What’s With the Crypto Flash Crash?
We seemed to be moving sideways all last week and then boom, all the cryptos sold off Sunday and into Monday.
As you can see from the chart below we’ve recovered a bit since then but over the last week all the cryptos in the top 10, save bitcoin, are down over 10%.
So what’s going on?
Based on what I saw the sell-off stemmed from an announcement from Coinrail that its exchange got hacked.
Coinrail is a small exchange. I don’t even see it listed on the CoinMarketCap exchange rankings.
Nevertheless, CoinDesk wrote that there was a potential $40 million in losses. Some of the tokens involved were ETH, NPSX, ATX, DENT, KNC, JNT, and TRX, although the reports are mixed.
Also likely contributing to the sell-off was news from the Wall Street Journal going into the weekend that the CFTC was probing the CME over possible manipulation of trading on the exchanges from where the CME gets pricing for its bitcoin futures. Those exchanges included Bitstamp, Coinbase, itBit, and Kraken. The CME was only able to get limited data so now the CFTC has subpoenaed those exchanges.
And then there was news today that Apple banned cryptocurrency mining on iOS devices. Probably not a big deal in my opinion, but the last thing we needed was more FUD.
Keep in mind though this is par for the course in the cryptosphere. There was a big rally in 2011 followed by a 90% plus decline. Then we had another big rally in 2013 followed by another 80% plus decline after the Mt. Gox hack.
This year we’ve been down as much as 70% and the way things are looking it’ll get worse before it gets better.
Best thing to do is HODL, BUIDL, and keep on Steeming.
and trade cryptos on Binance
this chart and post both are good sir bt now SBD and steem is playing game with us
Yea both are down and SBD looks like it's heading to $1 again.
I think there'll be a day when SBD gets pumped again like last fall... we'll see.
The markets has seen a blood death. They will take some time to get a bounce and be stable again. So the good thing is to Hodl or invest more.
Agreed!
I'll be honest brother, I need somebody to hodl me. It's cold in crypto hell.
Lol, crypto bear markets are brutal!
Hey g-dubs. i don't understand why they can't prevent the hacks. All they have to do is put in a 48 hour delay on removing your coins or money out. This would stop the hacks immediately and keep everyone's investments safe.
Good idea... I'm guessing though some customers may not like that so the exchanges are hesitant to do it.
Plus, it's not in the spirit of decentralized, you always control your money crypto.
I just keep hodling.
They can apply a limit on the amount, like this much minimum amount can be withdrawn. If you go higher you will have to pass through a waiting period.
Prices are now all in a big drop
Special Price Offer Thank you
Hopefully the market conditions will be better
So Now is the good time to invest? As the market is down. Or newbie should wait a little more. Hopefully market will rise and sine again
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Best thing is trading strategically not hodl)