Re: Reason for the dump in Bitcoin and most of the Altcoin?

That's another thing for sure, the expenditures that we're having every season is also affecting the market. Like the new years, holidays and other sort of seasons for which people are spending a lot.

If bitcoin goes stable to $50k for a week or two, then this would be turning again another speculation if it will go another low.

We've been through this before, though. Every year someone talks about Chinese New Year or Christmas.

Don't forget, this current bull run started last year around the same time, so if everyone was spending for Thanksgiving and Christmas in 2020, why on earth did Bitcoin go on and rise up so much, right? This time, it's clearly all the bad news from traditional stock markets.

It could also be that the new variant of covid-19 made the market plunge.

But the thing from last year is totally different, we still don't know what's next that shall come to the market.

The variant is 100 percent the reason.

People don't get this.

The reaction to the new variant was not by virtue of Covid, or the new variant, itself. It was a reaction of a reaction. The market essentially predicted that new lockdowns, mandates, and lesser economic activity would formulate as a result of government policy in response to the variant because the track record is indicative of authoritarian top-down control in the name of "safety." Turns out that even in the event of a mild variant, the government became stricter with their controls, and with that comes less economic activity. Markets react to these sorts of things, it's not difficult to recognize the sham after having gone through (3?) variants now.

Yeah, I assume it was.

That was a quick reaction not just in the crypto market but also in the other. You're right that reaction has been made when most of the whales and investors have assumed that there will go another economy downturn for most of the nations due to this new variant.

It's December baby, most bitcoin investors are trying to sell now before the holidays. Normally, during December most of the bitcoin and cryptocurrency investors are cashing out for profits that is what causes the cryptocurrencies price to crash badly. I saw a lot of people complaining about the current market conditions but hey this is normal because it happened before and it is going to happen in the future.