9thsky (OP)
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 240
Merit: 54
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 10:50:51 AM |
|
Can't see anything particular in the news, or is there? EM? China? Anything I'm missing?
|
|
|
|
mk4
Legendary
Offline
Activity: 2870
Merit: 3874
Paldo.io 🤖
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 10:53:20 AM |
|
Most probably because of the highly anticipated GBTC unlock that a lot of people think would drop bitcoin's price: ..or there's also a good chance that it's just the typical bitcoin volatility we've always known.
|
Curated Crypto Airdrop Database
|
|
|
tbct_mt2
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 11:11:22 AM |
|
Can't see anything particular in the news, or is there? EM? China? Anything I'm missing?
Market correction. A massive campaign globally to attack Bitcoin and crypto market. They are expected because Bitcoin grows sharply since the second half of 2020. The pull back is necessary to help Bitcoin getting its new all time high. If you don't believe in any model or a new all time high for Bitcoin, you can exit. You can skip a future of new all time high but should enjoy bounces from Bitcoin, at this price. Bitcoin Historical Corrections - Don't worry
|
|
|
|
Yaunfitda
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 11:45:26 AM |
|
Can't see anything particular in the news, or is there? EM? China? Anything I'm missing?
It's more of the GBTC unlocking 41k of BTC. It's been covered by mainstream and crypto related media that's why it has such profound effect that their are investors who sold off because they are afraid that the price will plummet once billions of dollars of bitcoin is unlock. But don't worry, the market is resilient with this kind of news that after a few days of a slump, it will bounce back again to mid and high $30k'ish.
|
|
|
|
R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
| | | | | | .
| | | ▄▄████▄▄ ▀█▀▄▀▀▄▀█▀ ▄▄░░▄█░██░█▄░░▄▄ ▄▄█░▄▀█░▀█▄▄█▀░█▀▄░█▄▄ ▀▄█░███▄█▄▄█▄███░█▄▀ ▀▀█░░░▄▄▄▄░░░█▀▀ █░░██████░░█ █░░░░▀▀░░░░█ █▀▄▀▄▀▄▀▄▀▄█ ▄░█████▀▀█████░▄ ▄███████░██░███████▄ ▀▀██████▄▄██████▀▀ ▀▀████████▀▀ | . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ░▀▄░▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄░▄▀ ███▀▄▀█████████████████▀▄▀ █████▀▄░▄▄▄▄▄███░▄▄▄▄▄▄▀ ███████▀▄▀██████░█▄▄▄▄▄▄▄▄ █████████▀▄▄░███▄▄▄▄▄▄░▄▀ ████████████░███████▀▄▀ ████████████░██▀▄▄▄▄▀ ████████████░▀▄▀ ████████████▄▀ ███████████▀ | ▄▄███████▄▄ ▄████▀▀▀▀▀▀▀████▄ ▄███▀▄▄███████▄▄▀███▄ ▄██▀▄█▀▀▀█████▀▀▀█▄▀██▄ ▄██▀▄███░░░▀████░███▄▀██▄ ███░████░░░░░▀██░████░███ ███░████░█▄░░░░▀░████░███ ███░████░███▄░░░░████░███ ▀██▄▀███░█████▄░░███▀▄██▀ ▀██▄▀█▄▄▄██████▄██▀▄██▀ ▀███▄▀▀███████▀▀▄███▀ ▀████▄▄▄▄▄▄▄████▀ ▀▀███████▀▀ | | OFFICIAL PARTNERSHIP SOUTHAMPTON FC FAZE CLAN SSC NAPOLI |
|
|
|
Ararbermas
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 12:17:06 PM |
|
It's more of the GBTC unlocking 41k of BTC. It's been covered by mainstream and crypto related media that's why it has such profound effect that their are investors who sold off because they are afraid that the price will plummet once billions of dollars of bitcoin is unlock.
But don't worry, the market is resilient with this kind of news that after a few days of a slump, it will bounce back again to mid and high $30k'ish.
well, this always happened in the market because of those weak hands wherein always afraid in such situation, even though they don't know yet how the news can really affect the market.. But yes as what we see right now bitcoin is still hanging at the support level, so perhaps this isn't a problem. what i mean it can create correction but not to drive bitcoin down again in my opinion.
|
|
|
|
CryptoStar19
Jr. Member
Offline
Activity: 70
Merit: 2
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 12:23:59 PM |
|
News headlines everyday try to link bitcoin's price action to particular FUD or recent other news, but the price action isn't necessarily dictated by what the news says the causes are.
