Alibaba IPO and Bitcoin Crash! If you have invested in bitcoin, you would have to be a fool to look at your bitcoin wallet and not scream ‘OMG, bitcoin has crashed;’ especially if you purchased your bitcoins in the $600 range. The new wave of companies accepting bitcoin as payment (big ones at that) have not ease the down spiral of bitcoin prices on a daily basis. After Alibaba released its IPO last week, bitcoin prices started to look like a profession skier going down the slop at 500 miles per hour. That led some of the bitcoin investors out there to ask; is Alibaba IPO to blame for the current bitcoin crash?
Alibaba IP Vs Bitcoin Crash
Alibaba went public with their IPO last week and even before the launch financial analysts around the world were calling it ‘the most expensive and lucrative’ IPO in the history of the New York Stock Exchange. The IPO didn’t disappoint. It opened at $49 per share and claimed the title for largest global IPO in recent memory. Learn about Alibaba/IPO. Since then, the media attentions bitcoin were getting dissappeared leaving bitcoin investors standing in the cold just like Mt.Gox bitcoin exchange did a few months ago! Bitcoin crashed as a results of lack of media attentions.
So is Alibaba IPO to responsible to the bitcoin crash? Alibaba’s hot IPO release something to with bitcoin’s 50%+ value lost in just a couple of months. However, there are many other factors contributed to the bitcoin cash. For one, we can look at the constant mass sell-off by bitcoin traders. The sell-off may due to investors wanting to invest their money in Alibaba IPO; which is the hottest stock and investment opportunity right now.
The sell-off trends continues because after a single bitcoin price or value reached $450 bitcoin mining operations come to a halt. Bitcoin miners are just not as interested anymore because their focus is shifted toward the ‘next big thing,’ Which is unfortunately for bitcoin, is Alibaba’s IPO. I know I’m going to get bash by bitcoin fanatic and addicts for this but the reality is the current bitcoin crash is the beginning of the end of bitcoin as a virtual currently, in my opinion!
I’m not alone, however, in my claim that Alibaba’s IPO is to blame for bitcoin’s going down faster than a Boeing 777 that have lost both of its rings at 36,000 feet. Ian Worrall, president and CEO of Sembro Development also suggested that bitcoin’s price drop is due to e-commerce giant Alibaba’s initial public offering (IPO). Here’s what he had to say:
“We have concluded that many large Bitcoin investors from China and Europe have exited their positions in Bitcoin to put into the Alibaba IPO,” Worrall said to Bitcoin Magazine. “If Alibaba remains strong and continues to grow in value, we may not see this money flow back into the Bitcoin market until a “bump” in the economy occurs.”
So what do you think? is Alibaba’s initial public offering to blame for the current bitcoin crash? Is it time to invest in bitcoin or dump all together?