Reason(s) why Bitcoin price dropped

[Bitcoin Guy]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

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[Vaskiy]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

No one is sure of the price fall. Anything happening associated with bitcoin will be connected with the market. As the market is manipulative any form of transaction will cause market crash as well as rise in the market. Maybe this can be a price correction, which will slowly progress again to make a new ATH. As per the present market situation experts have stated the price to reach atleast $50k, upon which there is more growth incoming after the decline in the market.

[tinopener]

In the words of Bob Geldof:

I don't like Mondays.

[kentrolla]

There was a massive liquidation yesterday which brought the price down then comes panic seller's, this is surely not a correction looks like the downfall has started. Now big whales will start to play in the market also the price of alts too started to fall again as it's still dependent on BTC so anything is possible now.

https://u.today/24-billion-worth-of-bitcoin-ethereum-xrp-and-other-coins-liquidated-in-one-day

[kevinzxz]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

in my opinion this is reasonable, because since the price of Bitcoin has increased and made a new ATH price, we have not seen the price of Bitcoin make a correction (continue to increase), so it's normal if now the price of Bitcoin is corrected, but I am sure after that the price of Bitcoin will start to increase again and now is our opportunity to buy Bitcoin, because I believe we will get profit from investing in Bitcoin at this time.

[LimLims]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

Till now no proper answer or solution has been present to the people if you browse through current news.
But the price drop is caused due to the price itself.
According to my knowledge as when BTC price increased people were unable to buy it , and for this reason the demand of the coin became less.
As the demand went down, the supply became more and for this the price also went down.
These are just my predictions and i am saying from about my knowledge.
Let’s see what true colors Bitcoins will show us in future.

[fiulpro]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

Hello
I do think the reason for the price drop is normal people who sold their bitcoins they waited long enough in the queue to encash their bitcoins and now with a 40k price border it was indeed a perfect opportunity.

They were aware that just like in 2018 the price will go back and they will have to wait.

There are always a low amount of holders and these are the people who made sure that the price is stable till 30k. Other than that it was people who cannot hold for a very long time.
People just panic sold.
Onto the other question:
There are 21 million Bitcoins mined.
About 20% are lost
So 1.68 million are in the market.
Now percentage of power that 100 BTC will have is :
100/1.68 million* 30,000
Which would be considerably low to consider in the first place.
100/1680000*30,000
This would be the price fluctuation they can cause In the whole pool.
Not that significant.

[sheenshane]

There are too many factors to consider what is the reason for the sudden drop, some of them believe that it was a whale trying to manipulate the market and others say it was just because of the keep increasing of legitimacy assets which is the more big investors to come to the more governments tend to regulate Bitcoin because of the high value on it.

There's no specific amount that when we know when the market moves upon the Bitcoin moving into a different wallet or in exchange.  
However, despite the sadness we have because of a Bitcoin price drop, we can now grab the opportunity to accumulate more while the market was in a short correction.

[bassbity]

There was a massive liquidation yesterday which brought the price down then comes panic seller's, this is surely not a correction looks like the downfall has started. Now big whales will start to play in the market also the price of alts too started to fall again as it's still dependent on BTC so anything is possible now.

https://u.today/24-billion-worth-of-bitcoin-ethereum-xrp-and-other-coins-liquidated-in-one-day

I agree, it's time for bitcoin to rest to the basics again. And nothing too serious about taking down the bitcon, so far, political effect, no. it is clear that the wishes of the pope and the miners have been fulfilled. and fling bitcoin from the moon to the earth ..

[cabron]

I was hoping to find a good reason why this drop and according to telegram discussions it's about Biden delaying the stimulus packages now I don't know how they relate the issue. But some guys are saying it's just that BTC reaches its ATH and overbought again so its now selling time.

Whether this could be the start of bear market or not, there's just no telling whether its happening now. Too bad if you are still holding on though.

[BADecker]

There are players who are playing with Bitcoin to make the price change. Because of the limited abilities of Bitcoin (block size), it is obsolete. All that is left is playing... at least until Bitcoin does something like the various Bitcoin forks have done.

I would say to buy Bitcoin if you want to play. Wait until it starts on its way back up. Then play, play, play. After all if you bought in when BTC was at a nickle each, you can afford to play, right?

But if you are serious about using it for buying and selling in your regular life, then look at the forks - particularly BCH and BSV. Roger Ver even put out a video lately, that showed how you can exchange Bitcoin, over twitter, without any fees, and how you get your BCH back automatically, after a time, if the recipient doesn't accept it formally. Personally, I don't know how this works, or if it truly works, but if it does, BCH will overcome BTC for everyday use.


The blockchain idea as money is quite new. It took fiat in the US and other countries a long time to become the household exchange base that it has become today. It will take the blockchain idea a long time to catch on as something that can be trusted. If BTC never changes into something that people can use inexpensively, it will fail. There are cheaper things, like forks and altcoins.

