CRYPTO UPDATE! Bitcoin Plummets $1000- Reasons Why

in cryptocurrency •  7 months ago

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The cryptocurrency markets have been taking baths in blood again, lots of red happening the past 24 plus hours.

We could speculate all day about what could be causing investors to panic sell, perhaps the markets are just having a hard time recovering from the drop back in January.

One thing that could be influencing the prices however are these reports of large numbers of projects that have held ICOs which have been subpoenaed by the SEC.

People are claiming anywhere from 80 to 200 companies have been summoned but very few projects have admitted to having received this notice by the SEC. This lack of communication is causing a whole lot of speculation and fear to arise from the unknown. These subpoenas could have come with a gag order to prevent public knowledge, or it could be the projects established practices not to comment on legal proceedings.
Either way, how these projects are affected by the SEC will no doubt play a role in shaping how ICOs and other tokens are organized in the future.

Just the other day I made a video featuring the popular exchange Binance, and what do you know?

Yesterday some of the users of the exchange were reporting that their portfolios were being traded for Bitcoin.

The exchange is claiming that the platform itself was not hacked, that rather it was the trading bots which were compromised.
It looks like Binance was able to somehow reverse the suspicious trades that occurred after disabling withdrawals yesterday to figure out the problem. But not before the price of Bitcoin began to fall upon the rumors of this news.
It’s not clear if this is in any way related to the major pump for the price and volume of Viacoin but it’s a bit suspicious of the timing for this coin to surge.

Additional Reading/Sources:

Crypto Projects Subpoenas

Binance Hack

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I’m thinking Bitcoin to $3k. Then it can 10x in 3 months and hover around $20-25k. STEEM has a ways to go. Thanks for the post!

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I don't think Bitcoin will go down that low.

I haven't been knee deep in the news but I feel this news is good. The more the SEC steps in the more legitimate things like tether (USDT) will have to be.

Another factor is the dumping of large amounts of bitcoin on to the market by the bankruptcy trustee for Mt.Gox. He has sold over $400 million of btc between December 2017 and February 2018 which many are saying has caused the price to decline.

The trustee still has 165,000 bitcoin worth $1.5 billion and BCH worth $150 million. How he plans to deal with these funds is anyone's guess.

As someone who lost 4.4 bitcoins when Mt.Gox crashed I am concerned that we will not be fully reimbursed for the full value of the coins stolen.
I have read that the former CEO of Mt.Gox, who has been to prison on extortion charges relating to the exchange he ran, could make some money from these sales if there are funds left from the compensation to account holders!

See the following for reports on this:
https://www.trustnodes.com/2018/03/07/mt-gox-trustee-sold-half-billion-dollars-worth-bitcoin-bitcoin-cash

https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/

https://www.bloomberg.com/news/articles/2018-03-08/bitcoin-s-latest-rub-is-overhang-ghost-from-mt-gox-bankruptcy

The Mt.Gox bankruptcy trustee's report can be found here:
https://www.mtgox.com/img/pdf/20180307_report.pdf

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So this trustee does have a lot of influence! Is there even enough fiat available to exchange all this btc to dollars??

do you think bitcoin will bounce back ?

hello steemit friend i want to develop like you, how the hell can you give me a little suggestion for me thanks
@heiditravels

@heiditravels I really appreciate the good note ending lol Steem on.

We'll see! It's going to be a wild ride for a while still.

Every day he falls, then it grows, what surprise here!Tomorrow the news hype will calm down and fly again.This is all against the background of news about Binance and SEC.

I think it will be around 10k for while

Standard market cycles and FUD. Possible cup and double handle forming. Super bullish mid to long term.

Really it’s a very bad news for us ... heart broken situation... but we are not hopeless.... let’s see and wait for the good future... thanks for sharing this post.

aw i hope it goes back up :(

There's Mt. Gox, USDT-Bitfinex cloud and the coordinated FUD attacks. I'll admit, it's getting tiresome. But given the small market we are, it doesn't take a whole lot for the market to be pushed down. IMHO, perhaps it's impossible for sovereign governments to regulate the industry. But they sure can by using underhanded proxy attacks.

I enjoy your posts and find them very insightful! Resteemed!