The past 24 hours have been brutal for any Bitcoin holders. Price has dropped from $430 all the way down to the current price during the writing of this publication which is $365. The obvious reason for today’s and yesterday’s dumps is Mike Hearn’s announcement that he is leaving Bitcoin for better things. In a recent medium post, Mr. Hearn single handedly proclaimed bitcoin a failure and blamed the community.
Why has Bitcoin failed? It has failed because the community failed.
This has caused a chain reaction of panic dumping as the news spread, leading to a bloody Friday. I would like to note one interesting fact about the recent dumps. There is a video on reddit showing proof that R3 knew about Mike Hearn’s upcoming departure:
Read More:
http://themerkle.com/coins/bitcoin-technical-analysis-for-1152016-its-a-bloodbath/
