what caused the bitcoin price to drop today?

[OgNasty]

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.

That is definitely a major reason why the market is selling off hard.  If Binance can't fix the problem you've created, you know you messed up.

Hard to believe this all started with Sam tweeting about CZ poking fun at him a couple days before Halloween.  It's hard to believe that someone could be so out of touch.  Sam was tweeting that people should hold and was teasing the idea of airdropping coins to those who didn't panic right up until the end.  Now he's just deleting those tweets and hoping to escape with his freedom and his billion dollar golden parachute. 

This cycle has been a strange one.  First Do Kwon and now Sam...  If only greed didn't play a factor, I'm sure we'd be sitting at much higher levels right now.

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[BALIK]

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.

If you call ethereum a shitcoin then the whole altcoin market is shitcoin not just eth and doge. Sol will be the second luna because when FTX filed for bankruptcy solana will end, FTX and alameda are sol's biggest VCs.

Binance has announced that it will not acquire FTX due to unclear financial statements of FTX and alleged US agency investigations. We don't have to wait until December, mate. We are seeing a bigger crash that Luna caused this year, BTC officially has a new bottom.

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 

I remember in a forum vote asking about the bottom of bitcoin this bear season most people were predicting $15k and we were on our way there but it is not clear whether people will buy it or leave the market.

[Hamphser]

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.

People are been mainly focusing or putting up much attention on ever $1k+- increment dropdown on price which if we do sum up then its really on that 10% drop and now we are getting even more deeper.

For those who are new into this market and havent been able to see up these things are the ones who do easily freak out.Reason on why such drop? Pretty sure that everyone is commonly aware about
the issues in between CZ and FTX and much sure that people been really that blaming out this situation to be the reason on why this market plummets.

Instead on freaking out then it would be better if you would really be that considering on buying out cheaper bitcoin and other altcoins in the market.
When you are dealing with this market then you should really make yourself prepared on things specially attached with volatility because this would be the primary thing you would face on.

[eaLiTy]

~
I remember in a forum vote asking about the bottom of bitcoin this bear season most people were predicting $15k and we were on our way there but it is not clear whether people will buy it or leave the market.

It is a shit show at the moment with FTX but anyone who is here in the market for a while would view these as opportunities rather than leaving the market. Yes there are many who entered when the market was on its correction phase and think that they are stuck and then there are many who are selling off at a loss thinking that the market would fall further. Only one word HODL.

[STT]

Its surely a test of strength, cutting to the bone the resolve of those who believe in longer term strength.  A major point in a take over by Binance was the amount of market share that would then be attributed to Binance would bring with it a headache in terms of regulation and red tape apparently this is strong discouragement along with other factors.   Its possible a few other parties could take on partial assets like a normal liquidation but thats not the easy solution some might have hoped for

[LittleBitFunny]

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.

Yes, if we compare then no one can be as big as Mt.gox, because at that time there were not as many exchanges as there are today, now assets are distributed and spread across many different exchanges rather than concentrating all on a single exchange. But the collapse of FTX is not just an exchange, it will entail a series of ecosystems that Alameda fund invests in, typically Solana is suffering the most. Alameda Investment Fund is investing in many leading projects in the market and they will have to liquidate them all to save FTT.

I still remember on January 31, 2022 after completing the series C fundraising, FTX was valued at 32 billion, this is not a small number and less than 1 week, the market capitalization has decreased by more than 150 billion and will continue if there is official information about the bankruptcy of FTX.

[GreatArkansas]

(...)

(....)
I still remember on January 31, 2022 after completing the series C fundraising, FTX was valued at 32 billion, this is not a small number and less than 1 week, the market capitalization has decreased by more than 150 billion and will continue if there is official information about the bankruptcy of FTX.
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This is also one of the many reasons why a lot of people trusted FTX Exchange, because of their value, it's not a small amount of money. FTX exchange is a well-established exchange I believe after the Binance exchange. And add up also about how SBF did a positive act with Voyager before.
It seems they used the money of their customer for something and something went wrong.

