I hear do someone say that it was the reason this years January crash was such a big one. I didn’t fully understand the logic because I didn’t know much about bitconnect but they may have been dumping bitcoin as the drop happened in order to claim that they didn’t have any to refund to people. I don’t know about this but it was an interesting take on yesterday. Seems more plausible than JUST Chinese New Year which may have caused the first round.
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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. ;-)