Don't blame Elon musk and China for the dip!!!!!!!

[iTradeChips]

Some have suggested that the market was correcting itself and I would agree with that. If you are going to take into consideration the previous bull run and something like 30% to 40% was the correction back then. So I am sure that this is similar to what happened in the past. It is possibly true that Elon Musk must have an indirect relationship with what has happened in crypto and how this has affected the prices. China too has been at war with Bitcoin and crypto in general for the longest time so this should not come as surprising.

[1715339898]

1715339898

[1715339898]

1715339898

[gabbie2010]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Your point is correct but their is somewhat effect of Elon musk's tweets and Somewhat effect of China ban on Market. If China have not banned than many people have been still holding their crypto.

Elon musk tweet has  a fundamental impact on the price of Bitcoin, I agreed with OP that the price is far overbought  however whatever price correction that would have taken place  it won't go below 10% but in the present scanerio the price corrected to over  30% I believed this is the consequences of Elon Musk tweet and Chinese ban on cryptocurrencies. China has a  large market for cryptocurrencies activities like mining, investors and traders thus. alot of hodlers will dump their coins.

[Godwinpaul]

Whenever there's something uncomfortable, we tend to look out for something to blame. In this case, Elon musk and China government happen to be the most logical situation to accuse. It may be something else that might have caused the dip, probably a group of whales decided to take profit the same time or a team of manipulators are manipulating the market, but we are all here blaming China and Elon musk.

[Farma]

Some have suggested that the market was correcting itself and I would agree with that. If you are going to take into consideration the previous bull run and something like 30% to 40% was the correction back then. So I am sure that this is similar to what happened in the past. It is possibly true that Elon Musk must have an indirect relationship with what has happened in crypto and how this has affected the prices. China too has been at war with Bitcoin and crypto in general for the longest time so this should not come as surprising.

I also believe that this is a correction that is happening to the market. however, the trigger for the price down like this is the statement of Elon Musk, and China. Well, that was evident when the price started to dump quickly when both of them announced it. Well, anyway, I don't blame anyone, but right now the trigger is probably because of it.

[retreat]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

It is a fact that both of these events are the cause of the market dip, these two events seemed to have been arranged, spreading the FUD together to make the market crash.

[makishart]

It is a fact that both of these events are the cause of the market dip, these two events seemed to have been arranged, spreading the FUD together to make the market crash.

he was only using technical indicator as a way to analyze the market while the fact said the opposite thing. This time market is giving lots of reaction to the news. People already moved from technical to the fundamental analyzation. The latest news from elon was also giving another pressure. he is slamming bitcoin again.

[kayiboyu]

I don't agree with you. These kinds of events always affected the market directly. It's not seen the first time. For example, Bitcoin price increased really fast right after we got the news of Tesla making a $1.5b investment.

[MishaSER]

In fact, a large dump happened because of this news https://www.cnbc.com/2021/05/19/big-institutional-investors-are-dumping-bitcoin-and-going-back-into-gold-jpmorgan-says.html. Big institutional decided to sell their assets and buy gold. 05/19/2021

[DarkDays]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

elon made a status on twitter which made a lot of people panic and maybe a lot of whales who used it to make the price crash and it seems that everything is elon musk's fault, but you have to know if elon didn't make a statement like that then there wouldn't be a dump like this.

I don't want to be pointing at Elon and China for the dump it is mainly siding with whales - it is not the regular people that has caused this - it is coordinated and it just happens that China made its stance on crypto at the same time.

I'm not saying Elon is not a cause, yes, he is but the action was at the hands of the big manipulators and these two events we see might just seem like cover up things to hide the actual fact that the price all this time has been manipulated.

It saddens me to see how far we have come with the crypto market and how easily all this progress can be sidetracked.

[Cling18]

We can't blame everything on these events yet we can't deny the fact that every single event in the crypto world would affect the market situation. Elon Musk shouldn't be blamed alone because the people who easily believe in his tweets that are always panicking are also involved. Let's just accept the fact that dump and dip are also part of the cycle.

[Kasabus]

Elon musk tweets and the ban on cryptocurrency in China are the biggest triggers for the decline in the crypto market today, if not for these 2 reasons maybe the cryptocurrency market will continue s to increase and the bull run will still be long for the next few months.

