Crypto dump is just getting started?

[XEN_Protocol]

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $ and already at a loss of 68m $, I think we will keep seeing some more dips.

Is this all planned work or just the brutal of a bear market because it seems that in every bear market worst things like this always happens.

Now I have no choice but to believe that 10,000$ BTC is possible.

News Link below

http://coindesk.com/business/2022/11/09/crypto-finance-firm-galaxy-digital-reveals-768m-exposure-linked-to-ftx

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[snipie]

Is this all planned work or just the brutal of a bear market because it seems that in every bear market worst things like this always happens.

Now I have no choice but to believe that 10,000$ BTC is possible.

I wouldn't call it planned, neither call it spontaneous. Whales, traders and ordinary people saw bitcoin price jumped to +$21k and with the long time below $20k, I think it is normal to see them selling a part of their funds or trading violently to get as much profit as possible.
We are now under $17k which is low and not profitable imo. It is actually time to buy. If the price will continue getting down then it will be driven by other big things.

[OgNasty]

Is this all planned work or just the brutal of a bear market because it seems that in every bear market worst things like this always happens.

Now I have no choice but to believe that 10,000$ BTC is possible.

I wouldn't call it planned, neither call it spontaneous. Whales, traders and ordinary people saw bitcoin price jumped to +$21k and with the long time below $20k, I think it is normal to see them selling a part of their funds or trading violently to get as much profit as possible.
We are now under $17k which is low and not profitable imo. It is actually time to buy. If the price will continue getting down then it will be driven by other big things.

This dip is anything but normal. It’s the deleveraging of one of the biggest players in the space. Until FTX has sold off their assets, the market can only go down. Hopefully the pain happens fast and those that buy the dip are rewarded. I’m a bit concerned as we head into a recession with 2 more years of Biden and nothing but bad news in the horizon… That is hopefully a signal of the bottom and buying time.

[coolcoinz]

People who talk about extreme lows want it to go there because they have buys ready at those extreme levels. The more people repeat those stupid predictions telling the world that bitcoin is going to 10k are just making it easier for the manipulators to reach their targets.

Don't get scared and don't sell into panic started by fear mongers. If you bought bitcoin for 19k and it suddenly dips into 17k because of some exchange problems it shouldn't concern you. Nobody can make you sell by manipulating spot price. They are doing it so you feel bad about your choice like you did something wrong buying bitcoin and the more you play their game and sell now then buy back a few weeks from now the more money you lose and the more exchange fees you pay. They want you to do it because they make money this way. Don't be stupid!

[dunfida]

People who talk about extreme lows want it to go there because they have buys ready at those extreme levels. The more people repeat those stupid predictions telling the world that bitcoin is going to 10k are just making it easier for the manipulators to reach their targets.

Don't get scared and don't sell into panic started by fear mongers. If you bought bitcoin for 19k and it suddenly dips into 17k because of some exchange problems it shouldn't concern you. Nobody can make you sell by manipulating spot price. They are doing it so you feel bad about your choice like you did something wrong buying bitcoin and the more you play their game and sell now then buy back a few weeks from now the more money you lose and the more exchange fees you pay. They want you to do it because they make money this way. Don't be stupid!

And this is where DCA would set in on which it would be just ideal if you do have considerations on accumulations on cheaper prices if you have done on buying on 19-21k price point.It wont really be that a bad idea

on doing such thing on doing this step but of course this one wont really be that simple whereas people is really been mainly affected by their emotions which making up decision isnt that simple.

Dump has started? Anytime it could really happen and this is why it would really be just right that you should really be prepared on the time you had step your foot on this market.

[Jating]

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $ and already at a loss of 68m $, I think we will keep seeing some more dips.

Is this all planned work or just the brutal of a bear market because it seems that in every bear market worst things like this always happens.

No, it just so happened that we are again in this kind of situation, companies are losing money because such project failed. So the only thing they can do is withdraw their money causing panic. But I don't think it's plan, again, that is normal business practice, it's that it was really evident in this FTX saga.

Now I have no choice but to believe that 10,000$ BTC is possible.

Yeah, anything is possible, the price can go as low as $10k, and it's up to you whether to take advantage and buy cheap bitcoin and accumulate and wait for the next bull run ride. There's nothing wrong if the place plummeted to $10k.

