Nobody knows why the price of cryptocurrency market is down, seriously, all they do here is guess work. If anybody knows why the price is down, then they will be able to tell what to do to make the price go up again and that will also be a way for them to make wealth. And by the way, lets just saying that the market is down, it is not down, it is at its correct price.
Last year it was said that the price of Bitcoin will be corrected and this is it. So everyone should keep cool and wait for when it will bubble again. Thats it, just have patience, and if you cant have patience, then youre on your own, nobody is forcing you.
Last year it was said that the price of Bitcoin will be corrected and this is it. So everyone should keep cool and wait for when it will bubble again. Thats it, just have patience, and if you cant have patience, then youre on your own, nobody is forcing you.
You're right. Nobody can know for sure what's happening within the crypto market (unlike stocks). Since they're heavily unregulated, anyone can manipulate their prices or do anything with them without the intervention of the government. But, once the government starts cracking down on exchanges, and cryptocurrencies, then you could expect for things to stabilize a little. There could be many reasons why the price has been falling, but I believe that there's only one reason that has greatly contributed to this mess in the market.
As I've read an article across the web lately, I've seen that Mt.Gox has been liquidating its Bitcoin holdings across exchanges. Due to the huge amount of Bitcoin it possesses, by selling them on the market, it will cause the price to decline massively like it has been doing right now. I saw the article on Bitcoin Magazine, and I was surprised that no one mentioned this before. Everybody has been focused on the whales, government regulations, and other sorts of stuff, but none have realized the possibility of Mt.Gox liquidation of funds having a negative effect over the whole crypto market.
Anyways, despite what's happening, it's important to be patient as I think that this is only temporary and will not last for long. Next year, things would be even better I suppose, but if it won't, then there's the next year after that, and so on.