News of these days will definitely have huge impact on the flow of the crypto market  but i still don't believe that those are the main reasons why the market is in bloodbath. I see this is just a healthy correction so that the market will be fair and balance since a recent bull run has just happened. So let's continue to dream big in crypto and start filling our portfolio now with cheap but high potential coins.

[Reosta_]

Elon musk tweets and the ban on cryptocurrency in China are the biggest triggers for the decline in the crypto market today, if not for these 2 reasons maybe the cryptocurrency market will continue to increase and the bull run will still be long for the next few months.

I definitely agree with it. We can't just say that these incidents didn't affect the dump. It'd not be very sensible. Because as we all know, this market is highly manipulable. We've seen so many examples about it.

[serjent05]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Aside from that, blame those who sold.  Price won't crash if no one panic sold their stash.  Elon just states what is in his mind and China is just implementing its rules and laws regarding Bitcoin and cryptocurrency.  It is the weak hand that makes the price crash, not these two anti-Bitcoin entities.

[so98nn]

Now this discussion is something new after long time in the blame game. Well, to portray my opinion I would say that they are 50-50 holders for this blame. Let's agree that the dip was right after the tweet and news that came out one after another. So we can not fully deny the fact that crypto dump was not because of these both entities.

But on serious note, Elon musk really trying hard to bring the DOGE up and use it as payment because its cheap and unlimited in supply.

He know that if he keep pushing bitcoin then it will become so costly that people won't be able to buy bitcoin in the first place then how could you expect them to buy Tesla with the Bitcoin?

I believe that is the reason he is behind DOGE.

But in the process crypto world shook by his decision and dumped itself without knowing the long lasting future plan behind it.

[Golftech]

Elon musk tweets and the ban on cryptocurrency in China are the biggest triggers for the decline in the crypto market today, if not for these 2 reasons maybe the cryptocurrency market will continue to increase and the bull run will still be long for the next few months.

I definitely agree with it. We can't just say that these incidents didn't affect the dump. It'd not be very sensible. Because as we all know, this market is highly manipulable. We've seen so many examples about it.

People who are behind this market rely with news and what happened here now it really affects the decision making

of many traders and investors, this two negative news about the current situation really makes an statement to most

traders, market moves negatively bringing the value to fall more.

[acdc]

It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Did you think the fundamental didn't give impact to the market? The fact that if these days technical analyzation means nothing when it was facing a very bad news like china was banning crypto from its country.

In fact, technical analysis has never been true for bitcoin and cryptocurrencies.
The cryptocurrency market operates on the trust of investors in the project of their choice.

that's right, the overall value will be determined by the market. but sometimes the sentiments created by certain people make a trend change in the market. We cannot blame, but what happens now we can take the experience that the crypto market still consists of investors who are very easily influenced by bad news outside of the world.

A lot of people enter the cryptocurrency market to invest for profit, so they are very sensitive to news.
Such investors are easily manipulated and manipulated by the media

[dimox]

maybe, people need something to be pointed. so, they just point their muzzle to that thing. we need to be grateful about what happen if it can make breakthrough in different mean. all of them, its about how people act if incident come pass this place.

[Hannahanto]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

I don't think the market is correcting it self. Forget the over bought normally is okay for the dump, but look.at this last dump it's unlike any other dump this year.
They is something more to this dump
The tweets from elon must really affected the price of btc and meanwhile, btc was also bring the price of other coins with it and China have more volume of trade and they dumped btc so how do you think it won't dump.

[meser#]

There is an idiom in Turkey "do not get into the well with someone else's rope". At least how high could Elon Musk take the price high? It was obvious that similar actions would come not only from China but also from other countries. As a result, this dump was inevitable and its happen. It was a lesson and some of us learned it sadly and expensively.

[lalabotax]

They may not become the whole reasons why the price drop so dip. But, they are part of the reasons why the price falls so deeply. It is also because so many people panic sells because of the negative issues. Personally, I hate what Elon musk does to the crypto world because he is likely playing with crypto, making some FOMO and FUD of crypto that makes many people or followers being panic sell, and buy so easily and drastically.