It's carnage out there in crypto land! What's going on?

in #cryptocurrency4 years ago (edited)

Just about every virtual currency out there is seeing red right now.

Here is a list of the top handful of cryptos by market cap:

As you can see they are all red.

It doesn't get any better when you scroll down either. When scrolling down the list of the top 100 cryptos by market cap, only 3 of them are currently in the green.

That means roughly 97% of the crypto space is seeing red right now.

What gives?

Well there are a couple possibilities in my opinion.

First you had the flash crash the other day where the price of Ether crashed from around $300 all the way down to $.10 within a matter of minutes. The price recovered quite rapidly but the damage psychologically was already done. 

Then you have the uncertainly surrounding bitcoin and what is going to happen with Segwit and on August 1st. Some are claiming the chain could be split into 2 separate chains. However likely that may or may not be, the uncertainty around it is causing some people to likely take chips off the table.

Then last night there was the rumor that the co-founder of Ethereum had suddenly passed away. It was reported lats night that Vitalik Buterin, the co-founder of Ethereum had died in a car accident that injured 5 and claimed the lives of 2, including him.

Buterin quickly put those rumors to rest using blockchain (ironically), but again the fear and uncertainty has already crept in.

Basically in my opinion we are seeing the results of people's confidence in the space being shaken, and when many are sitting on large profits, these kinds of things happen. 

What's next?

Well for one I want to see how long this all lasts. 

If this is all mostly just fear and uncertainty around a flash crash and a (rumored) untimely death of a co-founder, then it could be over just as quickly as it all started once some confidence is restored.

If it is mostly over the fear of what is to come with Bitcoin, then it may last a while longer yet as we inch ever closer to those important dates and headlines whip the price around from day to day until a definitive outcome is known.

Either way, the fact that Coinbase has come out and said they will reimburse those that experienced losses from stop losses being hit during the flash crash of Ether, and also the co-founder of Ether verifying he is in fact alive and well should go a long ways in helping restore some confidence.

Confidence can be a tricky things in markets though, once it's shaken it is tough to restore in the very short term.

My thoughts

For me personally, I would not be surprised to see prices across the board come in a bit more. 

Then as confidence is restored and a lot of these exchanges continue to make improvements both in their technology and in their customer service abilities, and as we get past some of the uncertainty surrounding bitcoin in the coming months, I fully expect to see the space rebound and continue upon it's upward trajectory.

Which means, I am using these drops as buying opportunities. :)

Stay informed my friends!


Image Sources:

Follow me: @jrcornel


I say again: Great time to buy!!!

Did you buy anything yet?

Thanks for another thoughtful post. These are great opportunities for new money entering the space. They'll ride the next wave up and more new money will take us to new highs. Whooohooo!!!!

I'll be ready for next wave.

Yes, I was looking at it today and wanted to buy them all lol!! 0.10 ETH the other day, OH MY! I must have been sleeping :)

I agree that it's a buying opportunity if you have USD sitting around. Problem is most people diversify within crypto. When everything dips then how can you buy more?

Im sitting with the same problem man, but what is going on with bitcoin plus though?

I came across this issue last minor dip. I use bitShares to do some of my trading for the coins that I can trade on it. It has a really nice USD derivative similar to USD Tether (USDT) called bitUSD. I realized next time my portfolio went up too fast too quick, and I put converted some of my crypto holdings into bitUSD which stays at 1 USD in value when converted to bitShares (BTS). Then when the markets dipped again, I could instantly convert my bitUSD to BTC or BTS and convert to other altcoins from there. Also, the bitShares exchange is really nice because it eliminates a lot of the trust issues users have with exchanges as it's a decentralized exchange and the fees per trade is a really cheap flat fee: BitShares2-light_2017-06-26_17-10-12.png

Check it out if you're looking for a stable store of value when the crypto markets are especially volatile. BitShares also offers other derivatives such as bitCNY, bitEUR, bitGOLD and bitSILVER which can be very helpful in diversifying and keeping value. Happy trading!

By not having your whole net into crypto ? It's rule #1

Don't have it all in crypto by any means. But what I have allocated to crypto is in crypto. Not going to sell stocks or real estate to buy more crypto. Just saying that since majority of crypto is down, there are limited options.

It is unfortunate . I wouldn't sell. I would never go with the flow of such an uneducated market, but against it . They sell you buy , they buy u sell .

