All cryptocurrecny seems to have their worst days in these two days and most of them suffered from more than 15% loss of values. It it because the possible hard forking issue of Bitcoin or it is the profit taking of the big buyers or is it the threat of ethereum posed to Bitcoin as the # 1 currency? We all don't know the correct answer but please do leave your comment below about why you think is the culprit of this collapse.
Why is the crypto freefalling?
7 years ago in #chainbb-general by johnliao (45)
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Just correction. No worries.
This. It's a correction + bitcoin uncertainty + USA trying to regulate cryptocurrencies.
Its just a normal market correction. Everything wil be back to normal. Dont worry
It is all about emotion sometimes. FOMC just announced interest rate up yesterday and since Crypto has increased for so high level, it is good to find an excuse for correction.. but bull will come back for sure.
The uncertainty of btc towards August is high that making some people take their profit and walk away till then
Some of them just get rid to eth for a better asset to hold.
By the way, there has been great gain for crypto in the first half of 2017, we may see some corrections happening in near future.
But we can see that Litecoin did not fall! Why all the altcoin fall but not litecoin? If btc free fall, normally all the coin will be affected. But litecoin still stand very strong and go upward! Is it time to convert all the bitcoin to litecoin now?
I believe the trigger for the fall was the announcement of bitcoin miner Bitmain, saying they'd fork Bitcoin if USAF (User Activated Soft Fork) goes ahead on the 1st of August. The infighting of the bitcoin community is what's bringing BTC down.
Unfortunately no tech can fix human greed.
I think its both the threat of ETH that provoked the big buyers of BTC to sell it.
If you want to know more see my post on BTH and ETH https://steemit.com/@sighanchi
It could just be a temporary market correction as it's been especially bullish over the last few months. Although to be honest it's anyone's guess.
I think it's a market correction too, just some profit taking by some early investors.
I think one of the telltale signs is that USDT is currently trading at 1.03USD.
Despite string of inflation misses, FED surprisingly hawkish: changed language re: balance sheet --> USD regaining some lost ground --> All crypto coins worth less USD