"The January drop is a recurring theme in cryptocurrencies as people celebrating the Chinese New Year, aka Lunar New Year, exchange their crypto for fiat currency," said Alexander Wallin, chief executive officer of trading social network SprinkleBit in New York. "The timing is about four to six weeks before the lunar year, when most people make their travel arrangements and start buying presents." https://www.bloomberg.com/news/articles/2018-01-17/bitcoin-watchers-running-out-of-explanations-blame-slump-on-moon
If he knew for sure, he'd be a crypto billionaire by now
I love the term “fiat currency”. Nothing says pretentious like calling the currency 99% of people use as “fiat”.
Because that's what it is. Otherwise hundred dollar bills would be worth what it's printed on.
Value is assigned by who/what use something. How much is a coin that doesn’t physically exist worth? Surely nothing right? Or is it worth something because people assign value to it? Because there are virtually unlimited things that are ultra rare that have no redeemable value assigned to them.
This is hilarious
Fuck this shit
This was all over discord days ago. I don’t think so. More trading volume in the US. The selloff started in Asia, accelerated like crazy in the US, and doubled down again in Asia. Whatever started it was massive changes in volume. Probably whales (or governments), and everyone else started panicking. I don’t think the lunar new year was enough for it. But who knows.
Garbage analysis.