So why is Bitcoin and the coin market cap crashing and burning in flames?
My apologies for being unable to cut out the pictures properly.
There are 3 reasons why Bitcoin is crashing.
1, Bitcoin is a bullshit currency it is not backed up by any central bank (like that means anything) only by people. Therefore it is a bullshit currency.
This is what people who do not understand what blockchain is behind Bitcoin's price drop. This is obviously not the reason for the crash.
Okay number 2 watch this video :
https://www.cnbc.com/video/2017/08/31/short-seller-andrew-left-targets-grayscales-bitcoin-trust.html![]
The video is pretty much-saying Bitcoin needs a correction because the price went up too fast. This could be true, however, the extent of the price drop seems to be too big for just a correction.
So based on previous corrections, a 3-day red can be seen and a 20% decrease of the total market cap. Usually, the market cap starts to recover in 3 days. Anything more than a 20% decrease or more than a 3-day recovery means that there is panic on the market for some reason.
The 3rd reason and probably the reason for the crash is Bithumb (S.Korea)and OKCoin.cn. (China)
Yes if only we could shut down these two exchanges then everything would be good. Oh, but the reason for the growth seen in August was because of the Koreans and the Chinese so they are the crypto lovers friends.
So why are they withdrawing money?
Please look at the pictures below from https://coinmarketcap.com and decide if the market crash is because of the Koreans and Chinese.
As you can see the Chinese and Koreans are converting their cryptocurrency into old money while other investors are exchanging Tether for their cryptos.
So the reason for the market crash is the following.
So, in conclusion, the Chinese Koreans are withdrawing money due to fear of nuclear war. While the smart crypto investors are converting their capital on Bitrex into Tether.
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Here is a picture from my next post enjoy