\r\n\r\nBitcoin has continued Bitcoin has continued its cataclysmic November, with price dropping further overnight to levels not seen since this May. Although it is little consolation, it never hurts to examine potential reasons following a crash, so without further ado\u2026\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n1. Bitmex Dumping On The Market\r\nOne entity that gains whichever way the market goes is BitMEX. Liquidated positions on the futures exchange lead to huge fees collected, which BitMEX has no qualms about dumping straight back onto the market.\r\n\r\nAccording to analyst, Alex Kr\u00fcger\u200f, BitMEX is currently raking in fees as much as 7% of the total combined miner issuance. A large percentage of this is sold right back into the market.\r\n\r\nSo those taking highly leveraged bets on bitcoin through BitMEX are not only putting themselves in a position to very likely get Rekt. They are also potentially damaging for the whole market. Sadly, a lack of volume on BitMEX isn\u2019t necessarily any better.\r\n2. Shaken Confidence After Drop To $7k\r\nWhenever there is a significant drop in BTC price, such as the pre-weekend dump to $7k, many investors lose confidence. Concerned about further losses, they jump ship, and accelerate the asset\u2019s decline.\r\n\r\nThis \u2018shaking out of weak hands\u2019 is not of great concern to longer term HODLers, or those wishing to increase their bitcoin bags. After all, some idiots need to buy high and sell low, so that they can do the opposite\r\n3. Bitcoin Doesn\u2019t Always Respond To Macro Variables\r\nThe US Federal Reserve\u2019s continued policy of quantitive easing was supposed to be bullish for bitcoin, right? Well that narrative hasn\u2019t exactly played out so far. Unfortunately, Bitcoin doesn\u2019t always respond to such macro variables.\r\n\r\nAgain, pointed out by Kr\u00fcger\u200f:\r\n\u201cIt is such an illiquid\/fragmented market that in the absence of mass influx of new buyers, actions of a few determine direction. Micro, not macro.\u201d\r\n4. Bitcoin Whales Stocking Up Before Halving\r\nIn a market which is readily influenced by the actions of a few, we can\u2019t discount the possibility that bitcoin whales are putting downwards pressure on price, in order to stock up on BTC before next year\u2019s halving event.\r\n\r\nThe general consensus is that this will lead to a significant (and perhaps permanent) price increase, so it makes perfect sense to be holding as much as possible before then.\r\n\r\nOf course, this doesn\u2019t only apply to whales who can easily manipulate the market with about 60% accuracy by buying BTC or selling it in large quantity and majority of the crypto market follows the trends and they can be easily set by whales.