I'm just speculating, but perhaps more holders than usual just realised that something is fishy about the whole premise of "investing" in Bitcoin, and wanted out - converting their Bitcoin to actual currency. And maybe others decided that it is about time to get out soon before it crashes.
How did you think that cryptocurrency exchanges would be able to afford real money? What usually happens when supply is higher than demand? Nothing can be hyped forever - to expect that would be madness.
I'm just speculating, but perhaps more holders than usual just realised that something is fishy about the whole premise of "investing" in Bitcoin, and wanted out - converting their Bitcoin to actual currency. And maybe others decided that it is about time to get out soon before it crashes.
How did you think that cryptocurrency exchanges would be able to afford real money? What usually happens when supply is higher than demand?
Nothing can be hyped forever - to expect that would be madness.
Let's put that into context.
Coinbase
1,249 employees
revenue $1.14B
Market cap $61B
BP
70,000 employees
revenue $183.5B
Market cap $59B
Apparently the multinational oil company with $183.5B of annual revenue is worth less than a website where you can buy Bitcoin.
"and soon it will be governments" - says "Bobby Ong, the chief operating officer at the cryptocurrency data aggregator CoinGecko,"