Was it the El Salvador news that plunge the market yesterday

[Olayinka2225]

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

[sunsilk]

Digital currency market plunged yesterday and is still in a state of shock.

Shock? don't be shocked, are we even shocked when bitcoin rushed to $50k onwards? We're not and we're even celebrating so that's just the same feeling as the plunge that had happened.

I don't know what the market trend will be next. Who will have a better suggestion? ? ?

Nobody knows what's the future trend but we're about to see it soon. What suggestions do you want? well, I would always suggest holding and buy bitcoin as many as you can before it reaches $100k or so.

[shinratensei_]

Digital currency market plunged yesterday and is still in a state of shock.

It's just going down to the 45k and we have not yet gone down to the 20k and why people must feel shocked about that? Someone who has bought 16k bitcoin when the price was around 29k was dumping all of their bitcoin at once a few days ago and that was creating a flash dump to the bitcoin and the bad news was adding more impact to the price of crypto as well.

I don't know what the market trend will be next. Who will have a better suggestion? ? ?

The market trend will remain the same and it will still focus in the NFT development and trend. None will have an accurate suggestion about that. what you can do to watch the market and that's it.

[cabron]

It didn't plunge like it really will dive. It looks like its just giving small investors a chance to buy before breakout the $50K again. Looking at the BTCUSDT chart in the weekly time frame, it looks like it's going to ho way higher than $65K in the next few months. We are at the right time to buy more. Hold your coins from now on because it's going to make you richer if you are just a long-term holder.

[nurilham]

I don't know what the market trend will be next.

Don't you know what is the trend after dumping? It should be pumping. I am pretty sure that we will see a big pump very soon. Whales who bought crypto coins in the dip, must plan to sell the coins at a high price. So, they must find a way to trigger the prices of crypto coins increasing again massively. Just wait for good news related to crypto in the next few days, I guess we will see it. We all know how whales play with the market trends.

[TravelMug]

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

I doubt it, maybe the reason is that whales have take advantage of this news and take huge profit at $52k. Others suggest that it was a reset, as a lot of leverage trading has been liquidated at the same time frame.

So for now, everything has settled down a bit, market is stable at $43k-$46k. So bull run might resume very soon after. On the contrary, could be a good time to re-invest our capital in the bleeding market.

[Kemarit]

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

The dump was on perfect timing, maybe whales takes profit so El Salvador can have a Bitcoin at a cheaper price of most of the Citizen of El Salvador sold their $30 worth of Bitcoin. Actually, there’s a lot of possible reason of a dump yesterday, and its more on whale manipulation. Don’t be shocked, this has been the scenario since then so if you know what I’m saying, better to buy now because for sure the price will recover again.

Yes, as we all know in this market, timing is everything, and that's what this manipulators have done, they dump when there is the news about El Salvador. So we may speculate that it was due to this news and not from them. And even if they sold their $30 worth of Bitcoin, there's no way that it was just in matter of hours.

But we can smell some whales that really manipulate the market from behind. Nevertheless, they've done this in the past, so let's just remain calm, @$43k, we are still safe from further downside.

[iTradeChips]

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

The dump was on perfect timing, maybe whales takes profit so El Salvador can have a Bitcoin at a cheaper price of most of the Citizen of El Salvador sold their $30 worth of Bitcoin. Actually, there’s a lot of possible reason of a dump yesterday, and its more on whale manipulation. Don’t be shocked, this has been the scenario since then so if you know what I’m saying, better to buy now because for sure the price will recover again.

Yes, as we all know in this market, timing is everything, and that's what this manipulators have done, they dump when there is the news about El Salvador. So we may speculate that it was due to this news and not from them. And even if they sold their $30 worth of Bitcoin, there's no way that it was just in matter of hours.

But we can smell some whales that really manipulate the market from behind. Nevertheless, they've done this in the past, so let's just remain calm, @$43k, we are still safe from further downside.

All of us were always in denial that Bitcoin and cryptocurrency in general cannot be manipulated by whales. But seems that we are wrong after all. Maybe Bitcoin and cryptocurrency are like stocks and gold that can be manipulated by big players. Maybe there is a possibility that Elon might be able to manipulate DOGE again or Bitcoin for that matter if he wants to. The only thing we small players can do is enjoy the dip. Always enjoy the dip and use it as an opportunity to buy cheaper crypto.

[tulpash]

I think the main reason is Coinbase being sued by the SEC without giving any reason. The CEO of Coinbase was extremely confused.

https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009

Some forces may be trying to sabotage the market as the bad news comes as soon as the good news is El Salvador buying Bitcoin.
Bitcoin chart showing a trend break right at the resistance/support area.

[livingfree]

The result of the fact that many holders wanted to take profits in dollars. In fact, in this fall, I think one could see the wallets of scammers and dark dealers, because those who are clean of fraud and dark deals would not rush to buy dollars like that, lowering the price of a coin on the marketplace.

