What's up with the recent decline?

[worldofcoins]

As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?

There are some altcoins that aren't down as badly as popular coins like ETH and BTC.

So what's your point of view regarding this decline?

[2double0]

If eth and btc are declining slowly, it means they are being accumulated. Other coins are not being touched because major coins seem to be on the radar of whales and these are yet to see their bottoms for this year as none of them both reached their support areas where it can be called that there are chances of a retracement. This correction will be a very big lesson for those who like to listen to meme coin shills and invest in btc at its top and then dumped on.

[worldofcoins]

If eth and btc are declining slowly, it means they are being accumulated. Other coins are not being touched because major coins seem to be on the radar of whales and these are yet to see their bottoms for this year as none of them both reached their support areas where it can be called that there are chances of a retracement. This correction will be a very big lesson for those who like to listen to meme coin shills and invest in btc at its top and then dumped on.

Well said, Even if you compare Dogecoin and bitcoin in the recent decline it'll show that bitcoin didn't fell less than 50% comparing it to its higher highs,
But looking at dogecoin look where it went from 0.7$/Doge to -> 0.18-0.19 $/Doge. This is definitely going to be a very big lesson for those who were under the influence of this FOMO which was cast by Elon musk but got taken advantage of by people who invested before the massive population got the meme "Doge to the moon".

I wonder if they'll ever laugh at memes, especially on the doge ones 

[Hydrogen]

As the title says I'm curious what's the real reason for the decline?

....

Bitcoin Plunges More Than 11% After China Bans Cryptocurrency Mining

Bitcoin's slump continues now that the Chinese government has shut down cryptocurrency mining facilities, wiping out about 90% of mining capacity in the country.

Last week, it was announced that the Chinese government would implement a ban against cryptocurrency mining, which was extended this weekend. The Chinese authorities ordered the closure of the facilities where this activity is carried out, which resulted in a strong fall of more than 11% in Bitcoin (BTC).

This Monday morning, June 21, Bitcoin reached a minimum price of $31,830 per unit, according to data from CoinMarketCap. Just a few hours earlier, during Sunday afternoon, the cryptocurrency was trading at $35,945, which means a drop of 11.45%.

Last week, Elon Musk said that his company Tesla would accept Bitcoin again when cryptocurrency "miners" used more clean energy. The announcement triggered a rebound in the price of BTC, which even surpassed $40,000. However, it did not stay there long and is getting further away from its all-time high of more than $64,000 on April 14.

Regional governments in Chinese provinces have ordered the closure of cryptomining facilities and ordered power companies to stop supplying power to all mines before Sunday.

Local media reported that electricity supplies to all cryptocurrency mines in Sichuan province were cut off at midnight Sunday.

Cryptomining in China fuels nearly 80% of the world's cryptocurrency trade. With this ban, the government ends about 90% of the Bitcoin mining capacity in the country.

The Chinese government's restrictions against cryptocurrencies began last May when it prohibited all financial entities in the country from carrying out transactions with digital currencies.

Analysts point out that all these measures are likely related to China's intention of launching its own official cryptocurrency, with which it can control transactions and prevent capital flight, investment and tax collection.


https://www.chron.com/business/article/Bitcoin-plunges-more-than-11-due-to-Chinese-ban-16263143.php

This latest crackdown on crypto mining by china, which fueled this latest big crash. Appears to have caused chinese mining operations to begin relocating outside the country.

While it is devastating in the short term. It may have costed china much of its influence in cryptocurrencies over the long term. China can only kill off their crypto mining industry once. Before they'll have to look at other methods of manipulating crypto markets. While not great. This could be a hard positive for crypto over the long term.

China also had involvement in bitcoin's previous crashes from ATH in 2017 and 2013.

[Johnyz]

As the title says I'm curious what's the real reason for the decline?
Is it because whales are dumping?
-Or Dogecoin meme died? and people taking it over on other altcoins?

There are some altcoins that aren't down as badly as popular coins like ETH and BTC.

So what's your point of view regarding this decline?

