I'm not sure how much it took exactly , 24-48 hours but how this happened... I was really optimistic about the whole thing and I was kinda sure that It's going to rise as hell , now I woke up (once again, things happens when I'm sleeping) , I checked preev and I found this huge price decrease ... So what's the matter ? Pure manipulation by the Chinese?
First get this silly notion that all chinese people act as one
most mining farms MOVED to china so most transactions would obviously be located in China
China as a country has no influence
and saying manipulation by chinese, is a very naive comment, like they all get together and plan sht
There is always a chance of miners manipulating prices,
but all we are seeing at present is profit taking by big whales
dont expect price of BTC to be one way only,
of course many price rises are the speculative trading
and many (big whale) traders will take profit along the way,
when they do this causes a price drop, which usually then many other traders follow suit,
closing trades to take profit
and then buy back in once price has stopped falling
If price falls by so much, its a clear sign it was previously overpriced due to speculation
in trading the drop is then called a correction
which means BTC is now at a more realistic price at present
which is still higher than it was months ago
and still lower than it will be in a few months time
with the halving coming up (dont expect magic on one day)
we will see quite a few bubbles and corrections over the next 6 months
I will hold for now and wait for a price rise.
