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RE: Market Snapshot - Day Eighteen

in #steem7 years ago

I'm just hanging on and hoping things might settle down a little.

Yesterday was a "trifecta" really. BTC historically hits its annual low somewhere around January 12-18th. I'm not sure why, exactly, but it has happened since 2014, every year. Meanwhile-- all that excitement about the CBOE starting to trade BTC options, back in December? First set of contracts just came to maturity, and with the general downtrend, my guess is there was a lot of "short selling" to cover losses. Which exaggerated the downturn... BTC bounced HARD when it hit $9500, which might have been the "bailout point" for some institutional players.

Meanwhile the sharp downturn in BTC finally pushed BitConnect over the edge. I always thought it was a sketchy scheme, too dependent on BTC always going UP. With BTC instead DOWN 50% and legislators at the door, the bottom fell out. That dragged on the markets, too.

It's probably a good time to buy now, with a lot of stuff basically "on sale."

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Meanwhile the sharp downturn in BTC finally pushed BitConnect over the edge. I always thought it was a sketchy scheme, too dependent on BTC always going UP. With BTC instead DOWN 50% and legislators at the door, the bottom fell out. That dragged on the markets, too.

That's one of the best explanations of the BitConnect crash. Other than that, healthy and necessary correction.