News coming out of Asia has likely been the main driver of Bitcoin weakness over the last 24 hours.
What else is new, right?
Asia has moved the markets basically since bitcoin began as much of it's trading has traditionally come from that region.
Whether it be from China, Japan, or South Korea, Asia has traditional dominated bitcoin trading volumes.
That region has moved the bitcoin markets more than any other.
What's the latest?
Rumors came out stating that:
"Japan FSA plans to issue a warning against Binance, Nikkei says."
Which basically is saying that Japanese regulators are going to bring some type of regulatory action, or warning, against the Binance cryptocurrency exchange.
Bitcoin dropped roughly 5% on the news.
The CEO of Binance was quick to respond with this:
(Source: ~~~ embed:976783934074732544) twitter metadata:Y3pfYmluYW5jZXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9jel9iaW5hbmNlL3N0YXR1cy85NzY3ODM5MzQwNzQ3MzI1NDQpfA== ~~~
The CEO seems to be saying that the headline from the Nikkei was false or premature.
Either way it sounds like typical FUD being spread about.
More about the news can be read here:
Update to the story:
Then a few hours later this came out, updating the story:
(Source: ~~~ embed:976749379477389313) twitter metadata:RVRIeENDfHxodHRwczovL3R3aXR0ZXIuY29tL0VUSHhDQy9zdGF0dXMvOTc2NzQ5Mzc5NDc3Mzg5MzEzKXw= ~~~
Basically it sounds like Binance will need to register in Japan, follow the appropriate KYC/AML requirements, or get the heck out of Japan.
Which to be honest, makes sense.
Binance isn't technically registered in Japan and they don't follow the same standards that Japanese authorities are imposing on local exchanges.
This is all part of the process.
This is all part of Japan cracking down on exchanges in order to create a more regulated trading environment.
I assume we will be seeing much more of this type of news all over the world as exchanges are brought up to speed on normal broker/exchange requirements.
The US is likely about to do similar things to local exchanges as well.
Stay informed my friends.
Image Source:
Follow me: @jrcornel
Thanks for the info; full STEEM ahead! 💰💵💰
imposing fear to people is = money!
I think it’s all could be propaga ... before the hero ”Binance” announcing it’s new decentralized exhange .. so big whales could full out their pockets of BNB at a low price before price jumps after this announcement !
Very interesting thought. I think BNB is a solid investment either way. As soon as an exchange can offer fiat -> crypto assets the way that coinbase does but with the availability of coin options that Binance has is when we will start to see a big new adoption phase in crypto. Right now most people who aren't serious or who may just be casual investors or are casually interested can only buy a few select coins. The process of transferring and different exchanges sort of scares off some people. If Binance could introduce a fiat to BNB avenue it opens the doors to so many users who might be otherwise put off by the amount of steps and fragmentation of their portfolio. Just my 2 cents.
Yep 👍🏼 ! I forgot that feature too .. fiat feature maybe closer than decentralized exchange .. which would make a really huge difference!
Thanks for your valuable comment 😍
Oh and look what I just found...
https://www.bloomberg.com/news/articles/2018-03-23/the-world-s-biggest-cryptocurrency-exchange-is-moving-to-malta
Possibly looking into fiat to crypto exchange.
I can't wait for the good DEX.Im tired of all this regulations,limits,and all the things related to exchanges this days.
Agree with you
Thanks for your nice comment. Glad you found a common point to agree on together 🙏🏼😍
Just an opinion for a not impossible senario !
Sounds about right.
Regulation will ultimately come no matter what. It will benefit the market as more potential participants get more clarity on what can be done. It will also give confidence that fraudulent activities will be reduced. Unfortunately, the media always tries to exaggerate to get more views.
I agree. It will ultimately bring in more investors, though it might be painful while going the process.
Ok, so the way I see things, it seems that it's possible to see Bitcoin price dip to $5000 again since people are so stupid to believe in such nonsense news. I guess I need to save some fiat to reserve for that day to come. One thing is for sure, crypto and blockchain tech will definitely exist even more in the future so I wouln't mind those scared cats running away from opportunity.
I hope it does. I don't have all my cash in yet. :)
Oh look, crypto, especially Bitcoin is bouncing back after it hit the predicted 8.5k channel bottom. I don't think you understand the concept of fake news. It's intended to artificially detriment the subject by causing FUD among the ignorant.
Haha I understand it perfectly well, though I wouldn't exactly call it "fake news". It is real news, just only a smaller sliver of it, stretched to sound much worse than it is. Hence FUD.
Not again....
The FSA does not tell the press they will warn a company. They warn and then tell the press. That news is BS and those spreading BS are creating FUD. Completely unnecessary.
Yep, agreed. Though there is some truth to it. Like usual though, a kernel of truth and a whole bunch of stretching. :)
Something is benig cooed in the crypto conflict kitchen, huh 😜
Agree. Good true point !
Yeah. Completely unecessary but yet, i can't just stop seeing this from the angle of necessity. These are evils better faced now and dusted than later. Anything that must last must be tested.
Crypto regulation probably will start with regulation off exchanges. This is the easiest ways for governments to do and to get their undeserved piece of the pie.
But maybe this will create some trust with the non investors, brying fiat money into the cryptomarket!
