Reason for current bloodbath

[putukin]

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.

The Binance office in Shanghai is just a small drop in the crypto sea. I do not think that this event could have such a sharp impact on the market. Most likely, large players are manipulating the market, we just don’t notice it

[Odyssey963]

I think beside the rumors of Binance, the current tanking of the market is the result from panic selling from some Chinese crypto-traders or holders as
today the PBoC ( and some local government entitis）claims to initiate an action for investigation and clearing the so called "illegal ICO, IEO,STO IFO platforms and any entity or exchange trading virtual currencies inside China.  remember the 04.Sep.2017 China bans all exchanges and expells all outside of country, but right now in China there are still some big or small exchanges offering trading services to the Chinese, they become target of the government.  China is always pro-blockchain but against all ICO, coins or tokens in any form.
you could say the Chinese traders are not as important or vital to bring a substantial market pump or dump influnce as they did years ago, but they still stands for a significant portion and has certain impact to the market (if they don't leave this market).

[Amel]

BTC dump now is normal after BTC suffered a pump a month ago, and now things are back down. And currently bitcoin is still in the hor support area, I myself am still monitoring the next situation while hoping it will bounce back.

[senne]

Bitcoin went up significantly in august and september. For that price to shoot more up, more volume was needed to sustain the pump. But unfortunately, bulls went weak there. Bears overpowered them. Price has come down to almost 50% of this year's ATH. At every support bulls didn't sustain and supports were broken one after the other.

There isn't any major reason for the fall. It is just there isn't much volume which can pump the price or to even hold the support.

[d3nz]

We all know that the market are still in bear market and were experiencing a crisis and i think we can take advantage of the market since we can buy while its cheap and i know that the market will rise up soon and make a lot of profit.

That's why we need to have a stop-loss position since we might lose our funds and not able to caught uo while the market is in dip.

[Juggy777]

~snip~

As soon as I saw the drop on preev I had a hunch that China was behind it, and to confirm my suspicions I did a quick google search and found out that I was correct they were back to haunt bitcoin users. What puzzles me most is that China targeted illegal exchanges, but news reports are saying Binance and Bithumb offices were raided it’s just not making any sense. When you read the article further they’re claiming that they’ll entirely ban bitcoins, which can only mean one thing i.e. they’re preparing to launch their own centralised crypto and very soon we will witness the official launch of it.

Source: https://cointelegraph.com/news/bitcoin-drops-below-73k-as-china-vows-to-dispose-of-exchanges

[Capt00]

Not new to us having this scenario, in fact, for the 10 years of existence, I don't think we need to worry about it. What I'd look now, the market behaves as what is to be. May we don't see a positive response from the community but I'm still hoping to have a twist in the coming days and we will end up this long bearish season.

We all know that the market are still in bear market and were experiencing a crisis and i think we can take advantage of the market since we can buy while its cheap and i know that the market will rise up soon and make a lot of profit.

That's why we need to have a stop-loss position since we might lose our funds and not able to caught uo while the market is in dip.

Then buying some Bitcoins and potential altcoins is a good option right now.

[buwaytress]

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.

Binance has responded to that. You guys all know Binance left China a long time ago, right? The moved to Hong Kong, and then out of it.

There is no Shanghai office to close down. But of course, people will follow the news:

- Quantum computing threat? Panic
- China ban? Panic
- Facebook Libra? FOMO

It never ends, does it?

[MURONDI]

actually the conditions of rising and falling prices in the market are common, there are many factors why prices can go up and down, maybe because it's approaching Christmas and the new year so many people sell bitcoin for vacation plans, or maybe this is a game to panic bitcoin holders so people sell bitcoin, so people who play with bitcoin prices get cheap prices.

[Eugenar]

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?

In my perception of the current scenario, what is happening on the cryptocurrency right now especially to bitcoin is that the market is undergoing a correction on its market price after the increase based on the Chinese adoption way back in October-November the first week. Right now, we might think of a pattern happening before a big increase in market price when the market is falling. And there is really a great chance that the market will increase because of the halving.

