Why Bitcoin price crushed?

[tippytoes]

30-40% crash is normal in bullish market. And it’s buying opportunity. Hope,soon we see it on 51k again ❤

People should realized this one and this is indeed true and on point but people do freak out when they do saw the market is declining.Well, it wont really be that surprising or something

new because we investors are really easy to react out when we do see our portfolio is going on reds.If you do get used to percentage drops on stock and forex market

and trying out to compare in crypto then its entirely different but since you do decide to engage with crypto then these movements are just normal.

That really be freaking out especially when you buy now and after a few days, the price drops to like 20-30% you'll definitely get mad on it.

And people should realize as well that investing in crypto corresponds to such risk where losing is inevitable and no way to avoid it but just only to minimize it. If these people can't take such a thing, make it better to stay away from crypto as this was not the right place for them.

This is where some newbies who bought bitcoin at a higher price will end up cursing the crypto market. But they need to be patient, as maybe few days or few months from now, btc will recover. But there is no assurance with that.  If you have no urgent need for cash, then better don't cash out your crypto. Don't panic as this will give you mistake in your decisions. Elon is just a contributor of this price crash, maybe, it is just time for correction in the market. But don't lose hope, there are so many entities that are already involved in this market, so it will not go down hard.

[2double0]

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. 

[sumant]

Every share or any crypto has lots of money putting by traders to make profit and when its touched high price some traders will definitely take this profit out. Everybody can't hold till last days. Crypto up and down game goes and investor will convert their money with high prices.

[Avantikakaur]

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. 

You are right there are many people who buy bitcoin then try to influence bitcoin a lot and when they see that their target has been successful then they come out of the market again selling all bitcoins. They do everything knowingly and in the future they will be denied again, which is a major cause of problems for ordinary small traders. Influential people always try to control them or work for them.

[wahyu wida]

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. 

If it is seen as a game from the whales, therefore for those of us who only have small capital, don't fight their currents in order to stay safe. Moreover, with the news from influential people, it is enough to make people panic and sell simultaneously, so that the red color is unavoidable

[CryptopreneurBrainboss]

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio,

Well isn't this what the community wanted, the inflow of Institutional investors. I said it before that the industry doesn't need them unless they'll be improving on the adoption rate by accepting or making their partners accepts bitcoin as a means if exchange and also adding some input to the growth of the technology and not just the price.

We wanted them to come, now they have and will use the industry as their play ground by taking advantage of the volubility of the industry which is also it's beauty too, I'm talking about the volatility of the market.

The party is just beginning when others realize they can do something similar to what Elon and Tesla is doing, the industry will be in for a ride of its lifetime with manipulation from all angle of the industry.

[ancafe]

well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

[isaac_clarke22]

~

That's why they're called speculation. They are open to be wrong and they're not 100% accurate as always and you shouldn't rely too much on it especially in random finance articles, most of it are just thrown numbers just because of a small movement of the price.
For the price going downward, it is simply people panicking that Musk pulled out Bitcoin payments from Tesla.
For the current situation, I would say just hodl still. Take the downward movement as a "discount" for people to buy Bitcoin instead of panicking that it could crash.

[Mauser]

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio,

Well isn't this what the community wanted, the inflow of Institutional investors. I said it before that the industry doesn't need them unless they'll be improving on the adoption rate by accepting or making their partners accepts bitcoin as a means if exchange and also adding some input to the growth of the technology and not just the price.

We wanted them to come, now they have and will use the industry as their play ground by taking advantage of the volubility of the industry which is also it's beauty too, I'm talking about the volatility of the market.

The party is just beginning when others realize they can do something similar to what Elon and Tesla is doing, the industry will be in for a ride of its lifetime with manipulation from all angle of the industry.

I think what most of us wanted that the institutional investors come in with a lot of new money, but don't leave. It's logical that the big whale investors only come in when the prices are rising and will immediately leave when the prices start falling. For them it is all about making money and minimising their risk. But for us bitcoins is more than a tool to make money. I believe that most of us here are long term investors in bitcoin who really believe in the crypto coin. There is not much we can do when big investors like Elon Musk decides to sell his coins.

[Kittygalore]

well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

Just let it get like this for at least a little longer so there will be more people that will be able to get in the market and have more weak hands give up their bitcoin and panic sell, I think that you are hoping really low, when this is all over, I think that we are going to see something much higher than 55k USD.

[elisabetheva]

well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

I will certainly agree with you because seeing also the experience that has been done by bitcoin so far after a sharp increase, there will be a correction that will occur which is true that this is a preparation for another new jump to increase sharply.

But indeed, what @elonmusk says really influences what happens with bitcoin, because what many people follow @elonmusk to do that, even though it is clear that as a businessman it is clear that there is a certain intention to do and it is certain that the benefits will be obtained , but there are still many people who can be affected by it.

at the moment it looks like the biggest correction has happened to bitcoin over the last 3 months, because it usually never reaches a price below $ 42K, but now it has touched that price, obviously this is a worry too, because if it drops below $ 40K we can't imagine What will happen. although many are ready to buy bitcoin immediately.

[imstillthebest]

crash mate not crushed .
 i was one of those who predicted that btc will rose above 50$k but sadly it was a failure for now but im not giving on that dream because i believe that btc can soon pass it . and no the market dont move on its own but every market movement is controlled by someone else .
 the latest movement would be controlled by the master manipulator elon musk .

What are the current situation and the location of Bitcoin?

current situation of bitcoin is bad and is located at the bottom .