Yep, agreed. This was always coming. It will be interesting to see what happens when there are decentralized exchanges.
I wonder how they want to control this. Cause it is almost impossible. I do think that they will try anything to prevent this! But time will tell!
They will try.But who knows...There is always tor network,good DEX there would be killer for any kind of control.They can only shut down internet. :)
The news updates are good because everyone always has their own interpretations to make. As long as I have a veritable piece of the puzzle, I can make my own assumptions about the future. Looking forward to hearing more updates on the tech side of things though.
Truly Asia is a motivating factor and mover of crypto
Could you pleaese clarify this?
Basically what it says above. Japan is telling Binance that they need to comply with Japanese regulations if they are going to continue to do business in Japan. If not, they will not be allowed to operate in Japan.
Oh! Thanks for the clarification
The G20 Summit took place in Argentina this week and Japan was a major contributor to the discussion on crypto regulation going forward. The thought is that world finance leaders are looking to have more information on universal regulation in July 2018. So, this could impact the market moving forward. Great post! Thanks so much for sharing!
Ivy
Thanks for the heads up. Some coordinated efforts will be needed for sure.
@jrcornel The thing is this is a news to further drive through the FUD factor among the ingnoramuses and weak. Maybe the greedy also. That is all i see.
Actually, I took the news as rather positive because it seems that world financial leaders will try to be fair to the crypto community. The immediate response following the summit was a market upswing so I am assuming that the overemotional marketplace took the news well.
I did as well. It was one of those things where the news wasn't nearly as bad as it could have been, which was good enough for a fairly significant relief rally.
Exactly! Some of the news that comes out in the crypto space is awful and we have a terrible dive from it so this news about the summit was decent so we don't have much to worry about yet. Will have to observe as time goes on and see what news comes from the committee regarding universal regulation.
Ivy
If you read up on it it seems that they are trying to learn more about crypto before making any decisions because they know that they don't fully understand the scope of the situation. The chairman of the group stated that he doesn't plan on adding new regulation if it can be avoided, rather make tweaks to what exists currently. I am hopeful that they will stick to what they said they will do and treat crypto investors fairly.
Yes that is my hope as well. There are so many investors in the space now, they have a responsibility to harm the least amount of people as possible with new rules/laws. We have numbers on our side at this point.
I hope that they will view it that way. Hopefully they will not want the masses to rise up against them in the event they make unpopular decisions and will rule in our favor. It seemed like the committee of the summit just wants to try to limit criminal activity and funding of terrorist organizations since crypto can be somewhat untraceable if you transfer it to others.
Ivy
Stocks are heavily down on news of potential trade wars. All that money has to go somewhere!!
Binance made a mistake opening trading to Japanese customers without registering their exchange. Don't know what they were thinking because the Japanese rules about registering have been in place for at least a year.
Thank you @jcornel for the info..I only trade on Binance so I hope CZ can work things out like he and his great team has in the past
Great feedback and insights from @josteem
Give it all some time . . .:-)
Nice article, upvoted and keep up the great content!
Right now i think the biggest hit was from Google, people are trying to push down the price so they can get into crypto.
If you are looking to get hold of some crypto without investing or mining, look into https://www.crowdholding.com. They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
Thank you very much for sharing this information and the wonderful explanation for the steem experience,
and I wish everyone the benefit and success, good luc
Furthermore, if Binance won't stop their business in Japan,… twitter.com/i/web/status/9…
Disclaimer: I am just a bot trying to be helpful.
Hello sir.. Please help me.. Someone scammed my account and transfer my hard earned money into his account. I feel helpless now. Please help me. Checkoout my last post I have mentioned the scammers and the account in which he transfered my money. Guys please help me by upvoting this comment. We all need each other during our bad times. I need you help brothers.
Well just as it going good on one end ,these news got the tail of BTC to make it drop down again !
All just more propoganda. How about speculators are buying and selling BTC to make money. Any new tech goes through wild fluctuations. With the billionaires invested in fiat currency this is bound to happen. They want control.
The irony is, every time we share the news, it magnifies the effect. Wild fluctuations will continue.They control the mainstream narrative
yes
The reasons people buy digital currencies has changed . people are going for the quick cash.trading or short term flips .
its not the anarchist who buy bitcoin anymore its the average man.
and they mostly rely on mass media for bits and pieces of information (maybe most of them dont even have a clue about steemit /reddit)
Ive noticed stupid articles about these currencies that directly impact them -which is alright in my case i assume someones loss is a gain for another .
anyways people need to just not pay attention to propaganda and mass media
focus on what they believe in and thats BITCOIN .
Id like some FuD with an extra side of FuD?
Your perception of FUD is very interesting and informative. In case of fake news, we strongly believe that it is important to get information from legit sources and listen to market experts. It is also essential to take market speculations and predictions with a pinch of salt. That said, Blockbasis trusts the growing popularity of cryptocurrency at large. Efforts in governing an ungoverned digital economy is challenging but possible, just like in the case of the internet being monitored for the protection of its users. Think social media platforms like Facebook, Google and Twitter have banned the advertising of digital token sales, crypto-wallets, and ICOs. With many social networks placing heavy regulations on advertising crypto exchanges. These measures come as a result of fraudulent cryptocurrency advertisements prying on unknowing and uninformed investors.