Reason for the dump in Bitcoin and most of the Altcoin?

[LogitechMouse]

I'm trying to find a news that may cause the current downside move of Bitcoin but I can't see anything.

Maybe its because of the fact that Bitcoin is going downwards for 2 weeks already and most of the holders sold their holdings. The market went down even more because of the leverage traders who got liquidated in their trades causing Bitcoin to go down almost 20% in a single day.

Well, what we want to see is a green candle and it must happen at least next week or we might see a bear market at the start of 2022 which is we don't want to happen but its inevitable.

This is one of the best charts ever:

This is exactly what is happening right now .

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[Konok0099]

The fact is there is less than 8 million Bitcoins in circulation. 3-5mil are lost, founder 1 mil has never sold one. Institutions and large holders are not selling. So there is really no limit to what price could be. If large cap stocks with massive balance sheets start buying with plunging dollar, Btc will hit million quickly. Just a matter of time before one of FAANG stocks announces big purchase.

[eaLiTy]

Things were getting better as we were expecting a pump in the value of bitcoin but it was dropped by over 10%. Is it just the usual December pulback or it is here to stay I mean a long bearish run? How are you preparing for a possible bull trap and now even if it was temoprary it might take some for the market due to fud.

I am not sure what is the general perception regarding a major correction at this point but the basic reason is that the institutional investors are booking their profit and it is not a big surprise as they are here in the market to make their profit and when you hear that they were investing billions in the market, you should expect them to book their profit as well and that is what we are seeing and it is not because of any FUD that we saw a correction now.

[Ultegra134]

I don't get why the majority expects the market to be bullish only. It certainly is a correction deriving from a variety of reasons. I've read that it's due to the collapse of the NASDAQ index, which is closely correlated with Cryptocurrency for some reason. On top of that, the new Omicron virus strain is driving all markets downhill (see stock market, oil commodities, etc.).

[Yamifoud]

Things were getting better as we were expecting a pump in the value of bitcoin but it was dropped by over 10%. Is it just the usual December pulback or it is here to stay I mean a long bearish run? How are you preparing for a possible bull trap and now even if it was temoprary it might take some for the market due to fud.

Perhaps, were still getting better despite the current dumping situation.  10% price reduction is just small, in fact, we've been in more than 50% before but the price and the entire market actually is going to recover then. I then still thought it would possible to happen again and feel not to worry anymore as this will surely be done in a few days from now. I'm not thinking of a long-term bearish season like it happens 2018-2020 but I've rather expect short drops.

[dark1234]

Things were getting better as we were expecting a pump in the value of bitcoin but it was dropped by over 10%. Is it just the usual December pulback or it is here to stay I mean a long bearish run? How are you preparing for a possible bull trap and now even if it was temoprary it might take some for the market due to fud.

Perhaps, were still getting better despite the current dumping situation.  10% price reduction is just small, in fact, we've been in more than 50% before but the price and the entire market actually is going to recover then. I then still thought it would possible to happen again and feel not to worry anymore as this will surely be done in a few days from now. I'm not thinking of a long-term bearish season like it happens 2018-2020 but I've rather expect short drops.

The bear market at this time may surprise some investors because in the past few months many have targeted that there will be ath at the end of the month like last year and now the market is experiencing a correction but this, probably won't be long and there will be changes following the new year 2022

[Doell]

I don't get why the majority expects the market to be bullish only. It certainly is a correction deriving from a variety of reasons. I've read that it's due to the collapse of the NASDAQ index, which is closely correlated with Cryptocurrency for some reason. On top of that, the new Omicron virus strain is driving all markets downhill (see stock market, oil commodities, etc.).

maybe the majority think bitcoin continues to grow upwards without any hard correction ! Honestly I was surprised that the variant greatly affected is right also Tesla's stock price as well fall ! news also broadcast the same thing ,that stock market prices fall because of the new variant of covid ^{this issue is real I hope it won't be long}

[BuNga_cute]

Things were getting better as we were expecting a pump in the value of bitcoin but it was dropped by over 10%. Is it just the usual December pulback or it is here to stay I mean a long bearish run? How are you preparing for a possible bull trap and now even if it was temoprary it might take some for the market due to fud.

Perhaps, were still getting better despite the current dumping situation.  10% price reduction is just small, in fact, we've been in more than 50% before but the price and the entire market actually is going to recover then. I then still thought it would possible to happen again and feel not to worry anymore as this will surely be done in a few days from now. I'm not thinking of a long-term bearish season like it happens 2018-2020 but I've rather expect short drops.

