This crash was inevitable.
This last month of bitcoin going mainstream has brought in billions of dollars…great for the price, horrible for the community.
There are so many new investors that have NO IDEA what they’re investing in. You see people on FaceBook now talking about Bitcoin and Ethereum stock and “Oh gotta mine bitcoin”. This was a recipe for disaster that could be seen from a mile away. Frankly, lots of those people are now flooding this sub, creating more panic.
Here is exactly what happened:
Bitcoin suffered a couple hiccups from scaling issues (High fees/slow transactions) and the whole bitcoin cash is the “new” bitcoin scare. (No don’t blame CoinBase/GDAX Market manipulation, their API’s were out a days before release, I got into BCH 9am the day before CoinBase release and yes, I sold back to bitcoin and no I did not have inside trading knowledge or a “mate” at CB).
Heres a pic for those who don’t know what I’m talking about: https://thecryptocurrencynews.info/everyone-read/
These two 10% drop days of BCH/BTC confusion were the beginning of panic from novice investors. Most “normal” people cannot handle a 20% loss in 3 days. With all these new “quick money grabbers” they were gone the second it fell 20%. Mainstream calling this the bubble popping is also the cherry on top. This created a domino collapse to 10.9k (At the time of writing).
What you have to look forward to:
The SECOND lightning network is announced price is going right back up to 20-25k.
Crypto is here to stay, but this is and will be a bad crash. It will recover, but it may take some time. It will only make crypto stronger as a whole. Relax and enjoy the show 🙂
