Bitcoin's dropped below $20k, far from its ATH of $109k. Crazy to think over $110 billion left the crypto market just yesterday.
Bitcoin's Current State and Future Expectations
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To clarify, the $110 billion figure is just a stat, not actual cash leaving, right? Bitcoin's market cap is just a math game.
shard_2013Full Member
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#3Nov 4, 2020, 10:59 PM
Got a feeling the Bybit hack played a part. They're converting hacked coins into BTC and dumping them. That might explain the price drop.
Honestly, I think there’s a lot of factors. Liquidations in the crypto market, ETF outflows, and bearish signals all add up.
You made some solid points there. I knew the hack happened but wasn’t sure it would tank the price like this.
Most of the supply is off-exchange anyway. Even if a couple million coins are on exchanges, it's only a small group impacting orders.
hypertokenHero Member
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#7Nov 5, 2020, 08:46 AM
Exactly, only a few traders are moving the markets. When hackers sell, it creates panic for the rest.
Every little event is cascading now; tariffs, hacks, it's all affecting sentiment. But hey, it’s not the end yet.
I think we’re seeing that last dip before a big run. History shows we usually bounce back from lows.
Time to buy the dip then. I’m waiting for the big move back to $100k, it’s gonna happen.
Market's hunting for reasons to dip under $90k. Tariff news has everyone on edge. But once panic sells off, time to buy cheap.
February might be rough, but personally, I feel March could bring better vibes for the market.
With all the volatility, sure feels like we’re in a bearish cycle. But always gotta be ready for a bull run after.
notyourkeysNewbie
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#14Nov 7, 2020, 09:12 PM
Yeah, it hit $78k recently. Honestly, that felt like the bottom before bouncing back to $85k.
noty0urkeysSenior Member
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#15Nov 8, 2020, 02:43 AM
We might just get stabilized between $80k and $90k unless something major happens to push through.
The Bybit hack might feel overhyped, but the panic it created was real. Once people chill, we could see a recovery.
Not sure if a hack alone caused this dip, but the trade war chatter hasn’t helped either.
True, the Bybit hack triggered panic, but the underlying reasons are the trade conflicts and economic uncertainty.
There’s a correction happening, which is healthy. Just need to deal with through it all, especially with Trump stirring the pot.
Right? This price surge seems manipulated. Unless it stabilizes, we could see another drop.