Was it the El Salvador news that plunge the market yesterday

[Koro-Sensei]

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? ? ?

We're not in the bottom yet but soon it will. In the upcoming weeks, I believe it would once again be bullish. This bearish is probably caused by sellers from mining industry and Ive heard that over leveraging is also one. Many theories are emerging but one things for sure, this will not last. Buy before it pump again for this is just a fake bearish moves.

[avikz]

What happened in El-Salvador? I tried to find out but couldn't find any credible news related to El-Salvador why can negatively affect the market. Can someone please point out to the correct news?

Also I can see the market has gone down to 45k from earlier 50k level. Who calls it as a shock? It's just a normal volatility of crypto market. We seriously don't require any negative news for such changes in price.

[Galley]

What happened in El-Salvador? I tried to find out but couldn't find any credible news related to El-Salvador why can negatively affect the market. Can someone please point out to the correct news?

Also I can see the market has gone down to 45k from earlier 50k level. Who calls it as a shock? It's just a normal volatility of crypto market. We seriously don't require any negative news for such changes in price.

You are right, there is no need to talk about any shock here at all. We have seen such falls many times. And Salvador has nothing to do with it. The volumes of bitcoin on the market and what could be sold in this country are not comparable. Just another manipulation of the whales.

[adzino]

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? ? ?

Which El Salvador news are you talking about? Shouldn't it affect the market positively? Anyway, this is nothing new in the crypto currency market. This was just a correction of the price. The market has been green for quite a few weeks. People were bagging their profits early. They know that the prices will go up even more when more people in El Salvador starts using bitcoin and other neighboring countries starts to follow them. So they are selling now to keep some profit and then buy back at this current "discounted" price to maximize their profit. I am quite positive we will recover from this dip as soon as possible.

[the ghabbar]

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 collapse of the digital currency market is influenced by several reasons, which often happens almost every time the market conditions are in such conditions, but in cryptocurrencies it depends a lot on the stability of the top coins, so normal conditions greatly affect it.

[Twinkledoe]

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 collapse of the digital currency market is influenced by several reasons, which often happens almost every time the market conditions are in such conditions, but in cryptocurrencies it depends a lot on the stability of the top coins, so normal conditions greatly affect it.

I don't think it was El Salvador which greatly influences the market. As you said, it is several reasons and maybe, the situation in El Salvador is just one of many. But I won't point out that the major influence of what is happening in the market is El Salvador, because they are still small compared to the global crypto market.

[Johnyz]

That adoption is a good news so I don’t think that’s the reason for the dump, I also believe whales manipulate Bitcoin by that time and that’s the reason where’s a big sell off and whales are making sure to secure their money. Anyway, this is just a temporary correction and yes we are going to rise again, let’s see if this correction will last until the end of the year or not.

[seleme]

Nobody knows the exact reason, any FUD can cause such a drop. Probably the El Salvador news affected and accumulated the trend reversal or correction, we will see.

[pakhitheboss]

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.

It is not just a routine thing. There is a little negative news in the market that might have triggered this dump. Of course, whales are always busy manipulating the market. There is profit booking and weak hand dumping that is also affecting the Bitcoin price. All in one package is presently causing this market to go into the red. Historically market always goes into the red before November. This is the best time to accumulate as much we can.

[Fundamentals Of]

No of course not. I don't think the plunge in the price of Bitcoin has anything to do with the implementation of the Bitcoin Law in El Salvador. Why would a dump happen when what is happening in El Salvador is generally a good thing for Bitcoin? The price fell because there are big holders who sold. That must be the reason. The price difference was not small. It could not have been caused by the people in El Salvador who received little amounts in Bitcoin.

[Sithara007]

It is not just a routine thing. There is a little negative news in the market that might have triggered this dump. Of course, whales are always busy manipulating the market. There is profit booking and weak hand dumping that is also affecting the Bitcoin price. All in one package is presently causing this market to go into the red. Historically market always goes into the red before November. This is the best time to accumulate as much we can.

I am just looking at the historical charts of 2013 and 2017 (two previous occasions when we reached ATH levels). On both occasions, September was like stabilization phase, where the prices went down and stayed there for a bit. The bull run occurred from October onwards and the peak was attained in December. Now this is what happened previously, but it is not necessary that the same pattern needs to be repeated this time. That said, I would request everyone to hold on to their coins, at least until the end of this year.

[the ghabbar]

I don't think it was El Salvador which greatly influences the market. As you said, it is several reasons and maybe, the situation in El Salvador is just one of many. But I won't point out that the major influence of what is happening in the market is El Salvador, because they are still small compared to the global crypto market.

If indeed analysis can provide certainty about the market's influence, then the possibility in El Salvador's future is only one of many reasons to suggest the possibility that this will happen, but I believe what I have analyzed against such circumstances will happen again, albeit under conditions unfavorable overall.

[sana54210]

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? ? ?

Nobody could actually say what was the real cause. However, if the price of 52k suddenly flash crashes to 42k and bounces back to 46k in under 1 hour, literally exactly the same day as El Salvador is officially starting to accept bitcoin as legal tender, then I do question the motive. It was obvious that whales didn't want this to happen, they want their fiat to stay strong, they want to rule over poorer nations, and bitcoin giving everyone freedom is not acceptable.

As an investment bitcoin is great for us and for whales and for everyone, all those wealthy people could accept bitcoin as an investment, they could even repackage it and keep on selling it, but when it becomes a currency? That is a big big trouble for them, people could get richer while spending money, it is life changing system. Which is why it was definitely whales that caused it to warn El Salvador not to do it.