Why many people expect Bitcoin price to dump?

[shinratensei_]

I mean the price dumped, but only to altcoins that are sellable in decentralized which can't filter out stolen assets, there is no centralized exchange crazy enough to accept the stolen BTC hence why there is no massive selling pressure, but the token that got swept on other blockchains are having momentary price dumping even the pool is drained empty creating more than 90% dump. I think the market has figured out that there is no way the hacker is going to dump the BTC in the market directly which is why there's not as much ruckus as anybody initially expected.

[As-Soon-As]

Look, hacking incidents have happened many times in the past, but the price of Bitcoin has naturally fallen but has bounced back. So now if the price of Bitcoin is dumping and if there is any kind of accident, I don't panic. Because I have invested in Bitcoin for a long time, I identify this short-term Bitcoin price decline as a source of purchase.

2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

Bitcoin price has broken the $80k level due to this hack at the moment, but it will be filled very soon and we will see Bitcoin price enter above $80k again within this week. Those weak investors will panic and make chances of selling their Bitcoin investment, but this should not be the case at all, if you want to invest in Bitcoin, you must keep it for a long time. If you think about Bitcoin investment for a long time, you will definitely be successful in your future journey, this small hack should definitely be pushed away.

[bitbollo]

I wouldn't care too much about "price projection". Humans would always find an easy explanation for complex systems...
Something we have seen in the last years with "uptober".
Finally for the first time in the last years we haven't seen another "uptober" - and not only there was the such expected "pump" but we have also seen an impressive amount of long liquidation!  It's probably another change on bitcoin narrative that we haven't caught yet.

[Brahmahatyaa]

Bitcoin wasn't hacked, it's only exchange that was hacked

It's true that bitcoin wasn't hacked, but that doesn't mean a major exchange hack has no impact on market confidence. Don't be too quick to assume everything will be fine just because binance promised to reimburse affected users. A promise is still just a promise, not a guarantee that the market will recover anytime soon. Besides, if the impact is really insignificant, why all the panic? Don't underestimate market sentiment just because bitcoin itself wasn't hacked.

[Tamaperdana]

Snip

I'm not sure why so many people are predicting that Bitcoin's price will fall. However, from a technical analysis perspective, it's true that Bitcoin's price is currently trending downwards. However, this isn't certain, and the price could rebound in the near future. However, I don't think we need to worry about this, as buying Bitcoin at its current price is still very cheap.

So, don't wait too long to buy Bitcoin. Considering the long-term, buying now is a very good idea. Regarding the Binance hack, they will certainly take full responsibility for this incident, and that's clearly a good thing. They're taking responsibility well, and hopefully, there won't be another incident like this in the future. After all, when the exchange where we conduct transactions and trade is hacked, it's clearly very bad. So, hopefully, everything will be fine now and in the future.

[free-bit.co.in]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.

BTC is just one part of the crypto industry. So it can't be fully immune to whatever hits the space as a whole. Especially when Binance is one of the biggest exchanges and most of liquidity sits on it.

So any serious incident can affect investor sentiment, and liquidity, trading activity, which can put pressure on Bitcoin as well as the wider market.

This is a financial market, after all. Price action is driven by capital flows and liquidity, and overall investor sentiment. Those factor are all closely connected, and shock in one area can spill over into the others. So even an incident that doesn't directly target Bitcoin can still have a significant impact on its price.

[Somegory]

Some funds have been recovered. Tether and Circle also helped Binance by freezing the USDT and USDC that was stolen. Thus means that the hack wouldn't affect Binance much compared to when they didn't recover anything from the $6b that was stolen. However, Binance have opened withdrawals and anyone can withdraw their asset from Binance.

Gone are the days that an Exchange hack will make the naive start selling their coins at loss which will fall the price of bitcoin. I think, it was a similar time that FTX got hacked four years ago, which made bitcoin price dip to $16k+ but today bitcoin price only dipped to $77k from $80k. The more institutions a d companies are adopting bitcoin the stronger it becomes and cannot be affected that much by the hack of an exchange alone.

No days are gone bro, the market was calm because Binance exchange have the funds to pay everyone back, right from day one Binance exchange have always talk about their reserve for possible hacks on the exchange.

