Anything particular causing these declines?

[gabbie2010]

It's the China news again, government closing some bitcoin mining farms, cutting their electricity just to be sure. And probably if we see and hear another Elon's troll the price might go down again. So we can't do anything about it, unless whales are going to pump the price. But we don't want it that way, I mean no artificial pump because it will be followed by an obvious dump. So we might as well wait a bit, when everything settles down, in the next couple of weeks, maybe we might see $40k'ish or something.

China is a origin of FUD and people have to familiarize themselves with FUD from China. Many long orders were liquidated and soon you will see Short killing. News to kill short will mostly come from China, not Elon.

There's a rumour it's China this time, apparently one of the biggest banks has stated they will systematically close and report any account that has crypto dealings.
Seems like it's plausible this is the explanation this time, but nobody can be 100% sure.

Only time can help us to verify those news but it is too late, when verification has enough time to finish, FUD goes away, and price already dumped to the helll or already recovery too much.

It's not going to last that long, their banks don't reach the whole world, buy now and see for yourself that the prices are going to go up again. China has always been a big contributor to FUDs but there's no long lasting effects that have been felt right now.

China is a big nation and is a biggest manufacturers of ASIC and many biggest bitcoin mining farms are in China. People are fearful of FUD from China because they think if China cracks down mining there, it would be the end of Bitcoin network, that is not certainly.

I believed all these measures embarked by the Chinese biggest bank is geared towards the taking off the much purported digital currency and it trials, all the bans, clampdowns on miners, exchanges etc are taken to discourage the use of cryptocurrencies and the government is trying to enforce the use and adoption of their digital currency, link: https://www.google.com/amp/s/www.cnbc.com/amp/2021/06/02/china-digital-currency-beijing-to-hand-out-6point2-million-in-trial.html  however whatever FUD that comes out from China Bitcoin will still survive although the culminated effect often have an instant impact on the price of Bitcoin negatively however their nothing the government can do to put a permanent stop on it usage because it decentralized feature

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[leea-1334]

I believed all these measures embarked by the Chinese biggest bank is geared towards the taking off the much purported digital currency and it trials, all the bans, clampdowns on miners, exchanges etc are taken to discourage the use of cryptocurrencies and the government is trying to enforce the use and adoption of their digital currency, link: https://www.google.com/amp/s/www.cnbc.com/amp/2021/06/02/china-digital-currency-beijing-to-hand-out-6point2-million-in-trial.html  however whatever FUD that comes out from China Bitcoin will still survive although the culminated effect often have an instant impact on the price of Bitcoin negatively however their nothing the government can do to put a permanent stop on it usage because it decentralized feature

I think so too,,, but we could be wrong because digital yuan already started trialing even in 2020 already and tests before that in 2019. I think the main reason is not to get rid of competition with digital yuan since that is still needed in the economy, but perhaps more to do with energy use in the country. I know China always says it has surplus energy especially with new dams but perhaps they feel they do not want to feed the miners with cheap power anymore? And I bet you it has something to do with miners not properly reporting.

[lienfaye]

Declines?

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 declines?

The past history shows how much increase bitcoin has gain already thus why we are worrying the decline this time?

Anyway maybe the China's crackdown for bitcoin mining is one of the reason why bitcoin (or crypto in general) is declining at this time. But be used to it since crypto is high volatile and this situation is certainly temporary.

[Ararbermas]

Is it our friend Elon Troll Musk again?

nope elon's is probably sleeping right now and the real reason of this decline is CHINA wherein telling all those banks to stop supporting crypto currency and of course weak hands are included, reasons it made an impact in the market and the price swing again, indeed it will not make a huge impact if there's no panic selling in the market when there's such issue occured, but unfortunately most of holders were shaking..

[Obito]

~snip

China is a big nation and is a biggest manufacturers of ASIC and many biggest bitcoin mining farms are in China. People are fearful of FUD from China because they think if China cracks down mining there, it would be the end of Bitcoin network, that is not certainly.

They will be slowly toppled by India, remember that Apple has already moved some of their factories in India and their birth control policies are now backfiring, I think that their market dominance in production, demand and supply isn't going to last that long.

[xSkylarx]

Is it our friend Elon Troll Musk again?

