I am confused.
This new downtrend was due to the price rising too fast? And someone sold a shit ton of coins because why? Makes no sense. Why not just let the momentum buy through your ask wall.
The only reason I can think of, is that with these past few days being in such a huge spotlight, might as well crash the price down and discourage new buyers, giving me more time to accumulate coins.
I mean seriously! Am I just stating the obvious or am I way off track?
This new downtrend was due to the price rising too fast? And someone sold a shit ton of coins because why? Makes no sense. Why not just let the momentum buy through your ask wall.
The only reason I can think of, is that with these past few days being in such a huge spotlight, might as well crash the price down and discourage new buyers, giving me more time to accumulate coins.
I mean seriously! Am I just stating the obvious or am I way off track?
Just because the market cap hit ~9 Billion doesnt mean there is enough money to buy a certain amount of sell orders. An all time high isn't an average price and people want to take profits, when there is more sellers, or profiteers, than buyers then the price goes down. I dont know how much CNY is on the books but if someone wanted to sell 40,000 coins, worth approximately 16,000,000 usd, the slippage on a single sell would cause it to drop to half of that amount. If they slowly sold over the course of hours/days/weeks they still have a chance of scaring the market or dropping the price in a single sell to $300. There are 12 million coins, what if 10% of those holders wanted to cash out? They couldn't, not for a period of months anyway, there simple isn't enough money in the market (at the moment), in fact 320,000 coins would fill every order on every exchange down to a 1$, would make alot of people happy but would eliminate any liquidity for a while.