They are always well prepared, tell me, how many other exchanges can do it? If this 6billion hack happened to a not so popular crypto exchange it will affect the market more than this.

CZ instantly came out and started screaming funds are SAFU, that's a path of calming the investors from overreaction, it's Binance and they are always prepared, this is why they are different from others.

[Patrol69]

However, I do not think that such a hacking incident with Binance will have a major permanent negative impact on the Bitcoin market. Such incidents have happened many times before and there has been a lot of negative news related to Bitcoin from governments and investors of different countries, but even then, the price of Bitcoin has not changed much. Yes, since this incident happened recently with Binance, it may have a temporary negative impact on the Bitcoin market, but it will not be permanent and I think the market will continue to move at its own pace. However, the security system of large exchanges like Binance should be further improved, because when such large exchanges are hacked, it will naturally create negative perceptions in the minds of users, as a result of which they will not be able to trust any crypto exchange in the future.

[angrybirdy]

Bitcoin wasn't hacked, it's only exchange that was hacked

It's true that bitcoin wasn't hacked, but that doesn't mean a major exchange hack has no impact on market confidence. Don't be too quick to assume everything will be fine just because binance promised to reimburse affected users. A promise is still just a promise, not a guarantee that the market will recover anytime soon. Besides, if the impact is really insignificant, why all the panic? Don't underestimate market sentiment just because bitcoin itself wasn't hacked.

Indeed, you are right. we do not necessarily have to assume the situation is fine and totally okay just because we believe the info we get from binance is accurate...this is what I am also questioning in my mind since everybody gets so afraid after the hacking case and everyone knows the bitcoins themselves are totally secure... but you know what? this does not mean we should disregard the fears of those people who really feel it, especially when their money is involved.

[Alvin_talk]

There's something you are not considering which is the total supply of BTC involved in binance heist. A total of 18,270 BTC was involved in the heist (forget about the dollar equivalent) which is negligible when compared to Mt. Gox heist of 650,000 BTC. You could clearly see why the drop is lower in the recent binance heist. It simply because in the case of Mt. Gox more users were affected so you would expect the market to react more. Plus Mt. Gox went bankrupt after words which even led to further panic.

Market reaction is a normal phenomenon when all these things happen even though it is an exchange that was hacked and I believe the market just reacted according the level of impact involved.

among that around $3b was freezed and only $3 that was lost.

You refer to three billion dollars as only?

[5W-KILO]

Well, there's another reason why they are dumping these days. The buyback operation will end soon; they're just timing that, which looks like it was a plan.

If you go with a technical analysis this month, have a slight pump and then going to down rend with a pullback.
I feel like the news or the hacks from Binance is just an inside job; they use it to panic investors to sell.

Note we are in the battle between big players in the market no matter what they want, both fundamentally and technically manipulated.

This heavy impact news lately maybe they are planning something. Look at the chart in a daily time frame with EMA 200; it rejected and I think we will experience again a slight increase this week or possibly a consolidation phase before the big pump coming after retesting the bottom.

You still believe this same thing even though the FBI investigation lead them to North Korea hackers? If this is made up then Trump is very aware about the hack and he planned it together with CZ or he is getting a cut from it.

If it's a lie why use the name FBI? But I don't want to jump into conclusion, this is based on what you believed and I don't think that they lied about FBI finding out that North Korea was responsible.

[davis196]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.
If you may understand correctly, Binance has also promised their users (affected victims) to buy back their assets that was stolen from their exchange irrespective of any asset that they are holding. They have also took a Snapchat for the affected victims which they promised to drop back every single token or asset that was stolen from their users, and what you should know is that Binance is also bigger than $6b dollars and they would buy back every single asset that was stolen from their users and that is also positive movement to the market which would also hold the market stronger not to dump as people were expected.
2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

Aren't you aware that there are "bears" on the market, who want the BTC price to drop? What about all the "bulls" on the market, who want the price to drop, so that they could buy at a cheaper rate and accumulate more BTC, while waiting for the next crypto bull run.
There are also "sheep" on the crypto market, who are panicking at every price drop, no matter how insignificant it is. Binance made all the right moves to handle the situation properly and to prevent bigger panic spreading, but that doesn't mean that I will start praising them. Centralized crypto exchanges will remain a problem for crypto, not a solution.

