Steven ZeniosMany crypto enthusiasts and investors are still speculating about the reasons behind the crash and hoped that $8,000 would have marked the new foundation for BTC to begin its ascend. But a shocking dive below $7,000 left investors speechless about the cause of its slide.
But what is the industry saying about the Bitcoin crash?
There are many scenarios, news media members of Bitcoin believe it could be due to Co-Founder of Facebook Mark Zuckerberg’s testimony before Congress on the newly developed Libra cryptocurrency.
The matter regarding the potential fate of the Libra project, may not be as concerning to Bitcoin followers than those concerning developments happening in Google’s quantum computing research laboratories. Bitcoin experts feel that quantum computing may cause problems for the cryptocurrency.
Another scenario may be due to “big shark” investors selling their BTC stack to decrease their upcoming tax payments.
User TuurDemeester tweeted the following:
One argument for a lower short term BTC price that I haven't heard: selling in order to establish a 2019 capital loss for tax purposes.
— Tuur Demeester (@TuurDemeester) November 24, 2019
How do some react to this kind of market behaviour?
A few weeks back Peter Todd tweeted:
It means nothing because Google's quantum breakthrough is for a primitive type of quantum computing that is nowhere near breaking cryptography.
We still don't even know if it's possible to scale quantum computers; quite possible that adding qbits will have an exponential cost. https://t.co/wSmO6ycaJk
— Peter Todd (@peterktodd) September 24, 2019
Other individuals simply take the crash as something normal, without any particular reaction to the current situation. Ignoring a cryptocurrency crash and keeping a positive attitude until the market corrects is what some prefer to do.
For instance, entrepreneur Jimmy Song tweeted this back in October:
The biggest wins are all cutting out the worst things in your life:
* Sugar/Processed Foods
* Drugs/Alcohol
* News/Propaganda
* Toxic People— Jimmy Song (송재준) (@jimmysong) October 24, 2019
Others are less vocal regarding Bitcoin’s bad day. Co-founder of the Gemini exchange, Cameron Winklevoss, tweeted the following comment:
The fact that the price of bitcoin isn’t surging today illustrated just how early and misunderstood this asset is.
At the time of writing, BTC is trading at $7,186 on exchanges like Bitstamp, that’s almost half the price BTC had registered just 4 months ago, in June. Although the report of a downtrend, Bitcoin is still the best performing asset of 2019 according to various sources.
Image Source by newsbtc