[Kemarit]

We also have to understand that the price surge from $7400-$9000 was artificial and everyone attributed it to the so called China news on blockchain adoption. So the whales ride on that news push the price to more than $9400 and then FOMO sets in. And now it looks like they're cashing it out and we could go back to where the price used to be $7400 or less. Not sure about the the Binance/Bithumb offices being shutdown in China, both of them have denied it already, however the damage has been done as the market price has plummeted.

[audaciousbeing]

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?

One thing I have come to discover when it comes to the issue of bitcoin market is that when there is drop in prices which goes across the crypto market, we tend to look for answers to find a reason to rely upon as the why but in most cases, the reasons given to me, are just circumstantial that may or may not have any bearing to what is currently witnessed. Now we are attaching it to halving but in true sense, halving is a constant thing that everyone knows will happen. The date has been predetermined before a lot of us got into crypto how exactly is a constant factor began to affect the volatility of the market. Its purely circumstantial.

[AGD]

Probably manipulation of the margin trading markets lead to this dump. I am buying!

[nienzer]

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?

You need to get used to BTC volatility. In fact, some grandiose events are not needed for the dump, it can be created by several whales in one moment

[Beerwizzard]

Meh, Binance arrests wouldn't cause so many dumps.
IMHO one of the most realistic reasons is miner capitulation. Miners are one of the biggest bitcoin whales and when mining becomes less profitable they have to sell their mined BTC in order to save their business.
If you didn't hear about that then you may google miner capitulation. Ofc it is mostly a FUD but generaly those news have a huge influence on market.

[Questat]

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

That's a great news, hopefully this would help the investors to be confident again.

It's really dropping so fast now, in 24 hours, btc dump to 10% already and we just touched $6k again.
Binance low at the moment is $6790 - https://www.binance.com/en/trade/BTC_USDT

[The Sceptical Chymist]

There is nothing to panic, it is what is called bear market.

I don't know if this is actually a full-blown bear market, but it would appear that sentiment is quite bearish right now.  And what it really looks like is that bitcoin is just trading in a wider range than it usually does--$7000-$9000.  But who knows, the market could be in for more slaughter and bitcoin might drop even lower than $7k.  I'd like to see it not do that, or course, but I'm fully aware that it could. 

Unfortunately I've bought all the bitcoin I can for right now so I won't get to take advantage of the lower prices, which I see as a fire sale.  Now would be an even better time to get into the market if you're not already, but only if you're going to hold for the long term.  In the short term, things could get uglier. 

I'm going to stop watching the price for now, though it's hard to not know what bitcoin is doing since I see all the thread titles in the Speculation section and usually when bitcoin rises or falls in a dramatic fashion, those titles give it away and I end up checking preev.  lol.

[kro55]

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.

In bear market when many are selling, many are buying the same. I have set my own rate of BTC at which I will start buying. Dip for many is not a problem rather an opportunity to buy.

[uneng]

Bitcoin has to fall now to rise again soon. The market is being prepared to enter the halving season, that is going to happen in may of 2020. Many investors believe it's a great chance for decent profit, so nothing better than dumping the price to buy it cheaper, increasing the profit later.
Probably the big hodlers are playing with the market and all we can do is to wait patiently, focusing now in what 2020 will bring.

[Wysi]

Bitcoin has to fall now to rise again soon. The market is being prepared to enter the halving season, that is going to happen in may of 2020. Many investors believe it's a great chance for decent profit, so nothing better than dumping the price to buy it cheaper, increasing the profit later.
Probably the big hodlers are playing with the market and all we can do is to wait patiently, focusing now in what 2020 will bring.

Yes seems like the predictions were right and I think we need to consider this as a slingshot but we need to stick to Bitcoin as you can see good volume of conversion in major trading platforms for bitcoin to USDT in order to buy back when the market hits rock-bottom. I hope new users adapt to the market trend.