The bear market at this time may surprise some investors because in the past few months many have targeted that there will be ath at the end of the month like last year and now the market is experiencing a correction but this, probably won't be long and there will be changes following the new year 2022

Although the decline in the price of Bitcoin has disappointed many investors, I believe there are still many investors who are still holding their Bitcoins.
So the possible decline in the price of Bitcoin that is happening now will not last long, I am optimistic that in the near future Bitcoin will soon rise
above the price of $50k again. We should see the Bitcoin price drop happening now as an opportunity to buy more Bitcoin at a low price. But if we
don't have money anymore to buy Bitcoin, at least we don't sell Bitcoin at a loss. As long as we can all be patient and don't panic about what's
happening now, everything will be fine, Bitcoin will recover soon. And I make sure people who believe in the future of Bitcoin, will profit from Bitcoin
in the future.

[Bollexz1]

So far I see no such thing as strong FUD spread. I want to believe its just a mere correction and have the mindset that it would bounce back within a short period of time.

[Ultegra134]

I don't get why the majority expects the market to be bullish only. It certainly is a correction deriving from a variety of reasons. I've read that it's due to the collapse of the NASDAQ index, which is closely correlated with Cryptocurrency for some reason. On top of that, the new Omicron virus strain is driving all markets downhill (see stock market, oil commodities, etc.).

maybe the majority think bitcoin continues to grow upwards without any hard correction ! Honestly I was surprised that the variant greatly affected is right also Tesla's stock price as well fall ! news also broadcast the same thing ,that stock market prices fall because of the new variant of covid ^{this issue is real I hope it won't be long}

Everyone is scared of the new variant, which is pretty logical, no one wants quarantine measures or even a lockdown. On the other hand, when viruses mutate, they become less deadly, so I'm not exactly sure why we see it as a negative thing, since it's usually a necessary evil. Anyway, I'm not an expert by any means, the whole world is at stake at the moment, I'm not surprised that cryptocurrency is affected too.

[pooya87]

Everyone is scared of the new variant, which is pretty logical, no one wants quarantine measures or even a lockdown. On the other hand, when viruses mutate, they become less deadly, so I'm not exactly sure why we see it as a negative thing, since it's usually a necessary evil. Anyway, I'm not an expert by any means, the whole world is at stake at the moment, I'm not surprised that cryptocurrency is affected too.

Your statement here is flawed because the new COVID variant known as Omicron was found a week ago and most markets have been reacting to it in a negative way and have dumped long before bitcoin showed any reaction.

Then after more than a week bitcoin decided to show attention to a new that was already old? That makes no sense to me. The big dump we saw yesterday was nothing more than a market manipulation in my opinion.

[og kush420]

Your statement here is flawed because the new COVID variant known as Omicron was found a week ago and most markets have been reacting to it in a negative way and have dumped long before bitcoin showed any reaction.

Then after more than a week bitcoin decided to show attention to a new that was already old? That makes no sense to me. The big dump we saw yesterday was nothing more than a market manipulation in my opinion.

Covid19 has positively effected crypto market not sure about impact of new variant on the market. IMO its just a normal market correction and btc will gain its previous price very soon. "Buy when everyone fears to buy - Warren Buffet", better buy it now rather then be fearful.

[GeorgeJohn]

It seems this situation and conditions push us to become a holder for some time and not try to enter the market because if the price is hard to analyze, we can not profit. Taking a break will be good for now while we can still watch how the market moves so if we see the chance to enter the market, we can directly enter and leave the market before it is too late.

It can't be too late because is very obvious that bitcoin will traceback, i think what we need right now is absolutely endurance, and besides some people purchased bitcoin when the value has not gotten to sixty thousand and till date they are still holding, if bitcoin happened to traceback within today and tomorrow, people that will sell with fear will definitely lose, i think by now some people suppose to encourage theyself via cryptocurrency market rotational structure, because i noticed that people always been curious to sell their bitcoin whenever the price is going against their imagination or expectations, let us hold for awhile hopping it will normalize.

[pooya87]

Covid19 has positively effected crypto market not sure about impact of new variant on the market. IMO its just a normal market correction and btc will gain its previous price very soon. "Buy when everyone fears to buy - Warren Buffet", better buy it now rather then be fearful.

I disagree. Covid didn't affect bitcoin market, it affected the world economy and then day traders who had bitcoin and saw the dump in other markets panic sold bitcoin for no reason. In fact the effects of this drop in bitcoin was short lived while they lasted much longer in other markets, some of them are still struggling with those effects while bitcoin went up 1200%. If Covid actually affected bitcoin, then its price shouldn't have gone up this much.

I also disagree with saying this is "just a normal market correction" because we already had the correction between 10 to 20 of November. Not to mention that $60k was the base line after the $39k to $70k in the preceding 3 months.

