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.
I am a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.
We build Steemify a notification app for your Steemit account for iOS.
Get it Here:
▶️ DTube
▶️ IPFS
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!
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I LOVE THIS POST.
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I never thought of the Bitconnect angle. Definitely a contributing factor I would agree. At least hopefully it seems to be stabilising today!
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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.
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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.
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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 ?
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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.
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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...
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Sure it will, delegation of steem to some project it will really go in a big way in helping the platform
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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.
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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.......
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Dude, every time I freak out, I come to your page and watch your videos... your reasoning always soothes me!
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I never knew I was soothing :)
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Well here's some news for you! hahaha
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Really interesting theory about the dip, @exyle. The Bitconnect angle makes sense, but so does the Chinese New Year angle. I'll go with that explanation. Thank you.
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great delegations have been given wow they will help the platform more and more :)
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hi mate -thanks for letting me know about the power down and best wishes as always - keep in contact -David
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..... I think that every revolution there is a pullback point , and crypto is the revolution and is still young . Look at how long it took for paper money to get in mainstream payments ? At that time people only payed in gold !
Going back into history brings some answers to the correction we are having at the moment ....
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Thanks for the info about the power down of the steemit account. Since you were told not to worry I believe the team knows what they are doing and that it will be in the interest of the platform.
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I have just voted for @blockbrothers
I like your perspective on the current crash. Thanks.
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Thanks for you vote!
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Have you seen this? Slightly worrying if true...
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There is so much FUD going around atm. Always happens when big events occur. Tough to navigate and figure out what is true and not. Let's see :)
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Excellent post and video and i agree with your points which you describe in your video regarding the current crash and i also thinks that such market behavior is part of the crypto space and we all need to stay proactive to deal with such cases and i think the wisest way to act now is buy on dips and then hodl and we surely see good results soon, thanks for sharing nice information with us, it's really helpful for me to understand the current market, Stay blessed
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Yesterday all markets seemed to suffer. Everybody is selling everything. This means global indecision. There will be a sudden change when big bank manipulation stops.
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Steemit supporting other projects on Steem is awesome, considering how Steem is evolving I think it is the most undervalued coin out there at the moment, when people do realize its potential it’s going to be huge.
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Thanks for the update. I didn't even think about the Chinese new year and potential impact to price. The Bitconnect scam was sad.
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That's great news to Steemians that 3.5M is to support different projects, this will help a lot of Steemians. There's nothing to fear! Thank you for sharing this @exyle!😊
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Have faith in the market, take occasional profits and hold!
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i agree with you
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I too think a bit of patience and cautious trading is all what is needed.
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Finnaly bitconnect comes to an and, I feel bad for those who lost money. Everyone tried to warn but all the warnings where comsidered fud!
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Interesting info! Let's see whether this year will repeat the history and break the historical record of crypto market price.
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What about the fact that Bittrex is no longer allowing new users (since mid-december apparently)... not capitalising on the excitement around crypto in early January to help Steem take off? It's apparently one of the few, if only platforms to buy/sell Steem and yet no new user has been able to get on for more than a month...
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Very good point! Thoughts, @exyle??
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Bitconnect is ponzi anyway. No reason to panic. I am going to play this like you, waiting for markets to drop even more and than start buying, otherwise holding.
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It's scary to see cryptos drop so much especially steem, but I believe in the steem blockchain, it's awesome and everyone that I've introduced to it finds it awesome as well.
As long as the platform continues to grow in manner it currently is, the value of steem and SBD will go up again.
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Nice
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great information....
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I see a lot of people in the comment section write that you calm them down, it is so nice to have such high quality influencers on this platform and puts me in high spirits despite the price action :)
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Just awesome 👍👍👍 @exyle
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Many combined reasons that will soon fade away and then up and away! Here is what's trending up already https://steemit.com/cryptocurrency/@coolkidapproved/today-s-top-trending-cryptocurrency-coins-for-january-17-2018
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Finally something to be happy about.... Gracias mucho @exyle 😊
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I feel sorry for them who had invested a lot in Bitconnect, but many tried to warn them.
Okay that sounds alright. You have the first post I have read that has an answer to what they do with the powerdown.
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I hope that the bicoin will grow
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This was the reason why Texas state court ordered a cease and detest order saying, the value of bitconnect token comes from its lending platform and if the lending platform goes down or gets hacked there won't be any value of bitconnect tokens at all.
I agree we did see a DDOS attack on bitconnect site but they could have taken a better action rather than stoping their lending services.
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do not be afraid I'm sure BTC will rise again will instead exceed from the previous stay patient and spirit
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Dear
sir @exyle
you are very intellegent. Your work is very prousperous.. i just resteem your post. I'm new at steemit. So those who are working on steemit need their help. You are doing the job and are successful and so I want to help you if you have a little help. And I can not forget your help forever. So all of you ask me to help me a little. Your steemit life will be successful
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Those are rough times for us but as you said... It's January and as long as you do not sell your crypto, you do not lose anything. Just try to hodl and do not check prices every two minutes...
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Its so informative and value able dear keep it up thanks for shaeing
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Looks interesting and true analysis ! Many thanks for your effort to make us updated ! You are doing great @exyle !! Deserve upvotes !
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Sungguh berentakan, saya masih ragu berinvestasi
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recently steemit account also powered down but good to see they are not liquefying it but using in a better way for the growth of steemit this builds a lot of trust
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Steem will be back in action again.We will wait until then
-cheers-
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I like you post.
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The bitcoin just in the last few days is really amazing. There must be something wrong
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It was to be expected that this would happen, but in order for it to resurface with more force, the problem that all this is new, everyone wants to rise in the big wave... without knowing how to swim first.
