Were Banks and Governments behind this Dump?

[coupable]

I will not oppose your ideas, and I agree with many of them, especially in enumerating the reasons that led to the current decline in the market, but at the same time I would like to ask you the same question that you asked in your last paragraph in the form of a conclusion: How did governments and banks manage to organize Is everything so systematic?
I think that the convergence of these factors was coincidental, or that it is the result of accumulations that have been taking place for some time. I also think that the most important element is the unofficial sale of a part of its savings in Bitcoin by SpiceX, and this is news that can bring down prices, even if it is just a rumor or guess.

[serjent05]

Banks and Government doesn’t have any major Bitcoin holding for them to dump the price. The real culprit here are those people who panic sell as well as those whale traders that taking profit.

Do you think Elon Musk panic sell or made a strategic sale?

The current dip is not a major concern since we experience worst than that with a valid reason for dump while the current dump is just due to speculation wothout any solid proof that it’s the real cause. This dump will not happened if everyone will just hold since the government can’t dump the price because they don’t hold the majority of the Bitcoin supply.

This event is no news, it has been a cycle of events ever since.  Dump, pump, sideways, bull trap, bear trap.  We have observed almost everything.  I greatly agree that if the holders have a diamond hand, there should have no domino effect where people panic sell due to the recent dump creating FUD and making the Bitcoin market deeply dumped.  And those shorters could have learned their lesson not to mess with the Bitcoin market but sadly, many holders are still shaken by the news and manipulative market movement.

[Faisal2202]

Trying to predict the fluctuations in bitcoin is a bit like trying to predict the wind. You might be able to take an educated guess at some of the motivations behind the move, but the mass market movements taking place can often snowball by themselves, if people see a lot of profit taking then they are more inclined to join in before it slips away to zero or even negative equity. The stock markets around the world are dipping at the moment, and it's a big shock to see the biggest property companies in China currently struggling - they are a leading indicator that something is going very wrong in the Chinese economy right now and they are essentially the factory of the world.

Thanks for your insights, prediction of BTC is definitely not an easy task but to some extent analyst or people like me do have some theories like the one i have here. But still, nobody could predict the exact same reason because at the end we all know market is also driven my investor's, trader's interest. If they like to invest in it then the demand increase over supply and vice versa
 

Point remains the same, but my intentions were, how this dump could proved to be a win win for banks, and why Elon sold his BTC like at such lower price. He did not make a deal of loss when it comes to money without intentions. And i can not agree more with your point as i also mentioned in my post that things are getting cheaper in china means there is deflation there.

Number of goods and products are in huge number while the consumers are less that's why China is facing deflation. I would love to add pros of cons of deflation in China but this topic is already covered by stompix here
https://bitcointalk.org/index.php?topic=5462665.0

[spectre71]

Thank-you Elon, I now can add more at a cheaper price! Blending down my avg cost!

[romero121]

Thank-you Elon, I now can add more at a cheaper price! Blending down my avg cost!

Could be used as the right time to accumulate. For now the clear picture isn't come out. Different sources mention it to be the effect out of the Elon Musk act. We don't know the reality behind. However this crash is a much expected one prior to halving. To my understanding this crash could continue till the the halving days and bump from there.

[dothebeats]

The interest rate increase was surely going to make the dollar stronger which would impact various industries such as crypto and even forex. Did you watch what's been happening in forex since yesterday and today also? US30 had been on a constant decline with other major foreign currency pairs against USD following the same pattern, tell me how would crypto survive that?

I do believe too that interest rate is the key player in this recent dump,  raising the rate simply means making the dollar stronger, and obviously, any currency or asset that is trading against the USD will suffer the pain, Elon Musk on his side might have seen reason to sell and selling such huge amount of Bitcoin at the time will definitely cause more pain and dump the price.

I honestly do not care about what Elon Musk did/do regarding this. We're all traders here, and much like myself, Elon Musk, and other traders, we can liquidate our investments/btc whenever we want without anyone asking. I feel bad for the guy, to be honest, almost everyone at this point is watching his move and decisions waiting for him to make a mistake.

[YUriy1991]

That's right, Yesterday the market crash and seen from the decline in the price of Bitcoin it has illustrated the situation of uncertainty in the crypto market as a whole. Now, what needs to be watched out for is the Continued BTC Correction, whether we are investing here or investors and traders are carefully monitoring its movements and facing downward pressure, with concerns about a potential decline below US$19,500 the most dominant and clear being speculative trading.

[icalical]

I saw that OP has no single proof or article reference to back up your opinion, so you are not very convincing about this. What bugged me is that right now government has so many more important problems than dumping Bitcoin, low employment, inflation, recession .etc, and dumping Bitcoin won't help them.  