This post received a 1.6% upvote from @randowhale thanks to @kingmotan! For more information, click here!

Bang on. Diversification across ALL asset classes is key. Furthermore, keeping liquid cash back will ensure you can take maximum advangate of uncertain times.

True....keeping liquid cash on hand is the tough part when crypto, real estate, and stocks are all going up! Need more discipline I suppose.

Spot on! It's summer, time to spend some time away from the keyboard and catch up some with some vitamin D replenishment. Still p***ed at poloniex for tying up my STEEM though.

I agree with you 1000% @jrcornel....I think because of this flash crash scary with Etheruem we are going to see a pull back on cryptos.

This is going to be short lived, meaning A GREAT BUYING OPPORTUNITY.

Oh my god! Now I know why ETH keeping dropping! How do you find the new that the co- founder of ETH had pass away? It is hard to find new if the coins but sometimes it seems like every one know the news except me! I feel uncomfortable! Do you know where can I find the news?

Hey @jrcornel

** Apprecited Your Work **

I would like to request you please keep posting this type of valueable content for the community of steemit as this platform is growing up day by day .. I would request you that you must support new steemer like me and other .

I am in love with one of my post as a senior steemer I need your Honest feedback regadding that . If you get time from your busy life and write your comment upon it . It will be really apprecited ..*

If I missed I do Apoligize for that ...

Lots Of Love For Future Posts

Bitcoin Secrate

Regards Sophia Olive

It's happening every week since Bitcoin had a rise. Imo is not nothing to worry about. Hodl your currencies and don't fall for this market prices manipulation by the exchange markets.

I've read somewhere thorough analysis of how exchange markets are manipulating the price.

And look at this now SBD is higher than Steem. Poloniex not allowing d/w. Everything seems like a scam for somebody to earn some nice profits.

I agree!
Look at the flash Crash of gold today. Coincidence? No way! Remember Gold&silver as well as Crypto are enemy number 1 for central banks...

@buildyourdreams yes, it's just a manipulation. Cryptos are going to put banks out of work.

I also agree they are trying to scare people out for cryptos and precious metals are there poison. These guys have to be taught a lesson I say by the dips in cryptos as well as in precious metals the more we push the more desperate they become for there was no major news out there.

As a collector and long term holder, I am not worried in the least. I know there is uncertainty out there with a variety of different things (Bitcoin update on August 1st, Etherium scalability, regulation, etc.), but I see some of these dips as a buying opportunity. As long as you have the mindset that dips will happen and this may be a chance to load up on deals, then we will all be fine. My plan is to remain calm and ride it out.

I like the plan. I just heard of this August 1st business, however, any ideas out there about what the actual risk is there? Or is it another spot where it is just a dip & not an irreversible crash?

Just look at the history of Bitcoin - it's had many crashes of this magnitude. The last huge crash was back in 2013/2014 and led to a period of stability where the price settled at roughly $200-$300. Smart people acquired during this period.

I think essentially, the latest volatile speculation bubble has just popped, and we're going to see a slow descent until it evens out and remains stable at a lower price for a while. Before the next bubble ;) so buy up!

Ya- reminds me of 2014 dip. Sub $200 for a while. A terrific opportunity in retrospect. This dip may be similar in the long run.

I'm taking my btc offline for the transistion. I may leave 1 btc on but the rest goes into armory offline, or if i get it in time, the Ledger Nano S i ordered. Just to be safe. I don't think there's a consensus yet as to whether this will be a rocky hard fork or what they call a soft fork. I'm concerned but it could be a great time to buy near end of next month.

I'm older and came into crypto as a long term, high yield thing. I'm looking at 5 years, possibly 10 before pulling out. I did buy up more today as well. Just ether. I think we haven't seen btc drop yet. My guy says it's gonna drop pretty hard leading up to the end of July. Then? I buy even more of it. I have faith in the longrun even though i'm clearly in the red right now. Not very worried

All these shaky weak hands in the market.... :D

God damn this weak hands. I don't have cash anymore to buy from them!

Thanks for your analysis. There are definitely many opportunities to grab some great coins at a great rate!

My concern about this dip: Are Bitcoin Stop-Loss type functions being abused?

