Bitcoin Forum

I`m not sure but a few guys on youtube say, that the crash is also caused by the shutdown of bitconnect. They had a huge marketcap, now they closed their lending-service.


https://coinmarketcap.com/currencies/bitconnect/

Well, their social meant, they are going under emergency mant due to an attack, saying that today (Jan 16th) will be offline

https://twitter.com/bitconnect

Unfortunately they closed their lending-service, today:

https://bitcointalk.org/index.php?topic=2769301.0

Yeap, bad news :(

Could be good news in the long run. Bitconnect was a Ponzi scheme. The less scams in crypto the better.

Bitconnect should be lost, it's a completely deception. That high price will eventually hurt investors who later enter the BCC. But I think there is a more convincing reason for the collapse, that is, at this stage, the valuation of all digital currencies is too high.

BCC is entirely a ponzi scheme. All ponzi scheme is doomed to fail but I don't think it is the main reason behind the Bitcoin price's drop.


There are still many other altcoins with similar ponzi scheme business model in the altcoin market out there. I wish they could be regulated but I doubt it is even possible. All this bad "sheeps" is ruining the image of cryptocurrency in the eyes of the general public.

I am sure Bitconnect had a little to do with it, but as with most things there are several factors. The Korean news of potential clampdowns are also a concern, and even the time of year has something to do with it.

For the past three years, during this time period in January, has typically been the low point in Bitcoin's price for those respective years, so it is also a seasonal low point.

I am sure things will be looking up in a month or two and will probably start cooking again when people get their tax refunds back and invest it in Bitcoin.

I don't mean this is the major cause because of course, it is generating a lot of volumes in the market. We have to find other possible reason for this down fall.

I don't think that the prohibition in individual countries will lead to the demise of bitcoin, which is the world's development, unless all countries in the world oppose it.

Agree.

I don't know much about bitconnect, some of my friends are talking, that bitconnect is potentially on ponzi schemes. so I ignore it, now the decline happens not only on bitconnect only. almost all crypto has decreased drastically enough.

Bitconnect is a ponzi, I don't think it has a major part in the way bitcoin is looking right now but will play a part, every coin is getting hit recently.

I agree  With You that Bitconnect is not the major cause of the price fall  the entire crypto market is bleeding from $800 billion plus down to $500 billion and, The market cap is so, down that Bitconnect alone can not cause that to happen.

Yes it was a chain-reaction. BCC, Korea, New Year, panic selling,...

Yes it just went below $10,000 but my post about it at
https://bitcointalk.org/index.php?topic=2771673.0

seems to be falling off the forum faster than Bitcoin price has fell today as if, well err..
as if old posts are being pumped to the top to protect gamblers from getting any bad
news.

Some members are clearly betting more than they can afford to loose and are becoming
abusive as if the numbers can lie

Or just the other players, strategy. Their huge funds are used or the news is up for small players or holders to panic and sell their stored funds. I think maybe yes or maybe not. We hope will be back to normal again in the coming days.

Nice video. But, there are also other causes of this crash. Another one is the upcoming Chinese new year which will result into massive withdrawal of bitcoins and it will be like a natural dump.

it is the result of Korean and Chinese government banning of bitcoin and exchange and mining activities.  Also adding the Chinese New year and the fear of many Asian bitcoin holders because Asian are more conservative in mind set sites they will sell most coins to prevent huge loss.

I agree.  One less scam is better!

Someday the bitconnect had to close. This is a pyramidal scheme for building a business without a product. What else can you expect from it. The collapse of the scheme was a matter of time.

There are many reasons involved in the current price fall but as you said the shutdown of bitconnect made a big impact on market cap calue and it is almost turned into half in just two days.But the main reason for the price fall is rumors so please stop spreading negative thoughts about bitcoins and other coins.Then we can see some growth in the price of crypto currencies.

thank you for this news .this could be the reason for this market crash.total market cap decreased to 20-30 % for this days BTC down to near $8500 from $14000 this is real panic situation .then we want to HODL our coins till market settle down .

Welcome to cryptos where everything are has being setup by the whales and the owner. We are small fish just can follow the river.That why i cash everytime it skyrocket and buy new coin to hodl.

There might be any reason aside form what is being presented in the OP but i think it is just very normal for this cryptoworld where market is bleeding and almost all cryptocurrency is plunging. All i hope is that it will slowly goes back to normal.