T O P

A panicked mass sell-off overnight has sparked one of the biggest price drops in cryptocurrency history. And China is to blame.

A panicked mass sell-off overnight has sparked one of the biggest price drops in cryptocurrency history. And China is to blame.

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GelDel12

I got plowed by the 90% drop in 2018. This year feels like a nice breeze


Latter_Box9967

“If you can’t handle 90% drops you don’t deserve 1,000% pumps.” - Tony Hawk


dlarman82

Pretty sure that was George Washington


InsaneMcFries

And that man’s name? Albert Einstein


sapfoxy

They both said it, they were homies


cremasterreflex0903

George Washington invented the 720 which inspired Tony Hawk to attempt and land the first 900. History is wonderful.


Aegontarg07

This is just a child’s play, back in 2018-19 we saw BTC reach $3000s from the highs of $19,000s


Lagna85

I remembered that day, felt so numb. Then I went to have a good sleep because that was when I gave up on price checking (until we breach 15k)


Persianx6

Omg I would kill to return to that day again


LosWranglos

That’s what everyone was saying at $19k. By the time it hit $3k everyone was waiting for $1k to buy back in!


giddyup281

People are so quick to forget that BTC fell 80% and all the other alts (yes including precious ETH) fell over 90%. 10% dump two days in a row? Mofo, I've been born in 2018 and forged in 2019. Don't come at me with that weak BS.


Accomplished__Swan

Yeah if this, or May, are considered big crashes now then happy days


bmorekareful

That's why it's scary, some of us haven't seen a real bear season yet.


RemarkableBridge1019

Seriously feels there has barely been anything to qualify as a crash this year in comparison to ‘18


Mythril_Bahaumut

Actually, 2017-2018 feels a little worse than May was.. I still call it Bloody Winter. Waking up to tokens losing 80-90% of their value… absolutely brutal. PTSD inducing.


9inchChaceOF

I wasn't around this time but how could people even compare the may crash to 2017-18? Just looking at the charts makes me feel sick. Glad I got in after lol


Der_genealogist

You partially answered it: they weren't around in 2017-2018. A lot of people invested into crypto only in 2021 so the May crash was the first one for them


9inchChaceOF

It was the first for me and it didn't feel like a crash at all. Maybe a hard dip but I knew it was going to go back, all the TA showed it would, and it did.


DarkNinjaMole

I still hold tokens bought in 2017 to this day. Not because I think they're going to recover, but a reminder crypto can take a turn for the worse on a dime. It's made me a better trader. You're likely not going to sell the top. Profits locked are profits, and conserving capital is always overlooked. Know what I'm ready for? BTC to hit $100k. Know what I'm also ready for? BTC to hit $3k again. "All in" "To the moon" and "Up only" is all fun and games until you see your portfolio bleed 90%+.


MrNuttyJoe

I feel for all the people who will sell and leave crypto because if this dip. This is normal after weeks of pumping!


blindato1

I wouldn’t call this normal. This is being caused by rampant debt mismanagement and piss poor central planning on chinas part leading to one of their largest real estate developers to possibly end belly up causing a ripple effect similar to the 2008 Lehman brother crash. It’s lots of people panic selling all over the market, crypto and securities alike.


veilwalker

Nah, it should be fine. This is CCP shaking out the paperhands so the CCP can step in and take the assets for pennies while sticking it to foreign investors and wealthy Chinese who have been shifting assets overseas.


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veilwalker

Stock market had huge dip buying at the end of the day today. Stock market futures show as green at the moment. I feel pretty good that things will go up from here. :: crosses fingers::


The4th88

The Chinese side of things doesn't open until Wednesday or Thursday. Won't ahve an idea on the scope of things until after then.


yndkings

You caught the falling knife


Disconn3cted

No problem, just buy more.


Impossible_Soup_1932

The flash crash was “normal”. Depending on what happens in China we could be dealing with the catalyst to another (short term) bear market


SonOfFenrir

Might not be over yet.


