Stakeminers - Client News - Cryptsy is closed.

Important: Please ensure your payout address is not located with Cryptsy. You can read more on Cryptsy's closing at : http://blog.cryptsy.com/ or on coindesk at ">www.coindesk.com/digital-currency-exchange/"> www.coindesk.com/digital-currency-exchange/ .

What does this mean for altcoin prices?

Cryptsy's closing will remove one major source of sell pressure from the marketplace and prices for altcoins should start to improve as there is no need for traders to dump coins at any price. However, many have lost money on Cryptsy so there may not be a lot of buying until they come back into the market.

How does this affect earnings?

Earnings had been increasing slightly over the last 2 weeks and if altcoins prices firm up we should see that trend continue, albeit very slowly.

Are there other issues from the closing?

Yes, when Cryptsy closed it did hold wallets with significant numbers of altcoins. If and when those coins are returned to the marketplace it may affect prices in the short term. For example it is believed there is a Diamond (DMD) wallet with over 40,000 DMD in it. If this volume was dumped on an exchange, prices would fall until it could be absorded by the market.

What affect does the price of bitcoin have on earnings?

Minimal impact until we see the bitcoin price staying nearer the USD 400 level. With the price of bitcoin declining it will make altcoins more attractive and this will stem the rush from altcoins. With altcoins prices at their lows this is a buying opportunity for those with a long term buy/hold/stake plan such as Stakeminers.

Overall investors chased a rising bitcoin price which has reversed and they participated in altcoin dumping which has lead to loses by many parties. There are many wounds to heal before this market rights itself so let's focus on getting to the end of January with no more shocks.

If you have any questions please email us at: info (at) stakeminers.com.

Thank you.