what caused the bitcoin price to drop today?

[landheer]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

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[rodskee]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

While this has been mentioned in some post earlier , that the Bear is still on and there are some who says price will drop to 10k this year.

I also asking about what triggered this but know what? best to take this as an advantage to buy and buy , because there are some coming years that the market will boom and surely , this buying will make you richer in that time .

lets not look at this moment as negativity , instead the positive is what we must see here and that is the chance to buy more.

[LittleBitFunny]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused. This could be the next market crash this year like 3AC and Luna caused. At the moment, it is not clear whether investors will lose money forever. After all, hopefully everyone needs to remember: not your keys, not your money.

[mk4]

Look around the forums, there are a good amount of threads about FTX being insolvent and whatnot. While I think the market reaction was totally overblown, there technically is some contagion risk concerning Alameda and their balance sheet. Though we don't know for sure yet since we don't have much information.

[STT]

The reaction is overdone but not unknown action we've had big scares similar to this.  So far as the news, I think the failed exchange is to be taken over and it'll be sorted out but I could be wrong.  Anyhow doubts will quickly knock the price down from lack of buyers and willing sellers, doesnt take too much to upset the balance at least for a few hours and we'll see further out.



Shame we had a nice rise going on there, this is about as harsh a retest as one could expect to see.   However its closed above support so there is already some bounce back underway to speculate on.

[bittraffic]

Keep updated because the market affects the value of your coins.  You may not be in any way involved in FTX but it's part of the crypto space.

The reaction is overdone but not unknown action we've had big scares similar to this.

And the binance may still have something to do with it. In weeks, a lot of traders are sure positive the bulls are winning and then this happens. Bullish positions must have been liquidated and all because of what CZ did. It's a wild west market still and the futures market takes more when the reaction is overblown.

[hugeblack]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

How long have you known or traded bitcoin? If it is from a short period, then changes of 2% to 10% are considered normal according to supply and demand and do not necessarily require a convincing reason or analysis of why the price behaves like this.

Changes of more than 10% or continuous changes for several months are what require analysis, which is often to know the support and resistance that these cryptocurrencies reach.

[UserU]

The reaction is overdone but not unknown action we've had big scares similar to this.  So far as the news, I think the failed exchange is to be taken over and it'll be sorted out but I could be wrong.  Anyhow doubts will quickly knock the price down from lack of buyers and willing sellers, doesnt take too much to upset the balance at least for a few hours and we'll see further out.



Shame we had a nice rise going on there, this is about as harsh a retest as one could expect to see.   However its closed above support so there is already some bounce back underway to speculate on.

To those hoping to scoop more at a lower price, now's the time

[Dave1]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

It's that another drama has taken the market for another bad turn, similar to Luna.

This time it was FTX, weeks prior many have called that this exchanges and it's token are going to fall and collapses and that what happen here. So everyone panics again and sell whether it is bitcoin or altcoins.

But CZ comes to the rescue before it liquidates everything and buy it and now we have this new term introduces by CZ, "Proof-of-Reserves". Sort of doing audits for exchanges if they still have the money to cover for everything.

[darkangel11]

At least now we know what the real shitcoins are. ETH lost 20% in 24 hours.

Also, I suspect there was some planned dumping to crash the market. Someone pumped the price from 19 to almost 21k and then dumped everything to 17k. It all happened in less than 2 hours and that wasn't a normal natural market move.

What you're seeing is pure panic with people running around the forums asking what's going on, trying to do research and youtubers capitalizing on it saying that the bears won and shit like that.
The bitcoin people were buying yesterday for 20k is the same bitcoin they're now selling for 17k.
If you have some free cash set some buys at this area. You'll thank me later

[bitterguy28]

At least now we know what the real shitcoins are. ETH lost 20% in 24 hours.

Adding Dogecoin mate https://coinmarketcap.com/currencies/dogecoin/ losing 37% and that's bad

also Solana and this is how low it cost now https://coinmarketcap.com/currencies/solana/ 43% drop and also so bad to look at.

maybe we will be seeing this drop for another couple of days before showing some strong climb in the coming month of December.

To those hoping to scoop more at a lower price, now's the time

Perfectly mentioned mate, there are lots who ask for lower entry and this is the best time 

[Bazzu]

actually to answer your question is rather difficult too, because the decline in the price of bitcoin will be difficult to guess. but this time I will speculate that what caused the decline in bitcoin was because, the economic situation was down and also because of mass panic, and that would certainly make the price of bitcoin go down.

[Rikafip]

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.

but this time I will speculate that what caused the decline in bitcoin was because, the economic situation was down and also because of mass panic, and that would certainly make the price of bitcoin go down.

This time your speculation is wrong. Just check any crypto news portal or even browse around this forum and you will see what caused this recent dump.