Hello! I am Askaran and I am a survivor of the 2013/2014 crash. :P

Luckily I was not stupid enough to sell my coins when they began to slip in the red region. And today I am so glad, that i followed my instincts and had a very strong hand. I never lost faith that the price will recover. It took a while, but it came back.

Since then I have a saying for myself and till today I am very happy following it: "You have not lost anything yet.... until you sell".

Thanks for the post. I think the rumor of Vitalik's death only played a minor role.
I think it's the realization of the big players that ETH just like bitcoin is not scaling well. The sudden rise of ICOs and the Txs that come along with it has been clogging up on the blockchain. I'm not certain yet but there were rumors on reddit as well that there were people deliberately adding txs on the chain just to clog it more inducing more FUD. I'm not claiming all this blabbering I'm saying is for real. What the real reason for this bloodbath is my guess is as good as yours :)

Great time to buy?? Who knows...

First you had the flash crash the other day where the price of Ether crashed from around $300 all the way down to $.10 within a matter of minutes. The price recovered quite rapidly but the damage psychologically was already done.

This is a very astute point. The "hand" was shown, the inherent weakness in the market was revealed. After that, what are they gonna come after next? Everything else...!

I wish i could have re-steemed this:):)

This is happening due to scaling issues or backlog induced by ICOs.

Ethereum knew something we didn't! The big sell off lol! It only got worse!

And the thing is that it's like a domino effect, since all cryptocurrencies suffer losses.

This happens on a regular basis! I remember the last time steam went to 91 cents! Wish I bought loads now! May be I ill have a second chance!

steem is also coming down, is it related to bitcoin because whenever btc comes down Steem also joins the party @jrcornel

It was the perfect storm in my opinion. First you have the VB lie that got out there, then the flash crash earlier in the week and today you have the EOS ICO, which probably would have made this blood bath even scarier had it not been for the fact that you need Ether to buy EOS.

Literally top 100 in the red apart from 3 coins! I hope for a Steam crash so I can buy loads more!

Just make sure you buy STEEM and not Steam. ;)

HAHA! Autocorrection LMAO! :)

ALl of our faces when we check our crypto portfolios

Now really is the time to BUY BUTY BUY . Dont sell hold to the moon

This kind of thing seems to happen every few weeks.

Either you have confidence in the Blockchain technology or you don't.
But I suggest do not Q and A this every single day. I tend to, when I've decided once to stay on my track until someone has some profound arguments so I'm willing to change my mind, but never over night, driven by some stupid and greedy emotions... - I'm not swaying all the time... - cause I don't wanna get nuts!

Do you?

And I'm also convinced that Block-Tech is not a matter of one single man. It's a movement to change this rotten system by kicking the elites into the ass; BT is a flourishing mindset to form something new to put the people above the govs and banks. No 0.001% of thieves, murderers and pedos should own 60 percent of the world's wealth.

Though my bros and sis - relax, cause now is the time to show to which side you belong to!
I will change some green toilet paper in something good...

By the way... - Clif High (brilliant minded man) has already reported 3 weeks ago, that the last week in June will be not quite funny! And Cheerio once again he's right!

Just hold on, corrections are meant to happen.
Be strong in the storm, and you will see the light after it fades :)

It's all good. Let's all just abide right now.

giphy (49).gif

Are we going to see a 1929 Black Tuesday again?

I find this a great time to buy and make profit in long run, also this was way over due and i hope to see some btc taken outta some these shit dead coins that keep pumping to make profit, and we see them millions of dollars into some better coins.

Screen Shot 2017-06-27 at 19.52.49.png

Congratulations @jrcornel!
Your post was mentioned in my hit parade in the following categories:

  • Upvotes - Ranked 10 with 427 upvotes
  • Comments - Ranked 7 with 152 comments

Great article sir, yes these corrections are bound to happen and they are healthy because they provide fuel for next up leg.
Correction are just part of trading and different kind of news follows when happened.
Things will also settle down and then again some news follows around it.
But news are just after move commentary, if anybody wants to invest or trade, learn to read charts first, only they can give sense of whats going on and what can happen next.
But Thanks anyway for information you tried to share.

I just wrote about this, too. Personally, I'm buying right now. I will dollar cost average all the way down to zero if I have to!

Wouldn't that be something...

