It's a bloodbath out there
Steem and the rest of the altcoin space is getting smacked hard right now.
Steem is down about 15%, with most of the altcoins also being down double digit percentages.
What gives?
My best guess is that money is flowing back into Bitcoin now that rumors are circulating that the China ban may only be temporary.
What do you guys think, why are we going down right now?
I have written a similar analysis here : https://steemit.com/cryptocurrency/@bluephoenix/bitcoin-gold-and-how-to-deal-with-it-as-investors
To sum up, I believe most people are flooding to buy more BTC since they will get "free money" from the 2 forks in 1 week ==> all alts are suffering.
The best strategy now is to wait and buy more alts at the dip :)!
Btw, upvoted and followed
CENSORSHIP, Whales only vote for themselves and friends making Steemit not a blogging site but a place of whale ponzi and launder money of whales
Altcoins are taking a hit due to lack of new money entering the crypto space, coupled with the fact that people are moving money from Altcoins into BTC/ETC before the BTC Fork and Byzantium upgrade respectively.
When is the fork?
Some point in November potentially
Bitcoin Gold fork will be October 25th
@minnowpond1 has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
As there is the next Bitcoin fork on October 25th, people are moving out of altcoins into BTC, in order to get some free $. Don't panic and buy the dip ;)