Cryptocurrency and Bitcoin Prices Dropped on Christmas Eve - Reason and Explanation

panknil (52)in #bitcoin • 6 years ago (edited)

After a bit of recovery on 23rd December, Price of Bitcoin along with other cryptocurrencies like Ethereum, Bitcoin Cash, Ripple, Litecoin fell down by a large margins on Christmas Eve 24th December. Out of these highly famous cryptocurrencies, Bitcoin and Ripple recorded the highest losses round 18 and 17 percentage respectively which could led to another correction as per the analysts. Now, the point is what is the reason behind such a massive fall and correction on the Christmas Eve!!!!

FESTIVE TIME AND LETS CELEBRATE

Previously in cryptocurrency market, popularity and valuation of the currencies used to go high during holiday seasons, especially at the time of Christmas and New Year while most of the traders used to introduce a new family members into this blockchain technology due to its popularity. This year, a massive gain after few correction made many investors/trades to think and sell some of their holdings to bank some money for utilization and party. Which in my humble opinion is one of the major factor behind this correction.

CONFUSION ON COINBASE

This could be another possible reason for the correction or massive sell of currencies. I found the below report and here it is...

On Tuesday, Coinbase announced it would support buying, selling, and trading Bitcoin Cash (BCH) on its platform. Since the August fork, there has been major community in-fighting among the BCH and BTC camps regarding which is the "true" Bitcoin. Point being: energy is high around this discussion. Many have speculated that BCH would end up on Coinbase, but even conservative estimates in crypto circles were January 2018.So it's no surprise that the noticeable and seemingly out-of-the-blue gains made in BCH in the days and hours leading up to the announcement caused some on social media to cry "insider trading." This resulted in Coinbase shutting down BCH trading within minutes to launch an internal probe into the possibility that insider trading occurred.By the next afternoon, BCH was in full force again on Coinbase. But the impact might have been deeper felt than we initially realized. Many have at best a passing understanding of the differences between BTC and BCH, and seeing BTC prices drop so sharply when BCH jumped onto the scene—as well as BCH's perceived volatility—might have left a larger stain in their minds on the broader concept of cryptocurrency. And even for those who didn't pay too much attention to the hullabaloo, it might have just amounted to extra, unwanted confusion to keep them from participating further.

Report Source

SHORT TERM INVESTORS

There are many investors those as short term player and happy with little profit. At the same time there is a group of investors holding 40% of market share in Bitcoin who can manipulate the market anytime they want by selling or busing the Bitcoin. On the other hand short term investors are watching the every drop and selling once they are having a little profit or a gentle profit. Rest are long term investors and because of them I believe the market is not crashing(THANKS to them).

DID YOU SECURE YOUR ACCOUT FROM HACKING!!!

Let me share my personal experience. Recently I saw my Bittrex and Poloniex account is hacked for several times. Luckily I had no holdings so I faced no loss but there are people who losses money or their holding due to hacking. However there are regulation acts on Hacking but in blockchain market, its really touch to get hold of the real hacker. You might ask me to enable two way authentication but what if I tell you that my Poloniex account has been hacked even after enabling two way authentication. It's risky an dangerous but if you can secure it, you are the boss and you may become another millionaire.

CHART - CURRENCIES

IMAGE SOURCE

So the main motivation of this post was to analyze the reason behind huge market fall on Christmas Eve. The points that immediately came in my mind, I shared with you all. Hope this may help you. Happy Crypto-Trading.