Reason for current bloodbath

[Wysi]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

[bakasabo]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

[pakhitheboss]

There is nothing to panic, it is what is called bear market. Those who are selling their Bitcoin in this market are losing out. As per the historical data on Bitcoin price.

22/11/2017 - $8253
22/11/2018 - $4365.

As compared to last year we are still in a better position,. Therefore stay calm and stay positive.

[dimonstration]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

I don't think it's the reason, there is no office yet in China, SOURCE : https://cointelegraph.com/news/binance-denies-police-raids-very-existence-of-shanghai-Before there are rumors of having a plan to put office there when they announce blockchain importance but no there is no office there and it's not the reason why market is in bloothbath. It can be hust because of the season of spending for holiday or simply a correction before halving.

[CryptoBry]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

I think there is no superb reasons for this ongoing bloodbath except that the market is getting to be cold with Bitcoin for now. And there is no real good news on the horizon that could have help Bitcoin be energized, instead we hear of the Shanghai Binance raid which is, of course, not true. This is actually a very common scenario with Bitcoin and though can be discouraging I already learned that because of this we just have to wait for months before Bitcoin can have the opportunity to be back at $10,000.

I am fearing that the coming Bitcoin halving has already been factored into the price of BTC because that can mean there can be no real bull run to happen approaching May 2020. Volatility can go either way...up or down pulling apart people's confidence on this digital asset when it goes to the south. As to who created this dump, maybe just blame it to the usual suspects whether it is true or not...the whales, the manipulators making these people really overrated as if they are the market and the only players in the market.

The Bitcoin market seems not so kind enough to be giving us a good gift this coming holiday season.

[batang_bitcoin]

I don't know the reasons and there's no need for me to know what's driving the market into this continuous dump. Let us not forget that early this year the price quickly jumped so this might be the turn over for that run. It's not favorable and lovely to see the charts because the market keeps on flushing down. If the end of the year isn't going to give us the Christmas that we would want to see, then it's fine. We can move forward to the next year.

[mk4]

It's funny how when bitcoin pumps in price some people automatically scream "aDoPtiOn" and easily ignore the potential reasons of why a pump happened even though the recent 40% upswing was way more suspicious whereas when the price drops people are quickly looking for a reason and sometimes even screaming "mAniPuLaTiOn".

Here's the thing. There doesn't need to be a main reason; not to mention that it's almost impossible to know in the first place what caused a sudden huge price movement. It's mostly just due to simple supply and demand.

[Questat]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

I don't see it a big news that should affect a blood bath, Binance has different offices AFAIK and even that office was close, they are still in operation.
They are operating in Malta, I think its where there biggest office are installed since its crypto friendly, soon, we will be back up again, this is just temporary.

[nydiacaskey01]

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

According to the news posted by Bloomberg, Binance denied the rumors that an office in China was raided by Police Officers. Binance claims that they don't have any fixed office in Shanghai and China this was the press release by the spokesperson based in Malta. So this more of a FUD. Good time to buy and get more Bitcoins. https://www.bloomberg.com/news/articles/2019-11-21/crypto-exchange-binance-says-no-shanghai-office-amid-raid-rumors

[bakasabo]

According to the news posted by Bloomberg, Binance denied the rumors that an office in China was raided by Police Officers. Binance claims that they don't have any fixed office in Shanghai and China this was the press release by the spokesperson based in Malta. So this more of a FUD. Good time to buy and get more Bitcoins. https://www.bloomberg.com/news/articles/2019-11-21/crypto-exchange-binance-says-no-shanghai-office-amid-raid-rumors

FUD by well known source as cointelegraph? That's strange... Even though they wrote an article Binance Denies Police Raids, Very Existence of Shanghai Offices after. But like I've said, I wasn't 100% sure that all these cause price drop. I've only presumed that could be a reason.

Anyway, these doesn't look like a simple pump and dump.

[Kyraishi]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

There always seems to be a small dump, at the end of every year during the December to November period, and I remember this happening in the last 3 years, so I wouldn't really put it down to a single reason or panic. Only a small dip as well, not a bloodbath.

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

I don't think Binance or their Chinese market is really big enough to the affect the BTC market, and it's not like any whales or any customers lost money, it was mostly Binance who got the short end of the stick here.

[Hippocrypto]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

This dump was already predicted on this forum, and most statements related with price to go down towards $7k then it happened. These days, as far as reality was raging against predictions maybe it's good to observe on small expected price instead of predicting much higher price. For now I can't merely see the exact reason why this dumps crumpled the current bloodbath, but the only opinion was panic of some weak holders.

[gabbie2010]

I don't know the reasons and there's no need for me to know what's driving the market into this continuous dump. Let us not forget that early this year the price quickly jumped so this might be the turn over for that run. It's not favorable and lovely to see the charts because the market keeps on flushing down. If the end of the year isn't going to give us the Christmas that we would want to see, then it's fine. We can move forward to the next year.

Personally I believed this just the normal price action looking back or referenced to last year price behavior of bitcoin the price drop before the end of the year going low as $3300 before the price recovered later, I am of the opinion that the same scenario is about to play I don't believed that some whales are manipulating the price or the rumored closing down of binance office in china is sole responsible for the dump in the price of bitcoin.

[samuraijin]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

in the middle of this year when the price of bitcoin rose almost to touch $ 14k, a lot of the news about binance got hacked around 40 million dollars and it didn't affect the price of bitcoin at that time, i'm also not sure about news about binance in shanghai, there is no influence on the news, i look at prices looking for new buying support and let's see people go with panic burning beards

[Zeke_23]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

This dump was already predicted on this forum, and most statements related with price to go down towards $7k then it happened. These days, as far as reality was raging against predictions maybe it's good to observe on small expected price instead of predicting much higher price. For now I can't merely see the exact reason why this dumps crumpled the current bloodbath, but the only opinion was panic of some weak holders.

Can you give us the reference for this price prediction on this forum? Maybe I miss this one and I wanted to see if the prediction is going as it is predicted.

Some say that this is because of the binance issue in Shanghai, but I don't see it as big news, maybe there is a more deep reason for it, let's just wait for updates and see what will happen to its price for the following days.

[lionheart78]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

It is possible that the fear of Chinese holders takes place.  Whether the news is true or not, there is always someone who will believe a rumor specially when it is broadcasted by a reputable source.  So I guess it is the frightened Chinese nationals who are selling their Bitcoin stash being afraid of the possible bad thing that may happen if the Chinese government track them that they are trading Bitcoin.

[ChrisPop]

I wouldn't necessarily name this a bloodbath, but a continuation of the downtrend we currently reside in. We still have a pretty significant support around the $7000 area, so once we break that I would call for a real "bloodbath". Until then I would say that we are still on the "safe" side, but don't take my word for it. Do your own analysis and come with your own decisions.

[hz-bk201]

China is suppressing blockchain companies

[alyssa85]

We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

I thought Binance had moved to Japan and Malta to avoid being under threat from the Chinese government?

[jseverson]

Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market.

It probably did cause a dump, but if you take a look at the charts, prices have already been steadily dropping the past few days. Pretty crazy that this happened after all the optimism people had in China though lmao.

But yeah, this might just be people waking up and realizing that China is no friend of crypto's:

“This price drop is a technical move; this is where the price was before the news of China’s support of blockchain, which is not crypto,” said Joe DiPasquale, chief executive officer of BitBull Capital. “So, the price of Bitcoin is simply returning to normal. However, more downside cannot be ruled out, since the recent drop has turned sentiments to negative.”