Vlog 191: Reasons for the crypto crash: Asian new year and Bitconnect shutdown + Where did the steemit powerdown (5.4 million STEEM) went to?
Apparently, for the last 3 years, January was the worst month for Bitcoin because of the Asian lunar new year. here.
I'm not 100% if that's enough data to call it a pattern but it's a reason non the less.
More likely it has to do with the shutdown of the platform Bitconnect.
They have given loans (BTC) back in BCC tokens based on a 15 days average of the closing price registered on coinmarketcap.com.
But considering the value of the token has dropped to $15 in a day while it was worth hundreds before this is clearly not a very good deal.
It does make one wonder what they will do with all the BTC they are sitting on.
I guess that is one of the reasons for panic and drop in BTC price.
And as always. As BTC goes down it drags the rest with it.
Steemit account power-down.
The Steemit account powered down 5.4 million STEEM. I did ask around for the reason and I was told not to worry.
So I did not. I trust the team.
3.5 million went to @misterdelegation to support different projects on the Blockchain. @misterdelegation now has a total of 10 million STEEM.
That's great!
Here you can see all the delegation.
1.8 million is still liquid in the steemit2 account.
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Exactly the same thoughts also visited me, my friend, when Bitcoin began a swift correction. You pointed to the anticipated reasons and I think that all of them are in a certain part correct, that is, each reason played a role in the correction, this is also the Asian New Year when traders record profits and the situation with the Bitconnect and I would add news and a ban on trading in China. Bitcoin certainly dragged all the coins down the energy and it touched the Steem, but I'm sure the end of January the situation will start to improve for the better! Thank you Mark and keep us informed of what's happening!
I LOVE THIS POST.
I never thought of the Bitconnect angle. Definitely a contributing factor I would agree. At least hopefully it seems to be stabilising today!
This is definitely a turning point to a fresh start.
Steem amazed me with its strength during this time.
It shows the community is getting stronger and better educated in crypto.
Keep on steemit.
This all happens in the mid of Jan. So no need to worry and bitconnect was always a ponzi scheme from the very starting, that is why I did not join it and now it is gone.
If bitconnect collapse has had this influence, and it really has, I am wondering what will happen if the TETHER collapsed for any reason , where the probability to happen is not so law ? What do you think ?
O M G. I am just learning about the Bitconnect shutdown through you! Just 2 weeks ago, one of my good friends was getting ready to invest 5k in BCC and thankfully we convinced him not to! Who would have known this was around the corner. Such a crazy market this is. Then again, some would say it was to be expected, lol.
That's alot of Steem moving around, but if you trust them, I trust them. Thanks as always for sharing brother.
Glad to know that Steemit account distributed delegation with it's power down... This will make the platform even more stronger, with different accounts having strong influence to the platform...
Sure it will, delegation of steem to some project it will really go in a big way in helping the platform
I also saw the power down yesterday, which I quickly make some research about it, but later find out is just to support some project.
Wow!!, it's really nice seeing you discussing about it on your vlog this morning. All those project will really help the platform in a big way.
Great Update on all that is going on with the STEEM Power Down. Thank you as always @exyle for calming down those that need to hear an Experienced Voice of Reason.......
Dude, every time I freak out, I come to your page and watch your videos... your reasoning always soothes me!
I never knew I was soothing :)
Well here's some news for you! hahaha