CRYPTO MARKETS DOWN 10 -35 % on POLO ACROSS THE BOARD! ANY CLUE WHY?
I would love to know if anybody has any theories as to why markets are being destroyed on Poloniex tonight when major markets are down between 15 to 35% across the board something has to be up and I'm dying to hear what everyone has to say about it. If you are not aware that the markets are crashing go check your accounts to make sure your orders are safe.
How the market reacts to what people who are awake right now at 12:53 should be interesting to watch. The bottom line is traders have been swimming in a over inflated cryptocurrency bubble for some time now where many markets had mushroomed out of control to the degree that the corrections we are seeing at the moment seem to be par for the course, the fact that 40 markets are retracing at the exact same time in one night is a little off-putting when considering how fragile cryptocurrency truly is.
Tonight is a perfect example of how interconnected these markets actually are for those who are non-believers! I hope everyone's having a good night and I look forward to hearing people's response about this madness below.
The altcoin markets are dependent on margin traders and long-term investors using/borrowing bitcoin to enter positions. However, with the Aug 1st UASF risk, why would any investor deposit bitcoin on an exchange to buy any alt when there is a possibility that bitcoin could split and cause chaos?
This altcoin bear market has nothing to do with fundamentals, and is entirely the result of instability and fear surrounding the bitcoin scaling debate.
Seems to be the theme at the moment, thanks for the input!
Volatility in a volatile market results in hostility in a hostile environment. Panic happens when people who should not be trading pretend to know what they are doing, often risking what they cannot afford to risk. The last act of a desperate man is often his last act. fin
Don't just dream it, Steem it!
No doubt ;p
That totally explains it hahahah ;p
I think it is because of the upcoming segwit of bitcoin .thats why the market are crashing
Fair enough, I figured it would be closer to the deadline, I guess I was wrong.
I don't believe it is just one thing, it has been a multitude of reasons. Firstly we had a astronomical bull run, followed by the gdax issue, then the story that went around about Vitalik dying , then panic selling and now we are getting close to the bitcoin fork.
You have only lost if you sell lol
All valid points, thanks for the feed back!
There are multiple reasons, EOS is dumping their ICO contributions (ETH) as well as others because it creates a chain effect, no one wants to be the last one out the door. And this is also due to the incoming bitcoin fork threat this August.
Very good points as well, I do not doubt that for a second.
Basically it is the herd mentality kicking in, everyone moves in the same direction and no one wants to be last!
Fair enough.
Congratulations @jazminmillion! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP;D