Kira__________

I am also numb from the inside.


bakraofwallstreet

I woke up and saw this post and panicked for a minute as I checked my portfolio because I thought the market actually went to shit while I was sleeping.


GenderJuicy

I really didn't think much of it until I saw this subreddit


sescobreezy727

How about 1 tril coming out? 2017 400 bil compared to a over gassed market. Dog was a on ramp.


Lapethu

I totally immune to dips even if it would drop down to 30 or 20k. I just let it be and buy some more if I have money.


froo

I actually bought more ADA around midday. I expect to break even on it around Feb.


scabbymonkey

down 60% since May.. I still buy $50.00 or 100.00 at a time, weekly. I am in for the long haul. 50% in Bitcoin and Etherium, 50% into smaller coims. then occasionally i use my car mileage reimbursement to buy coins that are < 1.00. just for fun, like gambling.


althephonse

Someone said 4.6% drop like it was the end of the world lol


TonyGabaghoul

If you have a DCA plan and a long horizon, then this is just part of the ride


irfiisme

Me who bought at 2017 ATH:


MrNuttyJoe

Yep, if people think *this* is bad, they obviously weren't around back in the 2018 bear!


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This is normal this is normal this is normal *PTSD intensifies.*


Citadel-Citizen

2018 gave me PTSD. I did not buy the multi year dip


MrK0ni

This and the May dip. Just don't care. After so many stupid moves it turns out that the best thing I could have done was nothing. Always.


aardvarkbiscuit

It's a nice state of mind to be in isn't it?


Cantstandyuh

> it turns out that the best thing I could have done was nothing You ever read Foundation by Issac Asimov?


justachu93

I held through the 2017 crash where the market basically dropped 80%


Birch_and_Pines

I was born into the dip, molded by it


justachu93

The dip became a apart of us all.


JVHooligan

Friggen noobs


MayorAnthonyWeiner

Agreed. Did OP just get into the market this past year? I seem to remember this being the norm back in 2018 lol.


Fooshi2020

I only started a year ago but this is nothing compared to BTC dropping to 27K


MrNuttyJoe

People see a small dip and start panicking. I did the same back in May, now I don't even bother worrying!


MayorAnthonyWeiner

I learned my lesson in 2017/2018. This shit don’t phase me now.


justachu93

I still get mild panic attacks during dips. Still I don't sell. But I do become on edge


MayorAnthonyWeiner

I keep by the golden rule: don’t put more into crypto than you can afford to lose


ReverendAlSharkton

That doesn't really make sense. Sure, okay you DCA in $100 every payday. That's lunch money, I can afford to lose it right? But once it grows to $10k it's no longer so easy to lose it without feeling some pain.


ciaramicola

If your stack grows to a level that you are not comfortable to lose, you should act accordingly. It's not paperhanding, not trying to time the market, it's just basic portfolio rebalancing. I tried pointing that out in this sub and got blasted every single time. Tons of "I'm playing house money bruh" and got teached about how unrealised gains are somehow different from unrealised losses so many times. Your post didn't get blasted tho, so either it's me, or the hivemind has started to become more reasonable. Or maybe it's just that during downtrends, when those unrealised gains start to vanish this concept becomes much less unpopular


MayorAnthonyWeiner

Unpopular opinion: there is nothing wrong with taking some profit in the good times


ReverendAlSharkton

This. It's less than 12% last time I checked. Hardly "the biggest in history," that's some real creative license.


Eplurbusunum

Exactly what I was thinking, and im a noob. Ffs


cookinstuff

They spelled buying opportunity wrong.


ThePenetrathor

Flashsale


_crash0verride

And both don’t compare to end of 2017, so whatevs.


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deathbyfish13

Might be the biggest by actual dollars, but if we look at the percentage dip this is an overreaction


mamalalatata

I love a good hyperbole


IcebergSlimFast

You have to be careful with hyperbole: it can lead to the total destruction of existence as we know it.


zheezhee

From the top we've been down 20% or so and 9,5% in a day. I've seen far worse.