[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.

If you call ethereum a shitcoin then the whole altcoin market is shitcoin not just eth and doge. Sol will be the second luna because when FTX filed for bankruptcy solana will end, FTX and alameda are sol's biggest VCs.

Binance has announced that it will not acquire FTX due to unclear financial statements of FTX and alleged US agency investigations. We don't have to wait until December, mate. We are seeing a bigger crash that Luna caused this year, BTC officially has a new bottom.

well , I gave just quoted the post that I think says it all , and added those who have bad movement ATT 

and not until altcoins prove the Shitcoin word wrong , they will remain one for the whole Bitcoin supporters 

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 

I remember in a forum vote asking about the bottom of bitcoin this bear season most people were predicting $15k and we were on our way there but it is not clear whether people will buy it or leave the market.

seemingly  , there are more to come that just 15k bottom , the price approaching now to 15k level and the market still shows no strong movement.

[Don Pedro Dinero]

seemingly  , there are more to come that just 15k bottom , the price approaching now to 15k level and the market still shows no strong movement.

I think there is a dilemma here. If you are a bitcoin maximalist, if you have all your wealth in bitcoin, you are going to take advantage of these times to accumulate more. For me this is too risky and it is better to diversify a little.

Then, if we step back and look at the bulls from the sidelines, as we would say in Spain, although it is a good time to reload, you have to do it with a very long-term view, as the market is such that one more small scare will take the price to around 10,000 USD. We have already had several downturns caused by problems with exchanges like this one, and now virtually all exchanges are being targeted, such as Coinbase.

I say this not because of people with experience and who have known what they are doing for many years, but because I can already see more than one inexperienced person buying at 17,000 thinking that it can only go up and selling after a fall to 12,000 out of panic.

[UserU]

seemingly  , there are more to come that just 15k bottom , the price approaching now to 15k level and the market still shows no strong movement.

Binance bailed out of the deal, causing the price to tank even further

[peter0425]

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?

This is a saddest time for me , because yesterday before I leave for company representation , I almost have a withdrawal but decided to not and will do when i come back from the trip.
but what I saw now is the market falls from so much comparing from 2020 even before the great  pump in 2021.
the FTX issue and Binance seems to be the reason? because there is nothing more that I can see.

[UserU]

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?

This is a saddest time for me , because yesterday before I leave for company representation , I almost have a withdrawal but decided to not and will do when i come back from the trip.
but what I saw now is the market falls from so much comparing from 2020 even before the great  pump in 2021.
the FTX issue and Binance seems to be the reason? because there is nothing more that I can see.

A number of crypto companies collapsed this year due to rugpulls. Celsius Network, TerraLabs, just to name a new

[savetheFORUM]

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?

Why? Does btc don't have a permission to go down even without a reason? It still can. Down is more normal than going up but you are right that what fuels the dip in the price are the economic crises but the recent decline we have recently are caused by a new issue. I am sure you already heard it because they are now trending in the crypto space. I am talking about Binance and FTX but as usual, we will always experience a relief soon.

Crisis will fade and the war between the two exchanges are soon to be over. If I were you I won't join the others who are panicking right now and doing the wrong things. Remember, it's best to engage when someone are fearful. This is how wealth is being built up.

[ginsan]

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.

the main perception of a sudden decline because the main thing is Ftx news and this news is reinforced by cz who wants to sell ftt which makes the market situation change so fast. I think the entire crypto industry had a pretty big impact on this incident especially after ftx closed the withdrawal which made the market situation quite volatile. many of them suffered considerable losses from this incident and many large investors did not can withdraw their money on the ftx exchange so that this case became the second case after the luna incident. I believe bitcoin will bounce back when this incident is fully resolved and it will take some time to resolve the concerns of many traders.

[Jating]

And so as the CPI report comes in, it's not that bad as expected. So the whole crypto market is up today more than 10% from some top tier coins.

