What's behind the latest Bitcoin meltdown? The perfect correction storm.

in #news8 years ago

A list of recent factors that may have contributed to the latest cryptocurrency price plunge (not in any particular order):

  1. Synchronicity with U.S. tech stocks (FANG, or rather FAANG) selloff.
    https://www.reuters.com/article/us-usa-stocks-idUSKBN1961D7

  2. Scaling debate. Ante upping, dustup between BitMain's SegWit2x UAHF and BIP 148 UASF advocates.
    http://www.coindesk.com/game-of-bluffs-with-bitmain-plan-bitcoin-scaling-becomes-digital-missile-crisis/

  3. Latest salvo of the establishment's war on cryptocurrency.
    A) U.S. Congress "Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” SEC. 13.
    https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

    B) Head of Bundesbank suggesting that digital currencies could potentially make financial crises more devastating.
    http://www.businessinsider.com/jens-weidmann-warns-on-risks-of-bitcoin-2017-6

  4. Bot wars. Bots doing what they do best. Sell high, buy low.

  5. Bitfinex issues with DDOS IOTA wallets.
    https://cointelegraph.com/news/bitfinex-undergoing-ddos-attack-iota-wallets-temporarily-unavailable

  6. Typical retreat after a record run.

  7. Reaction to the possibility of the 'flippening'.

  8. The evolving legal saga between former customers of now-defunct Cryptsy and Coinbase.

BitcoinPlunge.png

Sort:  

Congratulations @bigmo! You have received a personal award!

Happy Birthday - 1 Year on Steemit Happy Birthday - 1 Year on Steemit
Click on the badge to view your own Board of Honor on SteemitBoard.

For more information about this award, click here

By upvoting this notification, you can help all Steemit users. Learn how here!

Congratulations @bigmo! You have received a personal award!

2 Years on Steemit
Click on the badge to view your Board of Honor.

Do not miss the last post from @steemitboard:

Introducing SteemitBoard Ranking

Support SteemitBoard's project! Vote for its witness and get one more award!

Congratulations @bigmo! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 3 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Vote for @Steemitboard as a witness to get one more award and increased upvotes!