Quote from: tvplus006 on Today at 02:04:15 PM

Quote from: leea-1334 on Today at 09:31:19 AM

Quote from: tvplus006 on July 14, 2021, 01:39:47 PM

After the decision of the Chinese government to ban mining and cryptocurrency was made public, the market immediately reacted to it by lowering the price. This suggests that any news, positive or negative, affects the price of the cryptocurrency and you can expect a pump or dump accordingly.

No, the market does not work that way my friend:) If more people sell than buy,,, this is when the market goes down, and the opposite is true.

China ban moved the industry OUT, that is all. Once the miners set up elsewhere, and the Chinese government realizes all the income they have lost from possible tax revenue and electricity charges, then they might change their mind.

It is clear that when they sell, the price falls) But in any case, there is some reason that causes mass sales of coins. It is quite possible that someone decided to buy a yacht and sold 1000 BTC at the market price, which led to panic sales. The second option is when whales use negative news to lower the price of the coin.
And when the Chinese government becomes loyal to the miners again, this will certainly lead to a short-term increase in the price of the coin.

there are always massive sales that result in price drops, when prices are high, the Chinese government does FUD news which affects bitcoin sales, so the price goes down. on the other hand, they may feel enough to take a profit, so a big sale occurs. whales are like that, they make pump news and after they are full the price is reversed so there is a big market movement