3 (Possible) Reasons the Crypto Markets Tanked This Week
From Coindesk
Poof. Gone in 36 hours.Read more: https://www.coindesk.com/three-possible-reasons-the-crypto-markets-tanked-this-week/This week's cryptocurrency market crash erased paper fortunes and likely churned a few stomachs belonging to new investors who had been piling into the space.
While the market has been in a frenzy over the past few months – with the majority of coins reaching all-time-highs while the market caps of cryptocurrencies with little technical development (Dogecoin) and niche business opportunity (Dentacoin) surged past $1 billion in network value – starting Tuesday morning, it began shedding weight.
Lots and lots of it, in fact. Most of the major cryptocurrencies saw double-digit drops continuing until Wednesday. The two most popular cryptocurrencies (and the two largest by market cap), bitcoin and ethereum, dipped below the psychological price levels surpassed last year – $10,000 and $1,000, respectively.
And XRP, the native cryptocurrency of enterprise blockchain startup Ripple Inc., lost nearly 50 percent of its value on Tuesday, after a month-long bull run that made the coin a retail investor darling and the apple of a startup's eye.
In my opinion this is all just a minor set back in the grand scheme of things. This type of volatility is nothing new for Bitcoin is the flip side of the amazing gains we see. Overall we are stronger than the recent Fear Uncertainty and Doubt being spread. Hodl strong people just keep refreshing your balance page and you'll see that value creeping back up.
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I have one reason , To get all the fake weak ones to vomit in there first ride on the rollercoaster so they never ride again . Do you know how many people joined crypto in the last month and have sold these couple days thinking bubble popped! Also there must be tons saying god oh please god one more chance get me to 20k in bitcoin and I’ll get out.
Yes, fundamentals (extremely positive) and technicals (extremely negative) were totally not matching. Yesterday was one of the best days in Bitcoin, Lightning Network platform got rolled out by Blockstream and Scam Bitconnect finally ended. I really wonder now if we get one more dip to around 8200 (200 day moving average and 61.8 fibonacci) or bottomed out today and go higher again. in any case HODL!
I think you might be right! However it also might be because Korea open up couple new trading places last night that trade a lot of cryptocurrency.
Great post..i like your post thanks for sharing...
Coins mentioned in post:
Nice! Thanks for sharing your knowledge.
Surprised there is no mention of Futures Contracts coming to maturity. Bitconnect too. Perhaps Whales have gotten wind of something?
Lots of speculation but at the end of the day, just hold on. Especially if you're in the US and you have a tax burden to pay when selling & trading.
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