Quote from: fortune1002 on May 20, 2021, 06:13:30 PM

Quote from: ogundowotoby01 on May 19, 2021, 10:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Your point is correct but their is somewhat effect of Elon musk's tweets and Somewhat effect of China ban on Market. If China have not banned than many people have been still holding their crypto.

Elon musk tweet has a fundamental impact on the price of Bitcoin, I agreed with OP that the price is far overbought however whatever price correction that would have taken place it won't go below 10% but in the present scanerio the price corrected to over 30% I believed this is the consequences of Elon Musk tweet and Chinese ban on cryptocurrencies. China has a large market for cryptocurrencies activities like mining, investors and traders thus. alot of hodlers will dump their coins.