The more possible explanation IMO is that some people who speculate on Bitcoin because it's halving were not satisfied with the market condition until the Q3 and they don't want to speculate further, afraid if they would loss more money on the Q4.

[spectre71]

Aliens did it to manipulate the interstellar currency...

or.

Bitcoin followed the markets down like it ALWAYS does and knee jerks at ANYTHING Musk mutters.

Call me crazy, I think it's the former.

Government (FED) SAID they are going to manipulate the markets! Their is no conspiracy they are trying to bring in inflation. Read the news much?

[Pamadar]

That's right, Yesterday the market crash and seen from the decline in the price of Bitcoin it has illustrated the situation of uncertainty in the crypto market as a whole. Now, what needs to be watched out for is the Continued BTC Correction, whether we are investing here or investors and traders are carefully monitoring its movements and facing downward pressure, with concerns about a potential decline below US$19,500 the most dominant and clear being speculative trading.

It's bouncing up a little and we don't know if the pressure of dumping will happen again, but it seems that the fear from those holders is adding to the impact. That's why there are lots of dumps that are happening.

If the market will continue to experience fear, we might see another huge dump to the point that it may
reached that low, but in terms of any reason, there's no info to back up the claim and all are mostly speculations.

[KiaKia]

If this doing is from Elon Musk then he is a pro trader himself, because the support line was lost because of him, it appears to be a manipulation rather and this could make Bitcoin go lower than 25,000$.

The good news is, we can keep accumulating Bitcoin as this is another opportunity, and might be the last one too before Bitcoin Halving.

I have not accumulated enough Bitcoin so why the hell will I complain? My DCA will be better this time around compared to last month since we are now below 29k to 30k.

Enjoy the lower price before it's too late instead of complaining.

[CageMabok]

I anticipated a discussion about the recent forum post, but I'm doubtful about the accuracy of most replies. I believe experienced traders should anticipate price corrections to assess and gauge market trends. Another correction might occur, and the strategy for large investors would likely remain consistent.

I don't think you need to anticipate discussions in this forum because here you can speak freely based on your own thoughts even though there may be answers that are not accurate enough with something that will happen and I think it is still included in the very reasonable category. Because when market corrections occur, investors are also always moving to invest at very low prices. Likewise with traders who still have capital, they will also move to buy again when they see that the market is undergoing a correction, especially the correction in the Bitcoin price. So you shouldn't anticipate a discussion just because you have doubts in most of the replies here.

[Tony116]

I saw that OP has no single proof or article reference to back up your opinion, so you are not very convincing about this. What bugged me is that right now government has so many more important problems than dumping Bitcoin, low employment, inflation, recession .etc, and dumping Bitcoin won't help them.  

It's just OP's opinion and he's exaggerating bitcoin too much. In fact, many governments are showing interest in bitcoin as well as the crypto industry, even bringing it up for discussion in parliament. But what they're discussing is finding a way to control it, tax us, not enter the market and manipulate it. You are right, they don't have time to do such silly things while they have thousands of problems to solve as you mentioned. OP's imagination is amazing  .

The more possible explanation IMO is that some people who speculate on Bitcoin because it's halving were not satisfied with the market condition until the Q3 and they don't want to speculate further, afraid if they would loss more money on the Q4.

In my opinion, maybe this is just a movement of bitcoin because bitcoin does not always need a reason to go up and down. And as we have also seen bitcoin has not been able to break above the $30k resistance for a long time and its dumping was also a movement after a series of days of sideways.
I wonder, if bitcoin hadn't been dumped but skyrocketed to $34,000, would the OP or others have blamed someone like the government or Elon?
Or will they say that bitcoin adoption is on the rise and the price increase is the result of that?

[suzanne5223]

I saw that OP has no single proof or article reference to back up your opinion, so you are not very convincing about this. What bugged me is that right now government has so many more important problems than dumping Bitcoin, low employment, inflation, recession .etc, and dumping Bitcoin won't help them.  

It's just OP's opinion and he's exaggerating bitcoin too much. In fact, many governments are showing interest in bitcoin as well as the crypto industry, even bringing it up for discussion in parliament. But what they're discussing is finding a way to control it, tax us, not enter the market and manipulate it. You are right, they don't have time to do such silly things while they have thousands of problems to solve as you mentioned. OP's imagination is amazing  .

Yes, we have a lot of governments working on how to profit from cryptocurrency through tax and other means possible but we cant say they didn't have time to manipulate the market. An example the US government has thousands of Bitcoin and their last selling impact the market although they may not have the direct intention to manipulate the market but their habit toward crypto can lead to manipulation.
Another way they manipulate the market is through an increase in tax.
Having said that, the government may make a decision that impact the current dump but this is how the market always experience dump in price before the Bitcoin halving effect market.

