It's scary because it coincided with the massive transaction backlog, but the fact that even alts are down means it's probably normal market movement. Honestly though, if Bitcoin dies here, so does everything else. Altcoins can't handle much more transactions and suffer the same scaling issues.
While we're on the topic of the massive amount of transactions, it also coincided with a Bitcoin Cash pump and a Bitcoin Cash player making a move. It was Roger Ver moving his Bitcoins then, it's Oldenburg dumping now. This could be another coordinated attack. If it is, then things should blow over after a few weeks.
While we're on the topic of the massive amount of transactions, it also coincided with a Bitcoin Cash pump and a Bitcoin Cash player making a move. It was Roger Ver moving his Bitcoins then, it's Oldenburg dumping now. This could be another coordinated attack. If it is, then things should blow over after a few weeks.
That's what I have in mind too, almost every altcoin is valued against bitcoin and to USD, several times it's shown that when bitcoin climbs up and stays stable for a few days, alts would start catching up, but it would only take a day or 2 at most to see a sea of red with people panic sells everything.
For the cryptocurrency space, they can certainly grow in much peace as a whole ideally, but greed is the cause that people such as the Bitcoin LuCi Fer (Roger Ver?) and his minions constantly launching attack against BTC and spreading FUD every other day along with companies (who are unfortunately all about making money instead of pursuing harmony and cooperative development/growth of the entire crypto world as whole). These people won't stop because they take advantage of general public (new comers) fears and they'll do it over and over again since they have the resources to fabricate and manipulate the market and the FUD they spread and people will keep falling for it, thus needless to over-react, when you are at the bottom, there's only one way to go right?
