What caused the diving market

[Jacobit]

Which reason do you prefer?

1.ETF rejected.
2.Bitcoin Withdraw delayed again in Chinese Exchanges.

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[AliceWonderMiscreations]

It was at a bubble. Hell I even bought a little extra just in case ETF passed, predicting it would spike even more after the pass.

Bubbles pop.

[Iranus]

ETF rejected, the drop happened within minutes of that news being announced.  I don't think the delays on withdrawals would have caused that much of a drop as I would kind of have expected that to happen anyway - most investors predict when the odds are that strongly in favour of something.

Bitcoin withdrawal is also being delayed on all of the major exchanges but we have still seen an ATH during that period.  I don't think these short-term things have so much effect on the price.

It was never going to stay that high for long though, it was mainly just the hype for the ETF that brought it up so high in the first place, so it's fine to see it down to more natural levels (and if a natural drop now is still over $1000, Bitcoin couldn't be much stronger to be honest).  It was a little bubble, but we've seen now that Bitcoin is comfortable up here this time and it isn't just a pump like 2013.

[eddie13]

The chance % of a positive ETF result was priced in, now it's priced back out, back to business as usual..

[raphma]

Which reason do you prefer?

1.ETF rejected.
2.Bitcoin Withdraw delayed again in Chinese Exchanges.

to me it's pretty obvious that what caused the dump was the etf rejection.
the dive happened in the exact second SEC announced the rejection... plus, the whole pump were based on the ETF, so without ETF it would fall.

[shinratensei_]

The chance % of a positive ETF result was priced in, now it's priced back out, back to business as usual..

I was seeing as another bubble. The ETF hype is over. No more speculation about ETF in the future. Price of bitcoin is bounce.

[ice18]

ETF rejection is the number one reason why bitcoin price crashes I think It will dive for a short time, good chance to those who are waiting for this moment to buy more bitcoins while price is still diving.

[teddybear]

It has to be a bit of both but the latest reason is the ETF rejection news. The delay in withdrawal also caused it initially but the BTC falling down so steeply was all because of ETF for sure.

[Jacobit]

It has to be a bit of both but the latest reason is the ETF rejection news. The delay in withdrawal also caused it initially but the BTC falling down so steeply was all because of ETF for sure.

Agree.I think these reasons overlaped together causeed the diving.

[Seansky]

I agree with the others that what caused the diving market was ETF rejection but I think there's more to that. I think manipulation of the others who say that bitcoin is dead, doomed, or whatever negative about bitcoin also caused impact on the diving market since many entered because of ETF hype and when it was rejected many lost trust especially the new ones and of course those who took profit when the dumping market happened.

[Jacobit]

I agree with the others that what caused the diving market was ETF rejection but I think there's more to that. I think manipulation of the others who say that bitcoin is dead, doomed, or whatever negative about bitcoin also caused impact on the diving market since many entered because of ETF hype and when it was rejected many lost trust especially the new ones and of course those who took profit when the dumping market happened.

Now there is a new issue about the diving market.that is fork risk！

[talkbitcoin]

Now there is a new issue about the diving market.that is fork risk！

you dug out and then bumped an old topic to give a wrong answer!

it is still the same reason for so called "diving" as before. and it is nothing else than FUD. there is no fear of "fork" because fork in this context is the boogeyman that kids are afraid of and they are wetting their beds because of it.

[BitHodler]

Now there is a new issue about the diving market.that is fork risk！

you dug out and then bumped an old topic to give a wrong answer!

it is still the same reason for so called "diving" as before. and it is nothing else than FUD. there is no fear of "fork" because fork in this context is the boogeyman that kids are afraid of and they are wetting their beds because of it.

Fud definitely plays an important role, but we can't just put aside that the majority of the blocks are being mined with support for BU. It's still far away, but traders anticipate by closing positions as they want to lower their overall risk exposure.

It doesn't hurt as trader to liquidate some of your positions to have a good amount of fiat ready to be used in case the price happens to tank. Most of the better traders have done that at +$1200 prices at the time they secured profits.

[Dimelord]

The diving market occured only due to ETF rejection.
But it was temporary and soon bitcoin price recovered.
Delay on chinese exchanges has nothing to do with bitcoin price.
Dragon era has already ended.

[Kprawn]

The ETF decision had very little to do with the price drop {lately} .... There was a mini dump just after the decision was made, but those were

just the day-traders running for the short term profits. Most of the long term hoarders, picked up those cheap coins and the price quickly went

back to it's original levels. The latest run is very premature and people are hedging against possible losses in case a hard fork happens by

investment in Alt coins. They too will come running back, as soon as they realize that this was a mistake. 

[Sundark]

Stop with assumptions that the ETF had anything to do with decline of Bitcoin's price. The only reason BTC dropped by $200 is the possibility and likelihood of a hard fork.
That fact, combined with lies and misconceptions spread by bitcoin haters or newbie users created large bearish price movement.
Don't let others manipulate you, there is no way that Bitcoin will split, even the most aggressive BU supporters are not that stupid to allow that.

[gentlemand]

It was at a bubble. Hell I even bought a little extra just in case ETF passed, predicting it would spike even more after the pass.

Bubbles pop.

It was a strong rally backed by very little, not a bubble. A bubble is an order of magnitude or three more insane than the action we witnessed.

There was no compelling reason for the price to stay up there post no ETF.

[Torque]

It was at a bubble. Hell I even bought a little extra just in case ETF passed, predicting it would spike even more after the pass.

Bubbles pop.

It was a strong rally backed by very little, not a bubble. A bubble is an order of magnitude or three more insane than the action we witnessed.

There was no compelling reason for the price to stay up there post no ETF.

This. Insiders knew that the ETF would get rejected, but the public didn't, so they pushed the market up prior to the announcement.  On disapproval, they shorted and dumped.

They just used the whole BU fork FUD as a cover for the drop, along with a lot of other FUD dropped at the same time. They ALWAYS intended to sell off after the rejection.

There wasn't a bubble though, you can thank China for not participating this time.

The REAL bubbles happened in the altcoin market.  Look out below!

[lumeire]

It was at a bubble. Hell I even bought a little extra just in case ETF passed, predicting it would spike even more after the pass.

Bubbles pop.

It was a strong rally backed by very little, not a bubble. A bubble is an order of magnitude or three more insane than the action we witnessed.

There was no compelling reason for the price to stay up there post no ETF.

Which probably means we're gonna stay at this level for a little while, or drop a little and play around. Time to stock up again I guess?

[Rude Boy]

The market diving caused by ETF rejection. This is just temporary problem the price will up soon. Chinese exchanges delay not cause market diving. There is no correct point to corner the Chinese exchange. On my point of view, we can't blame the market industry. Because, bitcoin market not stable.