Why the blood bath - my opinion.

[Wookii]

Hello everyone!

So as most of you probably have already seen, we have another big blood bath, BTC hitting 8000$, not even talking about the altcoins. So what is happening? Well in my opinion, it is combination of two factors.

In the last few days, there was a giant FUD about India banning cryptocurrencies. It was a misinterpretation of the statement from India finance minister Arun Jaitley. He has said the following:

“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”

Mainstream media then started the with-hunt and spreading the FUD of India banning cryptocurrencies. This had great affect on the price and got the BTC under 10K, hitting support line at 9000. But today, we are hitting the 8000 support line, why is that? Well, there comes the second factor.

We are closing to the Chinese Lunar New Year! Why is that a factor? Well, because most of Asia celebrate it and it is one of the biggest, if not the biggest event there. Quite a lot of people from Asia working overboard will come home to celebrate with their families. And what do they need? Money. And a lot of it, as Chinese New Year is the biggest spending spree in Asia. So when they see the FUD about India and the BTC going down, they will panic sell as they can't afford to lose any more or they would not have money for big spendings. And also it is not so long ago we have had the Korea FUD about BAN of crypto...

There is also the third factor. People see that governments are actively trying to regulate crypto markets. Some of them panic sell, some of them decide they have already pocket filled and some of them simply lose the trust...

In my opinion, combination of those factors led to this blood bath. I might be right, I might be completely wrong. What is your opinion?

Link to the article explaining India FUD here:
https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech

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[metenjean]

I agreed, its one of the most logical reason not to mention if we see the chart of bitcoin in the recent years. Price always decline in the early year and since chinese is one of the biggest investor in cryptocurrency, it make sense that people need to have cashflow in the oncoming lunar new year. As additional reasons was a review about banning advertisement from facebook and other social media about cryptocurrency, it spread FUD that cryptocurrency was not accepted worldwide although the popularity has soar this recent months 

[BTCtrader9]

This is what I call an amazing opportunity created by the media for everyone who was left behind in jumping on the bandwagon, now is the time to get a hold of all the coins you can at  bargain price before it jumps back again to it's original price.

[chiggz]

Every dip someone comes up with some unrelated predictions to explain the market. Why don't people predict this before the dip happening? These predictions are being made from the point BTC fell to $14K from $17K, $14K to $11K, and now $11K to $8K. Its started with the CMC price confusion, Korean FUD, Lunar year, Wallstreet manipulation and now Indian FUD. Many people also say that this is the correction Bitcoin needed, which is very healthy.

I have Just gotten used to the fact that the market is always irrational and unpredictable. Nobody can time the market and it will always do the opposite you expect. It can dump with good news, and moon with bad news. This is just a random dump, we have had many before and we will have many in the future. Just Hodl Away!!

[Wookii]

Every dip someone comes up with some unrelated predictions to explain the market. Why don't people predict this before the dip happening? These predictions are being made from the point BTC fell to $14K from $17K, $14K to $11K, and now $11K to $8K. Its started with the CMC price confusion, Korean FUD, Lunar year, Wallstreet manipulation and now Indian FUD. Many people also say that this is the correction Bitcoin needed, which is very healthy.

I have Just gotten used to the fact that the market is always irrational and unpredictable. Nobody can time the market and it will always do the opposite you expect. It can dump with good news, and moon with bad news. This is just a random dump, we have had many before and we will have many in the future. Just Hodl Away!!

Oh right, i forgot about the FaceBook! It just add to my point of people losing trust though... Anyhow i do agree with you, there is almost no point of guessing the price... It can drop to 5000 exactly the same as jumping to 20k out of nowhere... I also stand for a HODLing as i have no reason to rush things

[anatolydiz]

Hello everyone!

So as most of you probably have already seen, we have another big blood bath, BTC hitting 8000$, not even talking about the altcoins. So what is happening? Well in my opinion, it is combination of two factors.