At this point we are simply consolidating... we might be going sideways for a while before breaking out.
|
|
|
|
Kong Hey Pakboy
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 1120
Merit: 68
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 01:03:04 PM |
|
@mk4 has pointed it out, the looming release of GBTC is making people think that the prices are going to go down really bad and they want out as early as they can in the case that the release really did make the prices go down but given how they are going to get out of the market early means that they will probably buy back when the prices have gone down much further.
|
|
|
|
ropyu1978
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 01:14:31 PM |
|
Citing CoinDesk data, the price of Bitcoin on Tuesday had dipped to the level of US$ 32,211.14. At 17:56 WIB, the crypto with the largest market capitalization in the world was at US $ 32,825.45 or down 10.49% compared to the previous 24 hours, there may be influence of the Chinese state in the decline in bitcoin prices.
|
|
|
|
|
zanezane
Full Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 868
Merit: 150
★Bitvest.io★ Play Plinko or Invest!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 01:44:39 PM |
|
According to a report in the Communist Party-backed Global Times, the closure of many Bitcoin mines in the province has resulted in more than 90 percent of China's Bitcoin mining capacity being shut down. About 65 percent of the world's Bitcoin mining took place in China in April 2020, according to estimates by the University of Cambridge. Additionally, Edward Moya, senior market analyst at Oanda Corp., said Bitcoin is being pressured by the sudden drop by the Titan token to almost zero. “Bitcoin crash as Titan token crash increases regulator pressure to provide more protection for the public
This report seems outdated to me because this ban happened for about a month or so ago so I don't think that the effects are lingering to this day, there's probably more to just China FUD to the recent decline.
|
|
|
|
mrongoz22
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 518
Merit: 250
LIVECASINO
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 01:49:05 PM |
|
actually the decline in bitcoin has often happened, even every year there is a decline, due to several factors, there are market problems, sometimes there is also a problem of bitcoin accumulation by the rich, if the price decline is now caused by China which has closed mining in their country, and government intervention is limiting the movement of bitcoin, but I believe this is only temporary as happened in 2017.
|
LIVECASINO
|
|
|
Lucius
Legendary
Offline
Activity: 3360
Merit: 6035
Crypto Swap Exchange🈺
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 01:52:31 PM |
|
..or there's also a good chance that it's just the typical bitcoin volatility we've always known.
I accept that some people do not understand how things work or that they are always looking for a reason why something is happening, but we have been in an identical situation for months and we should not look for a reason every day because the price is +/- 5% different than the previous day. Regardless of the news that may sometimes affect the price, supply and demand have the biggest impact on price - and I’m sure many are currently enjoying their crypto profits - in other words, demand is very low and every major sale lowers the price. Most probably because of the highly anticipated GBTC unlock that a lot of people think would drop bitcoin's price
If people understood and read a little more about what it actually means, they wouldn't attach too much importance to it. From the article from your third link. Many investors aren’t using GBTC as a long on bitcoin, but, rather, when shares are traded at a premium on bitcoin, as an arbitrage play. The trade works when funds borrow bitcoin to deposit into GBTC, then they have shares of GBTC that are worth more than the bitcoin they bought. When the unlock period occurs the shares, redeemable for bitcoin, have a mark-up over the price of bitcoin and thus the fund finds itself in possession of free bitcoin. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FurKS0tX.jpg&t=665&c=R6GFRjMloYeuvA)
|
|
|
|
mk4
Legendary
Offline
Activity: 2870
Merit: 3874
Paldo.io 🤖
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 02:43:58 PM |
|
If people understood and read a little more about what it actually means, they wouldn't attach too much importance to it. From the article from your third link.
If people actually knew how to read or do a bit of research then FUD probably wouldn't exist and bitcoin probably went full mainstream already. But yet here we are, unfortunately. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
|
Curated Crypto Airdrop Database
|
|
|
ChiBitCTy
Legendary
Offline
Activity: 2380
Merit: 3149
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 02:50:52 PM |
|
I'm not sure if there really is a "decline" going on of late. It has been in the low 30,000 range for quite some time now. While I of course would like bitcoin to be picking up here a bit, and growing back toward 40,000 and hopefully beyond, I am very please with the fact that it has been holding pretty relatively stable. The fact that it's held in the low 30k range is pretty impressive and lends more credence to become becoming a "store of value".
|
| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
|
|
|
Btcvilla
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 03:31:03 PM |
|
maybe things.in the decline.and increase in.bitcoin will always happen from time to time due to the influence of the changing market, or even many rich people buy bitcoins.at high prices.plus government bans.in many countries.which will also be very will affect.the price of bitcoin itself.we also need to be patient.in starting.things that are related to the crypto.world
|
|
|
|
dothebeats
Legendary
Offline
Activity: 3752
Merit: 1354
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 04:15:59 PM |
|
It could be normal volatility for all we know. Or that some people already expected the GBTC unlock to be in effect almost immediately, and that those who are invested will probably offload some of the coins. They just traded ahead of schedule to avoid selling their coins for a lot cheaper before the unlock happens. It could be anything really, since there isn't a lot of substantial news going around lately that can be attributed to the slow trading days bitcoin is experiencing.
