In a previous post I outlined some potential reasons why cryptos were sliding, although there's another likely suspect.
Before I outline that view, the ones I mentioned before are:
- uncertainty surrounding SegWit?
- traders are prepositioning for upcoming ICOs??
- a natural re-calibration process?
Some of the above might be right, or none might. Regardless, it's still speculation at the end of the day.
This of course applies to the following. Given that the market cap of all cryptos is just a drop in the bucket of fiat, it wouldn't be surprising if big money bought in at some point. Actually, it's no doubt a certainty.
That gives them room to play when it comes to manipulating the price if they make big moves. Now of course they must know that cryptos are going to keep going up, at least in the medium term and potentially into the long too. There's just too much fiat freaking out because it doesn't know where to go when the bubbles begin to pop, and that's only going to increase the more that faith gets lost in central planning.
So big money is positioned, for better or worse. They of course would have a concerted effort to draw money into areas more suited to their interests, as well as the effort to increase their share. This is what might be happening here.
Ultimately, crytpos will most likely continue to rise. Let's hope Steem rises too, just like we've known it to do for like, fucking ever ;)