There has been a dip in prices of mainstream cryptocurrencies. In my opinion, there are a few reasons for the dip:
- The trading volume on Bakkt fell short of expectations. Cryptocurrencies seem to be very far away from mainstream trading markets.
- Bitcoin Core team is planning to remove BIP70 payment protocol to counter Bitpay. This raised doubts about the decentralization of Bitcoin.
- IBM unveiled its latest quantum computers. The security of conventional cryptography is under doubts.
At least four exchanges joined hands in short-selling. Exchanges have always been the major short-selling force of Bitcoin. A few mainstream exchanges working together would of course lead to an inevitable dip.
When the first three events occured around the same time, exchanges would not let such a good opportunity slip by. It’s difficult for exchanges to not do evil. In such an intense, cruel competition, those who don’t make the best of opportunities will be eliminated.
By 帕西法尔
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