[Shineup]

The hack of Binance follows series of hacks of other cryptocurrency related places like casinos, wallets and even prediction markets so it is normal for people to express anxiety which is the reason for the reaction of people. Binance is the largest exchange in the world, so anything that affects it is surely going to send some shock waves across the globe and that was exactly what happened. I was even surprised that the market did not react much to the news, I expected huge sell offs that will make it diffocult for price to recover this year.

Maybe there is bit of people gaining more confidence considering the fact that this is no longer new like it has happened before, it is ok to expect huge sell off and am surprised as you too that the market didn't react much as expected, personally I didn't panic although I don't know about others but however, the Bitcoin market may likely not make much of an increase for the now because of this hack though nothing is certain, it could be the opposite of this and we can see the market in another high level regardless of what recently happened.

[Silikiem]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.
If you may understand correctly, Binance has also promised their users (affected victims) to buy back their assets that was stolen from their exchange irrespective of any asset that they are holding. They have also took a Snapchat for the affected victims which they promised to drop back every single token or asset that was stolen from their users, and what you should know is that Binance is also bigger than $6b dollars and they would buy back every single asset that was stolen from their users and that is also positive movement to the market which would also hold the market stronger not to dump as people were expected.
2 to 5 dump is nothing on the market and there is a better chance for the market to boost anytime soon when Binance began their buy back it would bounce back quickly .

The recent hack in binance definitely have a hand in the current drop in price, it would have been worse if not for the quick intervention from binance management assuring their users that all assets are safe and that they will cover every losses and that’s even the more reason why the drop is only about 4-5% if not it would have escalated to a more higher percentage just like the way they expected bitcoin to dump as a result of the hack but the swift intervention helped to prevent and curb massive panic sale by various users. For sure it will bounce back as usual but that’s not to say that binance was the sole culprit for why bitcoin price fall and rises as there are other factors which could contribute to price increase or dump because bitcoin is very unpredictable.

[Iranus]

You still believe this same thing even though the FBI investigation lead them to North Korea hackers? If this is made up then Trump is very aware about the hack and he planned it together with CZ or he is getting a cut from it.

If it's a lie why use the name FBI? But I don't want to jump into conclusion, this is based on what you believed and I don't think that they lied about FBI finding out that North Korea was responsible.

The incident did hurt Binance's reputation and standing in market to some extent. The proof is the $3b+ in outflow after withdrawals reopened. So I do not buy theory that this was just an inside job meant to cause panic in market.

That said, I don't trust the FBI's claims either. Don't you find it strange? Why does the DPRK keep getting blamed for so many major cyberattacks?

It almost seems like blaming the DPRK is the easiest way to shut down any further investigation without anyone having to answer for anything else . LOL.

[Curious T]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.

Bitcoin doesn't need to get hacked for people to expect a price dump. Binance is a Bitcoin realated company, and when something happens to Binance, it is expected that people will react in a way that will bring the price down. It is expected that people will panic. There is usually a chain reaction. When all trading activities and withdrawals on Binance were suspended, others speculated that they need to sell because they believed that others will be doing the same out of panic. That is why the price fell briefly to about $76,000. It's normal to speculate a price drop when something negative like this happens.

[kingstep]

We know of the hack and seriously, it's only exchange that was hacked, I wonder why many people were expecting the price of Bitcoin to dump to around 10-20 percent because of the incident of Binance hack. If you may understand correctly, Bitcoin wasn't hacked, it's only exchange that was hacked and among that around $3b was freezed and only $3 that was lost.

Once the safety of an investors asset is questioned, is becomes certain that an investor will start to raise certain concern about holding that asset which is capable of triggering a sell and that technically means that if there are increased sells, the price of bitcoin might be affected in the process. new investors that are easily moved by negative news are the ones that are afraid and that are doing most of the selling. you must have seen that immediately binance  opened their sells channel, a lot of people started selling and that tells you the psychology of an average investor towards negative news.