Why Crytpo market has gone red suddenly?
When I woke up this morning, I noticed that the prices of crytpcurrencies have gone way down, as you can see from the picture below, and at the moment, they continue to go down.
The only currency who is showing green here is DigixDAO, which is understandable as it is backed by gold, and we know that whenever something bad happens to the cryptocurrencies, people turn to gold.
At first, I thought that there should a dangerous FUD that is causing such a large dip, but, I wasn't able to find any such FUD. However, there was this Tweet that said that Mt. Gox cold wallet has moved 8200 BTCs in just two transactions. The whole tweet is shown below. Could this be the reason for this massive dip?
Mt. Gox Cold Wallet Moves 8,200 $BTC in two transactions. That probably riggered a big dip. News came a little late but at least you know what's going on.#cryptocurrency #mtgox #bitcoin pic.twitter.com/maSLr1sHvz
— MYF (@MYFCom) 11 May 2018
Previously, like most people I used to just hodl my coins, but now I have made a habit of selling some when the prices go higher. In this way, I can buy back some on the dip, and thus increase the number of my coins. I still hodl most of my coins though. Hopefully, the prices are gonna bounce back soon.
The cryptocurrency market cap is still very low. Some billionaires, private investors or companies will come and give these markets a big push and all crypto users would wonder how could a coin would go up-move without any positive news or anything like that @hmushtaq
Hopefully yes :)
Some people manipulate the market to make more money!
Yes I have also been noticing this trend.
Yeah! Hopefully, the prices would bounce back soon.
I hope it will come back very soon. Thanks for your post.
This kind of volatility makes trading cryptos extremely challenging. From a longer term perspective, the right cryptos will bounce back and perform well as the fiat system continues to decade.