Flash crash of bitcoin
We are experiencing a flash crash in the crypto world.
Bitcoin dropped 11% in a matter of minutes about 10 minutes ago. The causes? One of them is the selling of over $400 million worth by a Mt. Gox trustee named Nobuaki Kobayashi. The news was announced today even though the sell off has been progressing for months.
Japan is talking about regulation of cryptocurrency. While this is not necessarily a new idea, the powers that be have been getting stronger with their urgency to do so.
Binance also had to shut down withdrawals because there was a fear that keys were stolen, allowing hackers to steal coins from the exchange. Alt coins were mysteriously being sold without the users consent. So when people were looking at their account, all they had was bitcoin.
What does this all mean? Well, Bitcoin as of now sits around $9,600, even though it started out the day over $10,800. Also, the entire market cap is hovering around $360 billion. We could see a significant dip for the rest of the day, possibly weeks in congruence with this news.
Not a great way to start hump day. FUD is inevitable. But still, hold strong folks.
If you are looking for links to the articles, you can find it here:
https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/
https://www.coindesk.com/report-japanese-regulator-punishing-crypto-exchanges/
There is definitely some FUD coming out today. But even though I mentioned it in my daily crypto news article, I don't think that the news about mt gox is causing this sell-off.
I do think it plays some part in this. That is a significant sell off. However, yes, I agree there is some serious FUD going around.
Also, there were some problems at Binance, if I understood correctly, a trading bot was hacked, and they had to shut down trading for some time.
The Only News Affected is The #Binance Accounts Hacked
Yes, I forgot to include the fear of Binance keys being stolen, so the shutdown of withdrawals occurred. Thanks for the comment. That is an important piece of information that should have been included.
Yea, probably!
Holding strong.
Crazy the amount of bad news that all came out at once. I wonder if any of the trading bots made the crash any worse, similar to the stock flash crash a few years back. Have you heard anything about the crazy swing affecting how they trade?