People are selling their altcoins for Bitcoin before August 1 so they get free Bitcoin Cash
Most cryptocurrencies are in red today, but Bitcoin has gained 8.6% and has again 51.5% of the whole crypto market capitalization!
I think many people sell their altcoins for Bitcoin to get the 'free airdrop' of Bitcoin Cash on August 1st. That means we can expect 3 more days of pressure on altcoins. Hopefully these people sell their free Bitcoin Cash and use the money to buy back their altcoins after August 1st :)
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So the reverse of this @penguinpablo and a possible trade play, after the hard fork date of August 1st--don't you think most people will quickly move back into the cryptocurrencies they already held? I think you hit it spot on why BTC is rising so fast today, but I think a better play is to move into the other currencies that are bleeding today because after the 1st I think they will rise again. What do you think?
This is EXACTLY what I was thinking! I'll be buying up all that EOS and Steem, thank you very much!
I'm thinking of picking up some more Steem right now as well. Seems a good time.
I've had tradingview.com up all day long waiting for that good good dip
I think know one really knows how this is going to play
It will be awesome when the gold rush to sell all that BCC crushes the exchanges and no one can finalize anything.
It's going to be a few crazy weeks.
Right @amirl. That is part of the fun! Trying to figure out how to be one step ahead of the crowded trade.
That is what I am hoping for @bigpanda.
Thanks for the info and the links for the news! It's very very helpful really!
Really good post. I hadn't considered this point and in doing so see it as a good sign to add to my altcoin positions. None of us know how the price of BTC will be affected come the 1st, but I hope to eventually see some altcoins start to stand on their on 2 legs and distance themselves from simply acting as a derivative of BTC.
great advice to hold not in exchange! let the free cash comming in!
Not directly related to this post, but I just wanted to thank you for the great tool "Steem Now". I use it everyday and it's really usefull. So thanks again 👍
You are welcome :)
So do I, started to read this article and forgot that came in here for that, for say thanks for Steemnow.. and now thanks for the post too! ;)
What! Free airdrop of BCC! Didn't know till this Informative Post.
Oh... thanks for the explanation, I never thought it would be that way and really thought many would get out of bitcoin into altcoins for fear of something weird happening during the fork on 1st August, and would BCC be of value after the dust settles?
Everybody wants to have some of that Bitcoin Cash! Sold my altcoins too.
Greed kills. Only the biggest and fastest whales will benefit, cos they'll drop the price the most when they drop their BCC. It's already $350 down from $550 and it isn't even August 1st yet. BTC is already losing momentum.
Most people will not substantially benefit from getting the free BCC. I fully agree. I think it will be quite funny to watch it unfold on Aug 1st and following
Sold all of my altcoins, hoping to get some of that bitcoin cash. Nice post sir!