First event: flash crash on 21 Jun, price goes from $320 to $0.10 and back to $300 in a few seconds, this flash crash made someone a millionaire.
Second event: Ethereum was around -5%, Vitalik Buterin (founder of Ethereum) declared dead, price ETH reacts to this rumor and falls double digits, all the other cryptocurrencies follow
For me these 2 events show that the market is oversensitive right now and the smallest event can cause a crash. The market needs to become stronger in several ways. There is still a lot of space for improvements in the market mechanism.
Articles:
http://www.cnbc.com/2017/06/26/us-stocks-banks-oil-in-focus.html
http://www.ubergizmo.com/2017/06/ethereum-crash-wiped-out-and-minted-millionaire/
https://steemit.com/bitcoin/@oryn/ethereum-founder-vitalik-buterin-presumed-dead-in-a-car-crash-rumors
https://boards.4chan.org/biz/thread/2608981
https://cointelegraph.com/news/proof-of-vitalik-ethereums-buterin-immutably-counters-death-rumors
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The rumour wasn't necessarily started in order to move the market. Rumours start for all sorts of reasons, usually for no clear reason at all. Could have been that someone made a joke that someone took seriously; they told some other people, one of whom had a social media following… Chinese whispers basically.
Help me out guys
ETH
0x94AE46BB0aFDc6b7cE74E7875896028ec85303A8
litecoin staying stable.
Status planning to liquidate several million in ETH in the next 24 hours
The market was crashing before the fake Vitalik Buterin news came out
This happens in mainstream markets… Gold had a flash crash yesterday also…
Gold Crashes As “Someone” Dumps $2 Billion, “Fat Finger” Blamed
http://news.valubit.com/?p=604234
All these fearful pussies in the game… start trading in crypto and you loose… winners r gonna be the ones who hold in long term
Yes, I agree with you, but there is not that can be done. Is like Gold last year. Which had a price crash and at the end, the truth was some sort of political agreement in the market.Thanks for informing.
CNBC is main stream media and payed by wall street. cryptos are a thread to wall street so naming and shaming the cryptos is what they want to do. to keep buyers out of the market
I don't believe that this particular crash would have anything to do with the false news. But I'm wondering that is this crash a correction of the whole cryptomarket because of long bull run of the whole cryptospace? Or are most altcoins just following a crash of Bitcoin and Etherium? My main question is that if Bitcoin would fall, let's say 90%, would most of the altcoins fall 90%? In my mind they shouldn't be connected… but are they in reality?
people are taking profit as it approaching the end of the month
anyone who trades stocks, fx or cryptos on margin these days is going to get wrecked hard.
Also if you look at many cryptos in terms of their fiat price, they look very overbought and similar to Bitcoin at the end of 2013. It's just a natural part of the cycle when a flood of new money comes in, there will inevitably be a big sell off to a more sustainable level.
Hey Buddy,
Can you give your opinion on NVO? Did you participate in the ICO?
Ethereum didn't crash due to the fake death rumors. Ethereum was in a correction before this rumor, and some sick/greedy people who had just sold their Ether wanted the price to fall further, so they likely created the death rumor, hoping to buy back Ether at much lower prices.