The bitcoin market just gifted the El Salvadorians 15% discount

[pooya87]

Today is the day when the first country accepted bitcoin as legal tender and that country is El Salvador. As El Salvadorians started buying bitcoin the market makers decided to give them a 15% discount so that they can buy more bitcoins with their $30 and any other fiat they put in themselves

Here is a funny picture of that moment when the market got weird and the candles were disconnected:


But seriously what happened? The price went to $49040 and stayed there for half an hour with practically 0 volume then right after that it started at $47536 with $1500 gap. It seems like there was a void on exchanges that nobody could trade but at the same time price did go down!

[1713992087]

1713992087

[1713992087]

1713992087

[Poker Player]

I like your reading of the situation. Instead of panicking, thinking the world is going to end and hesitating to sell, much better to think we can buy at a discount price.

I just made a purchase. Fuck FUD!

[GreatArkansas]

Where are the buyers now who said "I will Bitcoin will dump below $50,000"? Hahahaha.
A pretty nice discount of course with all this positive news for Bitcoin especially the El Salvador.
So, El Salvador things could be the reason for this dump?

[stompix]

As El Salvadorians started buying bitcoin the market makers decided to give them a 15% discount so that they can buy more bitcoins with their $30 and any other fiat they put in themselves

Nope, they were supposed to get $30 in bitcoin, so right now they didn't get a discount but a 10% shave since the airdrop was calculated at 52k, those 0.00057 are now worth 27$.

Here is a funny picture of that moment when the market got weird and the candles were disconnected:

Is that bitcoinwisdom? If so, it had experienced problems for weeks, especially with bitfinex.

[aoluain]

Well they do get a 15% discount but the problem is the vast majority wouldnt see it that way,

The skeptics will be more fearfull
The Hodlers will know what to do
The informed will know they didnt lose anything before converting to $'s

What happened today?
Domino effect, markets dumped and long positions got liquidated which drove the
price south which in turn liquidated more longs, all 3.2 BILLION $'s worth.

[Review Master]

Just start buying whatever discount you get and take advantage of the correction by buying at dip. Don't know about El Salvadorians, but most probably Michael Saylor's happy with current discount and buying more in current correction. I'll wait for the next daily candle to see whether more discount's waiting for us or not.

[darkangelosme]

Today is the day when the first country accepted bitcoin as legal tender and that country is El Salvador. As El Salvadorians started buying bitcoin the market makers decided to give them a 15% discount so that they can buy more bitcoins with their $30 and any other fiat they put in themselves

Here is a funny picture of that moment when the market got weird and the candles were disconnected:


But seriously what happened? The price went to $49040 and stayed there for half an hour with practically 0 volume then right after that it started at $47536 with $1500 gap. It seems like there was a void on exchanges that nobody could trade but at the same time price did go down!

Well that is only a game of mind you know if there is a big news on cryptocurrencies or even just Bitcoin only many trader would think that it will going to pump because of new attract people, so not surprising traders will sell there coins, that is the reason why Bitcoin and others cryptocurrencies would go down.

[pooya87]

Is that bitcoinwisdom? If so, it had experienced problems for weeks, especially with bitfinex.

That's the first thing I thought but then checked the other chart and it did look the same as this one (the picture is Bitstamp).

What happened today?
Domino effect, markets dumped and long positions got liquidated which drove the
price south which in turn liquidated more longs, all 3.2 BILLION $'s worth.

The first step is important and it is interesting that market manipulation like this (the initial dump) can still happen at this scale specially during a bull run above a strong support such as $50k.

[mk4]

Nope, they were supposed to get $30 in bitcoin, so right now they didn't get a discount but a 10% shave since the airdrop was calculated at 52k, those 0.00057 are now worth 27$.

Really ain't that bad if we're just looking number wise, but freakin mainstream media is going to take this opportunity to once again crap on Bitcoin that's for sure. "Bitcoin airdrop to El Salvadorians immediately dropped 10% in value" or some crap.

[cafucafucafu]

Bitcoins are on sale again  

Certainly, El Salvadorians should be rejoicing at this news. In fact, all long term crypto holders should be.

This is going to flush out a lot of the weak hands who were just in for the short run profits instead of the long term ideology, and make bitcoin even stronger. Expect a strong consolidation at the low $40k's for a while before rebounding.

[FatFork]

Nope, they were supposed to get $30 in bitcoin, so right now they didn't get a discount but a 10% shave since the airdrop was calculated at 52k, those 0.00057 are now worth 27$.

Really ain't that bad if we're just looking number wise, but freakin mainstream media is going to take this opportunity to once again crap on Bitcoin that's for sure. "Bitcoin airdrop to El Salvadorians immediately dropped 10% in value" or some crap.

I doubt it. The SEC vs Coinbase case is now likely to dominate all attention.

edit: But I agree, some mainstream media use every opportunity to write scaremongering pieces about bitcoin and cryptocurrencies in general, when they should be highlighting bitcoin's potential and positive impact on the world.

