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RE: The BitConnect Crash: Will it Have a Negative Impact on the Rest of the Crypto World?
Putting together some pieces. yesterday was a "compounded affair" of several things coming together at the same time.
Bitcoin historically hits its annual low during the 2nd week of January, regular as clockwork since 2014. Probably something to do with taxes and profit taking.
Remember the excitement back in December when the CBOE started to trade Bitcoin options? The first group of contracts just matured... and the downward pressure on BTC was probably exaggerated by by extensive short selling in BTC.
THEN the BitConnect thing... timed to perfection because BitConnect might have been OK had Bitcoin continued to rise insanely in price. Instead... BTC came down 50% from its highs and took anything sketchy-- like BitConnect-- with it.
I wish someone had told me about that trend beforehand, I’d be a lot richer right now hahah
It’s jumped back from oblivion to number 82.....wanna join bitconnectX with me. ;-)