Price of Bitcoin monthly 2016-2018
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On Wednesday morning AEDTalmost all the major cryptocurrencies mysteriously plummeted, with many losing more than 20 per cent of their value. Other major altcoins, including ethereum, ripple, dogecoin, litecoin and monero, were all down, many losing well over 20 per cent. But a more intriguing explanation is seen in the following graph, circulated on a cryptocurrency WhatsApp group on Wednesday, that shows a similar crash occurs at the same time every year.
In other words, Chinese people were cashing in their bitcoin gains to pay for the holiday excesses. At Chinese New Year, some people are selling off bitcoin 20 february holiday buy what they need to buy [for the holiday].
Mr Lee said he had been contacted by Chinese miners looking to move their operations out of China. Mr Aguillon, meanwhile, said the expiry date of the first bitcoin futures was approaching, which bitcoin 20 february holiday also go towards explaining the sell-off.
Among the cryptocurrencies to take a hit on Wednesday was ripple, which by 5pm was down Ripple has become a favourite among more conservative crypto investors because it has connections to big established banks, including Westpac.
A spokesperson for Westpac said the bank was not exposed to the ripple cryptocurrency; rather, it had tested a means of international transfer using the Ripple platform, not the currency itself. Subscribe Get The New Daily free every bitcoin 20 february holiday and evening. Investors may be selling bitcoin to cover New Year expenses.
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