Viewing a response to: @jrcornel/what-caused-the-drop-in-bitcoin-hint-it-might-not-be-what-you-think
Great analysis @jrcornel.... In regards of Youbit hack, some people said that hackers cashing out the the money thus driving the market down. Bitcoin vs bitcoin cash drama is just began, we might see a lot of people dump bitcoin and convert it to BCH (nowdays there are massive campaigns to replace bitcoin with BCH) and this could also drive the market down. Profit taking, pump and dump, and also the opening of bitcoin futures at CME & CBOE give new opportunities for hedge funds to play it. A lot of whale investors with billions dollars of money come to this sector. All of these have contribution to the market and give domino effects & panic selling. I guess we will see a lot of volatilities like this in 2018..... so take a deep breath & continue to be rational.
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Indeed great analysis...
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That could certainly have been part of it, the hack and selling of the ill gotten gains. Although a lot more money was coming onto the markets than just the amount stolen from Youbit, which makes me think it was a combination of things, with a lot of manipulation. :)
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