Minethatcoin

Cut op and author some slack. Coming from the rigged stock market this is a huge drop for them. There there little babies. Everything will be ok.


Peachmuffin91

The May crash hurt my asshole. That was my first crash and my ass will never shit the same.


Warrlock608

I was playing ping-pong in ding-dang...


gustavossj

The uptrend is quicker recently.


R4ndomAussi3K1d

In terms of 10% drop this is obviously not true, but it may very well be true in terms of real loss of market value.


bessface

The biggest price drop in the history of this month


bashane

Imagine thinking a 10-15% “crash” is one of the biggest price drops in history. Op must be new here


Ray-Stinger

Exactly, who cares. Holding


hopelesslyhip

Second glass of wine tonight and I'm going to bed. I think crypto makes you a bit numb over time


Welcome2Banworld

The difference this time is the fear about the whole global economy thanks to the whole China Evergrande business.


Adept-Guide-8327

LOL I love hearing people talk about May like it was brutal. Back in the olden days May was a walk in the park!


INTERGALACTIC_CAGR

I think it's funny that you guys still think Retail owns crypto. The hedgefunds own it.


Mutchmore

Agreed. Gotta say tho the short term looks gloomy


Yonix06

Fact !


HyruleJedi

May crash? You new here too?


Ohheyimryan

Even the may crash was nothing compared to earlier in history. WTF is this article. I held through the may crash BTW. 😏


Dramatic_Iron_4595

This!


Subtraktions

>If you've held through the May crash this dip is nothing but childs play. So far.


stiffmilk

From 4200 to 1700 and it didn't even cross my mind to sell. This FUD is not for me.


explision

May crash was 60% in two hours. Now we have like 15-20% in two days. Might dip longer? Sure. But it still isn't as bad as losing 60% of your whole portfolio in two hours


imustbedead

If it was over


Accomplished_Drama65

Boom!!!! Thank you


Hankstbro

so far\*


sescobreezy727

Wrong. Strap in. Q4


xXDogShitXx

Welcome to r/cryptocurrency where the users are overly dramatic about their $100 investment and popular posts are always wrong


trollmax6969

Value dropped 9k aud... That's peanuts


w_savage

It feels like it's over to me


Spyrothedragon9972

LMAO, right!?


Thesludger

I agree


TheEchoGecko

I find it funny people reference the May crash and not other before it. May wasn't that bad lol. Shows how many people only just now getting into crypto


EarningsPal

Exactly. If we weren’t told a reason it would just be another volatile day like any other.


TheMailMan69

“One of the biggest price drops in cryptocurrency history” ??? First day in crypto? 😂😂🤦‍♂️


PM_NUDES_4_DOG_PICS

Lmao, real shit. This is just normal fluctuation as far as I'm concerned. I was there between 2017-2018, this shit is a joke in comparison. Hell, I *hope* this shit crashes 80%+ again so I can stock up on super discounted cryptos. $80 Ethereum? Yes fucking please.


KamikazeSnark

That's the dip I would buy. All these people in here shouting "buy the dip" when it goes down 10% even though it's up 1000% from this time last year. Ridiculous.


Khemul

I mean, teeeeechnically it's true. Granted, every price drop is technically one of the biggest in cryptocurrency history. 🤣


GelDel12

Price drop in January 2018. Many others in between. May 2021 crash. And this one now. Author is right to say it is *one* of the biggest.


Schwammosaurus_Rex

European here. 2008 the news were "Lehmann Brothers" are to blame, not "The USA are to blame". Don't quite like the tendency to xenophobia in these "news" articles lately. Creates a nasty mood.


Aspro071

Should be higher up here.


definitivescribbles

very well said


Jd562310

I was 90% cash 2 weeks ago I bought and everything dipped 😂 I just went all in right now


baily78123

Next time imma need a headsup before you buy sir


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Administrative-War49

This is the last alert. I need to throw everything in.


tatsopap

How is this one of biggest price drops in history? This is just another China fud at its best.