[BITCOIN4X]

Now I have no choice but to believe that 10,000$ BTC is possible.

I just saw the price of $16K hit the market, this is the deepest drop in a year that many traders have been worried about for a long time. It may be true that the bottom has not yet occurred, but right now there are so many possibilities in a panicked market.

I'm not going to settle for this market situation, but it's nothing new every time bitcoin hits ATH. It's time to buy, it's always good but the concern about the bottom is bound to get stronger. $10K isn't impossible, but I think it's too deep for now. Bitcoin will find strong support in the $13K or $15K area, so I really have to turn a blind eye to the dump now.

[passwordnow]

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $ and already at a loss of 68m $, I think we will keep seeing some more dips.

Is this all planned work or just the brutal of a bear market because it seems that in every bear market worst things like this always happens.

It may not have been planned but this bear market really is exposing a lot of things. No matter how bullish things may still be but if it's shown during the bear market, it can't be helped.

Now I have no choice but to believe that 10,000$ BTC is possible.

And now that's of possibility as bitcoin showed under $17k for now. That's the lowest that we've seen since the last time that it has made to $17k. It's likely to continue falling under that price.

[adaseb]

I think a lot of people had money on FTX. Many withdrew partially because they assumed it was FUD. Many didn’t withdraw anything at all.

I remember a few months ago there was speculation that Kucoin was insolvent. Turned out to be FUD and people assumed the same.

Even many experienced traders left funds at FTX. We all got burnt.

[Baofeng]

And there you have it, officially the dump is still ongoing, going as low as $15k already, so that is huge, we thought that the lowest low for this year is $17,500 and yet we have a new surprised thanks to FTX.

And a lot of meme's going on right now, hehehe, but it is what it is, we need to stomach everything. Yes, not the first time that this had happened to us.

The news is that the deal has fallen between CZ and FTX, causing a huge ripple on the market today.

I don't think though that those who still have funds in FTX can withdraw, I have the feeling that it's all gone that's why CZ doesn't want to messed it up.

[goldkingcoiner]

IF the weekly ends with a big fat red candle then we can be sure that there will be more dips on the way during the next few weeks at least. However the weekly candle closing is in 4 days. No point in panicking just yet. This could prove to be a short term crash which will be quickly picked up again just as fast as it fell. The reason for this train of thought is that the dump was caused by FUD about FTX, mainly. I think we already have seen the worst or will shortly see the worst of the fallout. But as soon as that clears, Bitcoin should be safe again. I see no reason why this would create another monthly bear market.

[GreatArkansas]

I think a lot of people had money on FTX. Many withdrew partially because they assumed it was FUD. Many didn’t withdraw anything at all.
(....)

Exactly! I am also a victim here, at first when the issue started to pop public, I am really saying it was just a FUD, I tried to withdraw a small number of funds from the FTX exchange and went succeeded, but after a few hours when withdrawals halted, I deposited some amount which my plan is just to convert it to another chain and until now the withdrawal is still pending.

[fullhdpixel]

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $ and already at a loss of 68m $, I think we will keep seeing some more dips.

Is this all planned work or just the brutal of a bear market because it seems that in every bear market worst things like this always happens.

Now I have no choice but to believe that 10,000$ BTC is possible.

No it's not but crypto dumps are already there even before but this recent issue that we are facing can cause crypto to return on their last lowest levels. I don't think this is a planned work. No exchange will wish that they will collapse but bear markets can be the one that is responsible for it because some people got bored of waiting and they are now selling/pulling out their funds inside the exchanges.

In other bear markets, scenarios like this doesn't happen but this one is different. I think that is because the duration of this bear is much longer than the previous one. $10k is possible but it's not guaranteed that it will happen so don't give up yet if you didn't like to see this.

[Tony116]

Now I have no choice but to believe that 10,000$ BTC is possible.

FTX has just announced that they have applied for bankruptcy, this is a bad thing we are about to face. I still think that the market will decrease and the bottom may be $ 15k, but with the collapse of FTX and will lead to a series of upcoming collapse, bitcoin dropping to $10,000 is entirely possible. Too many incidents in this year's bear season when we continuously witness the collapse of giants in the market.

I am also a victim here...

Condolences to you, all hope has disappeared, we need to overcome this pain.