He's been silent since he made the statement about Tesla to stop accepting bitcoin as payment. What I think the reason for this decline recently is because of the fuds from China, like miners there shutting down which we know that a huge percentage are from that country. They often cause these dumps which I don't really know the exact reason for it like they always say that they ban it. If they can't accept it as a digital currency then why they have the biggest mining farm of bitcoin.

[Kong Hey Pakboy]

I am a follower on his Twitter so I would know if he is the cause of this FUD and I think that a lot of users here will pick it up when it happens. I have read some that it's China that's causing the FUD but I don't exactly know what China did though.

[RealMalatesta]

China is a big nation and is a biggest manufacturers of ASIC and many biggest bitcoin mining farms are in China. People are fearful of FUD from China because they think if China cracks down mining there, it would be the end of Bitcoin network, that is not certainly.

They will be slowly toppled by India, remember that Apple has already moved some of their factories in India and their birth control policies are now backfiring, I think that their market dominance in production, demand and supply isn't going to last that long.

China is hurting itself, and I love watching it happen in real time. What they are doing to crypto is not a huge deal because that is just a small portion of what they are earning, but this is the nation that made TRILLIONS of dollars from manufacturing and because they decided that they can do whatever they want and no nation would ever bother to change it, even the capitalists are getting to the end of it.

European nation or USA having unemployment trouble now? Watch in a decade when major places move most of their places from China to other places meanwhile having more and more local manufacturing for smaller stuff and smaller companies, it is going to be so much so that China will beg to manufacture stuff for the "west" and that will keep going until they stop being a bad nation and commit a genocide (which they are doing now) and in order to get those companies back they will have to tone down all the bad stuff they are doing.

[dota2bestplayer]

It is not Musk, but a series of operations by the Chinese government. First, mining was banned, and it was the bank chief who recently suppressed virtual currencies. In his remarks, I think this time the form will not be easily eased.

[Caldear]

China continues to suppress Bitcoin, ban Bitcoin mining, and close mining farms. The Chinese government bans Bitcoin transactions, and FUD from China has a certain impact on the price of Bitcoin. This impact should be temporary. China's repeated attacks on Bitcoin have not been able to defeat Bitcoin's status.

[Kelvinid]

China continues to suppress Bitcoin, ban Bitcoin mining, and close mining farms. The Chinese government bans Bitcoin transactions, and FUD from China has a certain impact on the price of Bitcoin. This impact should be temporary. China's repeated attacks on Bitcoin have not been able to defeat Bitcoin's status.

Isn't China, the banning that they made had a fewer impact but of course, it contributes to the current decline but if we blame them as the main reason, I don't think so. Because if we try to figure out, El Salvador legalizing Bitcoin had also an impact on the trend but unfortunately, we've not seen it much, I mean there are no changes on the trend.

So my answer is, it is a normal market trend. Nothing had caused this decline but it all just how the market supply and demand changing accordingly, IMO.

[ultrloa]

China continues to suppress Bitcoin, ban Bitcoin mining, and close mining farms. The Chinese government bans Bitcoin transactions, and FUD from China has a certain impact on the price of Bitcoin. This impact should be temporary. China's repeated attacks on Bitcoin have not been able to defeat Bitcoin's status.

Isn't China, the banning that they made had a fewer impact but of course, it contributes to the current decline but if we blame them as the main reason, I don't think so. Because if we try to figure out, El Salvador legalizing Bitcoin had also an impact on the trend but unfortunately, we've not seen it much, I mean there are no changes on the trend.

So my answer is, it is a normal market trend. Nothing had caused this decline but it all just how the market supply and demand changing accordingly, IMO.

The Biggest fud I see now is China but actually after it hits the adoption of El salvador stops the possible breakout of BTC that's why after that we see a green light and continuously bitcoin is doing well these days. Although we didn't see much action compare before but what good thing here is bitcoin still doing an outstanding performance for being strong at the current bear  market situation.  I expect it  to pump up sooner but not next month but maybe in succeeding month's of it.

[michellee]

China continues to suppress Bitcoin, ban Bitcoin mining, and close mining farms. The Chinese government bans Bitcoin transactions, and FUD from China has a certain impact on the price of Bitcoin. This impact should be temporary. China's repeated attacks on Bitcoin have not been able to defeat Bitcoin's status.

