A Sudden Price Drop in The Crypto Markets

[mrquackquack]

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

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[Ultegra134]

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

[mrquackquack]

Well given the fact that the company he is associated with supposedly invested in bitcoin and seemingly sold at profit can only make you think this is the start of such problematic behavior. Not all too recently it was also seemingly announced that SpaceX may be accepting DogeCoin as one of its payment options. Given the current state of more specific state of stocks i.e. Tesla plummeting in the recent weeks and pushing for acceptance into crypto markets makes you wonder if this will be a good thing for the whole crypto market side of things or something else?

[Oshosondy]

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

We should not even focus on environmentalists now, we should focus on Elon Musk, he only wanted to use the opportunity to manipulate the market. Let us take a look at the scenario, he knows if he make go against bitcoin, that other crypto price will crash, that is just the reason he did it, but using bitcoin electricity consumption as an excuse, he only want the bear market of 2021 to begin.

[Kong Hey Pakboy]

I don't think that we are on the winter yet, this is a sudden and I believe that by the week the prices will probably recover. This drop was unexpected though, one day the prices are running high and I sleep and the prices took a plummet.

[Yaunfitda]

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

Just because we have a sudden crash today means that the bull run is over. In January-February, we've seen the price goes to an average of 25% and yet the market recovers, established a new all time high of $64k.

So I don't think we can consider the end of bull run, probably investors are cashing out, and for sure they will come back, no need to panic here. The year is not over yet, we have a lot of rooms to grow.

[cryptomaniac_xxx]

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late.

We have seen this is the past, even in a bull run.

Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come?

I'm sorry but it looks like you are in a panic mode, just relax, this is not a sign of worse things to come.

A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

We will know if we are in the crypto winter if we are already on it. This is just a day of the price decreasing, maybe tomorrow we will have a bounce back.

[goldade]

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

I do not believe the sudden drop in the crypto markets will be the end of the bull run. This is not the first time a bearish correction would happen and will eventually retraced to form a bullish run.
I do believe that a dip is actually the best time to buy more and hodl. Dips like this give one the opportunity to buy these coins at a very low price because the bearish move would be corrected and it will instead turn back to a bullish market.
I don't know what could have caused it, it could have been Elon Musk's tweets and all because of his influence but I'm sure he doesn't control the market.

[Ultegra134]

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

We should not even focus on environmentalists now, we should focus on Elon Musk, he only wanted to use the opportunity to manipulate the market. Let us take a look at the scenario, he knows if he make go against bitcoin, that other crypto price will crash, that is just the reason he did it, but using bitcoin electricity consumption as an excuse, he only want the bear market of 2021 to begin.

I acknowledge that environmentalists are just an excuse, Elon Musk is the main issue here. He's using the environment excuse for his own profit. I wouldn't be surprised if he is currently buying Bitcoin, Dogecoin and other coins, under the radar of publicity, taking advantage of the lower prices. This situation of market manipulation is starting to annoy me, Musk acknowledges that if such thing was happening in the stock market, he'd now be sitting behind bars.

[xSkylarx]

I don't know what could have caused it, it could have been Elon Musk's tweets and all because of his influence but I'm sure he doesn't control the market.

He doesn't control it but he can influence it just like what happened today and how he made dogecoin popular. I just don't understand what type of people sold their bitcoin just because of his tweet. I sleep last night with the price at $57k and when I woke up I was shocked that it dumped all the way to $46k. It is just hard to believe that retailers can bring that price that low. I'm sure that there are many buyers who are waiting to buy at a lower price especially $50k but still able to bring the price lower than that.

[iphone5s]

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

I do not believe the sudden drop in the crypto markets will be the end of the bull run. This is not the first time a bearish correction would happen and will eventually retraced to form a bullish run.
I do believe that a dip is actually the best time to buy more and hodl. Dips like this give one the opportunity to buy these coins at a very low price because the bearish move would be corrected and it will instead turn back to a bullish market.
I don't know what could have caused it, it could have been Elon Musk's tweets and all because of his influence but I'm sure he doesn't control the market.