It has nothing to do with DOGE, this is a cycle and it's normal to see this bear market because we've already reach the peak and the only way to move forward is to have this corrections and the bear market as well. I don't think news affect the market situation now, it's just that we are already on a bear trend and it's happening now. Sooner or later we will start to go up again, but for me it will happen next year.

[crzy]

So what's your point of view regarding this decline?

It's about time for a bear market, don't panic because this is normal and the market will recover again.
I don't think DOGE affects the market that much, maybe it's more on the pressure of China to Bitcoin and I heard some companies them will freeze your account if you transact cryptocurrency, I'm not sure though. What's good on this bear market is that, the whales are buying and big companies owns a lot of Bitcoin now maybe this is not good but still whales are buying at the bottom and that makes the price recover soon.

[tabas]

There's no other reason but the usual FUD that has been on going for weeks but in reality it's not been just for weeks but it's been said year after year.
It's the China FUD.

[Smartvirus]

I suppose the Chinese FUD has a hand in this. With China banking institutions within its jurisdiction for i suppose a third time if I'm not mistaking, from having any form of transacting with bitcoin and cryptocurrencies, it has left the crypto space and market shaking a little with the correction that was being sustained at a range. Its sad but as sad as it may seem, the buying opportunity for those looking to invest is now. With most coins to hva e dropped to its 50% and even more from the reached ATH during the bullrun where most coins rallied.
After investing, the question is what's next! Your best guess is always to hodl, hodl and get ROI. Don't be focused on the negative, focus on the opportunity in the negativity and its all good.

[inoes]

all of these declines are the whale's strategy to earn money.  especially in China, whose country is doing fud, but cryptocurrency figures from China are even showing off buying coins when they are cheap... so this is like a game.  and who is smart and has good risk management, he will win.

[TheUltraElite]

Real reason of downtrend or uptrend cannot be obtained. But guesses are made as to the most probably cause. There have been a few negative news about crypto concerning some countries and therefore I guess the price has dumped. Whether some crazy millionaire sold off some coins, nobody can know for sure. Because you are playing something that is pseudo-anonymous and you dont want regulation, so why ask?

But understand that this is a part of the bull/bear cycle and the uptrend will soon come in before you know it, because inorganic causes of price rise happened for the last few months when a certain millionaire started tweeting about crypto and the price rose without consolidating support levels.

I view this as an opportunity to get in/buy, because the downward slope is possible but upward is also possible and when the uptrend starts you will have more than one points to sell from.

[Wexnident]

The recent decline cause was China banning or shutting down mining facilities in their country. This should only affect the market in the short term while miners are looking to move towards other countries more welcoming of crypto and mining, and shouldn't affect the market in the long run. The Doge meme died already afaik, there wasn't much news about it so I guess that's what happened. This is actually an opportune moment to buy and hodl for a short term gain since the market would naturally bounce up after a few weeks after the China fud dies down.

[The Sceptical Chymist]

OP, you might want to move this thread to Speculation, because that's where it looks like it belongs.

This decline is kind of to be expected IMO.  Bitcoin got really hot, really quickly in 2020 and looked like it was going to $100k.  If that had happened, there's no way that price level could have been maintained for long, because it would have induced a ton of bitcoin holders to sell and take their profits in fiat.  As it stands, a lot of them did just that anyway, and I think that's why the price has dropped recently--along with a lot of altcoins, too.  

What it appears is that money is flowing out of crypto and into something else.  I'm not entirely sure what that something else is, but my best guess is the stock market or cash.  The bull market in crypto doesn't seem to be over, however.  If there was a real crash, bitcoin would be well below $32k.  Yeah, it's true that right now it's at half its ATH but it's still way higher than it has been for much of its existence, so that should tell you something--and one of the things it tells me is that now is the time to be buying and not selling.  The time for selling was between $50-60k.  Just my opinion, of course.  Bitcoin could always go lower, but I happen to think it's not going to go that much lower than where it is now.

I suppose the Chinese FUD has a hand in this.

That could be a possibility as well, since China has a huge influence on bitcoin.  It always amazes me that it does, given how tight a grip their government has over its citizenry and its currency.