[aoluain]

Everyone is scared of the new variant, which is pretty logical, no one wants quarantine measures or even a lockdown. On the other hand, when viruses mutate, they become less deadly, so I'm not exactly sure why we see it as a negative thing, since it's usually a necessary evil. Anyway, I'm not an expert by any means, the whole world is at stake at the moment, I'm not surprised that cryptocurrency is affected too.

Your statement here is flawed because the new COVID variant known as Omicron was found a week ago and most markets have been reacting to it in a negative way and have dumped long before bitcoin showed any reaction.

Then after more than a week bitcoin decided to show attention to a new that was already old? That makes no sense to me. The big dump we saw yesterday was nothing more than a market manipulation in my opinion.

A market manipulation to liquidate the massive amount of leveraged long positions on
the market, once the longs start liquidating, its a domino effect tumbling the price down.

Likewise with the leveraged shorts when the market starts  pumping the shorts get
liquidated and the domino effect starts. I would imagine there are a lot of short
trades on the market by those who believe we are going lower.

[yazher]

The market right now is doing fine since it was able to stay at its high price despite the lack of good news about the crypto market these past few days. That's how strong the market situation is right now, unlike before where it will gonna crash for about 20%-40% when something like this has happened in the past. Looks like every investor nowadays can control their emotions by not listening to any Fud out there no matter where it came from.

[Fredomago]

So far I see no such thing as strong FUD spread. I want to believe its just a mere correction and have the mindset that it would bounce back within a short period of time.

Nope correction had long passed mate, when we fall down to below 40k and climbed back to 50-60k that is the time that we had the correction , i think the reason now is that there are some weak investors or at least manipulator that runs this fall, though they cannot make it that low(like the recent fall) yet they successfully make the market shaken .
so what we can do here?
keep our heads up and keep our coins intact , don't add value to those who makes the market down, we are the one who can help the market with our small contribution ,

[NelfiNovita]

I hope the decline in market prices recovers quickly, hopefully this decline will pass quickly after that there will be a big pump on Bitcoin and Altcoins. I saw that there was a very outrageous event happening on the BITMART exchange, there had been a hack of $150 million in cryptocurrencies.
Another piece of news is that the hackers are hard to track down because they send funds via a mix of Ethereum and Tornado Cash. I think this is the cause of the price of Bitcoin and Altcoin so down, I hope that in the near future the market price will recover with good news about cryptocurrencies.
https://www.theblockcrypto.com/linked/126367/crypto-exchange-bitmart-reportedly-hacked-for-100-million

[Ultegra134]

Covid19 has positively effected crypto market not sure about impact of new variant on the market. IMO its just a normal market correction and btc will gain its previous price very soon. "Buy when everyone fears to buy - Warren Buffet", better buy it now rather then be fearful.

I disagree. Covid didn't affect bitcoin market, it affected the world economy and then day traders who had bitcoin and saw the dump in other markets panic sold bitcoin for no reason. In fact the effects of this drop in bitcoin was short lived while they lasted much longer in other markets, some of them are still struggling with those effects while bitcoin went up 1200%. If Covid actually affected bitcoin, then its price shouldn't have gone up this much.

I also disagree with saying this is "just a normal market correction" because we already had the correction between 10 to 20 of November. Not to mention that $60k was the base line after the $39k to $70k in the preceding 3 months.

Isn't there some sort of correlation between the world economy (stock market, indexes etc.), with the cryptocurrency market? I also don't believe that Bitcoin is affected by Covid and the Omicron variant, however, the apocalypse of the new variant did affect the stock market, which could potentially have a negative impact on cryptocurrency, or am I wrong?

[Questat]

I hope the decline in market prices recovers quickly, hopefully this decline will pass quickly after that there will be a big pump on Bitcoin and Altcoins. I saw that there was a very outrageous event happening on the BITMART exchange, there had been a hack of $150 million in cryptocurrencies.
Another piece of news is that the hackers are hard to track down because they send funds via a mix of Ethereum and Tornado Cash. I think this is the cause of the price of Bitcoin and Altcoin so down, I hope that in the near future the market price will recover with good news about cryptocurrencies.
https://www.theblockcrypto.com/linked/126367/crypto-exchange-bitmart-reportedly-hacked-for-100-million

With the vulnerability of the market to hacking, we can't stop and rid of things like this. May this serves as a heartbreaking scenario that everyone could be the target but I'm sure this is not the reason for the sudden dumps. I suspected that whales are doing this and huge dumps of their controlled coins in order to create such a declining trend. But we don't need to worry, I think as I believe that this won't get long and the recovery commences shortly.