Very informative post.
Top 100 is red atm except for 2 coin.
Is this a bear trend? Would like to hear soemthing from a more experienced cryptoer! Heard there is always a beartrend in the summer

Wow, it's all red, My portfolio is in a loss position, but guys just hold to your coins, it's gonna go lower and then boom we'll all be winners just have faith !

crypto is on sale today

Buy and hodl, that simple.
When others are greedy be fearful.
This is a fantastic opportunity, do not let it slip.

one wise man told me every crisis is a way to earn - watch with opened eyes and use for yourself

I'm thinking about using Steem as my primary crypto currency. Because initiatives like Steemit, Steem has a an actual value behind it. And thus Steem doesn't rely on trust alone.

I am right with you on the opportunity to buy. Its going to take several years for the global economy to buy in - but I believe the technology will continue to evolve and the ease of using cryptocurrencies not just as an investment but as a daily currency for normal goods and services is on the horizon. Whenever that threshold is hit 1 year, 3 years 10 years - I guarantee the price of the leading alt coins (be it bitcoin or whatever) will be much higher then today.

Buy alt coin if you got excess cash laying will only appreciate it in the coming years.

Thanks for the thoughts jcornel

I am on your side :) my thoughts are: don't panic, hold and buy the ones you like ;) and then have fun when the next moon ride starts :)

I can late into the game, so I am sorry to say but for me it can drop way more! We are still hundreds of porcents up from 3 months ago. Crypto is here to stay, but the market will be crazy for some time to come, that is for sure!

Buy the dips and sell the rips!

It's another opportunity to buy more cryptos when people are selling. When others go low, we go high.

I think someone deliberately dissolves these rumors so that the price goes up and down. Someone will make a lot of money on this.

i think july will be a correction month and once bitcoins segwit is resolve beginning of august maybe we'll start back up again. Lots of new people buying the top and old dogs taking there profit and exchanges dealing with the growth. Its good to have a shakeout and healthy correction

Anyone in the crypto game for the long haul knows exactly what this means: time to buy!

Forget the daily up & downs. Don't ever put in more than you can afford to lose - then you won't be worried about it. Also, buy physical gold and silver. When everything else is going crazy, precious metals will be going up - and you will have all of the financial security that you need to quit worrying about it.

Nice read! I also think a carnage like this is the perfect opportunity to buy but it always takes a couple days to get my money on kraken or coinbase. I live in the Netherlands. What would be the fastest way to get my cash on kraken or coinbase without having to pay really high fees?

Store a small amount there in advance

I definitely will in the future thanks!

Fear. It's one the reasons we do things. Centralized currency works a lot on this to control people. However, the cryptocurrency market is doing it to themselves. I'm pretty heavily invested now and I'm holding. Buy at the dip.

Great post and well needed, my currencies of course have taken a real smashing and need information like this to try and understand what the hell is going on.

It looks like a buying opportunity for me! (at least once the mayhem stops...)

Lots of factors go into any market change, including Crypto. It's just a cycle of investing...

Corrections are healthy anyway :-)

There was a lot of parabolic growth recently(most coins).It was very natural for the market to come down.Many people sadly sold in panic.Great time to invest.Hold on !! Dont Sell !! Buy more

I really wish the cryptospace crashes all the way down to 20 bill marketcap, and lies dead for the next 3 years, only so i can gather as much as possible for the next bull run. Its going to be huge!

"Which means, I am using these drops as buying opportunities. :)"
This is how I look at it. Best Buy in I've seen lately, for me it's hard not to get silver, some more bitcoin and litecoin is hanging in many options but as you said, a buy oppurtunity

I think this is happening because of the recent ethereum flash crash, and the coinbase website crashes, great time to buy my fellow traders! if you own a currency right now don't panic sell, downtrends must occur for uptrends to occur

This happened because I bought yesterday. ;) I'm like the worst at timing the market. "It can't go lower than this.... buy.. buy... buy... Oh noooooo.... buy more.... What!.... Dang...."

@mikehere lmao you aren't the only one brother !!! I'm sitting at 2150 GBP for BTC and 0.18 ETH against BTC !!!
Total disaster.....

My problem has been that I keep pumping everything into cryptos, so when times like this roll around, I don't have any extra cash to pump in and take advantage XD

Same here you aren't alone...

it all seems so confusing...just like all that Saudi, Kenyan and various other real bills sitting around in my house...

What crypto is worth having and will it ever get easier for normal people to maintain and use such crypto currencies?


They asked for more than they could handle at once.

