Why bitcoin crashed further

Lens1000

VIP Contributor
The environmental impact of cryptos has been a source of much concern lately and
Tesla (TSLA) boss Elon Musk also sparked a sell-off after saying the electric carmaker was abandoning plans to accept bitcoin as payment due to environmental concerns.

A sell-off in the crypto market has continued into the weekend, with the world's two biggest tokens, bitcoin (BTC-USD) and ethereum (ETH-USD), both declining further as China's crackdown gathers pace.

China extended the clampdown on the bitcoin mining industry to its biggest bitcoin producing provinces, including the southwest province of Sichuan.

Officials in Sichuan ordered cryptocurrency mining projects to close in the major mining centre, putting more pressure on one of the world's most vital markets for trading and mining digital currencies.

These as further caused a dip in the price of bitcoi

What do you think is the way out?
 

Kingsley

Valued Contributor
This really spells doom for investors who are still believing the market will be revitalize and regain its strength very soon. From the look of things going by your report the bearish run will go on for so long unless there are some other giant whales that are ready to take the risk. I think it's actually time to sell and hold your USDT.
 

Chibson

VIP Contributor
A lot of us we are rejoicing when bitcoin he was going higher as of last week. When I checked the prices today I found out that it is at $35000. some of these scenarios has already played out before and very soon you will see that bitcoin will rise up beyond everyone's expectations. This is definitely the best time to invest.
 

sincerem

VIP Contributor
Since the BTC price is suffering from harsh decisions made by prominent investor like Elon and the Chinese government banning crypto activities. But we all know recently Elon musk tweeted that he's set to buy more BTC into the one his Tesla motors company owns. I believe he added such fund, cos it took the price above $40,000. Soon the bearish run will be over, maybe in the next two months, then we'll see the bull market return.
 

Bookwormlux

Valued Contributor
So many factors are responsible and it won't even be easy trying to Identify which of them is the most significant factor, even though a lot of people are saying it is the china clampdown on crypto currencies.
Talking about the way out, I believe more people would get to know about crypto currencies and be interested in it. This would make the market to return back to normal.
 

Alexandoy

VIP Contributor
Do you really think that the change in statement of Elon Musk is doing the unfavorable prices of the Bitcoin? There are many factors for the change in price (upward or downward) and it is hard to pinpoint. My take on the slow down of the crypto industry is the reluctance of the traders to buy. When there is bad news no one is buying so the price continues to sink.
 

Mika

VIP Contributor
The current falling of bitcoin and other crypto currencies has nothing to do with Elon Musk starements, the price has gone down due to the China's ban of crypto currency transaction and China's crack down on bitcoin mining farms. I believe this is temporary situation. If you check the pric history, you will know this
 

Lens1000

VIP Contributor
This really spells doom for investors who are still believing the market will be revitalize and regain its strength very soon. From the look of things going by your report the bearish run will go on for so long unless there are some other giant whales that are ready to take the risk. I think it's actually time to sell and hold your USDT.
The good thing about this is that, some countries are beginning to look in the direction of mining. El salvado just built a geothermal powered bitcoin mining rig . The mayor of Miami have invited the miners in china to come mine in his province. There are lots of development around the cryptocurrency market recently
 

Lens1000

VIP Contributor
A lot of us we are rejoicing when bitcoin he was going higher as of last week. When I checked the prices today I found out that it is at $35000. some of these scenarios has already played out before and very soon you will see that bitcoin will rise up beyond everyone's expectations. This is definitely the best time to invest.
Majorly, it isn't the crackdown or the statements that contributed to the price slump but the behaviour of investors. Going by the fear index in the cryptocurrency market, the panic sell volume caused the dip and this is not helping matters. I am afraid that if things continue like this, we should expect a further dip
 

Lens1000

VIP Contributor
Since the BTC price is suffering from harsh decisions made by prominent investor like Elon and the Chinese government banning crypto activities. But we all know recently Elon musk tweeted that he's set to buy more BTC into the one his Tesla motors company owns. I believe he added such fund, cos it took the price above $40,000. Soon the bearish run will be over, maybe in the next two months, then we'll see the bull market return.
The statements and the crackdown triggered the tension in the crypt space and this caused a rise in the fear index . Ofcourse, you and I know that when the fear index outweigh the greed index in the cryptocurrency market, a slump is expected. I think the behaviour of the investors is the major problem in the bitcoin industry.
 

Lens1000

VIP Contributor
The current falling of bitcoin and other crypto currencies has nothing to do with Elon Musk starements, the price has gone down due to the China's ban of crypto currency transaction and China's crack down on bitcoin mining farms. I believe this is temporary situation. If you check the pric history, you will know this
Mika, you and I know that the influence of Elon Musk in the cryptocurrency space can not be wavered. His statements triggered a fall in the greed index and this raised the sell-offs to an unbearable volume. Ofcourse, the crackdown is a major determinant and some countries have started building a geothermal powered and nuclear powered crypto mining plants
 

Lens1000

VIP Contributor
Do you really think that the change in statement of Elon Musk is doing the unfavorable prices of the Bitcoin? There are many factors for the change in price (upward or downward) and it is hard to pinpoint. My take on the slow down of the crypto industry is the reluctance of the traders to buy. When there is bad news no one is buying so the price continues to sink.
His statement is part of the bad news around the cryptocurrency space. His popularity in the crypto ecosystem is so overwhelming to the extent that many bitcoin enthusiasts in Australia believe he owns the coin. We should be more concerned about the power that is used to mine the bitcoin .
 

sincerem

VIP Contributor
The statements and the crackdown triggered the tension in the crypt space and this caused a rise in the fear index . Ofcourse, you and I know that when the fear index outweigh the greed index in the cryptocurrency market, a slump is expected. I think the behaviour of the investors is the major problem in the bitcoin industry.
Since they've been feed with the wrong statement what do you expect to see from them?? It will be fear, panic that leads to flipping up their coins to avoid regretting it in the future. Had it been China ban never surfaced it couldn't have caused Chinese people flipping their coins out of tension.
 

Wisdom01

Valued Contributor
The only way out is if big companies never give up on bitcoin investment and continue to invest , it might reduce the fear among investors because what I affecting bitcoin high development, is the fact that more investors are scared of investing and there are more selling pressure in the coin , than high demand in the market , I hope it bounce back
 

sincerem

VIP Contributor
Believe, the price will bounce back to moving up since other countries have found positive in the crypto investment scheme. Country like El-salvador have adopted BTC as its main currency even set to replace their own Fiat currency in terms of on demand. They're looking to use BTC for Intl transactions and also local transactions to make things easier for them.
 
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