That's a different and far from the usual thing why the market dropped.

But those illegal thing and scammers have been there even if the market is up and down. And they're more if the market is bullish.

[gabbie2010]

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

Probably a lot of  El Salvadoran spent some airdropped $30 BTC in their respective wallets sent via LN could be responsible for the price crashed,  the wallet is LN enabled thus transactions will be swift, of course the population of that country stood at 4.5 million this $30 *4,500,000 is a lot of money which can have a significant impact on the price of Bitcoin if dumped at the same time, however after the crash the price is gradually rallying back although it will take some period of time before it get to $53K price mark before the sudden crash.

[Sithara007]

Probably a lot of  El Salvadoran spent some airdropped $30 BTC in their respective wallets sent via LN could be responsible for the price crashed,  the wallet is LN enabled thus transactions will be swift, of course the population of that country stood at 4.5 million this $30 *4,500,000 is a lot of money which can have a significant impact on the price of Bitcoin if dumped at the same time, however after the crash the price is gradually rallying back although it will take some period of time before it get to $53K price mark before the sudden crash.

Bitcoin is having a daily volume of $30-$40 billion (that may be inflated though) and the few million USD worth of trades from El Salvador is not going to make much of a difference. And as far as I know, the El Salvador government is still continuing with their purchase of BTC. So any selloff from the airdrop recipients will be balanced out by the purchases from the government. What happened (IMO) is that some of the whales wanted to teach Bukele a lesson for dumping USD, and tried to crash the market. But the demand was so strong, that the prices recovered in a matter of hours.

[Argoo]

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

I doubt it, maybe the reason is that whales have take advantage of this news and take huge profit at $52k. Others suggest that it was a reset, as a lot of leverage trading has been liquidated at the same time frame.

So for now, everything has settled down a bit, market is stable at $43k-$46k. So bull run might resume very soon after. On the contrary, could be a good time to re-invest our capital in the bleeding market.

Indeed, the situation in the cryptocurrency market is now pretty good, the recent price drop has corrected the market and prepared it for a new stage of the bull run this fall. Now prices are starting to rise again, and there is still time to buy potential cryptocurrencies at relatively low prices. I think that from next month we will see a big growth in this market.
The whales seem to have once again manipulated this market. The only question left was whether it was timed to coincide with the official recognition of bitcoin in El Salvador as the national currency, or was it just a common coincidence in time.

[Yalalagh]

 Have you even heard that bitcoin has become legal tender in El Salvador?Most arguments against El Salvador's move argue that adopting bitcoin as legal tender would expose the Central American country to increased regulatory and financial risks.
Source: https://blockster.com/blockdesk/1508_bitcoin-becomes-official-legal-tender-in-el-salvador

[ninkdwi]

you exaggerate the decline that occurred yesterday, it is normal and it only decreased to $45k and that I can consider only a correction not a decrease. this is very common here so why should be surprised by such a common thing.
things like this are precisely what small investors should use to add more assets here because this is indeed quite good.

I don't know what the market trend will be next.

no one knows about this, because I don't think everyone knows about it and if anyone says it will go up or down it's just speculation which is indeed with research by each person.

[swogerino]

It is just routine happening with Bitcoin price,the fall was not to be worried,it just lost 5-6 thousand dollars in value which for Bitcoin knowing the high volatility of it I would say it is rather normal.I don't think El Salvador has nothing to do with it,that is the first country to embrace Bitcoin as a legal currency there so in the long term this should only be beneficial to Bitcoin.The next wave I am waiting to be finally that 100.000 dollars for a Bitcoin which I predict to happen in December 2021 and I don't see any obstacle during the way to not make this happen,this is just my prediction though because in crypto nothing is sure.

[onecall123]

Let's be honest, what were you expecting after two consecutive green weeks? You seem to be a little confused right now, being realistic and looking forward. Take that plunge in the market a discount promotion. El Salvadorians will all get the deal at the lower price. You shouldn't be upset since El Salvador leads the way, there will be many more to follow! We may soon see a breakout. By Monday, we should have a clearer picture of the market.

[gurunanakji777]

In my opinion, it's the only manipulation by the crypto whales it is nothing to do with El Salvador news. Making a legal tender is positive news for the BTC. We have seen such huge dumps several times so I am not astonished and will remain calm.

[bitcon]

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

According to analytics, this decline was caused by the general overheating of the market. Actually, if you take a look at one of the trading indicators, for example RSI, you will see that we should have expected a correction. There hasn’t been any bad news recently. Quite the opposite, there was news every day that different companies and banks all over the world started working with Bitcoin.

[tvplus006]

The correction that should have occurred after such a recoilless growth, traders who have trading experience have been waiting for a long time. Therefore, long positions on bitcoin and other altcoins were closed in advance. In such cases, it is better to earn less than to lose the resulting profit.