|
|
|
|
ILuckyGuyI
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 04:36:15 PM |
|
I think there are two possible reasons for this. One of them is Grayscale's actions. The other is the usual volatility of Bitcoin. To be honest, I feel myself closer to the volatility of it. It's just going up and down like always. And actually there could be another reason also. When the buy amount is less than the sell amount, the price faces a resistance and drops down if it can't go over it.
|
|
|
|
R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
| | | | | | .
| | | ▄▄████▄▄ ▀█▀▄▀▀▄▀█▀ ▄▄░░▄█░██░█▄░░▄▄ ▄▄█░▄▀█░▀█▄▄█▀░█▀▄░█▄▄ ▀▄█░███▄█▄▄█▄███░█▄▀ ▀▀█░░░▄▄▄▄░░░█▀▀ █░░██████░░█ █░░░░▀▀░░░░█ █▀▄▀▄▀▄▀▄▀▄█ ▄░█████▀▀█████░▄ ▄███████░██░███████▄ ▀▀██████▄▄██████▀▀ ▀▀████████▀▀ | . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ░▀▄░▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄░▄▀ ███▀▄▀█████████████████▀▄▀ █████▀▄░▄▄▄▄▄███░▄▄▄▄▄▄▀ ███████▀▄▀██████░█▄▄▄▄▄▄▄▄ █████████▀▄▄░███▄▄▄▄▄▄░▄▀ ████████████░███████▀▄▀ ████████████░██▀▄▄▄▄▀ ████████████░▀▄▀ ████████████▄▀ ███████████▀ | ▄▄███████▄▄ ▄████▀▀▀▀▀▀▀████▄ ▄███▀▄▄███████▄▄▀███▄ ▄██▀▄█▀▀▀█████▀▀▀█▄▀██▄ ▄██▀▄███░░░▀████░███▄▀██▄ ███░████░░░░░▀██░████░███ ███░████░█▄░░░░▀░████░███ ███░████░███▄░░░░████░███ ▀██▄▀███░█████▄░░███▀▄██▀ ▀██▄▀█▄▄▄██████▄██▀▄██▀ ▀███▄▀▀███████▀▀▄███▀ ▀████▄▄▄▄▄▄▄████▀ ▀▀███████▀▀ | | OFFICIAL PARTNERSHIP SOUTHAMPTON FC FAZE CLAN SSC NAPOLI |
|
|
|
franky1
Legendary
Offline
Activity: 4340
Merit: 4688
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 05:02:09 PM |
|
zoom out stop looking at the 12hour chart. the small daily movement look falsely huge because your zoom of the chart stretches out the wiggly lines
try looking at the month chart and you will see a less impressive movement in short the 3% movements are normal.. calm down
|
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
|
|
|
mk4
Legendary
Offline
Activity: 2870
Merit: 3874
Paldo.io 🤖
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 05:13:42 PM |
|
I think there are two possible reasons for this. One of them is Grayscale's actions. The other is the usual volatility of Bitcoin. To be honest, I feel myself closer to the volatility of it. It's just going up and down like always. And actually there could be another reason also. When the buy amount is less than the sell amount, the price faces a resistance and drops down if it can't go over it.
If it was actually because of the Grayscale fiasco, then it's mostly not because of Grayscale per se, but because of people's decisions in anticipation of what(or what they think) Grayscale is going to do. Quick reminder that cryptocurrency traders and the so called "investors" mostly consists of retail that make impulsive decisions.
|
Curated Crypto Airdrop Database
|
|
|
Twinkledoe
Full Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 1904
Merit: 138
★Bitvest.io★ Play Plinko or Invest!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 09:48:26 PM |
|
I think there are two possible reasons for this. One of them is Grayscale's actions. The other is the usual volatility of Bitcoin. To be honest, I feel myself closer to the volatility of it. It's just going up and down like always. And actually there could be another reason also. When the buy amount is less than the sell amount, the price faces a resistance and drops down if it can't go over it.
If it was actually because of the Grayscale fiasco, then it's mostly not because of Grayscale per se, but because of people's decisions in anticipation of what(or what they think) Grayscale is going to do. Quick reminder that cryptocurrency traders and the so called "investors" mostly consists of retail that make impulsive decisions. Highly likely that it is the people's emotion of what is about to happen. Some are selling because they are anticipating that btc price will go down once Grayscale unlocks thousands of btc. So before it happens, some are selling. But I guess, the effect of unlocking may only be temporary. BTC will always go back and one good news, we are going up again. So if it will indeed go down, maybe that's good opportunity to buy before it increases its price again.
|
|
|
|
|