So, as many of you are painfully aware, bitcoin crashed around 30% over a couple of days, reportedly due to regulatory pressures in Asia, and a potential ban in China due to energy wastage and tax evasion risks etc. Reports suggest that China contributes as much as 70% of the worldwide hashing power, and yet we only saw a 30% drop.
Source:
Report: PBoC Quashes Bitcoin Mining Ban Rumor in ChinaFurthermore, we saw 30%+ drops in other cryptos, even unminable, non-decentralized ones. So, conspiracy theorists, why do you think bitcoin
really suffers these sporadic crashes, could it be large-scale market manipulation? Or is it simply FUD leading to a wide-spread panic selling?
I think Bitcoin crashing is due to multiple factors like traders grabbing their profit by selling (market correction) or when an event is upcoming like xmas or something like that.
Furthermore,media spreading fud about cryptocurrency also influence people to panic sell.
I guess that altcoins falls when bitcoin falls and that's because panic sellers trade their altcoins to bitcoin first,then convert it to fiat currency.