In the last few days, there was a giant FUD about India banning cryptocurrencies. It was a misinterpretation of the statement from India finance minister Arun Jaitley. He has said the following:

“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”

Mainstream media then started the with-hunt and spreading the FUD of India banning cryptocurrencies. This had great affect on the price and got the BTC under 10K, hitting support line at 9000. But today, we are hitting the 8000 support line, why is that? Well, there comes the second factor.

We are closing to the Chinese Lunar New Year! Why is that a factor? Well, because most of Asia celebrate it and it is one of the biggest, if not the biggest event there. Quite a lot of people from Asia working overboard will come home to celebrate with their families. And what do they need? Money. And a lot of it, as Chinese New Year is the biggest spending spree in Asia. So when they see the FUD about India and the BTC going down, they will panic sell as they can't afford to lose any more or they would not have money for big spendings. And also it is not so long ago we have had the Korea FUD about BAN of crypto...

There is also the third factor. People see that governments are actively trying to regulate crypto markets. Some of them panic sell, some of them decide they have already pocket filled and some of them simply lose the trust...




In my opinion, combination of those factors led to this blood bath. I might be right, I might be completely wrong. What is your opinion?

Link to the article explaining India FUD here:
https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech

Despite all the negative news, development in the field of blockades has not been canceled. While some start negative news, others work and achieve results

[pentol86]

yes, chinese lunar new year always make bitcoin down, but not forever. i think media in india blow up government statement, then make crash bitcoin value

[yndye]

Every dip someone comes up with some unrelated predictions to explain the market. Why don't people predict this before the dip happening? These predictions are being made from the point BTC fell to $14K from $17K, $14K to $11K, and now $11K to $8K. Its started with the CMC price confusion, Korean FUD, Lunar year, Wallstreet manipulation and now Indian FUD. Many people also say that this is the correction Bitcoin needed, which is very healthy.

I have Just gotten used to the fact that the market is always irrational and unpredictable. Nobody can time the market and it will always do the opposite you expect. It can dump with good news, and moon with bad news. This is just a random dump, we have had many before and we will have many in the future. Just Hodl Away!!

Oh right, i forgot about the FaceBook! It just add to my point of people losing trust though... Anyhow i do agree with you, there is almost no point of guessing the price... It can drop to 5000 exactly the same as jumping to 20k out of nowhere... I also stand for a HODLing as i have no reason to rush things

If you don't have any urgent needs to sell your bitcoin then just keep on holding it. For those who bought above 10k or even 15k maybe in panic now because they are expecting for bitcoin to rise. The rise in previous months were so fast that the correction is expected to be as big as well. There is a surge of new people to crypto as evidence by some exchanges closing its registrations for some time and this is their first experience of major correction so maybe many of them panic sell thus a bear market.

[hase0278]

Oh right, i forgot about the FaceBook! It just add to my point of people losing trust though... Anyhow i do agree with you, there is almost no point of guessing the price... It can drop to 5000 exactly the same as jumping to 20k out of nowhere... I also stand for a HODLing as i have no reason to rush things

There is a point in guessing the price even if it is unpredictable. Price predictions somehow helps in the judgement of those who wants to sell or buy. It is pointless to those like you who hodl though. It can just be a good topic for you to debate on if one is just into hodling bitcoin. Still, I believe this price decrease is nearing the bottom and we will see a bullish trend again soon.

[Wookii]

Every dip someone comes up with some unrelated predictions to explain the market. Why don't people predict this before the dip happening? These predictions are being made from the point BTC fell to $14K from $17K, $14K to $11K, and now $11K to $8K. Its started with the CMC price confusion, Korean FUD, Lunar year, Wallstreet manipulation and now Indian FUD. Many people also say that this is the correction Bitcoin needed, which is very healthy.

I have Just gotten used to the fact that the market is always irrational and unpredictable. Nobody can time the market and it will always do the opposite you expect. It can dump with good news, and moon with bad news. This is just a random dump, we have had many before and we will have many in the future. Just Hodl Away!!

