Bitcoin was rising greatly for last few days. It even touched $5000 mark and was standing strong around $4600-$4700 but then a news came from Chinese government that they're banning the ICO's in China calling it illegal and no viable means of raising money through crowd funding for something which don't even exist and has no guarantee to come into existence in near future too.
This announcement all of a sudden made a huge impact on the market and Bitcoin tanks by $400 and fell to $4100. All the alt coins turned into red and Market capitalisation fell by $12 Billion all of a sudden. This was huge amount which left the crypto currency market just after a minute of announcement.
But Bitcoin slowly recovered its value value within a day or two and got stable around $4300. Market capitalisation was also recovering pretty fine until yesterday when a person posted a tweet on his official Twitter account and all the Bitcoin market tanks with that tweet.
Let's Talk About Mr. Charlie Lee
Charlie Lee, the founder of Litecoin, tweeted last night on his Twitter account that 'Looks like China is finally banning local cryptocurrency exchanges. Just HODL what you have accumulated'. This post went viral within a matter of seconds and the market started to tank.
Bitcoin, which was stable at $4300, tanked to almost $3800 today just because of a single amatuer tweet.
Many people believed that this move by Charlie Lee was very immature and unprofessional. Without having any solid proof of this disastrous news, how could he say something like that?
There were no official announcement by the Chinese government regarding any ban on Crypto exchanges. But still Mr. Lee took things in his own hands and posted a self along with that controversial status on twitter.
That single tweet by Mr. Charlie had done a significant further damage to the crypto market. The total market capitalisation fell further by $16 Billion and current market capitalisation stands at mere $135 Billion, losing a great amount because that immature move by Litecoin's founder.
Many people believed and even discussing on many Bitcoin forums that this was a conspiracy by Chinese government to drop the price of Bitcoin and buy it cheap so that it can be profited hugely out of it and pay their outstanding debt. Well, if this conspiracy was true even for a second, then it proved very successful on tanking the market by a great percentage and a whopping $16 Billion amount.
Currently Bitcoin is trading $3870 at the time of writing this and market is still in very much pressure even after 24 hours has been passed after that tweet. Market is trying to recover but BEAR's grip has a strong hold on current market condition.
Conspiracy or not, Mr. Lee had done a wrong thing which he later regretted and deleted that tweet from his official Twitter account. But whats done is done and market is still suffering the outcomes of that move.
Let's just hope everything will be fine soon enough and market recover as well as flourish as it was a few days ago.
Thanks for reading..!!
Author : @cryptonet