Yesterday I panicked a bit to see that all my coins were falling (and still are) like hot knife cutting butter. Then I searched of what caused the sell off and I found few answers that calmed me down.
I would like to share some of that answers with you too (in case you didn´t know it yet):
1. China is planning to re-banning Crypto (AGAIN!!)
Over the last summer we heard news that China banning all Bitcoin trading, then they wanted to ban Bitcoin mining, and now they are want to ban peer to peer trading. It looks bad isn´t it? However, the beauty of Bitcoin and cryptocurrencies are, there is no centralized entities that govt can curb (so to say). So in my opinion, this ban will just shift the market from hostile environment toward more friendly ones (like Japan, Switzerland, etc).
And Moreover, China has tried to banned Bitcoin since 2013!! and nothing works..
2. South Korea is planning to shut down cryptocurrency trading
This rumor probably one of the biggest reason of market sell off right now. And after doing some research, I found that there has been a misunderstanding and the South Korean govt has tried to rectify this by saying they are not planning to ban trading, rather than a rule for people NOT to have an anonymous cryptocurrency account. And this is already happening in almost every exchanges that requires KYC (Know Your Customer) and AML (Anti Money Laundering) for every person opening an account. So there is no reason to be worry about!!
3. German Minister in German Central Bank calling for a global regulatory cooperation for Cryptocurrency
Although this sound very scary, but the reality is this is just a wish that is almost impossible to be realized. Why? you say, well take a look at more serious issue like Climate Change (Paris Accord). After all these years of negotiating, the US has pulled out from the Accord and created chaos in global scene. Another example, the global governments are helpless in solving Palestinian-Israel conflicts. Last example, they can´t even agree on global cooperations on anti-terrorism efforts.
To think that they suddenly can gather together to regulate Crypto is kinda ludicrus, right?
SO to sum up, use this events as a buying opportunity and relax!! try to detach yourself from the screen, spend more time with your family and connect with your neighbours and friends or focus more on your hobby outside crypto and you will see this will pass...
I hope that can explain a bit, and I want to know your thoughts...share it with me below
Yes relax, but its a great time to buy in also. Alittle at a time, but crypto is on sale!
i wish i could buy now but a little bit low on STEEM. perhaps you can help @buster544?
I really do think there is a larger pull-back occuring here that's being covered up or 'explained away' by the bad news stories above. I think without these the market needed a bit of a decline to stay healthy! I think we'll see BTC in the 8000s before it turns up again, but 50K by the end of the year. Then another big crash... and the cycle continues!
you talk like a seer @tfcoates, BTC just dip below 10000 USD by the time I am writing this. oh well lets just sit and watch
I nearly agree with all of your points.
Although I have to say that global cooperation is suddenly possible if there is money to make.
@xantos, well money is always there to make but there are many other factors that has to be counted in (like ego). we are not there yet
You're so nice for commenting on this post. For that, I gave you a vote!
informativ post 👍
thanks @karmatv, why not follow me? i will try to give informative posts everyday
You're so nice for commenting on this post. For that, I gave you a vote!
thanks
Okay ım following you:)follow me
Interesting to read about these things. I'm still new-ish in crypto, but as far as I can read this has happened many times already. And after every crash it attracts a lot of people to get into crypto because they 'suddenly' can afford it and the prices are just going up.
yes that is tru @funcrypto, enjoy the ride buy the dip