Quote from Reddit
"i'm sure many of you are confused/scared as **** due to there being no response from bithumb while the price is tanking.
w/out revealing too much about myself, let's just say i know a guy who knows a guy who works inside bithumb.
what's happening is that after XRP started pumping and its volume became astronomical in korea, bithumb found itself in a conflict-of-interest situation. if they begin monero deposits/trading, volume will naturally flow over to monero and they'd be shooting themselves in the foot. so their plan is to milk as much volume (commissions) from XRP while this boom cycle persists and then transition over to monero.
also, they somewhat miscalculated how much they'll have to shell out for the 1% event. after the price jumped all the way to 100, bithumb realized that at then-current XMR prices (~$95-100), they'd suffer too high of a loss if they were to open the deposit "event" on the 23rd and give 1% to everyone depositing + trading. so they're actively coordinating dumps right now to artificially lower the price and more importantly, it's also why they aren't releasing ANY update announcements publicly b/c they're just waiting for 1) XRP to calm down 2) XMR price to be sufficiently low and they don't know when that'll be.
i personally, have called bithumb all day today and first it started as 1) we're having blockchain issues, please be patient! then 2) sorry but you're gonna have to call us later tonight then 3) sorry but we don't have any more information to offer you. they're being all very hush-hush about it b/c even they can't hide the blatant lies they're being forced to tell. if you visit the korean crypto forums, people are lined up with their pitchforks. they're even thinking about suing and apparently, this is not the first time bithumb employed shady tactics when listing new coins.
bithumb employees are said to be buying up expensive apartments in gangnam just after working @ bithumb for only a year. they all bought up monero before announcing the listing. it just goes to show the culture inside the workplace. every korean crypto guy i've talked to hates bithumb with a passion and they're all planning to leave to kakao as soon as kakao opens up their cryptocurrency exchange (b/c kakao is a bigass company in korea since everyone uses kakaotalk and kakao is seen as a professional company, not a snake's oil salesman)
i just thought i had to tell you guys b/c every korean crypto trader is up-in-arms right now while here on reddit, i'm seeing guys naively thinking the PR response bithumb is giving (that it's a blockchain problem lmao) is actually worth considering.
so what's gonna happen? i guarantee there won't be any official public updates from bithumb explaining why they haven't done shit so far. the price will go down b/c bithumb doesn't wanna pay 1% for monero coins at $90 each. i'm thinking somewhere around the 60-70 zone but even i don't know. then bithumb, w/out ANY pre-announcement, will suddenly open up deposits and trading. most likely, they'll still pay out 1% b/c they don't wanna be sued. good luck fellas."
This from Reddit seems to explain everything. IF what he says about Kakao is true then it will go up a lot.
I don't feel like the price is "tanking" LOL for me but I did not buy in a $95.00 either.