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Any evidence for why or how this is happening? Who are the sellers?
by aerodog 5y ago
Any evidence for why or how this is happening? Who are the sellers?
- nashashmi 5y agoMakes sense after ethereum published their proposal to lower energy consumption
- petemir 5y agoAlthough ethereum’s price also went down, so it is not the case that it is seen as a better alternative.
- christophilus 5y agoIt happens like clockwork after every next step up. We don’t have a lot of history, so who knows how long the pattern will hold, but this was fairly predictable. If past trends are predictive, it’ll bottom in the mid 20s to low 30s, consolidate for a while, then hit 100k. Rinse and repeat. To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.
- chii 5y ago> then hit 100k. Rinse and repeat that's purely speculation - it might or might not. It depends on the chaotic forces of the market participants, because there's no underlying intrinsic value for crypto.
- christophilus 5y ago> To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.
- halfmatthalfcat 5y agoThey're pointing out the hypocrisy of your speculation as you're speculating about speculative market trends as past trends can very well not be predictive.
- stephc_int13 5y agoIf you are a gambler, crypto is a dream asset, with a good combination of talent and luck you can make good money. But don't be dumb, it will plunge for real at some point.
- rcxdude 5y ago> Rinse and repeat Until it doesn't repeat, which gets more and more likely each cycle.
- ipaddr 5y agoChina bans cryto services companies.
- atatatat 5y agoIn 2017. and revamping that enforcement now. Possibly.
- snovv_crash 5y agoYeah, I wonder if they'll do the same thing for the miners who are turning Yuan --> BTC via graphics cards and electricity instead of through an exchange.
- Supermancho 5y agoAs I understand it, when China banned crypto transactions - "Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions."(1) and suggested not to use crypto "The slump for bitcoin comes after the People’s Bank of China was seen warning against using digital coins as payment."(2), people started to dump certain currencies and take their profits...perhaps to put in to other things. This resulted in drops that triggered floor price alerts and bigger players dumped, which cascaded around to the various currencies. 1) https://www.bbc.com/news/business-57169726 https://www.bbc.com/news/business-57169726 2) https://www.marketwatch.com/story/bitcoins-40-crash-does-feel-like-capitulation-says-crypto-specialist-but-heres-where-the-next-crucial-support-level-stands-11621429393 https://www.marketwatch.com/story/bitcoins-40-crash-does-fee...
- tfehring 5y agoAccording to [0] Tether has to file their first report today disclosing the composition of their reserves as a condition of their settlement. I haven't verified that, but if true the sell-off could be driven by insiders and/or smart money. [0] https://old.reddit.com/r/badeconomics/comments/nfv8vg/the_tether_ponzi_scheme/gynpsiw/ https://old.reddit.com/r/badeconomics/comments/nfv8vg/the_te...
- Clewza313 5y agoTether has already admitted that their reserves consist of under 3% cash.