[michellee]

The decline in crypto started a few months ago but is happening slowly. And it turns out that the situation worsened after the bitcoin price dropped drastically from $21k to $16k at yesterday's low. And there is a possibility that this situation will continue but that does not eliminate our patience to keep waiting for the market to reverse direction. Maybe next year will be our best year again to see the market start to reverse direction or even 2 more years. And the best we can do is to stay in this difficult situation because all of this will surely end and we will all be smiling happily because we can get big profits again.

[stompix]

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $

Good luck with that, if they were the first in the line they might have gotten their money back but if at the time of the article they were in the "process" of it, then they can already write it off. But since the master strategist behind GD is had a tattoo of Luna done one month before the collapse, it's probably zero money recovered, and three times the loss and the exposure.

Also, no, the dump is not starting now because it has started with Do Con and his Terra garbage, which like in a domino effect started crushing investment funds and exchanges and reminding everyone why we call them shitcoisna and shittokens, because there is nothing behind them, there is no real utility, there is no usage, just a ton of wannabe investors moving money that there were never theirs in their place and playing the fraction game ten times the scale banks do and ten times worse.

So, in nothing truly positive happens in the economy, like inflation going under control, the end of the war in Ukraine, or avoiding recession, we will have to keep on watching all this fiasco unfold till we finally weed out every single one of them. But it will come with a lot of pain for the ones that trusted their tokens, that invested money as well for the ones that thought this will be the year of x10 and x20 returns and put another mortgage on their house to catch it.

And this is where DCA would set in on which it would be just ideal if you do have considerations on accumulations on cheaper prices if you have done on buying on 19-21k price point.

Oh yeah, all the guys that started DCA at the beginning of the year must be thrilled by now with their results.

[Oceat]

Is this the results of exchange wars or there's just something happening that make the price to suddenly plummet?

It doesn't make sense if it's just suddenly dropping but it's possible that these exchanges war are the reason why we are suddenly experiencing this from $21k down to $16k real quick. Then, if this kind of commotion will continue to happen then expect that Bitcoin price will reached $10k. It seems like crypto dumping isn't done yet and we might see another drop if there's a sudden fud showed up.

[Vinaa77]

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $ and already at a loss of 68m $, I think we will keep seeing some more dips.

I can't say that this is something planned to make a crypto price dump. But games like this are highly structured, so crypto prices will dump simultaneously. Of course, the withdrawal of assets in each exchange with a large amount will make the coin price drop even more.

The FTX exchange is having problems with the withdrawal of some assets from this exchange. If they cannot maintain this condition, of course they will go bankrupt, and make stockholders have to close their exchanges.

[Baofeng]

Galaxy Digital also have over 70 million dollars tied to FTX Exchange, they are now withdrawing 47m $ and already at a loss of 68m $, I think we will keep seeing some more dips.

I can't say that this is something planned to make a crypto price dump. But games like this are highly structured, so crypto prices will dump simultaneously. Of course, the withdrawal of assets in each exchange with a large amount will make the coin price drop even more.
The FTX exchange is having problems with the withdrawal of some assets from this exchange. If they cannot maintain this condition, of course they will go bankrupt, and make stockholders have to close their exchanges.

It's not worth noting that they need to withdraw, not sure how much money they have invested or how much they were able to withdraw because it's a messed right now.

The whole crypto market? yeah, but bitcoin? doubt that, I have never heard whales dumping simultaneously to bring the price. And as in other threads, it's not bitcoin's fault here, we are just being dragged by the FTX collapsed that it seems that we are dumping to lowest low.

Obvioulsy by now, it's already a collapsed, CZ is not going to bail them out.

[TravelMug]

Is this the results of exchange wars or there's just something happening that make the price to suddenly plummet?

It's about FTX collapsed, then CZ and his Binance trying to absorb it, and it the last minute bailing out and so the prices from $21k=>$18k=> the current price of lowest low.

It doesn't make sense if it's just suddenly dropping but it's possible that these exchanges war are the reason why we are suddenly experiencing this from $21k down to $16k real quick. Then, if this kind of commotion will continue to happen then expect that Bitcoin price will reached $10k. It seems like crypto dumping isn't done yet and we might see another drop if there's a sudden fud showed up.

There's always a reason for every dip in crash in bitcoin price throughout history. The worst for us is that we are not the intended victim here, unfortunately, everything is crypto is related so as the news broke out, it has put a negative effect in the price of BTC.