Red Monday
What is the cause of today's price drops? Is it the problems of another Ponzi scheme based crypto project?
CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts.
As the price of BTC drops, more shady projects with nothing but hype will collapse. All Ponzi schemes will go bankrupt one by one. Anything that offered a % for lending them cryptocurrencies is equally at risk. Whoever evacuates first will not lose everything.
Bitcoin broke the paradigm this year.
Never yet has a BTC yearly low been lower than the previous year. Nothing lasts forever.
Now the price has dropped below $23,000. Dreams of BTC above $100,000 this year probably have to be postponed to the indefinite future.
What's next? Will it get worse? MicroStrategy may be forced to sell theirs Bitcoins. They currently have almost 130000 BTC bought at an average price of over $32000. If M.Saylor sells them it will be a massive boost to panic in the crypto market. Imagine what else would happen if more stable coins start collapsing including Tether with a marketcap of over $70 billion. It would be a total massacre.
There was also a strange announcement from Binance.
Binance has temporarily paused #Bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks.
Could we see a BTC price below $10k again? Most people thought it was impossible. Now it's not just Peter Schiff who thinks so.
And how do you guys see it? Is this just FUD or will there be a very strong collapse in cryptocurrency prices?
