Main reasons why Bitcoin dropped from $11,699 to $8,550 in no time
Hello Steemians
Hope everyone is doing well.
I just want to share this information to those investors
who don't know about actual reason of big drop in last 3 days.
And I also want to make it clear that if you disagree with my analysis, Kindly ignore it.
Do no post offensive comments.
No one is paying me here for my blogs; therefore,
any offensive comment or inappropriate language is unacceptable in this regard.
I share these TAs, information and lessons here for free.
Therefore, Respect & Love each other on this platform.
Also, I have never requested to up-vote me.
Secondly, I believe in my statements and opinion, and
No one has the right to change my opinions coercively .
Some analysts still believe that price will see 4K or 6k. (However, I do not agree with there analysis)
let's discuss reasons about drop.
On 6 March 2018, Bitcoin was going to hit $11,750, but price went down to $10,671 due to FUD (bad news).
The reason was that Brazil Regulators moved to block Bitcoin Mining Investments.
https://www.coindesk.com/brazil-regulators-move-block-bitcoin-mining-investments/
Coinbase Hit by Lawsuit Over Alleged Insider Trading
https://www.coindesk.com/coinbase-hit-lawsuit-alleged-insider-trading/
When bitcoin had recovered a little bit, it received another blow in next 18 hours.
This time, Binance Suspends Withdrawals As Trading Bot Hacked Some Users' accounts
https://www.financemagnates.com/cryptocurrency/news/binance-suspends-withdrawals-trading-bot-hacked-users-accounts/
Price went down to $9,488 from $10,700.
But within few hours bitcoin recovered & was trading above 10k.
Sadly, Bitcoin received one more blow on March 7 , 2018
Mt Gox Trustee Sells $400 Million in Bitcoin and Bitcoin Cash
https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/
In last 24 hours, we saw big drop due to one more Mt Gox story
which took price to $8,300.
Mt. Gox Trustee Sell-Off Triggers Another Bitcoin Price Drop to $8,300
https://www.newsbtc.com/2018/03/09/trustee-triggers-second-major-bitcoin-price-crash-related-to-mt-gox/
Now, hopefully, I believe that all mess have been cleared & we see upside continuation trend.
Good luck everyone.
Thanks!
I kindly request you to teach your dog asia-whatever some decent manners. downvoting any critical voices without even trying to place an argument wont make you looking better but does the opposit. altough I already suspect its simply an alternate account of yours but thats up to speculation.
Hi @salahuddin2004,
I found out that there is a possibility to mute someone do you know that?
Greetings,
Hello dear @salahuddin2004,
Thank you for your update and sharing this information.
I am having a bit of a hard time but I listened to your advice and I hope you're doing well.
I read that: As it stands, Kobayashi is in possession of 166,344.35827254 BTC - an amount worth $1.7 billion at press time - as well as about $197 million worth of bitcoin cash.
What do you think that this means for the future? Can we expect more selling drops like these?
Dear @salahuddin2004,
You have a good point you are not employed by us.
It is so easy to be critical safely in the anonymity of your account.
At least you show us your true face and it is clear what you stand for.
Keep on the good work, I like your style ;-)
How low do you see Bitcoin going? I think around $6500 before we see strong support.
Mt. Gox is still holding 160k of BTC. I might be off on the exact number... but rest assured, they have plenty more to drive the price down. Mt. Gox trustee has been selling through exchanges, long term this could be a good thing. However, until those wallets have been twiddled down to insignificant amounts, you might want to consider that in your analysis.
I know Haejin would never do this... however if they are the real reason to the price swings, not much us retail buyers can do until the distribution is more even.
the incapability to adapt to the PRESENT market situation is a common trait among bad traders. dont let your ego dominate your actions but always stay rational, keep an eye on all possible pathways and repeatedly ask yourself with every trade you do "what if I'm wrong".
Noone can predict a certain price in the future and every day is unique. So please dont follow blindly and trade responsible. Take care.
Who cares the reasons.