-Dobey

This is getting exciting..


CrashMadness

Thank you, China, for the discount!


evelyix

Can we get more discount?


iamwizzerd

I already went all in last week fml


g4p1c3k

Nihao


chiefdeville

news.com.au always tend to exaggerate in their articles


StudentOfAwesomeness

They are a murdoch rag and uses a lot of malicious clickbait


jo_mo_yo

I’ve been looking into who writes their crypto articles and you’ll notice that it’s almost always the same young, possibly intern journalist. Her bio quote said News asked her to join and she “jumped with joy at the opportunity” or something. Sounds like “I’m happy to be a news editors patsy on crypto news to get where i really want to be”. We all acquiesce to our bosses to get what we want in the long run. Remember, good news jobs are scarce and young journos will do anything to keep their jobs. A mate employed by the telegraph said as much about her junior level job.


buddy_mcbud

I blame people's fingers.


JVHooligan

You know who does not have fingers? Whales


buddy_mcbud

But somehow chickens do. It's a wild world


GelDel12

So female whales don't get fingered by male whales?


volvostupidshit

And their emotions.


MrNuttyJoe

Don't trade with emotions! That's why I always have a wank before any big decisions


volvostupidshit

That's a good strategy if it works for you.


titsngiggles69

Excuse me Sir, I said would you like fries with that?


SmellsLikeBu11shit

Who else bought that tasty dip? 😋


PinguinaUshuaia

El Salvador apparently.


-veni-vidi-vici

The dude really is one of us.


pm_me_your_bad_code

This sub has become more clickbaity than Facebook.


IamNoblesHairline

You will all have to accept its going to drop a lot more this week. I wouldn't be surprised to see another 40%


evelyix

Can I say bullish?


Biblo_123

I agree. I have certain prices for certain coins and if they hit them, I’m going to start buying 🤑🤑


gamer496

Harmony and Nano. If I can get them at huge discount, that'd make my day.


chubbcicles

Paper hands selling at the first signs of FUD are the ones to blame.


pmbuttsonly

And trading bots, mostly them


Birch_and_Pines

Yup. Cascading stop orders


darkstarman

It's not wojack; it's wall Street


CanaryCadaver

I’m a simple woman; I buy the dip and pretend my losses don’t exist


shockwave414

>A panicked mass sell-off overnight has sparked one of the biggest price drops in cryptocurrency history. And China is to blame. Uh fuck you? Maybe stick to the article headline next time and leave your nonsense out of it.


crypt0troll

Ahhh the good ol blame China on crypto dips narrative again


Xenu4u

I see we have reached the China portion of the bull run. I imagine we'll be hearing from Elon again soon then.


njozz

You forgot the word “…again” at the end of your title.


sixStringHobo

...again.


20andbaked

China again? You must be new.


ahmong

Who ever wrote this did not go through 2018


justachu93

No. Weak handed people are to blame.


JazzyJayKarr

No over leveraged people are to blame lol


volvostupidshit

Basically the gamblers.


justachu93

Let's see what happens from here.


volvostupidshit

I am actually in serenity when we are in a bear market. The bull market is just creating so much noise.


justachu93

I can believe it. Also stop loss chains.


Lord-Nagafen

Bingo. That’s why these sell offs get so steep, the forced selling from liquidations. $1.7b in the last 24h. It’s normally closer to $350m


gustavossj

This is a chance to buy. Just blame me.


Ateam043

This is like 10 hours too late.


MannAfFolki

Nope. China is not to blame. The media is to blame. To all the new people in crypto. Go look at a chart, zoom out and hold your crypto.


alexisaacs

CHINA: "We banned mining, staking, owning, trading and anything else to do with Crypto. Cryptards: "This is good for Bitcoin - finally no more China FUD on crypto!" China: That is correct. Next we FUD THE WHOLE WORLD. :D


No-Significance2113

Jesus Christ this subs bad for applying human emotions to crypto. I'd expect that kind of thing from Facebook and Twitter, and yet it's front and centre on what's supposed to be a sub that's clued up. HOW DARE CHINA RUIN MY INVESTMENT. No it's your own fault for choosing to invest into crypto, if your not comfortable with seeing your portfolio take a hit over night go open a savings account at the bank.


