Reason for current bloodbath

[barota]

this dump its a signal that another new bull run comming next months. sometime correction good for bitcoin stronger more than past . but playing with prices is not good for investors and prices bitcoin because fall every time in prices will make investors always at panic and fear
i hope prices to stable over 10000 usd per btc next days

[Febo]

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?

When China make law that calling blcockhain a scam is against law Bitcoin price jumped from $7500 to $10000. I guess people mixed blockchain with Bitcoin. Two days ago this was explained more in details, so price fell from $8000 to $7000.

[exstasie]

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

Price didn't pump because of China, nor did it dump because of them. Maybe the media attention exacerbated the moves, but they weren't the root cause.

Everyone is always trying to link price changes to events because that's how our brains work. We're always trying to analyze and rationalize changes. The reality is more complex and esoteric than that.

Price causes feedback loops because of investor psychology. As the price drops, investors become increasingly pressured to cut losses, causing further price drops. Rinse/repeat. Eventually this can end in a capitulation where buyers are forced out of the market en masse.

[bakasabo]

Price didn't pump because of China, nor did it dump because of them.

I've heard that biggest bitcoin mining pools are located in China. Every negative news about crypto and bans from Chinese government directly impacts on them. That is why a slight fart from Chinese gov. drops bitcoin price (imho).

[pixie85]

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?

When China make law that calling blcockhain a scam is against law Bitcoin price jumped from $7500 to $10000. I guess people mixed blockchain with Bitcoin. Two days ago this was explained more in details, so price fell from $8000 to $7000.

Only an idiot would think that blockchain is not bitcoin. Blockchain was made for bitcoin and they will work as a pair forever. You can use blockchain for other things but its main function will always be bitcoin.

I wouldn't take China's stance for granted. 5 years ago they were ok with Bitcoin and were planning their own cryptocurrency, 4 years ago they banned exchanges, 2 years ago there were rumors about them planning to ban mining, this year they said blockchain is legit and then warned that exchanges avoiding bitcoin trading ban will be prosecuted. They are less stable than bitcoin

[exstasie]

Price didn't pump because of China, nor did it dump because of them.

I've heard that biggest bitcoin mining pools are located in China. Every negative news about crypto and bans from Chinese government directly impacts on them. That is why a slight fart from Chinese gov. drops bitcoin price (imho).

What direct impact? All the Chinese government did is state they will enforce the trading ban that's been in effect since 2017. I don't see how that affects miners or mining pools.

China is a huge market for Bitcoin speculation. So yes, anti-crypto sentiment and actions from the government can help catalyze technical dips in price. I would contend these dips were likely to occur anyway. In 2017, shortly after China passed its exchange trading ban, BTC went from $1,800 to $20K.

That's how you know the larger market context is what's important, i.e. whether we're in a bull or bear market. In a strong bull market, bad news gets quickly bucked and the uptrend continues.

[Naficopa]

Price didn't pump because of China, nor did it dump because of them.

I've heard that biggest bitcoin mining pools are located in China. Every negative news about crypto and bans from Chinese government directly impacts on them. That is why a slight fart from Chinese gov. drops bitcoin price (imho).

China has very cheap electricity and it is a huge country, so it is very likely that it has the largest number of BTC mines as a percentage. Also the political situation in this country is quite "strange", so all information and even rumors about cryptocurrencies are received quite nervously by the entire market. However, it is very unlikely that only one information from China could be so violently manipulated the price of Bitcoin.

[DeathProxy]

Most people tag this dump to the police raid on binance office in Singapore and others also tag this dump to china announcing the closure of some of its local exchange.  But looking at charts and predictions this dump has been predicted and anticipated considering bitcoin quick jump to $10k, by market history and charts a little correction ia needed and this is what is happening now. The dump might persist for sometime but after the correction we might aee another ATH for bitcoin and some other altcoin

[Oceat]

Most people tag this dump to the police raid on binance office in Singapore and others also tag this dump to china announcing the closure of some of its local exchange.  But looking at charts and predictions this dump has been predicted and anticipated considering bitcoin quick jump to $10k, by market history and charts a little correction ia needed and this is what is happening now. The dump might persist for sometime but after the correction we might aee another ATH for bitcoin and some other altcoin

As far as I know that the binance raid was a hoax/fake news. Don't just believe on what you saw, read, or heard on the internet—always do your own research first before making some stories.

Anyway, this dump is just a temporary fallback since most of them were holding that's why a few FUDs will make the newbies and weak-handed people start to panic selling and as a result the market suddenly go down. Although this is also a good sign to start reinvesting if funds are available and hodl til the bull market comes.

[bakasabo]

What direct impact? All the Chinese government did is state they will enforce the trading ban that's been in effect since 2017. I don't see how that affects miners or mining pools.

So you are saying, Chinese government is against crypto trading, but can close their eyes on miners? But miners will do crypto trading anyway. They dont mine just to obtain and store crypto. 

[ethereumhunter]

What direct impact? All the Chinese government did is state they will enforce the trading ban that's been in effect since 2017. I don't see how that affects miners or mining pools.

So you are saying, Chinese government is against crypto trading, but can close their eyes on miners? But miners will do crypto trading anyway. They dont mine just to obtain and store crypto. 