[Davian144]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

Any connection including Bitcoin with the world economy does exist, but I don't want to associate the world's economic problems with Bitcoin because the price decline that is happening to Bitcoin at this time is because there are more sellers in the market so the price has decreased. And it could be due to the influence of Binance's dispute with the FTX crypto exchange trading company as I read about in this resource.

[Reid]

FTX, FTT, Binance, CZ. Those are the keywords to search today in the crypto field and they are showered all over social media, forums like this one, articles, and even mainstream media.
Considering how big FTX is, and their platform being advertised in local tv commercials, it will be a big hit to the market if something really went wrong.
CZ had it all planned and it's working. He may be the starter of the dump that we are experiencing now but we cannot blame him, no one should be.
Many investors are in panic.

[adaseb]

See the thread I created about exchange wars.

Basically due to a leaked document on Coindesk, it turns out FTX/Alamada was heavily leveraged using FTT as their collateral. When Binance CEO tweeted they are selling their FTT, it created alot of panic.

At first it was fine but eventually there was too much selling and Almada pulled the bids and then everything tanked. Their largest holding was SOL and hence why it crashed below $20. And other assets started to crash like BTC and ETH.

Now there is panic and hate everything and people are just bailing out of crypto. First Celcius, Voyager, bunch of Defi hacks, 3AC, Luna, people are hurt and they are leaving crypto forever most likely. And will stay out of investing for the time being.

Not looking good.

[uneng]

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.

I think the best hypothesis for crypto market would be if Binance really buys FTX right now. It may calm down investors and stop panic among them. Otherwise, prices can crash even deeper to very low levels such as 10,000$. On the other hand, by purchasing FTX, Binance consolidates itself as a titan exchange among all, leading crypto to more centralization, what is never good.

Sadly so many top tier scammers are completely ruining crypto environment this year. Reputation of cryptocurrencies is on its lowest level so far, I suppose.

[Nrcewker]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

Bitcoin’s price solely depends on us. The price affects due to the demand of the coin. As Bitcoin’s are limited in number, so when the demand increases, the price also rises in order to fulfil the demands. Similarly happen when the demand decreases and hence price falls down. If you want to understand more easily, then just consider, today there were more people selling their coins, instead of buying in many exchanges.

[sana54210]

today i saw bitcoin price going down, and i want to ask everyone, what caused bitcoin to go down? Is it because the world economy is in decline or not?

How long have you known or traded bitcoin? If it is from a short period, then changes of 2% to 10% are considered normal according to supply and demand and do not necessarily require a convincing reason or analysis of why the price behaves like this.

Changes of more than 10% or continuous changes for several months are what require analysis, which is often to know the support and resistance that these cryptocurrencies reach.

Unfortunately, people who are overreacting to a 10% drop is the reason why we are not going up for the past 1 year. If people realized long time ago that this is incredibly normal and the price should be like this and volatility is common then we would have gone up already.

But, people are overreacting and selling and getting out, which causes the price to of course collapse and not go up since people are spreading FUD everywhere. Eventually they will realize it is okay and they will start buying and then bull will start, but it takes time for them to realize that, which is the main problem we are having. Maybe it will be different later on, but right now that’s the situation at hand.

[TimeTeller]

Have you seen the recent news about SBF and FTT? I think that's what caused this drop. Currently, the FTX exchange has blocked withdrawals and it is possible that thousands of investors will fall into a similar situation as the 2014 Mt.Gox floor crash caused.

While FTX is one of the biggest exchanges (2nd or 3rd), it eventual downfall wouldn't cause the situation anything remotely similar to Mt.Gox. Hell, I don't think that even Binance is big enough to compare with h Mt Gox market share prior to collapse.

I think the best hypothesis for crypto market would be if Binance really buys FTX right now. It may calm down investors and stop panic among them. Otherwise, prices can crash even deeper to very low levels such as 10,000$. On the other hand, by purchasing FTX, Binance consolidates itself as a titan exchange among all, leading crypto to more centralization, what is never good.

Sadly so many top tier scammers are completely ruining crypto environment this year. Reputation of cryptocurrencies is on its lowest level so far, I suppose.

Unfortunately, in the latest twist of events, binance walks away from this possible acquisition.

https://www.coindesk.com/business/2022/11/09/binance-walks-away-from-ftx-deal-wsj/

It says from the article that FTX issues are beyond their (binance) control and couldn't bail out FTX.
I believe this is one of the major contributing factor why there is sudden drop in btc.
And now, the sister company, Alameda Research is getting out about $37M of WBTC.

https://www.coindesk.com/markets/2022/11/09/alameda-in-eye-of-crypto-storm-takes-37m-of-wrapped-bitcoin-off-ftxus-exchange/

I believe, its investors are already in the panic mode and more than likely, selling or withdrawing their assets from FTX, if they still can.