A second red crypto market in the last ten days!
The beginning of a major boom and we're being pulled back already. I've heard many cite different reasons why. Let me know if any of the following sound familiar:
1 - World is scared they will have to witness MacAfee suck his own D***
2 - People are starting to realize Crypto is a phase
3 - The bubble is finally popping
4 - The banks are taking over (F*** Ripple)
5 - Lamborghini stopped accepting crypto as a form of payment
6 - Bitcoin is getting ready to march again
Those aside, I'm interested in hearing any real theories people may have had?
I thought perhaps it could be that people were starting to realize a lot of shitcoins are, well.. just that, shit. But money is money. Mint is still doing alright (phew, my portfolio is still in 5 digits), and campus coin is doing pretty well.
Another theory I heard is that Coin Market Cap tumbled the market by removing Korea from the their calculations (money cannot be taken out of Korea ETC). I do not buy that, the volume coming out of the market was too great, even for coins that actually have market value (XRB, XVG etc). I dont think enough people could have panicked to that extreme, where they pull out money before even verifying it against another platform.
Yes, that was very badly executed by coin market cap, and it goes to show the very poor infrastructure that exists around the cryptomarket.
Anyways, rant over. I look forward to hearing theories others may have!