Reason for BTC price crash found! - page 3.

preshpr1nce

member

Activity: 266

Merit: 60

Quote from: kiw_91 on February 05, 2018, 03:37:48 AM

There are also some speculations that the U.S. Commodity Futures Trading Commission (CFTC) issued a subpoena towards Tether. The number of USDT tokens released to the market was 850 million thus taking a large protion of the crypto market. Crashing of USDT means no fiat backed tokens and a large portion of the market will be lost. My 2 cents.

Not sure if you understand how much money these exchanges make, a Japanese exchange just refunded 400 million dollars to those who lost out from the NEM hack, $400 million out of their own pocket.

Now Bitfinex, the ones responsible for this backing, are FAR FAR bigger than the Japanese exchange mentioned.
They will be just fine if audited.. they have the money to back the coins.

More FUD, no reason other than a well due correction.

Quote

Zhao Dong, a prominent Chinese early bitcoin adopter and shareholder in Bitfinex, recently posted on Weibo seeking to provide anecdotal evidence as to the integrity of Bitfinex and Tether’s financial reserves. The post claims that Zhao Dong and Lao Mao, the chief executive of Big.one, have witnessed first hand the balances of Bitfinex and Tether’s respective bank accounts during a meeting with Bitfinex’s chief financial officer, Giancarlo Devasini. The post alleges that the combined bank accounts of Tether and Bitfinex hold nearly $3 billion USD

kiw_91

newbie

Activity: 291

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There are also some speculations that the U.S. Commodity Futures Trading Commission (CFTC) issued a subpoena towards Tether. The number of USDT tokens released to the market was 850 million thus taking a large protion of the crypto market. Crashing of USDT means no fiat backed tokens and a large portion of the market will be lost. My 2 cents.

NeuroticFish

legendary

Activity: 3668

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Looking for campaign manager? Contact icopress!

Quote from: Branko on February 01, 2018, 05:47:47 PM

"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."

OMG, sell all you have, sell, sell, sell fast! And buy this .. how is it called?
I foresee a strong competition between this Petro Thing and Putin's Crypto Ruble or whatever name it is. [/sarcasm]
These politicians really live in their own universe, far away from Earth realities...

Branko

sr. member

Activity: 2562

Merit: 321

Quote from: MidKnight on February 05, 2018, 02:29:58 AM

Quote from: Branko on February 01, 2018, 05:47:47 PM

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/

"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."

Now that we know the cause, what should we do? Convert BTC to Petro?

So if Venezuela has continued their petro cryptocurrency then btc will go bullish again? OP must be losing his mind in this major crash that he had to connect several reasons just to make him feel some kind of relief. Remember that Venezuela is a very poor country.

Some people take everything too seriously...unless you think I'm Maduro

rhamzter

sr. member

Activity: 420

Merit: 282

There's a lot of speculation, a lot of opinion but no one knows the real reasons why bitcoin price fall down. Maybe it because of economic crisis of some countries, full out of investment of many large whale, banning of some business like trading and so on. Yet still no clear reasons why bitcoin crashing down. However in the other side of that whatever happened to bitcoin I still support this coin and I can't withdraw my investment. Because I believe that bitcoin is stayed strong in any problems they were come.

Dujeff3300

newbie

Activity: 29

Merit: 0

I disagree with your observation, just because the President of Venezuela announce they will create they own version of cryptocurrency the whole market of crypto suddenly collapse. The downtrend of crypto are simply the results of market correction and also my other external factors like bad news coming from facebook, Korea, India, etc. But I'm very optimistic that it will normalized this coming March.

MidKnight

full member

Activity: 476

Merit: 101

Quote from: Branko on February 01, 2018, 05:47:47 PM

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/

"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."

Now that we know the cause, what should we do? Convert BTC to Petro?

So if Venezuela has continued their petro cryptocurrency then btc will go bullish again? OP must be losing his mind in this major crash that he had to connect several reasons just to make him feel some kind of relief. Remember that Venezuela is a very poor country.

Bambangs

member

Activity: 238

Merit: 11

I do not think that's the main problem about down bitcoin at the moment
as i know decentralised is better than centralised, and all government cryptocurrencies will always use centralised system to control everything
and i believe people will always choose the decentralised system,,
just keep calm

andrei56

sr. member

Activity: 840

Merit: 254

Quote from: Branko on February 01, 2018, 05:47:47 PM

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/

"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."

Now that we know the cause, what should we do? Convert BTC to Petro?