[Lucius]

I wonder if we should have seen that someone would use September 7 to make this dump? Is it just ordinary whales who decided to take a profit after months of accumulation, or did someone want to show how El Salvador made the wrong move?

If we could point a finger at anyone, then it would definitely be the IMF, which would be in the best interest of the whole thing falling apart right at the beginning - and it must be admitted that the beginning was not exactly as some imagined.

In the meantime, things are starting to work for ordinary people who can already walk into McDonald’s and pay for their food🍔 with Bitcoin.

[NeuroticFish]

Bitcoins are on sale again  

Certainly, El Salvadorians should be rejoicing at this news. In fact, all long term crypto holders should be.

Indeed. Still, people's psychology works different: people get happier when the price is rising, since although they'll buy more expensive, the coins bought increase in value and this helps them stay more confident.
That's also why most people are afraid to buy the dip: "what if it drops more?"

Call me overly optimistic (or pessimistic if you prefer the dip), but I don't expect this sale last for long.

[Wind_FURY]

OP, indeed it did! But I honestly didn’t expect this “mini-crash” to happen at this current price point. I actually expected everyone to relax, and wait for the new ATH like it was a countdown for a New Year’s celebration. Plus this may have slowed down the surge to our price predictions.

[leea-1334]

I had a small amount of BTC I did not yet keep into my wallet or exchange out for fiat. Guess what I did with it? I put it all into some alts,,, something I have never done before.

BTC -10% may be true but I looked at alts-BTC pairs of -20% and put it all there. This will be like buying the dip and betting against alts as when I sell my alts BTC will gain back those 20%;)

[bryant.coleman]

Nope, they were supposed to get $30 in bitcoin, so right now they didn't get a discount but a 10% shave since the airdrop was calculated at 52k, those 0.00057 are now worth 27$.

Really ain't that bad if we're just looking number wise, but freakin mainstream media is going to take this opportunity to once again crap on Bitcoin that's for sure. "Bitcoin airdrop to El Salvadorians immediately dropped 10% in value" or some crap.

I doubt it. The SEC vs Coinbase case is now likely to dominate all attention.

The Coinbase issue is dominating crypto-related news, but mainstream media never misses an opportunity to attack Bitcoin. So I don't think that they will sideline this news. The media will highlight the 10% drop by publishing the news in front page. But later this year, when Bitcoin jumps by 20% or 30%, they will never mention that the $30 airdrop has grown in value to $40. And regarding the SEC, the CEO of Coinbase (Brian Armstrong) has issued a strong statement related to the blackmail tactics used by the former.

[pooya87]

OP, indeed it did! But I honestly didn’t expect this “mini-crash” to happen at this current price point. I actually expected everyone to relax, and wait for the new ATH like it was a countdown for a New Year’s celebration. Plus this may have slowed down the surge to our price predictions.

Maybe they relaxed so much so that the order books got too thin letting the whales dump the price this much by selling their coins

BTC -10% may be true but I looked at alts-BTC pairs of -20% and put it all there. This will be like buying the dip and betting against alts as when I sell my alts BTC will gain back those 20%;)

The problem is when those shitcoins fail to recover when bitcoin eventually goes back up. Most of the times the best case scenario is they dump -20% but they only recover the 15% part and you still end up losing that 5% and worse case scenario they continue dumping and -20% turns into -90% like ETH for example that has not been capable of gaining its 2017 price against bitcoin even after 4 years.

[Ozero]

Nope, they were supposed to get $30 in bitcoin, so right now they didn't get a discount but a 10% shave since the airdrop was calculated at 52k, those 0.00057 are now worth 27$.

Really ain't that bad if we're just looking number wise, but freakin mainstream media is going to take this opportunity to once again crap on Bitcoin that's for sure. "Bitcoin airdrop to El Salvadorians immediately dropped 10% in value" or some crap.

In my opinion, for the residents of El Salvador, the sharp drop in the price of bitcoin was not a very pleasant surprise. After all, the protests in this country against the introduction of bitcoin as a national currency were also associated with the fact that bitcoin has a very high price volatility. On the day that people had to accept a certain amount of bitcoin, it plummeted in value. Such a fall looks like a well-prepared provocation against bitcoin.

[OgNasty]

The drop was a good introduction to Bitcoin’s volatility. It won’t be the end. It’s great that they’re able to get more BTC for their products now, and the divide between holders vs spenders will only be amplified a little more as a result. I think in a short time it will be quite obvious who did what with their BTC.

[lixer]

Today is the day when the first country accepted bitcoin as legal tender and that country is El Salvador. As El Salvadorians started buying bitcoin the market makers decided to give them a 15% discount so that they can buy more bitcoins with their $30 and any other fiat they put in themselves

This could be the best thing that El Salvador is living right now. It is certainly something that is marvellous for them and not only they are getting it on a discount right now, they also had a great start by doing a DCA on the very first day. I hope that the price stays here for a few more days before going up, so that they could get even more money for the future.

I understand that it is not an easy task to handle, but it is definitely going to take some courage and bravery to keep a happy face. Glad that president already said that whales will drop the price on the day of the start before it happened so it gives more credibility on his decision.