[virasog]

Thank-you Elon, I now can add more at a cheaper price! Blending down my avg cost!

Yes, you and i can add more to our portfolio with this dump but there are many who have positions opened in futures and the target was to liquidate them and they managed to do it with perfection.

This market is highly manipulated and volatile. If you know that Bitcoin has a future (and we all know this), then we should do two things to avoid our losses.

1) Do not panic sell in these situations when we are getting negative news and sentiments every day.

2) Keep holding bitcoin in the spot (in personal wallets) and avoid leverage / future trading as big moves against our positive bias, will make us lose our money.

[lixer]

Banks and Government doesn’t have any major Bitcoin holding for them to dump the price. The real culprit here are those people who panic sell as well as those whale traders that taking profit.

The current dip is not a major concern since we experience worst than that with a valid reason for dump while the current dump is just due to speculation wothout any solid proof that it’s the real cause. This dump will not happened if everyone will just hold since the government can’t dump the price because they don’t hold the majority of the Bitcoin supply.

I also agree that the governments or banks can't really manipulate the market since, as you said, they don't really have any assets unless they are buying secretly without letting us know about their holdings but even in such a case, they wouldn't do this. This is all because of SpaceX selling a significantly high amount all at once causing FUD and fear in the market but who knows? This might actually be what they want since they can buy cheaper now.

However, we retail investors should basically be happy with the dump since we also get the opportunity to buy Bitcoin or other cryptocurrencies at a cheaper price than before, most investors were obviously waiting for this day while others might not really like this happening.

[usekevin]

The regulations is the root cause for the dump in bitcoin price, when the government illegal the cryptocurrency the investment in that country will be very low.It automatic reduce in the flow of bitcoin in that country, it will affect the total demand of the bitcoin and further reduce the overall price of bitcoin.The government of countries which made bitcoin as illegal had huge impact in the demand of bitcoin in the market.Sometimes bank doesn’t allow the transaction of cryptocurrency and also manipulation in the market.

[spectre71]

Thank-you Elon, I now can add more at a cheaper price! Blending down my avg cost!

Yes, you and i can add more to our portfolio with this dump but there are many who have positions opened in futures and the target was to liquidate them and they managed to do it with perfection.

This market is highly manipulated and volatile. If you know that Bitcoin has a future (and we all know this), then we should do two things to avoid our losses.

1) Do not panic sell in these situations when we are getting negative news and sentiments every day.

2) Keep holding bitcoin in the spot (in personal wallets) and avoid leverage / future trading as big moves against our positive bias, will make us lose our money.

I want them to get liquidated and lose! Lose baby lose your asses and drive that price lower so I can buy more my win! I would for an exchange to belly up and may get into the teens!

This is war, not a drum circle

[Afnan_faizah]

I don't want to believe in any conspiracy, I think the volatility is still okay. based on my experience, bitcoin is always like this, very unpredictable and at the end it will amaze us. I think we don't need to worry about bitcoin whether it price will fall again or not. I prefer like to believe that btc will gain more and more adoption, so the price will tend to rise.

[Fiatless]

The thing is, I think the government tried to manipulate the market like first they increased the interest rates recently just before this dump like a few days ago and after that, there was an increase in Yield bonds means more people are giving their money to Governemnts in exchange of getting a fixed return and they are for sure. And banks are now giving the same money back to those who are in need now after this dump for example those who wanted to take some entry and those who lost all of it because according to analysis the liquidation amount that was gone in this dump was more than the one liquidated in FTX.

We have to recognize that the crypto sector is just a segment of the US economy. There are also other major sectors of the economy that government policies target at. We shouldn't always assume that when government increases interest rates it wants to attack the bitcoin market. An increase in interest rates is a strategic economic policy to reduce inflation. Increase in interest rates also affects businesses negatively and can lead reduction in job creation but the government have to make the hard choice.

The market was dumped due to 5 reasons, which are as follows:

• SpaceX sold BTC unofficially means there is still some confusion about it but they need not answer us that either they have sold or not because it is an open market.
• The surge in high-interest rates.
• High increment in Bond yeild
• ETH ETF just got a green light after this dump ETH went around $1500 which provided BTC whales a chance to collect some ETH too because this greenlight of ETF will take ETH to new heights.
• Devalutaion of Chinese Yuan

The summary of this reason is FUD promoted by some crypto actors. This is not the first time Elon Musk is selling his bitcoin and ETH application is for features and not spots. And SEC didn't give any formal announcement that it will be approved. This news came from unverified sources that claim to be insiders.