Why has bitcoin's price dropped like a stone along with all the alts?
Is there some new piece of news I have missed or is it just a normal price fluctuation?
Bitcoin is hitting a market wall @1k. Smart investors are dumping once it hits around 1k, which proves as a strong point of market resistance. Whether or not people want to admit it or not, a good majority of the people putting money into these coins are NOT in it for the long haul or particularly interested in the interesting prospects they will offer for the future betterment of mankind. They are simply pump and dump speculators wanting to make a quick buck within a 24 hour period.
Thus you will constantly see severe market fluctuation in this altcoin market that you won't see anywhere else. Majority of the coins share a parallel relationship with the price of bitcoin, as they are measured in value against the bitcoin. It's just like gold and silver. When either goes down, both go down. When one goes up, both go up.
Now the real question is...if 1k is the resistance point for btc, where does it go in the immediate future? Nobody knows.
