i too knew about it, but didn't understood the technology behind it.
my brain's light bulb got on few months back only.
As the market continues to correct, the community continues to try and wrap their head around what’s happening.
We can’t stress enough that corrections happen all the time and they are a part of any healthy trading market.
This one is particularly bad and we speculate much of it is a result of the sheer volume of “new money” that pumped into crypto in hopes of getting rich quick, who then panic sold taking huge losses.
In the news: CNBC told people to buy BTC at $19k and walked people through buying $XRP at $3. We heard countless people tell us they wanted Ripple, Tron, and even Bitconnect. The writing was on the wall.
For those that haven’t heard, Bitconnect announced it’s ceasing operations - we believe that this alone is a huge reason for so much sell volume.
Bitconnect was recently valued at over $2.5 billion. At the time of this writing it’s barely over $30 million - the coin value dropped from over $300 to less than $5. There’s also no liquidity (no one is buying) so it’s not unlikely we’ll see Bitconnect hit $0.
The owners of Bitconnect have almost certainly been liquidating thousands of Bitcoin, while long term BitConnect supporters have been trying to liquidate millions of $BCC. Bitconnect’s drop alone wiped out 10%+ of the market. Let that sink in.
It’s also important to remember that as recently as November we saw the market valued at less than $200 billion. Ripple was $.40 $ETH was $300, Bitcoin was $6k!
Crypto isn’t dead and Bitcoin isn’t tulips. Patience pays, and we are in it for the long haul.
Our bounce target is around $8800. If BTC doesn’t bounce there, we could come back to those November levels across the market.
I will make a post tomorrow or so to give my explain for the fall of the market right now. I may be wrong but at least I will offer one possible explanation for it.
Congratulations @aniket21! 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