Everyone is afraid of the downturn but some people are looking forward to buying crypto at a cheaper price than before. With the decline that occurs is not the end of all virtual currencies because this is a normal thing that should happen to crypto. A lot of people conversing on this forum about dropping due to the Elon Musk tweets. You better not believe it too much, this will be a big mess in the market.

[finaleshot2016]

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

It's clearly market manipulation, and I despise what he did because, if he really supports bitcoin in the first place, he should've known what effect bitcoin mining has on our environment, right? It's not an excuse to say he just did some research because he has a lot of good people or experts who can look into those details.

But.. he also clarify that he didn't sell his bitcoin but still, people should learn from this that he's not the icon for cryptocurrency.

https://www.reuters.com/technology/tesla-stops-taking-bitcoin-cites-fossil-fuel-use-mining-cybercurrency-2021-05-12/

[mrquackquack]

That could be a somewhat valid point, look at what happened with the XRP-Ripple situation. The SEC clamped down on them, drove the price down to around .30- .40 and now its well above 1 dollar. Sheer coincidence maybe and maybe market manipulation.

[Wexnident]

Probably cause of Elon and Tesla. AS much as most people hate it, Elon has quite an influence in the market (at least, some newbie investors do base their stuff on his opinions), and Tesla is a big corporation. Seeing that they dropped Bitcoin as payment may send negative signals to investors, hence why the sudden drop (although fr, it's not like we forced them or anything). It's also quite stupid how Elon's reasoning for the drop was about the economic reasonings and stuff like that.

[hugeblack]

Market volatility is normal and you should be accustomed to it so if you cannot afford a 10% loss then this market is not a suitable place for you.
Everyone says that Elon musk is the reason for this volatility it is the nature of the market and there are several factors that may lead to price fluctuation, and one of them may be that Tesla stops accepting cryptocurrencies.
Relax, it is an opportunity to buy cheaper.

[Angna27]

Elon Musk statement have negative impact in crypto world, after the release of his statement many altcoins are drop down. But this is reality in crypto world, when they hear some good or bad news for sure it has effect to crypto world movement. Social Media has great impact to whatever plans they're going to do in the next future.

[Kasabus]

Elon Musk statement have negative impact in crypto world, after the release of his statement many altcoins are drop down. But this is reality in crypto world, when they hear some good or bad news for sure it has effect to crypto world movement. Social Media has great impact to whatever plans they're going to do in the next future.

No one can directly manipulate the market but it will be easily affected out from positive or negative news outside. And Elon Musk they say maybe one of the reasons.

But if you think how volatile the market is, a sudden price drop is just natural. Coins will eventually have their own pump and dump moment and not just because of a celebrity who keeps on making tweets about crypto. Prices will definitely change from time to time and this is the reality of crypto.

[slapper]

A major recession could happen because our biggest supporter - Elon Musk - decides to turn his back on bitcoin. Tesla, thus, will no longer accept bitcoin as a payment method. This is a disastrous impact on bitcoin, forcing the price to decrease lower than $50000. I hope that bitcoin can maintain this price for months, otherwise we have to think about selling our bitcoin

[int03h]

Tesla's act of stopping accepting Bitcoin as a payment unit caused Bitcoin to plummet today. The drop in value is just one of the correcting waves.

We are in the midst of economic recovery from the pandemic. America was safe when vaccinations COVID-19 were done across America. This can affect Bitcoin as the money may flow to other investment channels for profit.
I'm not worried because Bitcoin is now becoming the world's new store of value. The market's rally will continue as businesses are continuously buying into bitcoin.

[beerlover]

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

I do not blame Elon at all, you know why? Because if people give him that much power, then he will definitely use it, why not use that kind of power when you have it? It is every single person who makes trading decisions based on Elon that is the problem and as long as those people exist, we will keep having this kind of problem for sure.

We are not going to have any type of problem with crypto if we could just ignore Elon and any other person who might want to talk about it, but if we keep trading based on what Elon says or someone else says, that is not going to change and we can't blame Elon for "dropping the price" because he wasn't the one who dropped the price, it was the people who sold their bitcoins because of his tweet that we should be blaming, they shouldn't have sold their coins based on what Elon says but they did and they are the ones to blame.