Hello Everybody! Hope everyone is doing well and having a great day.
The bleeding numbers on coinmarketcap.com, which you might have noticed that the prices are down once again. At first, people thought it was because of a weekend downtrend that we normally have, we normally see anywhere from five to ten percent down during the weekend, but it appears that there is a reason for the prices going down once again. It's warranted and unwarranted at the exact same time, so what has happened is:
Apparently, China is to ban and block foreign cryptocurrency trading platforms and ICOs throughout the country, and I will explain why this is kind of weird in a bit.
The panic seems to be coming from this because whenever this word BAN
or BLOCK
or CHINA
is in a sentence and when it comes to cryptocurrencies, people begin to panic, but we have known about this for quite some time now and I think this is just another part of the fear that has taken over the market.
So depending on where you look online, depending on where you look for your answers, this could be the answer, The China ban
, it could be the resulting fear from this, it could be the continual fear from things about South Korea and or India or what a lot of people think is happening as well, is that Asian markets are doing a sell-off around this time of the year and more or less buy back into the market around February and March.
This is like everything has kind of repeated itself if you look at this chart.
So we have had these panics before but what it is now, there are a lot of new people who are in the game and I think they have the most fear because I think as a normal cryptocurrency trader or holder, we are used to these kinds of dips but other people are not.
So this seems to be kind of what it is. It could also be something else a lot of people that the waters are being tested around how low that it can go by the whales. This isn't a speculation, there are a lot of heavy hands who are obviously in the market.
According to some guys I think 6072 dollars is the level, and if Bitcoin breaks below that then we are officially in the bear market but besides that, I think we are just testing or rather they the higher-ups are testing the level exactly when to buy.
I think CNBC had the article about, how it's a great time to buy into Bitcoin. So these things are signals because other people know exactly how low the price has to go in order to hit a certain resistance level for other people buy in, but yeah they don't say these things.
From what we've seen before, things should be normalizing very soon. A lot of people are saying once the Chinese New Year has begun or ended or like the day after this is when things should possibly get back to normal.
At this point, it's anyone's guess but this is the situation right now.
Thanks for reading
.
Yep
Actually government see cryptocurrency is a threat mainly to fiat that they manipulating. Its because they dont take crypto on their own bag.
Hmm I believe so
Most people I know have minimal knowledge about blockchain as a technology. As pointed out by some experts an infrastructure inversion in banking will soon take place when all banking will shift to blockchain.
Hm
That's the downside of Crypto. Negative news greatly affects the prices but I hope everything will recover soon.
Hm yep
Governments are seeing only the bad sides of the Cryptocurrencies. They need to see the positive sides also. If they see it then they would encourage. Hoping for good.
But I guess they don't wana see that
Think of it from a government perspective. The government knows about the good uses, but have to weigh benefits and disadvantages. The disadvantages are million-dollar black markets. The original silk road itself used to comprise a large part of bitcoin's market cap back when it was still in operation. It handled more than $20 million dollars in trades. There are now above 50 dark web sites using bitcoin and other cryptocurrencies. A person who gets money from running masternodes, using steemit, etc. can search up "stores that accept cryptocurrency" and use those to purchase things like lysergic acid(used to make LSD) or hydroponics equipment(for growing weed indoors) anonymously without the government having an idea of what kinds of illegal things he is doing. He can buy guns with bitcoin online and he can shoot whoever he wants, and the government won't even know he bought a gun. There is this same problem with cash, but cash is restricted by physical location. Overall, I think cryptocurrencies are good and should be completely unregulated and untaxed, but this is what governments think about cryptocurrencies.
Well I guess nothing is bad when it is not misused. This can be said for the Fiat money too.
It's a valuable post...thanks for sharing..
carry on dear....
Thanks for Sharing & important news @aftabkhan
welcome...
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