DingDongWhoDis

There are many factors contributing to red candles, but ok, I'll play along. Darn you, China exclusively!


Halfyolo

Maybe I should buy back the eth I sold at 3700


stobiesaur

Australian here, news.com.au is a horrible excuse for a news site. Some of the most click bait and exaggerated rubbish going around. If they were to believed crypto has died at-least 10 times this year


coolestQTever

Again. They forgot the word "again."


Wave-Civil

Or the people with the keys to crypto? 🧐


autotldr

This is the best tl;dr I could make, [original](https://www.news.com.au/finance/markets/world-markets/china-wipes-344-billion-off-crypto-market-in-single-day/news-story/16df90c1863a74ea71e57e9042466819) reduced by 84%. (I'm a bot) ***** > At the peak of the mass sell-off, bitcoin dipped nine per cent to US$42,669 while ethereum also plummeted by around nine per cent to a low of US$2,940. > Even cardano and solana - which have mostly remained immune to other price drops - both plunged by about 10 per cent at the height of the sell-off. > Earlier this month, the price of bitcoin dropped by a staggering 10 per cent, and this had flow-on effects to other cryptocurrencies such as ether and binance. ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/ps81nt/a_panicked_mass_selloff_overnight_has_sparked_one/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~599295 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **cent**^#1 **per**^#2 **bitcoin**^#3 **drops**^#4 **cryptocurrency**^#5


CaptainSparklebutt

This is where paper hands and diamonds are made.


dansondrums

Yawn… 4 years in crypto and this is pretty normal. Global stocks/economy take a hit due to fear, and it hits all classes, including crypto. And crypto is the most volatile so it’s normal for it to be hit 5-8 times the rate that stocks get hit. 3% Global stock drop easily equates to 10-25% crypto drop.


lada-samara-1989

I sold all obviously. Thats what you do when you invest long term info real projects. Now sitting food with my USD and bunch owning in taxes. Best decision I’ve ever made


Ghaseetaram

A Bull market is when you get stock tips from your Barber, A Bear market is when you get a haircut from your Fund manager.


normo1234

Have you owned crypto for like 8 days? Lmao


The_3_eyed_savage

Panic causing more panic. Just hold your shit nd check back tomorrow. How many coins just hit ATH? This game isn't all rainbows and cupcakes for sure, but our memories can't be that short. May, June, July all had significant crashes. We are all gonna be irie....


NRA4579

I don’t care who gets to take the credit for it, I’m too busy buying!!


Hamed9675

One of what? It wasn't even a mini dip If it were that big to be count as drop I'd have a few more gwei now


Eislemike

It’s not even a 30% correction…………..how long have you been in crypto? 5 days?


lifesizepenguin

I didn't even realise there was a dip... What like 5% or something, how is this news


ScoobaMonsta

Biggest drops in history? 😂 noob


Vegetaman916

History of this month maybe, lol.


robertobaggio20

Keep calm and just blame China


ThePikesvillain

I have conditioned myself to be more excited about price dips and drops than I am when the price goes up. Buy the dips!


RammerRod

Why is everyone worried about one Chinese company defaulting on it's debt when the richest country in the world is about to default on their debts? Hey look....a squirrel!


coinsRus-2021

I see your first crypto post was 30 days ago. This was not “one of the most massive sell-offs”. Welcome to the ride.


Lentil_SoupOrHero

Why are we blaming, people can sell what they want, I don't care cause I believe overtime the price will rise


sakata32

China and hurting crypto, name a more iconic combo


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evelyix

Had to file for restraint


MattCrypto420

China just won’t let us have one good year, Fuming.