I think the Chinese government will open their eyes about cryptocurrency. And they will allow the miner and trader to use cryptocurrency. They will see that cryptocurrency can bring a good future for their people because their people can have a better life. But I don't think that the current bloodbath because of them because there will be many more things that can bring the price to get down. I believe this bloodbath will not say for a long time because after this we are going to see the rise of bitcoin.

[alexsandria]

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 in the nature of crypto currency being unpredictable. In addition, you have stated that majority are expecting a dump before pump but we had experienced pump early than pump in which must not happened. Though I do think that it is natural that such dump must be happened, well anyway I do think it won't get below 6k mark though it closely approach.

[alyssa85]

Price didn't pump because of China, nor did it dump because of them.

I've heard that biggest bitcoin mining pools are located in China. Every negative news about crypto and bans from Chinese government directly impacts on them. That is why a slight fart from Chinese gov. drops bitcoin price (imho).

Well here is the current distribution of mining pools:



F2pool, antpool, btc.com and Dpool are all based in China.

[d3nz]

Price didn't pump because of China, nor did it dump because of them.

I've heard that biggest bitcoin mining pools are located in China. Every negative news about crypto and bans from Chinese government directly impacts on them. That is why a slight fart from Chinese gov. drops bitcoin price (imho).

 I don't think that china is to blame because of the market crisis and we all know that not that just china has a big impact but other country, and i always hearing about the chinese crypto and they are the cause of the dump.

And we can just calm down and wait foe the price to rise again since it will happen for sure that's why we need to improve our skills and knowledge regardinf thia situation and take advantage of the market.

[SquallLeonhart]

I think Chinese government will soon change their mind. Maybe that could be exactly the reason why the price went down? I mean whales knows that if china goes into bitcoin world there will be a HUGE skyrocketing in price so they wanted to get the price low and wanted to get as much as they can before China decides to get into bitcoin world as well.

They have talked about lifting the bans and also researching blockchain and allowing exchanges that does legally work in their country to exist and so forth which are all great news, which means if there is a sudden increase in attention to bitcoin by China there is a chance whales know about it and they are working to get more bitcoins from cheap in order to profit a lot more later when china increases the price.

[Visbay]

Price didn't pump because of China, nor did it dump because of them.

I've heard that biggest bitcoin mining pools are located in China. Every negative news about crypto and bans from Chinese government directly impacts on them. That is why a slight fart from Chinese gov. drops bitcoin price (imho).

China has very cheap electricity and it is a huge country, so it is very likely that it has the largest number of BTC mines as a percentage. Also the political situation in this country is quite "strange", so all information and even rumors about cryptocurrencies are received quite nervously by the entire market. However, it is very unlikely that only one information from China could be so violently manipulated the price of Bitcoin.

To some extent, you are right that China gets more chances to earn From mining than us for cheap bills and mining is all about elasticity. But to be honest one of cousin live in China and he told me there are no chances to get any bad news from China about crypto that’s why Better keep holding and it could be just scam from scammers or whales so you don’t need to listen to them.

[exstasie]

What direct impact? All the Chinese government did is state they will enforce the trading ban that's been in effect since 2017. I don't see how that affects miners or mining pools.

So you are saying, Chinese government is against crypto trading, but can close their eyes on miners? But miners will do crypto trading anyway. They dont mine just to obtain and store crypto. 

The Chinese government is happy to see manufacturers mass exporting crypto miners out of the country. I also sometimes wonder what level of interest the Chinese government takes in companies like Bitmain. By now, they are probably cognizant of Bitcoin's future importance and are smart enough not to destroy China's competitive advantage there.

The ban is about preventing access to centralized exchange services, to deter regular folks from speculating. They might take a different view of miners (who are generally capitalized businesses) and retail speculators (regular people who are pouring their savings into high-risk assets). Either way, they know banning exchanges won't stop speculation entirely, including from miners. They are just trying to stomp out the hype to keep it to a minimum.

[Oasisman]

but playing with prices is not good for investors and prices bitcoin because fall every time in prices will make investors always at panic and fear

Who says price fluctuations is not good for the investors?
Bitcoin's volatile nature is an indicator of a healthy trading activities. If you see the price becoming stable at some point, that probably means there's not much trading activities happened in several exchanges.
Price correction doesn't make a smart investors panic or fear, instead they will find it as an advantage to earn more in the future by purchasing more supply  while the market is down.

[karanggatak]

in my opinion actually bitcoin doesn't need a reason to fall or go up. bitcoin since the beginning was very volatile. but sometimes the news about bitcoin coming from strong countries like China and America can also influence the movement of bitcoin prices. or the decline in bitcoin yesterday was the work of the popes manipulating the market. it is all just a prediction. the rise and fall of bitcoin is certainly influenced by demand and supply.

[maxreish]

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?

No, it's not early. This is a preparation for the big pump coming next year for halving event. It's not surprising at all. Actually, we had experienced the "worst bloodbath" last year, so why worry? As long as you still hold, a major pump to be expected will gonna occur soon.

What do you think has created this dump?

Many news are spreading, some said the hacked issues in Upbit affected the another dump price today. Some said, China's statement, etc.