Oh right, i forgot about the FaceBook! It just add to my point of people losing trust though... Anyhow i do agree with you, there is almost no point of guessing the price... It can drop to 5000 exactly the same as jumping to 20k out of nowhere... I also stand for a HODLing as i have no reason to rush things

If you don't have any urgent needs to sell your bitcoin then just keep on holding it. For those who bought above 10k or even 15k maybe in panic now because they are expecting for bitcoin to rise. The rise in previous months were so fast that the correction is expected to be as big as well. There is a surge of new people to crypto as evidence by some exchanges closing its registrations for some time and this is their first experience of major correction so maybe many of them panic sell thus a bear market.

Yes, i definitely agree! The rise was unnatural, extremely fast and done by big hype. Now it is time for the correction to pass by and the rise will most likely continue in a slower pace like it used to... Slowly but steadily. It will be extremely healthy for altcoins too, as they would be more easily trade-able for BTC. Panic sellers always make things worse, but it will settle down eventually. I always saw the 50k BTC predictions impossible in a year, as the growth at the end of last year was simply impossible to be kept. But we will see what Lightning network will do with BTC price!

[Semaj123]

I agreed, its one of the most logical reason not to mention if we see the chart of bitcoin in the recent years. Price always decline in the early year and since chinese is one of the biggest investor in cryptocurrency, it make sense that people need to have cashflow in the oncoming lunar new year. As additional reasons was a review about banning advertisement from facebook and other social media about cryptocurrency, it spread FUD that cryptocurrency was not accepted worldwide although the popularity has soar this recent months 

Yeah, there are much current news about crypto this year like what I heard about social media would banned crypto, government wanted to regulate or shall I say control this technology. These things affect the price of btc which is happening right now and I hope people will still hold and keep believing the power of btc.

[adolf512]

Maybe you are right, all the negative news background influenced the crypto currency market, but it seems to me that the news that India does not recognize bitcoin as a payment instrument is greatly overvalued.

[pawel7777]

I wouldn't expect Lunar New Year to have that noticeable impact on the price, but that would somewhat explain why BTC prices in Korea and Japan (usually the highest) dropped below the 'western' prices. I believe those 2 countries also celebrate Lunar New Year, someone correct me if I'm wrong.

And there's also the Tether/Bitfinex crisis, US Commodities and Futures Trading Commission issued subpoenas to them on 6 Dec, but news surfaced ~2 days ago.

[NavI_027]

Every dip someone comes up with some unrelated predictions to explain the market. Why don't people predict this before the dip happening? These predictions are being made from the point BTC fell to $14K from $17K, $14K to $11K, and now $11K to $8K. Its started with the CMC price confusion, Korean FUD, Lunar year, Wallstreet manipulation and now Indian FUD. Many people also say that this is the correction Bitcoin needed, which is very healthy.

I have Just gotten used to the fact that the market is always irrational and unpredictable. Nobody can time the market and it will always do the opposite you expect. It can dump with good news, and moon with bad news. This is just a random dump, we have had many before and we will have many in the future. Just Hodl Away!!

Oh right, i forgot about the FaceBook! It just add to my point of people losing trust though... Anyhow i do agree with you, there is almost no point of guessing the price... It can drop to 5000 exactly the same as jumping to 20k out of nowhere... I also stand for a HODLing as i have no reason to rush things

Whoah! Take it easy, we're not very sure if btc will drop up to $5k but if this happens I'm afraid that it might cause other holders who are not brave enough to panic sell which results to worse situation. The only thing we can do for now is hoping that these bad news including the FUDs spreading around will not contribute very large damage in the market although knowing that it could be a great threat and hope everyone will stay calm and remain holding their coins whatever happens.

[Goaide619]

Hello everyone!

So as most of you probably have already seen, we have another big blood bath, BTC hitting 8000$, not even talking about the altcoins. So what is happening? Well in my opinion, it is combination of two factors.

In the last few days, there was a giant FUD about India banning cryptocurrencies. It was a misinterpretation of the statement from India finance minister Arun Jaitley. He has said the following:

“The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”

Mainstream media then started the with-hunt and spreading the FUD of India banning cryptocurrencies. This had great affect on the price and got the BTC under 10K, hitting support line at 9000. But today, we are hitting the 8000 support line, why is that? Well, there comes the second factor.

