- Nov 16, 2011
- 19,794
- 11,287
Is it because of new crypto tax laws to be implemented in India from tomorrow or some other reason?
What caused the drop of 10℅ in btc price today?
- Thread starter awesomewebsites
- Start date
Chris Newman
BANNED
- Oct 13, 2018
- 6,868
- 6,032
Obviously the whales in cohort with the exchanges. When trades are liquidated the exchanges make a LOT of money. So, in cohort with the whales, they will create either a bullish or a bearish scene for a few days and then either pump or dump, to liquidate trades.
But, how can they afford to do that ?
This is what 99.99% of people do not realize : Tether literally prints TRILLIONS of USDT regularly and sells the same regularly to the whales and the exchanges at HIGHLY discounted prices. So, whales and the exchanges always have cheaply acquired funding, non-stop to pump up, pump down Bitcoin price thereby creating either a bullish or bearish scene and then again pump up or pump down accordingly, to liquidate long and short trades as the case may be , and rinse and repeat.
Gone are the days when Bitcoin sees it's real organic demand, supply and price.
It is all now and now onwards in the hands of the whales in cohort with the exchanges. Ofcourse, once a while some current affairs news creates panic to the small (retail level if we can say) investors and at that time there is a mass selling by them which affects Bitcoin price. But, overall, now and now onwards it is the game of the big whales in cohort with the exchanges (as explained).
Oh, and also some of Elon Musk's stinky farts also affected Bitcoin price last year, but not so nowadays.
By the way, as far as Indian investors in India are concerned, the big major investors have their crypto investments (including Bitcoin) is a "smartly" decentralized manner, so they don't worry with any regulations and no regulations worry them.
Now, someone may say "Oh, but some exchanges in India were caught evading taxes" (LOL !!!). I'll keep that part for another day. But, as usual it is what 99.99% of people do not realize !!!
But, how can they afford to do that ?
This is what 99.99% of people do not realize : Tether literally prints TRILLIONS of USDT regularly and sells the same regularly to the whales and the exchanges at HIGHLY discounted prices. So, whales and the exchanges always have cheaply acquired funding, non-stop to pump up, pump down Bitcoin price thereby creating either a bullish or bearish scene and then again pump up or pump down accordingly, to liquidate long and short trades as the case may be , and rinse and repeat.
Gone are the days when Bitcoin sees it's real organic demand, supply and price.
It is all now and now onwards in the hands of the whales in cohort with the exchanges. Ofcourse, once a while some current affairs news creates panic to the small (retail level if we can say) investors and at that time there is a mass selling by them which affects Bitcoin price. But, overall, now and now onwards it is the game of the big whales in cohort with the exchanges (as explained).
Oh, and also some of Elon Musk's stinky farts also affected Bitcoin price last year, but not so nowadays.
By the way, as far as Indian investors in India are concerned, the big major investors have their crypto investments (including Bitcoin) is a "smartly" decentralized manner, so they don't worry with any regulations and no regulations worry them.
Now, someone may say "Oh, but some exchanges in India were caught evading taxes" (LOL !!!). I'll keep that part for another day. But, as usual it is what 99.99% of people do not realize !!!
Last edited:
- Apr 4, 2014
- 6,453
- 4,860
Nah... I dumped my bitcoin and all hell broke loose. LOL
- Dec 11, 2021
- 1,985
- 769
If they care about India's new law against crypto they have to sell before a day or two.
If they have sold today, that will be count in earnings of new financial year and new law applied it so I don't think it will be the reason for btc price dropped.
Deividas696
Power Member
- Dec 6, 2017
- 629
- 234
Where do you check the prices if you say that 10% was dropped? I think there is a big difference between 4% and 10%.
Surfdbreak
Regular Member
- Dec 14, 2021
- 300
- 266
More sellers than buyers
Prashurathore
Junior Member
- Mar 14, 2022
- 181
- 47
no idea
- Nov 16, 2011
- 19,794
- 11,287
It was 10℅ on my exchange at the time of making this thread.
- Jun 16, 2020
- 3,387
- 3,362
It increased in the recent few days as western Investors liquidated their Chinese investments and small correction after that pump. My understanding
I am with SOL going up again
I am with SOL going up again
lastbencher
Junior Member
- May 19, 2013
- 199
- 77
BTC dint drop 10% globally, the drop of 10% on indian exchanges were due to 30% tax implementation from 1st april.
R4v3nbl4ck
Senior Member
- Sep 29, 2020
- 1,071
- 1,313
The dip is caused by the EU proposal to tighten KYC rules. They want full customer details on every crypto transaction over €1000. The EU parliament approved the draft, but it's just a draft. No law yet.
- Jun 16, 2020
- 3,387
- 3,362
Easiest way is to create a company in HK, Singapore doesnt cost much(which is legal). Move the funds there. No sane person would want to pay 30% capital gains plus a 1% TDS and other GSTs