At least though in the last 3 days, it was really bad for us, bitcoin nose diving to a lowest low at $15,500, but now recovery on it's way, around $18k. So that's how the market works, there will be times that the market will drop very hard, but there will always be bounce back due to some positive news. So I guess the next question is when we are going to see $20k again because this is our support line for the last couple of weeks.

[LittleBitFunny]

I believe bitcoin will bounce back when this incident is fully resolved and it will take some time to resolve the concerns of many traders.

Of course, this isn't the first time the market has crashed, and it's not the worst either. Everything heals with time and with bitcoin it only takes a little while for everything to be back to normal. I'm lucky I don't use FTX and this is more of an opportunity for me than it scares me, I bought some bitcoin when it hit $16k and will keep waiting for more drops in the future. The bears are not going away anytime soon and we should take advantage while others are scared.

And so as the CPI report comes in, it's not that bad as expected. So the whole crypto market is up today more than 10% from some top tier coins.

At least though in the last 3 days, it was really bad for us, bitcoin nose diving to a lowest low at $15,500, but now recovery on it's way, around $18k. So that's how the market works, there will be times that the market will drop very hard, but there will always be bounce back due to some positive news. So I guess the next question is when we are going to see $20k again because this is our support line for the last couple of weeks.

In my prediction we can't get back to the $20k resistance this month or next as the death of FTX is still happening, there will be many FTX invested and partnered platforms that will declare breaking production in the near future. Prepare money to start a new shopping spree.

[BITCOIN4X]

At least though in the last 3 days, it was really bad for us, bitcoin nose diving to a lowest low at $15,500, but now recovery on it's way, around $18k. So that's how the market works, there will be times that the market will drop very hard, but there will always be bounce back due to some positive news. So I guess the next question is when we are going to see $20k again because this is our support line for the last couple of weeks.

The market is trying to recover after its low of $15.5K, I agree on that. However, it seems that the recent market turmoil will not allow him to recover quickly as there are many things that might affect the demand in the market due to the battle between Binance and FTX. This is the case that has set the market on fire for the last few days in my opinion, so this time we need some time to see the market recover.

But in the end we may not know when this bearish will end and a new trend will start. I believe this is a great time to increase your bitcoin balance for long term investments, and I think it's an opportunity that really is still open to everyone.

[ginsan]

I believe bitcoin will bounce back when this incident is fully resolved and it will take some time to resolve the concerns of many traders.

Of course, this isn't the first time the market has crashed, and it's not the worst either. Everything heals with time and with bitcoin it only takes a little while for everything to be back to normal. I'm lucky I don't use FTX and this is more of an opportunity for me than it scares me, I bought some bitcoin when it hit $16k and will keep waiting for more drops in the future. The bears are not going away anytime soon and we should take advantage while others are scared.

but this is the worst thing that happened this year because after ftx crash in this week, even today news ftx is hacked again which of course will cause quite deep sorrow for traders who use ftx. but as you said right btc will slowly strengthen again and we just need to be patient to see it. This incident is also the second incident after Terra Luna, causing quite a pain in the hearts of traders because two major incidents occurred in the same year. therefore I agree with your opinion we can take advantage of this incident to be able to buy btc at a lower price this year and expect a strong bounce early next year.

[KingsDen]

Look around the forums, there are a good amount of threads about FTX being insolvent and whatnot...

Just feeling that this FTX bankruptcy happened at a totally wrong time. This is not the best time for such  an incident.  The crypto industry has been in a very long bear due to one news/events or the other that is postponing supposed in-between bull runs.
I was expecting a mini bull from the third week of December till January, but this FTX bankruptcy might likely defeat this anticipated bull.
This industry is full of risk and uncertainties.

[STT]

We have a triangle formation on the daily bars since that initial drop, recovered in price but then also adjustment down to a finer sideways movement in the last couple days.   Probably we end the weekly bar on this state and we have to see how the momentum long term reflects ongoing prospects.  My expectation is volume must be built in the teens as a platform for future gains,  that'll take months to do.

We are below weekly and 2 day average now, thats pressure downwards then I presume.   Probably we dont get a better view till about Tuesday at earliest.