Why is bitcoin plunging? What is the reason for this?

[herurist]

This is not the first time the price of Bitcoin has fallen, you shouldn't be discouraged. this is indeed the time and what you need to do today is that you have to be mature enough to respond to a major correction in the price of Bitcoin. there are still many behind you whose worries are crazier, but they keep fighting. So if they can, why can't we?
after the fall in the price of Bitcoin, it will definitely come back and wake up from its collapse.

this is not the end of bitcoin, as long as electricity and internet exist, then bitcoin will continue to live.

[DIA7]

The reason is a again about China as they are shutting down most of their Bitcoin mines so that is mostly what is behind the collapse of the crypto market.
the Chinese crackdown on bitcoin mining activity extended to Sichuan Province. that is after a coal mines shut down due a flood last month in Xinjiang it provided the power for Bitcoin miners taking down quarter of Harare with it
now the Hashrate is down to 104M(TH/s) more then 30percent down from last week. that was about 138M(TH/s).

[DannyHamilton]

Bitcoin has been in the doldrums . . .

Has it really though?

June 21, 2013:     $102
June 21, 2014:     $595    (An annual increase of 483%)
June 21, 2016:     $715    (An annual increase of 9.6%)
June 21, 2017:   $2,785   (An annual increase of 289.5%)
June 21, 2018:   $6,785   (An annual increase of 143.6%)
June 21, 2020:   $9,400   (An annual increase of 17.7%)
June 21, 2021:  $31,750  (An annual increase of 237.7%)


What part of that looks like doldrums?

[clint25n]

the reason for bitcoin's fall is certainly very influential on public views.especially lately the public has always speculated about negative things against bitcoin, thus making its price plummet.what's more the public can't close bitcoin, so they always make negative opinions its impact also has a very large effect on the value of bitcoin on the stock market. we as investors remain optimistic about what is happening at this time, because it is a long-term investment, stay optimistic whatever the opinion

[Priyanka@23]

I had come to know,it was a whale move.Over a value of 5 Billion dollar value of bitcoin going to sold in a short period.When huge transaction happened in the seller transaction.This type of dump will occur.We should be panic free at this situation.It's better to hold with the current market movement.We can hold and sell when the price increased to high value.

[dezoel]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

Why are you always find of repeating this same question every single time that Bitcoin starts to go down? Every time that the price of Bitcoin goes up and reaches a new ATH and then it starts to crash, there’s always going to be people who will be asking whether this is the end of cryptocurrency. There is nothing like the end, cryptocurrency is going to continue.

This is just a regular thing, a decrease that is meant to happen (or you can just call it a price correction). It happens every time that there is a bull run like this. That’s why you should always study the market. If you check the other bull runs that have happened before now, you will get to learn that the prices goes up and then crashes this same way. And moreover the other decrease were more than this.

[koang]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

Why are you always find of repeating this same question every single time that Bitcoin starts to go down? Every time that the price of Bitcoin goes up and reaches a new ATH and then it starts to crash, there’s always going to be people who will be asking whether this is the end of cryptocurrency. There is nothing like the end, cryptocurrency is going to continue.

Haters gonna hate
The haters were very quiet when El-Salvador adopted BTC along with other good news
and when the price was down the haters woke up and said Bitcoin is going to die
Literally every year they say this, and every year it's worth even more

[Lucius]

~snip~

You forgot the date when BTC reached ATH ($65k), and that’s the most important point for OP when he thinks about how the price has been going down for months. In a way, you can't blame beginners and those who met BTC for the first time this year - and most of them are drawn to all this with juicy stories about magic money that can literally make you rich overnight. Their pyramid of happiness is slowly collapsing before their eyes.

Literally every year they say this, and every year it's worth even more

The problem is not those who are constantly expanding FUD, but those who from year to year believe that Bitcoin will disappear and that they will be left without their investment. People still have a very ugly habit of believing everything they hear or read, and as long as that is the case, it will not be difficult to control them and fill their heads with all sorts of nonsense.

[leea-1334]

These politicians, elites, and billionaires did not understand the power that Bitcoin holds to cause a shockwave of financial surprises for the common man and the masses, by empowering them financially and creating the a new wave of new rich. So they, the old rich, do their best to discredit Bitcoin and make it an invaluable asset. Unfortunately for them they were not and will not be successful in doing that. We the supporters and investors of cryptocurrency should make a stand and show that Bitcoin and crypto will not be intimidated.

On the contrary,,, I actually believe the majority of them do understand the power of Bitcoin, which keeps growing by the day. They are afraid that the world that is familiar to them will no longer be profitable so they actually do all they can to prevent Bitcoin from spreading.

