A major part of the selloff from yesterday had to due with BCH.
Specifically, it had to do with the BCH hardfork that was scheduled for this morning.
There were two competing visions for what they wanted BCH to ultimately become.
Which normally would not be that big of deal, except in this case both groups have vast amounts of resources connected to other cryptocurrencies, like bitcoin.
On top of that, one group has been threatening that if his vision does not ultimately win out, he will sabotage the other, as well as the entire crypto market.
Whether he has that kind of power remains to be seen, but it does give people some cause for concern.
The spark?
As was reported yesterday by CNBC and Brian Kelly, several large crypto hedge funds decided to take their positions off the table prior to this hardfork. The reason being the uncertainty surrounding it and how everything will play out.
As these funds sold their positions, stop losses were likely triggered around that key $6k level, which further exacerbated the selling pressure.
The result?
We get about a $1k drop in less than an hour.
Possibly short lived?
If this really was the main catalyst for the selling, one would think that as we get past this hardfork and as the uncertainty goes away, much of that money likely finds its way back in.
Which would mean prices may go back up over the next couple days as the hardfork drama gets sorted out.
We will see over the next few days.
Stay informed my friends.
Image Source:
https://nulltx.com/bitcoin-cash-price-remains-stable-as-pre-fork-trading-volatility-increases/
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Let’s just hope this info is correct and they jump back in; spurring a new RALLY 👍
If it is, I would expect to see bitcoin back up near $5,900 within a few days. We will see...
Hope thats the case, but overall market is slowly going back to jan 2017 levels
$1k BTC? I don't think you will see bitcoin go below $4k any time soon.
They can colapse market to under 1k btc in seconds.
Great analysis. Most of the folks I follow and engage with re: crypto trading had the bottom at 5.5k and that was months ago. Hovering around 6.5k felt too weird for me. I was only able to pick up $2k worth at $5,495 but I see 20% gains on that next month.
Nice grab. I could see that as well. You may get 10% gains on it before the end of the week! ;)
DID ANYBODY EVEN FORKIN" CARE ????? (-:
Haha, well it looks like the crypto markets did, judging by the price action last few days.
How do you know that the drop is not due to Ned selling his Steem for Bitcoin, and then selling his Bitcoin for dollars to fund his next whim, or at least expecting him to do so and frontrunning him in pricing?
For several reasons:
Number 1, Ned's steem is only worth about a million dollars, which is tiny compared to the billions that move in the crypto markets every single day. Literally tiny.
Secondly, steem has been moving pretty much with the rest of the market. It has been around 40th place on coinmarketcap and it remains there now.
If steem was falling due to a whale dumping it, you would see steem dropping on the coinmarketcap list as it would fall harder in relation to everything else.
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Not crypto markets,this fuckers (bch supporters) manipulate price of btc,because they can.
Few rich whales,trying to push bch adoption,and become rich even more.
Fuck bch.
Fully agree with you. We should see green colors in a few days.
Hopefully. I think we will.
I don't know what to say..this fucking rich btc whale fuckers,want's to be rich even more.
I never used this bullshit bch token,and i don't plan to.i hope all will ignore this bullshit of bch and just move on.
I agree with this completely. Pretty ridiculous that a spat among narcissists can spill over and tank all of crypto.
These markets are fear and greed. people buying, selling, getting into alt coins, rumors. We should always have a trading plan. or set emotions to the side and hold long term. Join us Every Friday at 8am NY EST time - and see how we exactly do it - http://bit.ly/crypto-room-2018
What is your profit/loss like over the past month?
I think we will see again $6,000 in max 48 hrs.
If the info about several funds taking their positions off due to uncertainty surround the HF, you are probably right.