Another red day

[Captain Corporate]

Seems like a lot of major coins are down again, XRP, ADA, SOL, TRX, MATIC, LTC DOT, AVAX all of them are quite down today. Anyone knows if there was a specific reason for this drop, or was this just another one of those days. I am not worried by the way and neither should you, crypto prices sometimes falls like this and they just recover after a while and its natural part of the market. There is no UP without Down first and that's what we are seeing right now, we need to see the down like these days in order to appreciate the up when we get it. So do not be worried, its fine, I have no idea what caused it at all, but it will be gone in a week or two for sure.

[Latviand]

This could be one the reasons for why the market is on the red although that article is 4 days old so I might be wrong. Totally agree that we shouldn't be worry, and if I'm being honest, I think that it's a good time right now to spend your fiat to buy cryptocurrency since most cryptocurrency are on the red meaning that they're somewhat selling at a discounted price.

[Coin_trader]

I think the sell off is related on equity market closure. There’s an article regarding this on coindesk https://www.coindesk.com/markets/2023/08/03/crypto-markets-today-btc-eth-ada-sol-matic-price-analysis/ which is a good analysis on what happened. Bitcoin failed to create a rally during the opening week of the month instead it go sideways. Those who purchase on the price dip before the end of the month probably sold now due to no movement at all.

We are just always noticing the red but failed to notice the greens which are thise people that hoping that market to pump more after they purchased.

[ajiz138]

Looking at the chart 1 month ago shows that the market has decreased, especially bitcoin, whose average price is $29K, this is a fairly long sideways, is this possible because it is influenced by negative news? It is clear that a lot of negative news makes the price no longer rise above $30K.

You mentioned altcoins above I didn't pay much attention to it because I haven't been an altcoin holder since more than 1 year now more focused on bitcoin as the only investment in crypto, no offense because I also believe there will be a higher potential increase from the altcoins mentioned but I am not a holder.

[bittraffic]

 

Prices are not plunging down like 10-20% though. Its often red every week but RSI is actually showing the lines almost in the bottom particularly in the daily chart. It could burst up the next couple of weeks I guess going up to 32k-34k.

This is the part in the bear market where our patience goi g to dry out as cryptocurrencies are goi g to be uninteresting due to the sideways movement for months.

[SmartGold01]

This is something we can't stops seeing all the time and the market is being positioned to have this action as it is another reason for cause of the trading to happened, so do I say there is a strong sell in the market?
Causing the market to turned their arms negatively, maybe if the market pressure I mean if the buying pressure supersede the selling then we could have all green again.

[adaseb]

I don't think this is much of a drop. I think we have been trading extremely in a tight range and when we get some type of breakdown as this, we think something negative happened and was a result of some bad news.

If you take XRP for example, this drop is only around 5% from the current price. For an alt coin that is nothing. When there is something bad, usually alts drop -20% in a single day. Probably one more month of this before we get some liquidity and trend in September or October.

[armanda90]

Naturally with market progress looks slowly for growing up to higher price but easily get correction and price dump in short time, almost one month ago all coins haven't good progress for raising up actually with Litecoin last few days halving not positive impact yet. Spent day by day with red day and August have been several days but not bring light for the market back to higher price. Its depend with Bitcoin stuck under $29,000 and difficult for all altcoins going up to higher price.
Must be patience for one or two months later with pass red day until get chance bitcoin wake up to higher price. Long term holding when seeing altcoin not good progress up to higher price, spent time with another activities until coming back when bitcoin and altcoins back to the top price.

[Nwada001]

I don't see anything much different from what is happening in the market right now, as this has always been the movement of coins, as they are not supposed to be stable or to always go all up and never come down all the time.

This post made me run back to check CoinMarketCap. I taught I would be seeing about 5–10% in price drop, but it is nothing close to that, and I believe this is just preparation for the next thing coming. Most traders are actively selling off to calculate their monthly trade and subtract their gain from profit, which could result in little market downward movement.

[Captain Corporate]

I guess the only reasonable explanation I got would be the one that talked about end of the month purchases end up selling after the start of the month didn't really became anything. But since there is no %100 clear evidence of what the reason was I would definitely suggest realizing that we are not going to end up with anything that clear that quickly. Its going to be something that focuses on whatever happens happens mode, this is how crypto is. I get that we are at a stage where we can make a big difference, so we should definitely consider the current situation as usual and do not look for a reason, its just not that big of a deal anymore and doesn't need a reason.

[fzkto]

Seems like a lot of major coins are down again, XRP, ADA, SOL, TRX, MATIC, LTC DOT, AVAX all of them are quite down today. Anyone knows if there was a specific reason for this drop, or was this just another one of those days. I am not worried by the way and neither should you, crypto prices sometimes falls like this and they just recover after a while and its natural part of the market. There is no UP without Down first and that's what we are seeing right now, we need to see the down like these days in order to appreciate the up when we get it. So do not be worried, its fine, I have no idea what caused it at all, but it will be gone in a week or two for sure.

Almost all altcoins have been falling for a few years now. So I would pay attention to the fact that on some of the days coins will fall a bit more than usual. Maybe it's a special market manipulation. Or maybe there is already some news that we will find out about early next week. Now the main thing is not to panic. I am sure that this fall will not last forever.

