What's happening to bitconnect?
'What is happening?' is the question on our minds now. We have seen the massive drop of Bitconnect from $140 to $ 81 in just a few hours. It's now down by 38%. Adding to our woe is the fact that the site bitconnect.co is temporarily down. Now, bitconnect.co is a site that has received a lot of flake from netizens. Accused of being a scam site that was giving away massive commissions that's not practically possible. Many did predict that it would shut down soon, taking with it all the cryptos.
Is bitconnect.co the reason for bitconnects massive dump? In 2014, with Mt. Gox claiming to be hacked, the site disappeared with $ 460 million. This caused a huge upheaval in the crypto world, causing bitcoin to spiral downwards. BTC recovered just this year after 2 years of slow recovery.
What are you going to do with your bitconnect? Sell it or hold?
It's working again but the question is not whether it will close down, the question is when will it close down?
I am afraid that when BitConnect goes down, a whole lot of other sites that are connected to it may go down as well.
And then Bitcoin will fall back all the way down to it's level of where it was 1 year ago.
Giving a good entry moment. Or to invest in those hyips that payout in bitcoins in stead of in usd.
I am not invested in BitConnect, but I discuss this event here: https://steemit.com/cryptocurrency/@thomasfarley/bitconnect-plummets-in-price-what-has-happened