The instable nature of altcoins, and their various exchanges (Poloniex et al), was exposed recently when the price of Ethereum (ETH) fell from over $317 to touch a ‘spike-low’ of just $0.10, on the GDAX exchange.
This is due to a multi million USD sell off by a big investor , which raised fear and triggered a sell off effect, causing ETH to temporarily trade as low as $0.10.”
Top coin Bitcoin (BTC) remained immune to the trading problems at GDAX and traded just 1.25% lower at $2642.
Chart: Bitcoin Daily Timeframe (February 25 – June 22, 2017) Source Ref: https://www.ig.com/uk/charts
This is a serious limitations with crypto currencies because of the volatility nature and its (sometimes) dependency on movements in the market, news and huge investors decisions.
What do you think? is Steem immune to such effect? send in your comments, feel free to resteem, upvote and follow me.
Also read : Why Steemit will disrupt social media and make socializing profitable again : https://steemit.com/steem/@charles1/why-steemit-will-disrupt-social-media-and-make-socializing-profitable-again
Source Refrence:
Thanks for your support guys @mcekworo
Liked and followed
Thanks same here
same
Nice chart view - with the highlighted fib. retracement levels!
Bless you buddy and keep up the good work.
Thanks a lot, I appreciate your comment and support
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Thanks, fired up and ready to go
This is serious. The recent trend in plunge calls for concern! ... But i still believe Ethereum will go up again.
Thanks for sharing @charles1
Point
it corrected already however some lost money when they sold very low
...feel free to resteem
Has already...Keep steeming
WHUT? 0.10$?? WTF!
Why didn't I had a few BTC there on buy lol
Damn computers who even sell at a 99% loss.
@lennstar , hope you are well, keep steeming to more success
today will be a nice post about German bread ;)
Great, will love to read and send in my comment and support to you my friend. ..keep me informed.
https://steemit.com/food/@lennstar/german-bread-the-german-soul
Good post about German bread, like it and upvoted. More success
Super, checking it out now
would have made lots of money however as usual, top exchanges went down that time...to gain alone haha
The volatility may be a man made plot to make crypto seem unstable? We'll see...... Thank you for sharing!
I agree or even to cash in on the fall. These big traders can change the market in their favor
It will be interesting to see how this plays out.
Good point
Market has corrected after the investor repurchased..lol...made more millions
We'll see..........
Correct
👍😁
thank you for your input. I think we could see it continue the rising trend throughout next week.
Thanks for your comment ...again
no problem! hope you're enjoying the chainbb :)
Absolutely, hope it lasts forever
Absolutely...hope it lasts forever..hahah. Win win for all
Welcome buddy...you are fast, I like it. I think Etherium will do great
I try to stay on my toes ;) Now following you as well. I like your feed. Keep on Steemin'!
Good one, haha
welcome and we will certainly stay in touch
working great
Volatility concerns I understand. But I don't know why this specific situation would spark fears for crypto as a whole. A similar type of scenario would have happened if someone sold massive amounts of any stock at a super low price, like was done in this situation. Granted, someone would need to have the opportunity to buy super amounts of stock at a low price(if they didn't want to lose their tail), but it could happen.
Good point
really did Etherium drop to 10c - unbelievable
Yes, read the article and link there. This is crazy..but price is back . Thanks for your comment
yeah i checked and saw the price is still high
Crazy indeed.Lol
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Ya I saw the news on this incident. I honestly think its an inside job, but that's my own opinion. Man that guy is an instant GAZILLionaire lol.
Yes, he used his money to change the playing filed for some time and made millions... lets stay in touch and plan our strategy..Lol
Definitely! haha. I have a channel I created for all the poloniex nerds. A trollbox, its a discord one. https://discord.gg/eFUHX7 Come in and talk crypto or mining etc.
great will come in when I am free...very good idea
Nice post!
We are starting a new follow/follow campaign to help new Steemit users and good quality content writers to grow. Please support the campaign by following me @archerized.
I have already followed you.
https://steemit.com/campaign/@archerized/increase-your-steemit-followers-lets-start-a-follow-follow-campaign
Done, folowing and supported your posts...do the same bro..we have to grow fast and turn steemit to a rocket...and then power it up to the skies... Done
Thank you so much. Already followed you my friend. Will be supporting your next posts as well. :)
Great. A win win for all of us
Indeed!
I agree..
Point
I thought it was just $13 not $0.1 haha.
Hehe hence the volatility. A single very rich investor can sell all his Etha and brin the priice so low that the same guy and his group will buy very low ...other lose and they gain. Note that Coinbase and poloniex are always off that time..Lol....haha . They think that we are stupid isnt it?
nice analysis .. you have done it in a very lucid manner.
Followed, upvoted and resteemed.
pls follow me.
Same...success to you
I think with greater maturity of the markets in cryptocurrencies we will get greater stability. The problem right now is that these markets are still quite small - even bitcoin is quite tiny compared to the fiat market. The smaller the pool the less stable it tends to be.
Your point is very good @thecryptofiend , the market is still very young as Fiat and even stocks has been around for decades. As days goes by, blockchain technology becomes better and better which will be good for us (steemit) in the long run.
I trust steemit, pls see my former post on how steemit will rule social media segment and let me know your thoughts...thanks for your support buddy.
we will see if steem will be immune :)
I agree.. good point @lenatramper...I indicated why steemit will rule social media, pls see it in my former post.
Moreover, steemit is growing daily and there is steady appreciation of steem..a good sign for the future. However, diversification is the key to more success. Stay safe
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I've noticed you're very active on steemit. Nice comments.
Same here. You are doing great and more success to you
watch
watch what? see my new post