[Mr.suevie]

Seems like a lot of major coins are down again, XRP, ADA, SOL, TRX, MATIC, LTC DOT, AVAX all of them are quite down today. Anyone knows if there was a specific reason for this drop, or was this just another one of those days. I am not worried by the way and neither should you, crypto prices sometimes falls like this and they just recover after a while and its natural part of the market. There is no UP without Down first and that's what we are seeing right now, we need to see the down like these days in order to appreciate the up when we get it. So do not be worried, its fine, I have no idea what caused it at all, but it will be gone in a week or two for sure.

Almost all altcoins have been falling for a few years now. So I would pay attention to the fact that on some of the days coins will fall a bit more than usual. Maybe it's a special market manipulation. Or maybe there is already some news that we will find out about early next week. Now the main thing is not to panic. I am sure that this fall will not last forever.

I know but I feel these altcoins also kinda move with  Bitcoin atleast if not all some of them because I normally watch the market price movement and for most of the times that Bitcoin price has actually gone up some good altcoins also high with it . And this small drop or dip in price is actually normal because not all the time we expect the price to be favourable atleast that why it's even called a market.

[WatChe]

I don't see anything much different from what is happening in the market right now, as this has always been the movement of coins, as they are not supposed to be stable or to always go all up and never come down all the time.

This post made me run back to check CoinMarketCap. I taught I would be seeing about 5–10% in price drop, but it is nothing close to that, and I believe this is just preparation for the next thing coming. Most traders are actively selling off to calculate their monthly trade and subtract their gain from profit, which could result in little market downward movement.

I just checked XRP on CMC and it has gone down by 4% in last 24 hours. I do agree that its something not big to worry about. Normally when bitcoin is stable on some value then we saw such fluctuation in values of Alts.

Its time to sit back, relax and hold your nerves. Normally people start selling there coins when they see market going in down word direction. Its normal when Bitcoin goes down everything start going down and vice versa.

[Nwada001]

Its time to sit back, relax and hold your nerves. Normally people start selling there coins when they see market going in down word direction.

It is something day traders have always considered a good strategy to know when to stop losing; seeing the market go down unexpectedly makes them take some hard decisions, considering they never planned to hold their coins for a long period of time but just to trade and make profit. Panic selling always results in some losses, which they considered better than losing all.

But in whatever market condition we find ourselves in, there are always those who take advantage of it, as it creates the right opportunity for them to enter the market at their expected time, which anyone with spare funds should consider doing, but should make a better choice as not all altcoins always survive after a mass drop, which I don't see happening anytime soon.

[fmz89]

go out find some grass to be lay on  , its been sideway for weeks, and alt began to fade cus people getting boring and dumping instead. just normal market,
nothing worry about. next week should see some uplift heading cpi report

[jossiel]

Just as the typical market day.

We get to see this as a normal day of the market and Bitcoin stays at $29k and there's no movement at all. This is like, it's either no movement at all or we get to see some bloodbaths from the alts market.

Anyway, nothing surprising at this moment as there's not that much news except those typical meme and ai coins being marketed by different exchanges.

[|MINER|]

Seems like a lot of major coins are down again, XRP, ADA, SOL, TRX, MATIC, LTC DOT, AVAX all of them are quite down today. Anyone knows if there was a specific reason for this drop, or was this just another one of those days. I am not worried by the way and neither should you, crypto prices sometimes falls like this and they just recover after a while and its natural part of the market. There is no UP without Down first and that's what we are seeing right now, we need to see the down like these days in order to appreciate the up when we get it. So do not be worried, its fine, I have no idea what caused it at all, but it will be gone in a week or two for sure.

But these red days are not new to cryptocurrencies. These are a form of saturated currency series operations. In my case earlier most of the times when I went to invest the market would go down. And the reason behind this is because my fundamental and basic knowledge was less then. I think it is better not to go into trading or short term trading without acquiring some technical knowledge and fundamental knowledge or the ability to read candlesticks on charts. In this case, you can continue investing by managing a DCA for the long term.

[GreatArkansas]

Just as the typical market day.

We get to see this as a normal day of the market and Bitcoin stays at $29k and there's no movement at all. This is like, it's either no movement at all or we get to see some bloodbaths from the alts market.

Anyway, nothing surprising at this moment as there's not that much news except those typical meme and ai coins being marketed by different exchanges.

I miss the days when Bitcoin is on sideways, we see altcoins are pumping.
For me, this is just a sign that we are still not in a bull market.

It's gonna be a long sideways for the entire market for me, but bloody for small-cap altcoins. Sideways Bitcoin for me is good for my bags as I hold Bitcoin and high market cap altcoins.

[bitterguy28]

Haven't we seen this situation for how many times this year? maybe it is enough to accept that crypto market's volatility is showing us how strong and healthy it is?
https://coinmarketcap.com/ look at the market now as it seems to be recovered a little from yesterday.
so maybe the best way to engage is buying more than using this as threat for our investments?
because the more we reacted is the bad response it could bring to the whole crypto market.

[KingsDen]

This could be one the reasons for why the market is on the red although that article is 4 days old so I might be wrong. Totally agree that we shouldn't be worry, and if I'm being honest, I think that it's a good time right now to spend your fiat to buy cryptocurrency since most cryptocurrency are on the red meaning that they're somewhat selling at a discounted price.

I do not believe the article on cointelegraph to be the reason for the drop of prices of the altcoins. It is normal in this industry that we attribute every drop and rise to something. But this time around, continuing to mention SEC doesn't make much sense to me. I think the SEC influence is no longer huge in the present market.

As you do not care, so also do I also not care. It is only the day traders that care much about the price movements and its possible causes.