Cryptocurrency market was slaughtered last night!

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evo

Site Admin
Joined
Apr 2017
Wow. Last night was crazy! I watched it all unfold... the entire cryptocurrency market was slaughtered last night!

Some whales probably sold and crashed everyone's margin positions. And people are buying some huge orders right now across all coins. All the gains from the last month have been wiped away, but I believe this is an amazing opportunity to buy more for long term positions.
  • Bitcoin (BTC) was down to $1500
  • Ethereum (ETH) was down to $100
  • Ripple (XRP) was down to $0.12
When the price of Bitcoin increases sharply, there's a 50% chance that altcoins will see an increase too. But when the price of Bitcoin decreases sharply, there's a 100% chance that alcoins will see a decrease too. This shows the power of Bitcoin's network affect.
 

evo

Site Admin
Joined
Apr 2017
This is the current explanation that triggered last night's Bitcoin selloff, which took down the rest of the crypto market:
I'm surprised this concept is so difficult for you guys to understand. I buy Bitcoin with my friends, there are four friends and we each have 5000BTC each. We arrange that on 3 exchanges we will periodically open a 2000btc sell order each, each 2000btc sold will drop the price a set amount of USD, maybe 100USD at the top, for example within a single minute. Once the price travels the full way down the next friend will sell, then after the next crash down the third sells crashing the price further. This process triggers the stops on various peoples buy orders on all the exchanges, causing the price to continue down, then the newest weakest money sees the price crashing a few hundred in minutes and start selling to prevent further loss. As more people panic and sell the price drops further and faster causing more people to panic and sell, at the first retracement, when everyone's buying their 'cheap coins' the fourth friend initiates his sell order, of 2000btc and the price crashes through all the new stop losses of the recent buy orders. Then traders see the real top has formed and they all open their sell orders. More panic selling ensues. There have been multiple failed attempts at this on the way up to the peak, this one worked. The people responsible for starting the crash like this would have made millions each, then they buy back in at the bottom. So to the two clever guys that wrote "mathcheck" to my comment, now you understand.
 
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