What do you think is the cause of the fall of bitcoin?

[Kinglegend01]

Over the past week and earlier this week too, the price of bitcoins and almost all cryptocurrencies I know has been on the really negative side in the sense that they have all dropped in worth and value, I deeply symphasize with those cryptocurrencies traders that just bought bitcoins and any of such cryptocurrencies moments before these terrible decrease. Although recently the cryptocurrency market has been showing some positive increase but its is still far from what we are all expecting each of them to be( the projected price we are all expecting). My question is I would like to know the reason behind this fall in bitcoins price and worth together with all other cryptocurrencies too.

 

[Deleted member 28127]

There are two principal reason for reason of falling of the bitcoin the first reason is Chia Network so China prohibit to his users the use of bitcoin the second reason is Telsa and Elon Mask are no longer accepting Bitcoin and accepts Dogecoin as an alternative of Bitcoin so this is main reason of bitcoin decreasal this week.

 

[Samuel72]

There are many things that can cause a drop in the price of cryptocurrency but presently the reason for the dip in Bitcoin was the band of Bitcoin in China, all investors In China were selling out their coin and there was to many sellers in the crypto market. this was what affected the price of Bitcoin, but soon the prize will be back in form because bitcoin is limited.

 

[btaliat]

The bearish doesn't happen all of a sudden. There are many instances that have been given inkling about the bearish moment. The first was when the American government started taxing users of cryptocurrencies. This caused a little slight in the price of cryptocurrencies. The last straw that broke the camel's back was when the Chinese government against cryptocurrencies and tesla refused acceptance in cryptocurrency

 

[Razor1911]

The fall of the crypto market was largely influenced by two events. One is China's crack down on the investor holding crypto currency illegally in their account. And second is Elon Musk's comment on bitcoin that Tesla has stoppee accepting bitcoin for their transaction. The whole crypto market tumbled down, bitcoin losing almost half of its price from the all time high. Bitcoin has stabilized now near the support 40,000 and now trading at 36000 .

 

[Alexandoy]

I do not have full knowledge of crypto coins but my take on the sagging price of crypto particularly Bitcoin is the "China syndrome" that the ban had reverberated and still doing damages to the crypto coin market. Traders just wouldn't admit and some even say that China couldn't withstand the pressure of the crypto. That is mere speculation.