Welcome to those of you who are newer to the scene, never a dull moment in the world of Bitcoin and the land of cryptocurrency-asset-based blockchains. By now you have probably heard today, June 10 – BTC decided to take us on its roller coaster ride and we are currently sitting in the cradle of its 2 month low.
In the first image here you can see at 9:56AM the price had been steady at its $7,220-40 range but just a little over an hour later a massive decline dropped in the marketplace to $294 Million which had been a two month low according to CoinMarketCap.
Now you can see by 11:16AM the priced dipped to the lucky $6,666 range and is currently trading near $$6,785 – 6,800 range.
Top Causes for Bitcoin Flash Crash Today?
We can start with what Bloomberg had to say, largely blaming it on the Coilrail Crypto Exchange cyber intrusion hack in South Korea but a twitter user didn't agree with their assumptions.
WSJ thinks bitcoin price fell 11% because a small cryptocurrency exchange in South Korea which a very small portion of local users utilize was hacked.
Bitcoin fell because people sold and not enough people were willing to buy, not because of a small hackhttps://t.co/mSqdXhjs4q
— Joseph Young (@iamjosephyoung) June 11, 2018
Some are speculating that it could largely be due to these stories:
Here is a snapshot of the top cryptocurrency pricing stats for June 10:
- Bitcoin (BTC): coin price moved from $7600 BTC/USD at 130B Market Cap to now market cap $116 Billion and $6,800 BTC/USD per coin
- Ethereum (ETH): token price moved from $600 at $60B Market Cap to now market cap $53 Billion and $535 ETH/USD per token
- Ripple (XRP): token price moved from $.66 at $26.5B Market Cap to now market cap $23 Billion and $.59 XRP/USD per token
- Bitcoin Cash (BCH): coin price moved from $1,103 BCH/USD at 19B Market Cap to now market cap $16 Billion and $960 BCH/USD per coin
- EOS (EOS): token price moved from $14.20 at $12.8B Market Cap to now market cap $10.2 Billion and $11.38 EOS/USD per token
- Litecoin (LTC): coin price moved from $118.50 LTC/USD at 6.75B Market Cap to now market cap $6.1 Billion and $108 LTC/USD per coin price
- Cardano (ADA): token price moved from $.20 at $5.25B Market Cap to now market cap $4.6 Billion and $.17 ADA/USD per token
- Stellar (XLM): token price moved from $.28 at $5.27B Market Cap to now market cap $4.6 Billion and $.25 XLM/USD per token
- IOTA (mIOTA): token price moved from $1.65 at $4.6 Market Cap to now market cap $3.85Billion and $1.39 mIOTA/USD per token
- TRON (TRX): token price moved from $.057 at $3.8 Market Cap to now market cap $3.17Billion and $.048/USD per token
Could it be the likes of this:
Of course there will always be optisim and futuristic predictions of hopeful outcomes that involve bitcoin becoming the world's reserve currency one day.
$2: "Should I sell?"
$150: "Should I sell?"
$6,800: "Should I sell?"
— A v B ⚡ (@ArminVanBitcoin) June 10, 2018
— Andy Hoffman (#HODLBTC) (@Andy_Hoffman_CG) June 11, 2018
The strikes for June 15th are 7250 and 8000.
I believe every contract has expired worthless since launch… pic.twitter.com/staLFkwFgX
— Luke Martin (@VentureCoinist) June 11, 2018
Of course we had to include John McAfee and his thoughts on the recent price movements with bitcoin and the cryptocurrency markets after his SEC Challenge and MRU Crypto Launch on top of his Currency Independence movement.
Do not panic about the drop in Bitcoin's price. It is an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don't buy into the fear. Buy the coins.
— John McAfee (@officialmcafee) June 10, 2018
Another cause people are speculating with is the need for crypto investors to sell off in order to pay their taxes. Knowing how the markets in 2017 went wild, the capital gain tax for some first-time investors are likely a big slap in the face from all those profits accumulated if bought low and sold high.
Even ARK's CEO was quoted saying, “Those who have never paid taxes before are shocked. Many people gained a lot from cryptocurrency last year but currently, do not have enough cryptocurrency to pay taxes for their last year’s gains.”
What do you guys think? Was it crypto exchange hacked news? A whale sell-off? Tax payments? We will be sure to cover more news soon!