a lower price.I think that the price had stabilized a little bit at 38-40K USD,but this might be temporary,since we don't know when Elon Musk will start again tweeting BS about Bitcoin.
The current price crash showed us that the Bitcoin price was pumped from 30K to 65K by one guy and the same guy dumped the Bitcoin price back in the 30-40K price range.

[Itty Bitty]

If all bitcoin owners had the exact same amount of bitcoin, yesterdays monkey business wouldn't and couldn't have happened.

The more disproportionate the bitcoin distribution is, the funkier the things that can and will happen will be (in both directions). But that goes for any market, not just bitcoin.

Bitcoin is more susceptible because few understand it and panic more easily, and also because so many coins are off exchanges.

[Hannahanto]

Elon musk has been a big supporter of cryptocurrencies even helped in increasing the value of btc earlier this year though he said few things on Twitter that actually caused the fall of price, made the market to dump about 30%.
He's not the only issue that made the market to dump China Banking Association warned member banks of risks associated with digital currencies. Other digital currencies suffered sharp declines as well and the dump wasn't on btc alone even ethereum dumped to $2k.

[uneng]

I think it's not possible to deny this dump was mainly caused by Elon Musk, because it's a fact right after he tweeted Tesla was going to stop accepting bitcoin as payment method and that bitcoin is harmful to the environment, bitcoin price started crashing. Of course he wasn't responsible for the entire crash, but it was him who started the fire.
After seeing such news, speculators sold btcs as well, to take the opportunity for extra profit, but already thinking about buying the dip, like always. But it's important to emphasise the cause which triggered the crash was Elon's tweet.

[cabron]

I think it's not possible to deny this dump was mainly caused by Elon Musk, because it's a fact right after he tweeted Tesla was going to stop accepting bitcoin as payment method and that bitcoin is harmful to the environment, bitcoin price started crashing. Of course he wasn't responsible for the entire crash, but it was him who started the fire.
After seeing such news, speculators sold btcs as well, to take the opportunity for extra profit, but already thinking about buying the dip, like always. But it's important to emphasise the cause which triggered the crash was Elon's tweet.

According to the analyst, Elon accelerated the dump that will eventually happen in the future but it could result in a full charge for the bulls to come running up again. There are many analysts actually are warning that it's about to fall and so it did. Luckily it ended quickly and bounces again to $40k, its more like a bear trap.  But I wouldn't be too confident to send money from my own pocket to invest today.

[rahmatrf331]

I wonder what really triggered the price of bitcoin to dump this hard. From its ATH of $65k to $30k, that is already more than 50% dump. I don't think Elon Musk is the only one responsible for this because I often read people only blaming him. It's like ghost month came earlier than we expected.

And also, if institutions and many people are buying this dip then who are these people selling their bitcoin all the way down to earlier's dump. If these people are new to crypto and are panic selling, can it really drive the price this low?

I assume, that Elon Musk has a good reason.
It looks like if you hold on to over $ 60,000 you will only get a little profit for a long time. because they control the market, of course, they need to get twice the profits involved in a short time.

[adaseb]

There are a few reasons why it crashed all the way to $30K.

First one is that there was lots of people who first invested in bitcoin at $32-36K area. Look at the daily chart, this is the area where we spent alot of time in. If you look at volume profile there is lots of volume in this area. Most likely these people never took profit at $65K and instead they just put their invested to sell at break-even and hence why it had a huge candle in that area.

Second reason is most likely everyone selling prior because they assumed Tesla must of sold because it was hard to describe what Elon meant in certain tweets. Especially when he said "indeed" to someone saying that "Tesla probably sold BTC" and it caused all this panic.

[fullhdpixel]

Any sharp movement in the crypto-currency market is a combination of a large number of factors. Not a lot, - Elon Musk, not a lot, - a fall in American indices, and of course - a simple human panic. Time will pass - prices will recover, but this "lesson" of a good fall in prices will cool the heads of many and teach them to be more careful about the crypto market.

I know the market will recover but it is really important to get an idea of what caused such a rampage within days. I was watching all this and we friends at telegram were distraught because these things earlier only used to happen when the market was small and a single whale could manipulate but this happening in 2021 shocked us all.

China Banking Association warned member banks of risks associated with digital currencies. Other digital currencies suffered sharp declines as well and the dump wasn't on btc alone even ethereum dumped to $2k.

Ethereum and other coins are just dependent on the bitcoin market because if BTC is crashing you would always see every coin dropping almost by the same margin if not more. This also shows the domination of BTC in the market though.

I think like always we will never be able to find what actually caused this rampage and who was behind it. These things actually bring a lack of trust and safety in our already volatile market.

[Mahanton]

-China Ban
-Fossil issue
-Elon Must Tweets.

Here are the several reasons on why we had dipped down in price in the sense that we didnt expect for it to happen but eventually we can really still have the chance
to recover and honestly this is the best time or spot for us to buyback on cheaper coins.

These events might not be precise but its quite evident that these are really enough that can shake up the entire market.

[kpierce77]

-China Ban
-Fossil issue
-Elon Must Tweets.

Here are the several reasons on why we had dipped down in price in the sense that we didnt expect for it to happen but eventually we can really still have the chance
to recover and honestly this is the best time or spot for us to buyback on cheaper coins.

These events might not be precise but its quite evident that these are really enough that can shake up the entire market.

Elon musk is not the main cause of bitcoin prices down, but Elon musk is the first cause that makes bitcoin go down. then followed by an announcement from the Chinese that banned bitcoin suddenly. With the considerable capability and influence of Elon in crypto, of course the u-turn announcement on bitcoin has quite large consequences. besides, Elon is also a big bitcoin holder

[RealMalatesta]

I wonder what really triggered the price of bitcoin to dump this hard. From its ATH of $65k to $30k, that is already more than 50% dump. I don't think Elon Musk is the only one responsible for this because I often read people only blaming him. It's like ghost month came earlier than we expected.

It's true that he alone and his followers shouldn't be able to crumble the market but I think what happened here is that as the market started falling more and more panic and set in among the holders and everybody started selling which again did the same thing.

Here is what happened according to me.

Steve holds 150 BTC and won't sell below 35k

Joe holds 100 BTC and won't sell below 40k

Harris holds 50 BTC and won't sell below 45k

As the market started coming down, it is Harris who first sells but as he does that, he brings the market down by more and imagine this is 1 guy, there must be millions doing the same. So once it comes down to 40k, it's joe and the million other joe who will sell and that would trigger Steve selling his coins. This is what happened from what I understand.

[adaseb]

The issue with Saylor is that he is way too overexposed to BTC. His problem was buying more and more, and borrowing money to buy more and more. He had a great entry at $11K at first however he kept adding more and more as the price went higher and higher. What is worse he borrowed debt to buy more BTC. And every week or so he was tweeting that he bought 200 BTC here and there.

A few days back he tweeted that he bought using the Cash app. So most likely he is maxing out his credit card buying bitcoin. He seems addicted. And its great and all. However if bitcoin keeps dipping into his average, he might get in trouble and might get pressure to sell some of his holding. He has like 100K BTC which won't be easy to unload, especially in a neutral or bear market. Hence you need to becareful.

[Farma]

well, maybe the trigger is Elon Musk because when he withdrew bitcoins from Tesla, the price dropped dramatically until recently. yeah, I think the reason this is happening is panic from sellers everywhere because of the statements from Elon Musk and China. Until now, I still hold onto the assets that I have and hope that prices will return to rising and be stable. However, it is quite difficult to make decisions at times like this, moreover, prices are still falling.