The drop has to do with the bankruptcy of the mt. Gox exchange. A mt. Gox trustee has dumped a whole lot of bitcoin on the market causing the price to drop, also a article came out that google is going to ban crypto ads starting in june. Big drops like these are not abnormal for cryptocurrencies and there is a lot of rigging going on like this, because the bankers do not like the cryptocurrencies, one of the reasons to hold it. I would just hold your crypto's if I were you.
You are viewing a single comment's thread from:
I've heard that a lot in the last week or so (Mt Gox reason). But it doesn't make much sense to me, since there was no dump on the market at once, but the BTC was sold incrementally over three or four months. In fact, I think it overlaps with when the market skyrocketed. So I'm skeptical as to this being the reason for the current drop.
The trustee dumped 18000 btc one day and selling 400 million dollar in btc, bth in total at key points when the markets bottomed. That's definitely has effect on the price.
Yes, I plan on holding it... I see no point in selling now.. lol I would have lost money. I Don't have much of it, just enough to get a feel for it. I didn't know about those other two things. Even Google is against it... That's a bit excessive I think.
FYI: https://cointelegraph.com/news/effects-of-mt-gox-trustees-400-mln-sale-on-bitcoin-market