This is natural and good for the market. Was past due. Will move to new all time highs by end of the year, imo.


This too shall pass.

Decent write up... hope you're right.

Don´t get why everyone is freaking out. Crypto-currencies and platforms like ethereum need to deliver now, there is so much money but no one is actually delivering...

If the growth would´ve continued the way it did, blockchain companies would at some point be more worth than their counterpart which would be crazy

Too many odd things are happening in the crypto world.. thats why see things like this.. Ethereum Network issues - Coinbase issues (Coinbase is like the gateway for new users.. so they have issues it turns people off) TOO MANY ICOs to name, Too many ALT coins and most of them don't do ANYTHING... you gotta trade em to Bitcoin for them to mean anything... media coverage and not really understanding whats going on. Too many eyes on and those eyes dont know what they are looking at

It is inevitable in this type of market, when prices are high there will always be a correction.

There simply are more sellers then buyers, it happens. We've seen a lot of gains, and there is a lot of profit sitting on the table, people are taking it off. At this point, we're just shaking out weak hands before we resume normal activity. I'm not sure about eth though, it could see pain after everything else rebounds.

Excellent post!! thank you for sharing

I love the transparency bro, keep it up. The internet is full of bullshit, be you and your followers and friends will be real. Reason why sites this will boom and Facebook, insta, twitter will flood out with all the fake crap

In any bull market, there will always be a period of correction.

If anything, this is healthy and is good a good time to buy.


Good chance to buy - i'm in the market for more coin - just don't now what yet!

I like Syscoin & Bitshares, & Ether looks good value at this price , if it can recover to previous heights.

Cool post! I upvoted!


Just hold, no Pressure. Thanks for sharing.

Just keep calm and hodl. I think I might scoop up some cheap NXT and DGB even.

If we look at these crypto prices in the long run any flash crash will be irrelevant. Profits are coming out, Lambos are being bought. We will go down, up, down, up, the cycle of trading continues. Cryptocurrencies in my eyes are bullish as ever.

Always appreciate some positive commentary. Corrections are normal, and we are having a deep one in many of the cryptos right now, perhaps accelerated due to the points you made. Seeing red really sucks but it is short term. The rest of the news in the space is incredibly positive with regards to major partnerships forming within the private sector, countries considering legalizing and regulating crypto and the crazy number if ICOs (whether you see that as good or bad) there is so much activity that seems isolated from the price action right now and that's a great thing.

There is hope for the future

Yes exactly. A larger correction in the coins was always in the realm of real possibility just based on the charts alone. I will be keeping my eye on key levels of support to make purchases.

I am holding my BTC and buying LTC during this downturn. I love days like today when everything is on sale!

Very good article @jrcornel and I'm now following you !

My analysis of the chart of Ethereum is suggesting that it should bounce back up at around $170 (i.e. 78.6% Fib level ). If it does, I will be buying more for the long-term.

summer holidays, just be patience

I'm not tryin' to put the guy down, but Vitalik has always looked sickly to me. I'm surprised the sudden death rumor was about a car crash and not some previously-unknown illness.

These are volatile markets to begin with, plus a huge wave of hype has just passed. A much needed correction to get these back closer to what they are actually worth. Love it,..because it's the best time to buy more!

Thanks for the info, totally agree with you, I think now is an excellent time to invest . Go! :-)

I agree that there is not much to worry about for long-term holders and this is a fear based sell-off. It will come back. Thanks for this post. you picked up a new follower. If you are looking for a more lighthearted approach to day's bloodbath... check this out.

Honestly the exchanges, downtimes, and ICO's as of late are as much to blame (if not more) for the market swings than anything else. The bubble isn't even a bubble yet. The overall market cap of cryptocurrencies is a fraction of what the dotcom or housing market bubbles were...Hell, even the early 90's internet boom had a higher value than Cryptos do today.

I think the industry needs a bit more accountability. Keep in mind that accountability and decentralization can still happen together...One does not mean the doom of the other. We can still decentralize our transactions from banking institutions, government grabs, and countries with some accountability within the industry. WE can set the best practices and WE should. Once that happens, I feel the ridiculous market swings and fire sales will reduce 10 fold

Don't wait eth to be 180$ USD like back in the day. In my opinion, it's a great opportunity to buy eth. You never know it might take Bitcoins place in the future.