Yes, it is. First, the tweet from Elon, second, the news from China, and third, the news from Binance. I agree with what you say that it is temporary because we know what happens to bitcoin a long time ago. Even if there are many negative news releases and make bitcoin price drop, it will not stay at that low price forever because the price will be back and will increase. Maybe that can make the price got dumps, but the pump will come after that because bitcoin is strong.

[zanezane]

Probably FUDs, Whales and general constant trading volume in the market. I think that those 3 that have mentioned are probably some of the biggest reasons for the decline and skyrocket of the market.

[DU18]

In my opinion, there are a number of factors that are causing bitcoin prices to weaken today, however, the most powerful factor and greatly influenced the decline in bitcoin prices is the Chinese government's policy that prohibits bitcoin mining activities in the country, in addition, the actions of the People's Bank of China (PBoC) which asked the six largest finance companies in China to identify the perpetrators and immediately stop bitcoin and other crypto transactions, making bitcoin price even weaker today.

[carlfebz2]

Is it our friend Elon Troll Musk again?

We dont need Friends nor Someone to rely on because market can stand alone independently without the help or support of those and talking about decline? then it cant be called a market if we do just

see continuous upward movement when it comes to price.External news or fundamentals could really give off some effect but doesnt mean that most of the time it would be.

When you do  set on your feet on this market then you should really prepare yourself when it comes to unexpected turn of events or even the price do move without any reason at all.

Fundamentals or events cant just give movement from time to time, most of it arent really making any effect at all.

[SquallLeonhart]

China continues to suppress Bitcoin, ban Bitcoin mining, and close mining farms. The Chinese government bans Bitcoin transactions, and FUD from China has a certain impact on the price of Bitcoin. This impact should be temporary. China's repeated attacks on Bitcoin have not been able to defeat Bitcoin's status.

Isn't China, the banning that they made had a fewer impact but of course, it contributes to the current decline but if we blame them as the main reason, I don't think so. Because if we try to figure out, El Salvador legalizing Bitcoin had also an impact on the trend but unfortunately, we've not seen it much, I mean there are no changes on the trend.

So my answer is, it is a normal market trend. Nothing had caused this decline but it all just how the market supply and demand changing accordingly, IMO.

China and El Salvador are not nearly remotely same level of nations. China literally has over a trillion dollars, A TRILLION DOLLARS worth of USA bonds because American companies kept making debts in china and said they will pay later, whereas El Salvador is such a nation that me living only decently (which I am very happy about) in my nation of third world country could move to El Salvador and become one of the rich people there, that is a very poor nation.

I am not saying that the decline was because of China, we can never know that because decline only happens when people sell and we are not going out there and asking people why they sold, so we can never know. However I also wanted to make sure that the news between china banning miners and the El Salvador news are not the same level of impact because the nations are nowhere near the same level of economy and power.

[ILuckyGuyI]

He also had an affect on the market. But I can't say that he was the only factor. By the way, he can't manipulate the market too much anymore. And it's really good to see. If we go back to the main topic, countries like China also affect the price with their actions. Their decisions on Bitcoin mining and cryptocurrency usage have affected the market.

[Fatunad]

He also had an affect on the market. But I can't say that he was the only factor. By the way, he can't manipulate the market too much anymore. And it's really good to see. If we go back to the main topic, countries like China also affect the price with their actions. Their decisions on Bitcoin mining and cryptocurrency usage have affected the market.

Whenever there are sentiments like these that do pop out in the market then its neither it would give out some significant effects or would simply just not making any actions at all.
We can presume that a particular situation might the cause but not precisely that it would really be on behind but as an investor or trader then these situations or informations
would be useful but not could really give out guarantee for your advantage but its better to know on whats happening around the market rather than making
out blind trades or investment without knowing or aware of something.

[decodx]

Probably a combination of several factors, but the biggest factor driving the price of Bitcoin is speculation. Bitcoin is down in response to more reasonable fears surrounding China's situation. China is one of the biggest users of Bitcoin and as a large user, they tend to be the first to exit the market when something is on the radar. People in China who want to move their money out of the country tend to do so through Bitcoin, which may also be related.