Imagine if you are making so much money on a method you know so well and a new method comes along that will make yours obsolete,,,;)

[barota]

the reason of this dump is the fake news, some times china news bitcoin will be banned , other times trump said bitcoin is not good for economic and bitcoin is risk for banks. and the whales make profit from fake news play with small investors and make profit from small investors always , this is the reality of thing . the crypto does not have a value since playing with prices , i hope they will stop dumping very soon , dont sell this is my advise

[Hippocrypto]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

There's no end for this mate, and this kept happening every time Bitcoin bounced so high. This isn't a new scenario but same situation that we've been experiencing for the past years. We need to be strong and be smart once another trigger of bullrun would possibly happening. When there's a quick fall, there's also possible quick recovery.

[ethereumhunter]

the reason of this dump is the fake news, some times china news bitcoin will be banned , other times trump said bitcoin is not good for economic and bitcoin is risk for banks. and the whales make profit from fake news play with small investors and make profit from small investors always , this is the reality of thing . the crypto does not have a value since playing with prices , i hope they will stop dumping very soon , dont sell this is my advise

The fake news will always release to fear the people so that groups can use the benefits of the people's fear. We saw the news about China bans bitcoin, close bitcoin mining, and other bad news, making people worry and finally sell their bitcoin. If many people do that, it can make the price jump to the lower price and need more time to back to the current price. We hope people out there will not panic with the bad news instead hold their bitcoin and use the moment to buy more bitcoin.

[Reatim]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

There's no end for this mate, and this kept happening every time Bitcoin bounced so high. This isn't a new scenario but same situation that we've been experiencing for the past years. We need to be strong and be smart once another trigger of bullrun would possibly happening. When there's a quick fall, there's also possible quick recovery.

This only proves one thing now mate that the market is very healthy and the volatility is indeed taking part, imagine that we continuously having
this pump and dump prices and not only in ranked coins but also even shitcoins meaning investors are going in and out and also issues are coming here and there
in which making the volatility more functional these days.
From Elon Musk playing with Bitcoin and dogecoin and China banning the mining and also the use of crypto.
those are enough reason to make the market shaken like now and the bitcoin is almost going in lowest .

[leea-1334]

From Elon Musk playing with Bitcoin and dogecoin and China banning the mining and also the use of crypto.
those are enough reason to make the market shaken like now and the bitcoin is almost going in lowest .

And that is actually an important point to make,,, enough to shake the market, but not enough to even bring it close to toppling. Bitcoin going in lowest, you say? You do realize it's over 50% more than the 2017 ATH and 10x more than MArch 2020 prices right?

Not even to talk about other alts like ETH that are 20x where they were in 2020 prices!

[davis196]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

Ah,the Bitcoin price dropped by 10% for a while,and again we have newbies asking "Could this be the end?"
We shouldn't pay attention to price movements in the +/- 10%  price window.Bitcoin will remain volatile forever.It surprises me that there are people in the BTC community,who panic after a 5-10% price drop.
OP,you should just use Google and read the news,instead of posting low quality topics and asking pointless questions.

[Anonylz]

To newbies this is hard for them to understand, for old timers it is no longer news, @op don't worry so much about this current drop, it happens every circle asnd as much as you try to understand the reason behind this down trend, you can hardly come to reasonable conclusion because people have different version why btc is dumping in price, the best thing to do at this time is be calm and don't panic.

[adzino]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

Lol, so every time the price crashes, bitcoin is dead? Is the first time you are seeing a crash? Look at the charts. See how many times the price has crashed, yet it still lives. Every time the price goes up, it goes down again. This isn't something new. People call it a correction of the price.
Look at the charts. You will see that in the long run, the price has actually gone up a lot. Compare the price from last few years and you will know what I am saying here.

[Mahanton]

Bitcoin is dead
Bitcoin is over
blah blah blah...

If we do consider on how many times bitcoin had died then these plunging is something
to be part or casual events on this market.

https://99bitcoins.com/bitcoin-obituaries/
https://www.coindesk.com/bitcoin-obituaries-2020

People shouldn't freak out and instead seeing these events as opportunities.

[adaseb]

I think there are way too many people who are new to crypto or even basic stock investing who don't realise that "Stocks can go down and you can lose money". There are tons of people on Reddit or Twitter who are surprised why Doge isn't over $1 by now.

Then there are those that understand that investment is risky but they will invest more than they are willing to lose. There are tons of people who took loans or sold personal possession to buy crypto because some billonaire predicted that Bitcoin should be worth $250,000. They figure when it was at $65K that it should at the VERY least to go $100K and they bought the top and are now panicking every 1% that it drops.

[leea-1334]

Bitcoin is dead
Bitcoin is over
blah blah blah...

If we do consider on how many times bitcoin had died then these plunging is something
to be part or casual events on this market.

People shouldn't freak out and instead seeing these events as opportunities.

Well,,, people do have a right to freak out and if nobody did, we would never be able to have all these wonderful opportunities to get Bitcoin at the dips or to enjoy longer periods of accumulation. 2018-2020 was the wonderful time for me, people freaked out and delayed Bitcoin getting to 20k again. May it happen much more for all of us who have yet to achieve our Bitcoin dreams:)