This is because companies like Amazon, Ebay and Allieexpress sell their products (GPU the essential video card of mining) When the price goes down then the buyer can buy

Do you mean there is this carnage because because companies like Amazon, Ebay and Allieexpress sell their products like GPU the essential video card of mining?

Opportunity to be had in the drops!

The cryptos are on SALE time to stock up your virtual cupboards .. buying opportunities all round 💵💵💵

Good article. Now may be a good time to buy but will tomorrow be better. These are the games we play when trading!

In panic sells i see opportunites too. It is summer time and traditionally markets drop. If you do not sell you do not lose anything. Correction could soon be over. Very good post !

I totally agree I want to get my cash on kraken or coinbase as soon as possible to take advantage of this opportunity, but it always takes a few days before my cash is on one of the websites. I live in the Netherlands. What would be the fastest way to get my cash on the websites without paying reallt high fees?

If you use Coinbase, you can keep a reasonable amount of USD in your wallet so that you can make quick purchases when opportunities like this one present themselves. That being said, I wouldn't keep a lot of liquid cash in your Coinbase wallet at any given time. Think of it as whatever amount you would normally hold in your physical wallet for impulse purchases. You wouldn't want to keep large sums of money in your wallet in case it got stolen or lost. The same principle should apply for your digital wallets.

I am planning to budget $50 every month to put into my USD wallet so that when the opportunity strikes, I can make a quick purchase without having to wait for the pending transactions to go through or pay crazy fees. I probably won't keep more than a couple hundred dollars in there at a time and I use multiple wallets and exchanges to minimize the impact of one being hacked or the service going down (e.g. the Ethereum freeze on Poloniex last week).

Thanks a lot for your reply. You explained it very well! Opportunities like this are exactly the reason I want to keep some cash on the websites so I can take full advantage of it. I just got involved in trading coins last week. Well not really trading actually more buying and holding:P

So the way I transfer money is actually the right way and fastest way, that's good to know, only wish now that I would have started out a little earlier so I got more money on the exchange, but that's life haha. I'm following you now by the way I see a lot of posts on you're blog that will be an interesting read:)

I only started buying crypto a few weeks ago but I have been watching the market very closely and soaking up as much information as I could for the better part of two years to make sure I had a good handle on how it worked before I invested. In hindsight, I was probably too cautious due to horror stories I had read of people investing their life savings into BTC and losing it with bad trading or security practices. Looking back, I wish I had taken the leap a lot sooner! I watched BTC explode over the past few months and I was kicking myself haha

In my opinion, it looks like crypto has a lot of growth ahead of it still so I am happy to be preparing for that now :)

Let me know if you need help! I am have learned a few things along the way and I am happy to try to answer any questions you might have. Best of luck!

I am usually transfering money from my Bank Account that takes a couple of days. Opportunities exist every day, so i never run to make deposits. Maybe someone else can give you a fastest way.

Thanks for your reply. That's true opportunities present themselves every day:)

perhaps (IMHO) do not try to understand ... you will end up making up excuses for the money lost (IF YOU GET OUT OF THE PLAY ... )

interesting input, we'll see the output :)
I think I'll wait just a little more before buying.

Any thoughts on why Steem dollar is +33 relative to BTC ?

Thanks for posting. I need to stop going to reddit, to see what's going on. I'm seeing red, so I'm buying..... with a tiny, but healthy, dose of fear of what could be.

Gold rush 2.0 is over. Have some good sleep & wait for another hype 🆒

Nice post, I see bitcoin only fell with 8%, while a number of crypto's fell by more than 20%, looks as if the big daddy of crypto is still more stable than a number of the new coins. Nice info, thanks for sharing.

couldnt agree with u more @jrcornel !

Im buying more of all the majors.

Buy when everyone is selling and sell when everyone is buying!

Just a hiccup, nothing to see here! It will all be back up in the next week or so, I think. Of course I'm the world's leading crypto-idiot, but I think a panic at this point is a bit premature.

thanks for sharing your thoughts, i was thinking just the same lol

One thing not mentioned is the fact that the summer is closing for a big portion of investers. It's bear time almost every year in summer. Lot of people are taking a break and if they can't watch the market closely to react, they rather take the money out and convert it to fiat and enjoy their time off. That's just my thought i could be wrong :) but take a look at the june/july on bitcoins history chart. The msin question now is where is the bottom?