What could be the cause of the recent dip?

[aioc]

You can at least spend a few minutes to visit coindesk or cointelegraph and you will be seeing what the thing that causing this bearish trend for the crypto market.

https://cointelegraph.com/news/chinese-trade-associations-sound-crypto-investment-warning

There are some bad news came to the crypto and these news are very important for the crypto users.

China has been Fudding the Cryptocurrency community since ever since they banned token issuance and crypto trading back since 2017 and the exchange's action was to transfer their operation from other countries, this is not really new and it's a piece of old news, they keep on issuing a warning on the risk on investing in Cryptocurrency causing panic to Chinese investors and preventing new investors from coming in, that cause the dip is Elon's announcement that he will stop using Bitcoin to his companies, the Cryptocurrency community is ok and will continue to be so with or without Elon MUsk.

[J1mb0]

The recent drop is the result of a technical pattern breakdown of the Bitcoin chart. I have seen traders predicting supports that Bitcoin could penetrate at $46,000, $42k and $38k respectively. Most of the above milestones have been passed. We are expecting Bitcoin to break through the $38k mark, if not, the next support will be at $35k and $32k.
Every time Bitcoin decreases in value, other cryptocurrencies will also decrease in value. That has become the norm in the cryptocurrency market.

There is no technical pattern that can predict the direction of bitcoin.
People invest in bitcoin to make profit and Bitcoin grows based on news, if the news is good then bitcoin will go up in price and it will drop when there is bad news.

[MCDev]

The market plunge of the past few days is a must as people rush to invest based on the Elon Musk hype.
They invest based on Elon Musk's words and it's not uncommon for them to rush out when Elon Musk says he doesn't accept Bitcoin.

[Rabi3]

It feels really bad going through my portfolio on blockfolio to see massive downward movement in the value of my holdings. I really don't know if this is the usual market correction we have periodically or the end of the bull run. Is it wise to keep holding or take what's left?

i think you should hold and just wait for the prices to go back up, it's not a big deal, in fact you should have bought more when thing went down hill, i can see things going back to what it was a week ago in like two weeks.

[harapan]

It feels really bad going through my portfolio on blockfolio to see massive downward movement in the value of my holdings. I really don't know if this is the usual market correction we have periodically or the end of the bull run. Is it wise to keep holding or take what's left?

Everyone felt the recent dump, as long as you are holding a volatile coin you would surely experience  the massive drop in your portfolio, and I think this is just a market correction the dump was already going to happen the market has been overbought it needed a little correction I had no idea it will be that big, this dump is similar to 2017 only this time bitcoin has more of diamond hands than in 2017 when there were so many paper hands ready to dump their bitcoin,its better to hodl than sell in loss.

[raji1995naya]

Now there is some unfortunate news for cryptocurrencies, much of which has to do with China, because the decline in the cryptocurrency industry is happening in large numbers right now, so the answer is to be careful and wait for the remedy. The markets are now improving after an extremely large and fast drop. Hopefully, this was a mistake. I believe we saw a final tremor before Bitcoin's ascent to $ 70,000. I wish cryptocurrencies were more powerful than they are now.

[firmino10]

Although there could be numerous reasons for the recent dump of the crypto market, but I think the major reason for this is because of the recent ban that china placed on all cryptocurrencies, along side the tweet by Elon musk that Tesla will stop accepting bitcoin payment.

[kram31]

It feels really bad going through my portfolio on blockfolio to see massive downward movement in the value of my holdings. I really don't know if this is the usual market correction we have periodically or the end of the bull run. Is it wise to keep holding or take what's left?

You hate what is happening now in the market because of the dip right? Well, for what is happening now for me is a normal thing and for you it is not a normal and yet your worried if your gonna sell your holdings. Actually, in my own opinion every movement in the market is just a temporary only, so for this case patience is the best tools for this at the moment.

[Kasabus]

china which bans crypto and does fud in a big way and also elonmusk who might say the same thing. And it has happened many times in the past, it's just that now Elonmusk is taking part in this role.

If the reason that the cryptocurrency price collapses again is because China prohibits the use of cryptocurrency then it has become a common thing, as happened several years ago China often carries out such controversies and makes drama so that the cryptocurrency price collapses into the abyss, this should be a good moment. right to buy as many coins as you can while the prices are still cheap.

It could be the FUDS made by Elon Musk and China banning crypto or maybe because there was an overbought from the previous bull run so the market will have to balance the market activity.

But whatever it is, we should not take all these things negatively as bearish season carries out the best opportunity to earn and make profits in the future. The market will always have its own dump and pump market and that's inevitable so we should know how to live with it.

[TelolettOm]

Starting from Elon Musk's FUD regarding bitcoin and after that the existence of FUD from China regarding the Crypto ban made the price of bitcoin drop in a short time. and of course this can not be controlled by people. but in fact today the market started to experience a rebound in recovery. if you panic you will lose. when the market goes down it is time to buy not panic. prepare the right money management to be able to get the price you want

[lxiaoh]

Who really knows it is just a correction or this is a signal that the end of the Bull market, buddy, you have to make decision by yourself, it is your money.
Actually, i have lost a mount of money at this disaster day of crypto market too. Anyway, i have selected quit and take a break.

[wajik-tempe]

It was because many FUD news are spreading, recent biggest news was from china that they will ban crypto just like the issue back then in 2018.
Moreover with the new superstar crypto influencer, elon musk. Everything that has bad speculation with his new tweet always succesfully affect the market.