We are closing to the Chinese Lunar New Year! Why is that a factor? Well, because most of Asia celebrate it and it is one of the biggest, if not the biggest event there. Quite a lot of people from Asia working overboard will come home to celebrate with their families. And what do they need? Money. And a lot of it, as Chinese New Year is the biggest spending spree in Asia. So when they see the FUD about India and the BTC going down, they will panic sell as they can't afford to lose any more or they would not have money for big spendings. And also it is not so long ago we have had the Korea FUD about BAN of crypto...

There is also the third factor. People see that governments are actively trying to regulate crypto markets. Some of them panic sell, some of them decide they have already pocket filled and some of them simply lose the trust...

In my opinion, combination of those factors led to this blood bath. I might be right, I might be completely wrong. What is your opinion?

Link to the article explaining India FUD here:
https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech

You got it right mate you just miss one event and that is the Facebook ad ban. It also contribute to the blood bath in altcoins. My projection is it go down up to 4000 level at the first week of march. With this kind of bad news really hurt the cryptomarket and We cannot blame those to wants to exit. It's normal reaction but I think with that level We can average down and the profit will follow.

[ralle14]

You got it right mate you just miss one event and that is the Facebook ad ban. It also contribute to the blood bath in altcoins. My projection is it go down up to 4000 level at the first week of march. With this kind of bad news really hurt the cryptomarket and We cannot blame those to wants to exit. It's normal reaction but I think with that level We can average down and the profit will follow.

Bitcoin going down to $4,000 is a bit of an overkill I think the lowest we could go down is at least $6,000 or $7,000 but then again these kind of amount are possible for bitcoin to reach with the current price. I really do hope this is the lowest price bitcoin could go for so people would stop spreading fud and hate on bitcoin.

In my opinion, combination of those factors led to this blood bath. I might be right, I might be completely wrong. What is your opinion?

India banning crypto, I agree that kind of news gave an influence to the price. I don't agree with the Chinese New Year i've heard a different user saying that bitcoin's price could go down during Valentine's day. We can't be sure about that because the price of bitcoin last year between those days didn't went down but I could be wrong since bitcoin is unpredictable.

[Lucius]

I think that OP reasons definitely have impact on the current situation,and history has shown as that this time of the year usually always brings price decrease.When we add to that all "bad" or misunderstood news,some will say just FUD,then we have something like this.

The media play a big role in influence to people,and bad news somehow always spreads faster than good news.People who know and understand BTC,who are here to stay for long term are the greatest strength of BTC.Unfortunately there is no too much true believers,and every price drop is called end of BTC.

But what goes down, get back up and vice versa - 8000$ few hours ago/now 8700$

[Hydrogen]

I have no evidence for this.

What makes the most sense to me, via occam's razor / path of least resistance is, crypto exchanges where trades can be made without paying commissions are conspiring on some level to devalue bitcoin. This appears to be coordinated in conjunction with the media "story" claiming tether is artificially propping up bitcoin's value. There may also be a coordinated sell off. Recent news of banks and financial institutions banning bitcoin or refusing to sell crypto to their customers probably doesn't help much, either.

Of course, the accusation of tether boosting bitcoin's price is an extraordinary claim. I remember a time when people said extraordinary claims require evidence.    Somehow I doubt we'll see any evidence.

[Kemarit]

Maybe all of those reasons contributed to the downfall of bitcoin in recent weeks. Or maybe not. One thing though I noticed though is that the media has really turn everything into a massive FUD for crypto. They try to spin everything to look like crypto is not worth a cent to be invested. And people actually bought every news the media outlet has been picturing the crypto sphere. That's why I said on the other thread that people have not issued with reading comprehension. Seems they can't really filtered out real news from fake ones. I just advise everyone just to look at every news and make better judgement.

[Googlegenius]

I think you have a beilliant opinion my friend, the fud about india banning cryptocurrencies made a huge impact why bitcoin is going down. I guess most bitcoin holders easily believe on such fake news regardless if the infirmation is coming from a reliable source.