And as you say, it's Chinese New Year, so we need to give it a time frame! 👍🏽
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The power down was 5.5 Million I read some place and it's effect should be spread over 13 weeks unless they have the power to do it all at once. I personally expect some more volatility in both directions before the year is up. What needs to happen is that the speculation and lending against possible future value tapers off to sustainable levels. This is not likely to happen so I think a long term strategy, combined with readiness to sell part of your holdings on the drop of a hat, is still the best way to deal with whatever is to come. Greetings!
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excellently your life story
mea Allah give you a good life
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morning. thank you for another informational video. It is great to learn more each time I watch one of your videos.
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Oh...! So that's where the Steem power down went! I have to admit, I was quite worried when I heard about it... wondered if our wonderful Steemit team was cashing out and preparing to abandon ship!
Thanks for the reassurance, Mr @exyle!
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I read about this yesterday. I didn't know it had so much power to affect the market. Now I know.
Thanks for sharing this informative and expository information.
Happy Steeming
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Nice to see that all this steem was used for great purposes! Those delegations will definitely help those projects.
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@exyle,
For me BCC is at the cautious level from day one! But today BTC crazy happens due to a huge FUD happens in last few days. Anyway market will catch up soon. having faith on STEEM, BTS than BTC :D
Nice update!
Cheers~
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@exyle, don't you think the delegation seems suspicious? But the shutdown of bitconnect had really left a lot of people scared and dillusioned
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can you explain?
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I mean the delegation of million steem that happened earlier today?
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oh i was abit sad, now its ok. hope everything will be find.
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well bitconnect made some rich people poor today feeling really sad for them the price fell like a rocket towards earth
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Upvote
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I am very interested in the results of posting @exyle
but I have to learn a lot about all this. send regards for success.
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Great post buddy, Cuz a lot of information:)
Thanks for sharing with us
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great and insightfull post
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your looking so nice
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You are a perfect person
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Nice bro @exyle
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This article is ONLY based on the Crypto market and news. It's missing a massive piece on historical trading markets during January. This is not a good month historically for trading, people are out of money and sell to recover from a hard Christmas and LONG time between paydays.
Although the information in this article is correct and interesting, I feel it would be right to inform people on trading in general as well.
People selling to recover financially can also cause panic selling for novice investors that are attempting to ride the Crypto bubble. If you are holding Crypto's, my advice would be to hodl (hold), it "should" recover.
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from the past 3 years January plays a role of disaster for bitcoin.
but we can hope for good and it will go high in the next couple of month.
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A sigh of relief after watching this video. I was invested in Bitconnect and ripple when both were high. So I was kind of sad. But as you said there is still a lot of scope for recovery as this price drop happens every Asian new year. So keeping my fingers crossed.
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Thanks for this info. I'm still new here so I don't know why this is happening now. And thats really great that steemit community is helping this platform and did something to continue and work smoothly here. We should not worry then :)
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BTC is merely reacting to some upsets in the market. Pretty soon, the corrections will come and BTC will bounce back. The best thing for an investor to do is buy the dip and go into hibernation until favourable conditions return.
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The fall in price of other cryptocurrencies makes it a great time to invest...fingers crossed...prices go back up.
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Thanks sir sharing informative and valuable post I always see your post..Esteem and upvote done.
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thanks for the info sir..this is a very desperate time..hope things will go back to normal soon :)
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i love what u do on steemit,i will keep following you@originalworks
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wow.
very nice your pic
i like your post..
@numannn
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i don't want to fear but this might be the very harsh correction of all times going down like hell can take many months to go up
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Thats a Realy huge number if you think about it.
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I hope the crypto money will rise again soon.
This was bad :(
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I really feel bad for people who invested in Bitconnect tokens later. Hope they didn't lose too much of their funds.
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I like your post.
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its up and down goes!
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Hello sar you have a good day and very nice your post 👏👍
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I'm fairly new to crypto, having started in 2017, and all I've heard since I got started were warnings about Bitconnect. This was inevitable, and longer-term it's good to get rid of these shady players. It might also hasten regulation in these markets, as governments tend to want to "protect their citizens".
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This BitConnect shutdown is going to have much longer effects on the crypto market. Hopefully it will also cause some Youtubers to lose credibility and their business. Fascinating to observe.
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Alibaba shopping site uses virtual money. Then the virtual money will rise rapidly.
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Thanks for sharing your opinion with us. We trust you also! Keep calm and get some Steem :) all the best!
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Thank you for sharing your good post with a wast knowledge.
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Good content and quite an interesting read. Thanks a lot.
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Asian lunar new year is the perfect reason and along with china spreading fud as always no worries it will be back up
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Thanks for the information.
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We have to be patient, it will go back up... Because I've seen at least four times the same pattern in a last year... After all this great fall ...there come a big rise.
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Are we going to be okay? I'm scared, Mark.
When I'm scared I want to eat, I'll go check your cooking post :((
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bitcoin just hate this month i guess haha but no worries investors will get on board soon and we will fly again
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thats right most of us trust steemit inc but they should be more forth coming with informations regarding their power down so as to avoid panic
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Excellent post, bitconnect, china ban, fud, asian lunar year and more reasons for bitcoin temp crash,
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Lot is happening today in the world of cryptocurrency bitconnect shutting down bitcoin going down but cool update is about the delegation its going to be awesome :)
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Lot's of reason for this crash and people who joined just for quick profit are not feeling the rush to get out of it damm this crypto market is insane
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thanks for the help of his friend information yes. I like people like you guys .. if you have time to visit my blog yes ya friend
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i guess this is the right reason for the crash may be but who knows anyways i don't look at market today otherwise might be a heart attack moment hahah
thanks for updating will all of the updates :)
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The impact of environmental and cultural drivers in economics, is a factor which behooves all Crypto Investors to consider in the current volatility.
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