Blood Bath Week has arrived! Soooooo many red bars this week with crypto coins. What has caused this huge correction? (I learned to call it a correction rather than a crash from , (my crypto yoda), it sounds much less volatile and is more accurate I believe in this situation)
A number of things has caused the latest bleed out in the crypro markets.
It started with the price hike of BTC seeing ATH's (all time high's), which was followed by massive Whale sells causing the market to be flooded with extra BTC and as a result bringing the price down in value.
Panic selling then followed (probably by noobs like me, not understanding that it was more than likely just a few whales selling off some of their BTC to cash in on profits). Once the price started to fall, many followed suit and sold at the wrong time. Oops!
Next, China decided to ban ICO's (Initial Coin Offerings, basically a new coin sold at a cheap price) which also had people thinking that they were going to ban cryptocurrency soon. (They have previously banned BTC then re-allowed it so it is possible). Again, the news caused mass hysteria and people sold their crypto so that they weren't stuck with something that they couldn't use. Although I am sure they would just use VPN's but thats a whole different blog...
The final nail in the coffin was a Chinese trading exchange has announced that they will cease trading on the 30th September 2017. More panic! Why would they do this? What do they know that we don't? These are all questions that I am sure will have influenced further panic sells.
So for now, mass hysteria seems to have taken hold of the crypto markets, but I have faith that they will once again be calm, however we may see some alarming lows in the course of the month.
The good news for us noobs is that now is our chance to buy some great coins at seriously low prices! Take advantage of the situation and try not to panic!
And if you are still feeling a little panicky, heres a picture of 2 of my baby bullies to help calm you down 😍😍 Thank you for reading! :) xx
If you feel my post is undervalued or you would like to donate towards my crypto journey, here are my wallets adresses, all donations most gratefully received! :D
DASH - XpM8BKDhEdDKkgi4BuUmp8AmXKfJw4gL75
ETH - 0x6A4D6911feB50E197a10d3f14b745188063972D4
Litecoin - LXCX9NBAosQ5U6HkZhmcpPkwhpxwcpwFh3
BTC - 1McmDAEeouGJmSuqQM6f6fmcxNKGQM73wT