Crypto Markets drop on a weekend!! Why?

in bitcoin •  8 years ago 

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Hey Steemians
Iv'e only been involved in crypto around 6 weeks but the last few weekends from friday till sunday most of the top 100 coins drop in price and only start regaining from the beginning of the week. Is this due to People cashing out to get beer money for the weekend or does it come down to whales or what? Any thoughts on why this happens would be greatly appreciated.

Thanks
Adam

bitcoin crypto cryptocurrency ethereum altcoins
8 years ago by

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      ·  8 years ago (edited)

    I am not an expert, so take my views with a grain of salt.

    I think there are several reasons for it... Well, maybe none of these reasons seem that bad/troublesome but when all of them are put together in a span of one week... traders get scared.

    1. Ethereum flash crash
    2. Ethereum's scaling issues that were so clearly visible during ICOs
    3. ICO schemes controlling a lot of Ether
    4. Bitcoin's potential upcoming fork (again, potential)

    There are just way too many reasons for uninformed traders to quit the market, but these are just my thoughts on it.

    But the way I see it... Bears make money, Bulls make money, Pigs get slaughtered. I had bought 70% of my portfolio before the crash but I am looking I am buying the remaining 30% now lol. I wish I could have bought 100% of portfolio right now! xD

    But there is blood on the street and there may just be a lot of blood for a while... HODLLLLLLL and believe in the tech! I am sure cryptocurrencies someday will be as common as credit cards and every penny you're investing will pay back! :)

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        ·  8 years ago 

      Thanks for the reply, any information is good im learning a lot from comments like this. I intend to hodl for the long term with most of the coins i have. I also think that the tech behind some coins is life changing for many people especially the unbanked!

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          ·  8 years ago 

        Hi, Nice content, I am new in steem as well, I am always promised to the community to bring good content always, here is some electricity saving tips, it may be useful to you or other miners.

        https://steemit.com/crypto/@cryptopizza/how-to-save-electricity-costs-on-mining-cryptocurrency

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