Reason for BTC price crash found!

[NeuroticFish]

"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."

OMG, sell all you have, sell, sell, sell fast! And buy this .. how is it called?
I foresee a strong competition between this Petro Thing and Putin's Crypto Ruble or whatever name it is. [/sarcasm]
These politicians really live in their own universe, far away from Earth realities...

[kiw_91]

There are also some speculations that the  U.S. Commodity Futures Trading Commission (CFTC) issued a subpoena towards Tether. The number of USDT tokens released to the market was 850 million thus taking a large protion of the crypto market. Crashing of USDT means no fiat backed tokens and a large portion of the market will be lost. My 2 cents.

[preshpr1nce]

There are also some speculations that the  U.S. Commodity Futures Trading Commission (CFTC) issued a subpoena towards Tether. The number of USDT tokens released to the market was 850 million thus taking a large protion of the crypto market. Crashing of USDT means no fiat backed tokens and a large portion of the market will be lost. My 2 cents.

Not sure if you understand how much money these exchanges make, a Japanese exchange just refunded 400 million dollars to those who lost out from the NEM hack, $400 million out of their own pocket.


Now Bitfinex, the ones responsible for this backing, are FAR FAR bigger than the Japanese exchange mentioned.
They will be just fine if audited.. they have the money to back the coins.

More FUD, no reason other than a well due correction.

Zhao Dong, a prominent Chinese early bitcoin adopter and shareholder in Bitfinex, recently posted on Weibo seeking to provide anecdotal evidence as to the integrity of Bitfinex and Tether’s financial reserves. The post claims that Zhao Dong and Lao Mao, the chief executive of Big.one, have witnessed first hand the balances of Bitfinex and Tether’s respective bank accounts during a meeting with Bitfinex’s chief financial officer, Giancarlo Devasini. The post alleges that the combined bank accounts of Tether and Bitfinex hold nearly $3 billion USD

[00DKM@]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

Your cause is part of the bitcoin price collapse. The reason is that the number of bitcoin investors in the Korean market dropped sharply. Korean market has the highest number of people investing in bitcoin in the world. dominate the bitcoin market. So far, the Korean government has issued a ban on foreigners trading bitcoin in their own country, and tight controls on bitcoin transactions in the country. This has reduced the number of people investing in bitcoins. thus affecting bitcoin prices. I think we should move on to other jobs.

[00DKM@]

There's a lot of speculation, a lot of opinion but no one knows the real reasons why bitcoin price fall down. Maybe it because of economic crisis of some countries, full out of investment of many large whale, banning of some business like trading and so on. Yet still no clear reasons why bitcoin crashing down. However in the other side of that whatever happened to bitcoin I still support this coin and I can't withdraw my investment. Because I believe that bitcoin is stayed strong in any problems they were come.

You are very brave, According to recent information, the bitcoin market will drop sharply. I think bitcoin will not be able to recover as high as at the end of 2017. Korea is a strong influence on bitcoin prices. The number of investors in bitcoin in Korea is high. When the Korean government made difficult decisions in the bitcoin deal. Investors have postponed the sale of bitcoin. I hope that your guesses are correct. Wish you success in bitcoin.

[jackflag]

There's a lot of speculation, a lot of opinion but no one knows the real reasons why bitcoin price fall down. Maybe it because of economic crisis of some countries, full out of investment of many large whale, banning of some business like trading and so on. Yet still no clear reasons why bitcoin crashing down. However in the other side of that whatever happened to bitcoin I still support this coin and I can't withdraw my investment. Because I believe that bitcoin is stayed strong in any problems they were come.

completely support you. In 2013, after hacking MTGOx bitcoin could survive. Now I think that fast drop is connected with the global financial crisis. For 3 days on the stock markets are negative indices, and cryptocurrency, as the instrument of trade suffers well too.  It is possible, we will leave the downtrend when large institutions will enter the market maybe in the spring or summer.

[bigcash2011]

Sounds more like a joke, i personally think that a big correction was due technically, just look at the longer timeframe charts if you are a trader and you will know what is happening, soon btc will bounce back after finding a solid support.

[jjdub7]

The reason for the total crash in past 24 hours is not Maduro/Petorcoin. It's Chinese government and their ban over trading in foreign exchanges for Chinese citizens.

I guess we will need to hold and wait to pass.

