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:
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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!
I LOVE THIS POST.
I never thought of the Bitconnect angle. Definitely a contributing factor I would agree. At least hopefully it seems to be stabilising today!
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.
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.
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 ?
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.
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...
Sure it will, delegation of steem to some project it will really go in a big way in helping the platform
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.
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.......
Dude, every time I freak out, I come to your page and watch your videos... your reasoning always soothes me!
I never knew I was soothing :)
Well here's some news for you! hahaha
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.
great delegations have been given wow they will help the platform more and more :)
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.
hi mate -thanks for letting me know about the power down and best wishes as always - keep in contact -David
I have just voted for @blockbrothers
I like your perspective on the current crash. Thanks.
Thanks for you vote!
..... 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 ....
Have you seen this? Slightly worrying if true...
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 :)
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.
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.
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
Thanks for the update. I didn't even think about the Chinese new year and potential impact to price. The Bitconnect scam was sad.
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!😊
Have faith in the market, take occasional profits and hold!
i agree with you
I too think a bit of patience and cautious trading is all what is needed.
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!
Interesting info! Let's see whether this year will repeat the history and break the historical record of crypto market price.
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...
Very good point! Thoughts, @exyle??
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.
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.
Nice
great information....
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 :)
Just awesome 👍👍👍 @exyle
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
Finally something to be happy about.... Gracias mucho @exyle 😊
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.
I hope that the bicoin will grow
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.
do not be afraid I'm sure BTC will rise again will instead exceed from the previous stay patient and spirit
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
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...
Its so informative and value able dear keep it up thanks for shaeing
Looks interesting and true analysis ! Many thanks for your effort to make us updated ! You are doing great @exyle !! Deserve upvotes !
Thanks sir sharing informative and valuable post I always see your post..Esteem and upvote done.
oh i was abit sad, now its ok. hope everything will be find.
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
I like you post.
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
Nice to see that all this steem was used for great purposes! Those delegations will definitely help those projects.
I am very interested in the results of posting @exyle
but I have to learn a lot about all this. send regards for success.