[ethereumhunter]

Hard to say the reason for the recent decline because that will be many reasons that can make the price down. But the last news comes from China which wants to ban bitcoin and close the mining in that country. The other reason is that people worry if the price is still going down and stay at $20k level price so they sell it without waiting for a while. But fortunately, the price can bounce after a touch below $30k and now, the price is back to $34k and hopefully, the price can increase more.

Ethereum and Dogecoin follow the downtrend and so with the other altcoins. I hope it is the last correction for the bitcoin and crypto and in the next month, the price will start to increase.

[ultrloa]

Ethereum and Dogecoin follow the downtrend and so with the other altcoins. I hope it is the last correction for the bitcoin and crypto and in the next month, the price will start to increase.

Almost  all crypto dump when bitcoin price drop, we can see this happening always as alts are dependent to the movement of bitcoin. And I also hope that this is the last correction to see since if we can see more of it then maybe we will wait again another 4 years (next halving) to see a good price rally brougt by this event. But I doubt the pump will happen next month so better we should watch how the market moves.

[Kong Hey Pakboy]

The recent decline cause was China banning or shutting down mining facilities in their country. This should only affect the market in the short term while miners are looking to move towards other countries more welcoming of crypto and mining, and shouldn't affect the market in the long run. The Doge meme died already afaik, there wasn't much news about it so I guess that's what happened. This is actually an opportune moment to buy and hodl for a short term gain since the market would naturally bounce up after a few weeks after the China fud dies down.

The shut down this year is a bit different if you think about it because China seems to be much more serious than the last time that they did this ban since they are preparing for their digital currency, might as well remove the possible competition.

[Gozie51]

I wonder if they'll ever laugh at memes, especially on the doge ones 

Dogecoin is not the problem nor any other coin for the matter on the drop. It is natural with the market if you have followed. The bear came in and every coin is getting the share of the fud. China could have a hand in it with the restrictions, so not just doge. Every coin including bitcoin has dropped more than 30% of its gain and you should expect the end effect on altcoins. This is actually the time to buy and not for lamentation about the price drop. If you check back in 2017/18, this kind of repeating the incident backwards.

[Maslate]

CHINA, it is because of China again. The recent news about banning all crypto mining activities dues to a shortage of electricity supply sends a huge impact on the minds of the people making them decided to sell their cryptos. The FUD's has a bad influence on the community and can no longer stop people to dump their coins.

But I think the decline is over as the market started to grow. And for that short dumps, it emphasizes something that many were still able to keep themselves quiet and calm, and it makes the market not going deeper.

[Amplify]

The recent decline cause was China banning or shutting down mining facilities in their country. This should only affect the market in the short term while miners are looking to move towards other countries more welcoming of crypto and mining, and shouldn't affect the market in the long run. The Doge meme died already afaik, there wasn't much news about it so I guess that's what happened. This is actually an opportune moment to buy and hodl for a short term gain since the market would naturally bounce up after a few weeks after the China fud dies down.

The shut down this year is a bit different if you think about it because China seems to be much more serious than the last time that they did this ban since they are preparing for their digital currency, might as well remove the possible competition.

Yes. But also, keep in mind that new mining facilities are coming online, so this decline will be overcome. And as more companies move in to the market, the prices should eventually increase.

[oHnK]

I'm a bit behind on the info it seems, which altcoin isn't as bad as BTC and ETH when the dump happened?  Because so far what I have seen is that if BTC drops, the overall market is red, especially altcoins that are not popular enough.  Because if you look at the market capitalization, BTC and ETH dominate around 70% so that if BTC goes down the market will also go down and vice versa, the both of coins will recover first.  CMIIW

[BrewMaster]

I'm a bit behind on the info it seems, which altcoin isn't as bad as BTC and ETH when the dump happened?  Because so far what I have seen is that if BTC drops, the overall market is red, especially altcoins that are not popular enough.  Because if you look at the market capitalization, BTC and ETH dominate around 70% so that if BTC goes down the market will also go down and vice versa, the both of coins will recover first.  CMIIW

for as long as i can remember whenever bitcoin dropped all the altcoins (including ETH) got dumped a lot harder. it is because despite what some people may claim they never have any faith in the altcoins, they only thing EVERYONE has faith in is bitcoin so they always dump altcoins the first chance they get.