[sana54210]

There's a lot of speculation, a lot of opinion but no one knows the real reasons why bitcoin price fall down. Maybe it because of economic crisis of some countries, full out of investment of many large whale, banning of some business like trading and so on. Yet still no clear reasons why bitcoin crashing down. However in the other side of that whatever happened to bitcoin I still support this coin and I can't withdraw my investment. Because I believe that bitcoin is stayed strong in any problems they were come.

completely support you. In 2013, after hacking MTGOx bitcoin could survive. Now I think that fast drop is connected with the global financial crisis. For 3 days on the stock markets are negative indices, and cryptocurrency, as the instrument of trade suffers well too.  It is possible, we will leave the downtrend when large institutions will enter the market maybe in the spring or summer.

Your comment reminded me of the time when China struck Bitcoin and people started thinking that now they would be seeing the end of this digital currency.  Bitcoin is expected to touch $30,000 this year and I have a firm belief inits strength.

In addition to this, those who were dealing in Bitcoin would be still continuing their business keeping orders of government aside. It's amazing to see people thoughts during dip.

[novaprime]

There's a lot of speculation, a lot of opinion but no one knows the real reasons why bitcoin price fall down. Maybe it because of economic crisis of some countries, full out of investment of many large whale, banning of some business like trading and so on. Yet still no clear reasons why bitcoin crashing down. However in the other side of that whatever happened to bitcoin I still support this coin and I can't withdraw my investment. Because I believe that bitcoin is stayed strong in any problems they were come.

completely support you. In 2013, after hacking MTGOx bitcoin could survive. Now I think that fast drop is connected with the global financial crisis. For 3 days on the stock markets are negative indices, and cryptocurrency, as the instrument of trade suffers well too.  It is possible, we will leave the downtrend when large institutions will enter the market maybe in the spring or summer.

Your comment reminded me of the time when China struck Bitcoin and people started thinking that now they would be seeing the end of this digital currency.  Bitcoin is expected to touch $30,000 this year and I have a firm belief inits strength.

In addition to this, those who were dealing in Bitcoin would be still continuing their business keeping orders of government aside. It's amazing to see people thoughts during dip.

China is actually introducing measures to prevent bitcoin activity in their own country. It also affects the bitcoin and other atlcoins. China is a great power and there are lots of whales involved investing in the cryptocurrency market. So the price of bitcoin has dropped dramatically.
The bitcoin information going up to $ 30,000 by the end of 2018 is unreasonable and I totally do not believe it. We need to analyze more carefully before making the comments.

[preshpr1nce]

This will be Chinas undoing, happy to see it come too, a country which treats their people like slaves and manipulates their currency to remain low doesn't deserve to be a big part of the future currency.

Blockchain will one day be the backing of a one world currency, may not be bitcoin but none the less, it'll be blockchain

[Estrath]

Sure thing, i've already pull off all my savings and ready to spend it for pedro... or petro, how is it called again? Next what? Bitcoin will be crashed coz McDonalds/KFC will launch theirs? I think centralized ( if they actually will ever launch it)  and decentralized coins will lie in entirely opposite polarities.

[magle]

He might try to take credit, but honestly he has no power. Some random third world county cannot impact the price of all crypto.

[HitTheLow]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

OMG the FUD in these days, so cheap btc and again Christmas for everyone lol

[cryptogiirl]

Really Venezuela is the culprit behind this recent decline?  You have got to be kidding me on that one!  There are so many factors that come into play and quite honestly I don't think that Venezuela could hold so much influence to manipulate the market on this scale.  I guess there could be some decline, if that is actually true, attributing to the dip, but it would not be to this degree.

[pageraji]

hai guys, is there any bounty for petro??? can you contact maduro to join bitcointalk,,hehe its any member for venezuela, please contact maduro to join with us.

[agiskasep]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

are you sure that the main reason? i think chinesee government is main reason also he banned bitcoin if not fake news

[Gyro]

Well it sure seems like it was the SEC hearing that brought the price down. I guess Mericans thought that the SEC would ban BTC but instead they embraced it..

So no after the SEC hearing we see BTC going back up. Clearly the reason was fear that the SEC hearing would be anti bitcoin.

[mittooss]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

It seems like a joke, i don't think he can cause damage to BTC with his Petro, just meaningless. BTC will bounce back with better momentum by end of Feb or march first week.

[popolite11]

http://strategiccoin.com/maduro-takes-credit-bitcoin-offering/


"Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch
of Venezuela’s state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies."


Now that we know the cause, what should we do? Convert BTC to Petro?

Stop panicking. Every year I see a significant drop in prices before the new year and a little after the new year, but then the price stabilizes and growth begins again