Bitcoin Price Drops $500 in 5 minutes?

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Screenshot of Bitcoin Price Drops Over $500 in 5 Minutes, Top Altcoins Also See Red.jpg

Look, I get it, Crypto is volatile. That's one of the exciting things about it. But it is also one of the many things I don't understand about it.

Bitcoin has but on the up trend for the week and yesterday it was pumping hard while steem was pumping. I figured there would be a pull back of some sort. The reason I say that I figured is simply because I've seen it over and over. I have no knowledge of fundamentals I'm just using my experience of steeming over the past 2.5 years.

I was a little surprised to see that btc did make it above $9000 today and at one point I saw $9200. Then, kablamo! It fell to $8600 in 5 minutes. It's not a big deal but I have no clue how something like that happens.

How does btc fall $500 in 5 minuts? Is the whole world sitting at there computers dumping btc at the same time? It just makes me wonder what's really going on. Is 1 person selling at ton and affects price? Are there bots making trades? Where massive sell orders waiting to dump $9200?

Can the smart people in the @steem.leo community let me know what happens during this huge price swings. I really want to learn this stuff.


Posted via Steemleo | A Decentralized Community for Investors


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8 comments
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I'm fairly certain based on the limited evidence that it was just one whale betting against the market. I think he's gonna get burned.


Posted via Steemleo | A Decentralized Community for Investors
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lol. It's crazy that 1 person can do that

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Read about the halving. In may some people are expecting bitcoin go 50x. It will be crazy if that's the case.

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I know. I'm really conflicted about it. I want to throw my liquid steem into btc but I'd to let that steem go. I don't think btc will 50x . I think it will get no more then $20k and then pull back.

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