If this does not tell you how delusional this person is I do not know what will, from the beginning Chavez successor has been nothing but a joke but this is getting to levels I could never imagine, no one cares about Venezuela and what they are doing, everyone recognizes the government is going to eventually fail since it needed oil prices to be very high to maintain their level of spending, now he is desperate to keep things running but his currency is going to fail like everything he has created.

anhlandibo12

member

Activity: 151

Merit: 10

The stock photography revolution

It's just one out of reasons. There are a lot of reasons for Bitcoin price crased and I think the most important reason related to China new year and US government. China new year is coming really closely and look like almost the whales in this country stop working so the trading volume of the crypto market decrease really quickly. Beside few recents days cryptocurrency have had some trouble with the US government but It solved already

JeffBrad12

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Activity: 2898

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Leading Crypto Sports Betting & Casino Platform

Quote from: Siren on February 02, 2018, 11:22:08 PM

Quote from: JavaLove on February 01, 2018, 05:50:29 PM

Quote from: Branko on February 01, 2018, 05:47:47 PM

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/

"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."

Now that we know the cause, what should we do? Convert BTC to Petro?

So he's shorting the Bitcoin with his Petro. But I still don't believe in government crypto coins.

Any reliable source of this?

youre not helping guys,and even if venezuelan government make this possible,whats on us?is this a big loss for crypto community?we have more other issues that had faced like the one from china and the other is korea,though were experiencing the damage,but bitcoin still on its process to grow.so bother nothing as for this kind of news is nothing but purely bad propaganda

The problem is not about petro currency which already backed by oil. That's just another joke from Venezuela president. We are talking about the result of tether audit right now because a lot of people are using it to trade with crypto right now.
as long as china and korea still allow the cryptocurrency trade and it will be fine for us. They are both trying to implementing the new system to make taxation to the crypto exchange site.

RockBar0

member

Activity: 350

Merit: 10

There are many reasons for the fall in Bitcoin prices. There are many bad news coming at the same time bitcoin and cryptocurrency market. Many big investors took profits when there was a big win in 2017 when bitcoin price increases. Many investors from China and Asia sold to prepare for the Lunar New Year. Smaller investors are not good sellers have all the market down worse. These are some of the reasons why bitcoin and the cryptocurrency market have fallen sharply over time.

5ensei

full member

Activity: 728

Merit: 103

This is one of the funniest things I've read in crypto for a long time Cheesy

What makes this great is that he was actually serious about it. So it appears Venezuela has such a huge impact on the bitcoin world - bigger than South Korea, America, China, Russia etc.. they are the ones who crashed this market. Oh well, I guess we should sell all our worthless bitcoins and invest in petro instead. Is it on binance or bittrex yet Cheesy

Koontas

hero member

Activity: 784

Merit: 502

Quote from: Branko on February 01, 2018, 06:24:28 PM

I look at it as a joke, but you never know Grin

Haha. Yes, in crypto space everything is possible.

I think this "crash" was a long overdue correction of the parabolic rise of the last year.

Dodoymabs

full member

Activity: 602

Merit: 100

I don't totally agree with that reason because the big whales are the one who can manipulate the price behavior of btc imo. Maybe at some point it contribute the effect that what we are experiencing right now.

Farahtenan

member

Activity: 420

Merit: 10

the main cause, in my opinion, it is because many countries started making issues regarding bitcoin. This greatly affects all at the price of bitcoin and one of them could make a bitcoin plunge into current prices. chill out, and hold the coin you have.

ClayDouglas

jr. member

Activity: 104

Merit: 1

I don't know much about that country crypto, but the comment sounds incredibly naive. Like the comment that someone who's completely new to crypto would say due to their limited knowledge to put many different parts of it together.

blitz18

member

Activity: 248

Merit: 10

Quote from: saicoolguy on February 03, 2018, 12:00:56 AM

it might take another month to get established.alt coins did go drastically down.
it fell down 57%.

Bitcoin price has down at large amount maybe for the reason of it needs for correction. Bitcoin price is always in go up and down trend so I think it will recover maybe this month ends or upcoming months.

saicoolguy

newbie

Activity: 71

Merit: 0

it might take another month to get established.alt coins did go drastically down.
it fell down 57%.

Siren

sr. member

Activity: 826

Merit: 265

Quote from: JavaLove on February 01, 2018, 05:50:29 PM

Quote from: Branko on February 01, 2018, 05:47:47 PM

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/

"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."

Now that we know the cause, what should we do? Convert BTC to Petro?

So he's shorting the Bitcoin with his Petro. But I still don't believe in government crypto coins.

Any reliable source of this?

youre not helping guys,and even if venezuelan government make this possible,whats on us?is this a big loss for crypto community?we have more other issues that had faced like the one from china and the other is korea,though were experiencing the damage,but bitcoin still on its process to grow.so bother nothing as for this kind of news is nothing but purely bad propaganda

Topic: Reason for BTC price crash found! - page 3. (Read 956 times)