[el kaka22]

indeed, what @elonmusk says really influences what happens with bitcoin, because what many people follow @elonmusk to do that, even though it is clear that as a businessman it is clear that there is a certain intention to do and it is certain that the benefits will be obtained , but there are still many people who can be affected by it.

at the moment it looks like the biggest correction has happened to bitcoin over the last 3 months, because it usually never reaches a price below $ 42K, but now it has touched that price, obviously this is a worry too, because if it drops below $ 40K we can't imagine What will happen. although many are ready to buy bitcoin immediately.

That has been the case for a while, the price goes up, then goes down a bit, then goes up, I mean people do not realize how much it can go up and down. When you tell people "it will go up and down" they mock you because "what else it can do", like yeah going up and down is the only option that is true but bitcoin going between 48320 to 48610 all day versus bitcoin going from 48k to 55k in a day are VEEEEERY different things.

So when we talk about how it will go up from here, we are not saying 100 bucks, we are saying thousands of dollars, and when we say bitcoin will go down we mean the same thing, and that is what people are missing. I am not sure if this is the start of a bear run, I feel like this could still be a huge chance to make a profit from the bull run that will keep going but also famously summers are not really a great period for crypto neither so who knows.

[passwordnow]

We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

Situation is fine but I don't know what do you mean by the location. You're right about it's going back again as it's the main character of bitcoin, a resilient asset that we already knew.

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Owning a lot doesn't mean that they can control it, they can somehow have their influence use to make the market move on their own terms. But the decentralization of bitcoin makes it even better to understand and that's why people like Elon is using his fame to influence everyone with their decisions. He brings fear, excitement and somehow financial advise which is hidden and that's being followed by a lot of us in the community at least not for me.

One known reason is related to Elon Musk's change of heart about bitcoin. He probably just sold and made money with the bought bitcoin of Tesla and that's the reason why the market plunged since his announcement about environmental issues that bitcoin is bringing.

We could've avoided this if the crypto fanatics didn't overreacted regarding his tweet about bitcoin being bad for the environment. And now, Elon is having doubts hodling because people are stupid and bullied him into a corner and now he is considering selling bitcoin. I don't worry that much, if it really plunges downward then who cares, it will still go back up no matter what.

We can avoid it on our own and if we know already how it works, we won't be affected with any single tweet that he puts in the public. But as the usual thing goes, there would be many from the crypto community mostly the newbies that are moved by him and it will continue.

[harapan]

The recent dump in bitcoin price caused several speculation around the crypto space, some people have started saying the bull run has ended and all sort of things, but according to what I read on the news it was caused by the fud created by Elon Musk and tesla, Elon is trying to manipulate the crypto market like the way he manipulates dogecoin's price, this is one of the reasons why institutions owning bitcoin was a bad idea, just take a look at how tesla fud made the price dump, imagine when they announced that they have sold off their bitcoin holdings, bitcoin might dump to $28k by then.

[AakZaki]

Elon musk's tweet is very influential for the rise and fall of bitcoin today, as everyone and all the media is highlighting elon musk's tweets which are a bit controversial.

Bitcoin did crash and its price dropped by around $ 42k. but this is still within reasonable limits.

[anti-dot]

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. 

Well analyzed! I think that every institution or organization that out of a sudden turns towards Bitcoin and talks good stuff about it also holds huge amounts of it already. First load your bags while talking trash about it, then change your opinion completely once you got enough and start to become a proponent. That's the game they now seem to be playing.

[Shasha80]

Elon musk's tweet is very influential for the rise and fall of bitcoin today, as everyone and all the media is highlighting elon musk's tweets which are a bit controversial.

Bitcoin did crash and its price dropped by around $ 42k. but this is still within reasonable limits.

I also do not understand why many people can be influenced by Elon Musk, even though what Elon Musk does is only for his personal gain.
Many of the manipulations carried out by Elon Musk were affected and eventually many investors became panic selling,  which made the Bitcoin
price drop quite deeply. But the decline in the price of Bitcoin is still reasonable, because as long as the price is above $ 40k it is still not bearish.
It looks like Bitcoin price is starting to recover by starting to go up to a price of $ 45k anyway,  hopefully in the next few days Bitcoin can return
to a price of $ 50k again.

[reelstuff]

Did a Tweet or Tweets by one man who is wealthy but apparently not really all that intelligent cause the Crypto Markets to Lose Billions in value?

  NO it did not.

  We always see these preposterous statements made usually by the Media, which as we all know are full of anything but the truth...   

     There is always a reason and it may not always be obvious at first but it always comes to the front eventually.

  Here is the real reason...

  https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/

  Since financial institutions have been barred from crypto, they had to unload it, (sell it)   more sellers than buyers, equals lower prices.

  Do not be fooled by the media they are idiots and fools. 

  By Sunday it will be again above 56000

[cabron]

Did a Tweet or Tweets by one man who is wealthy but apparently not really all that intelligent cause the Crypto Markets to Lose Billions in value?

  NO it did not.

  We always see these preposterous statements made usually by the Media, which as we all know are full of anything but the truth...   

     There is always a reason and it may not always be obvious at first but it always comes to the front eventually.

  Here is the real reason...

  https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/

  Since financial institutions have been barred from crypto, they had to unload it, (sell it)   more sellers than buyers, equals lower prices.

  Do not be fooled by the media they are idiots and fools. 

  By Sunday it will be again above 56000

Not just Elon actually.  If you follow Mark Cuban or Raoul Pal both of them are betting on ETH after they discover the massive network it has as a platform. They didn't realize yet how much its gas fees are. Still, I think its one cause that made investors shift to other investments than BTC. If you take a look at BTC dominance right now its just 39.1% two days ago it was more than 40%. ETH is increasing and so are BNB, ADA, DOGE and the rest.