[taufik123]

I was hoping to find a good reason why this drop and according to telegram discussions it's about Biden delaying the stimulus packages now I don't know how they relate the issue. But some guys are saying it's just that BTC reaches its ATH and overbought again so its now selling time.

Whether this could be the start of bear market or not, there's just no telling whether its happening now. Too bad if you are still holding on though.

is it time to sell?
I don't think some of those people are right to say it now. Currently it is waiting to buy at a deep price. This drastic drop in prices made everyone panic and sold them cheap. I have been out of the market for a long time and it's time to enter the market again and wait for the best price.

Price dumps are time to buy and Pump time to sell. Don't get it reversed.

[cabron]

I was hoping to find a good reason why this drop and according to telegram discussions it's about Biden delaying the stimulus packages now I don't know how they relate the issue. But some guys are saying it's just that BTC reaches its ATH and overbought again so its now selling time.

Whether this could be the start of bear market or not, there's just no telling whether its happening now. Too bad if you are still holding on though.

is it time to sell?
I don't think some of those people are right to say it now. Currently it is waiting to buy at a deep price. This drastic drop in prices made everyone panic and sold them cheap. I have been out of the market for a long time and it's time to enter the market again and wait for the best price.

Price dumps are time to buy and Pump time to sell. Don't get it reversed.

No. I'm saying that its too bad if you have been holding it while it touches the ATH.  I'm almost sure its going to bounce soon. I'm more bullish than anyone could think here. It's probably testing the weak hands now. The institutional investors are just coming, I don't think they will soon be dumping while there's still covid. Its more unsure in the stock market than on crypto.

[error08]

There was a massive liquidation yesterday which brought the price down then comes panic seller's, this is surely not a correction looks like the downfall has started. Now big whales will start to play in the market also the price of alts too started to fall again as it's still dependent on BTC so anything is possible now.

https://u.today/24-billion-worth-of-bitcoin-ethereum-xrp-and-other-coins-liquidated-in-one-day

Binance has the highest liquidation volume ($903.31 million) followed by Huobi ($523.53 million), and Bybit ($494.55 million).
Such a big cash-out could intrigue the snowball effect that caused people to panic-sell as well, it happening on most exchanges, seems like the whales have a connection to selling simultaneously. However, we can judge that the time has come for bitcoin to get corrected, it went on a rally for months and be able to leap from $20k to $40k in 22 days.
The most important thing whether bitcoin could hold its position above $30k or decline to $28k as the lowest level, but bitcoin appears to be recovering above $32k right now.

[minersday]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

Being in the crypto space for 5 years now, a drop in the price of Bitcoin can not be pinpointed to any specific reasons due to the nature of the crypto market. The decentralized nature of the bitcoin market makes it difficult to understand what is causing the drop in the price of Bitcoin. I will advise you to first monitor and understand the pattern of the market before investing in Bitcoin. You can easily lose capital if you understand the nature of the market.

[Imran232]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

Look it is a strategy of this market. Firstly think why we buy bitcoin why we invest thousands of dollar because we want profit. And why we hold for pumping price. Now see when a person had a huge amount of money holding and he saw that he is now in a better profit but the thing is market is stuck at some point. Now if he start to sell he getting his profit. But price is dump. Now here is a plus point that is why price dump is need for those people who wants to invest but the price was too much high. Now if it is in dump now new users can buy and invest. And that person who start to sell his bitcoin at the high price now he can again buy at a cheap price. I hope you understand its a crypto market strategy.

[bitbollo]

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

It's close to impossible that a low order like this could affect the price. You should take a look on bitcoinwisdom... there are bigger orders than this, and each hour thousands and thousands of coins are traded.
this drop could be explained with several information... probably the best one is related the high value reached during these days (actually we are already +80% since the last month!)

[Argoo]

Are there any news that triggered the Bitcoin price to drop from $41K to $33K as of now (10am EST 1/11/2021)?

Would a 100 BTC sell transaction causes a 1 to 3% drop in BTC price?  What is the price elasticity for BTC?

The bitcoin price cannot rise for a long time without correction and fall. This is the law of the market, the reflection of supply and demand in its price. Bitcoin grew in price, many began to sell it in order to fix profits. Some needed money, while others are selling knowing that after some time it will still fall in price in order to buy it at a low price. So there is nothing surprising in the current fall in bitcoin. The surprise was caused by the long rise in the price of bitcoin without a rate correction.

[Wysi]

Honestly, it's not only limited to bitcoin but today was a bloddbath for entire crypto currency market and I smell manipulation by whales as this huge drop cannot be considered as correction rather I would call it as dump and I remember last time in 2018 crypto currency plunged into bearish market the same way.

[cr1776]

The snowball effect.  Some selling which liquidated people who were trading using margin, which dropped it more, which liquidated more etc...

People buying using leverage got liquidated (https://bitcointalk.org/index.php?topic=5308605.0 ).

Then people panic. This is and has been a long term hold, not a short term trade.