Dear Steemit Friends,
We just experienced yet again, a huge drop in value in nearly all cryptocurrencies which led to a sea of red on various exchanges and coinmarketcap. Overnight and throughout the morning though, things seem to have rebounded a bit, but for how long?
Even our beloved Steem and SBD suffered, losing nearly half of their value overnight.
This is nothing new in the history of Bitcoin and Cryptocurrencies and yet people continue to follow like lemmings any news around Fear, Doubt, and Uncertainty (FUD). What people seem to forget in the near term is that Bitcoin and Cryptocurrency, in general, are fairly versatile and resilient and have survived worse over the course of their existence.
This recent "fallout" is very likely connected to the recent news and fears that South Korea may soon announce an outright ban on cryptocurrency trading on local exchanges. As a result, this may have led to investors closing their positions and cashing out there investments causing a landslide of other newer and more inexperienced cryptocurrency traders and investors doing the same. Just lemmings following lemmings.
South Korea, one of the biggest and newest markets for cryptocurrencies, has been trading on a frenzy lately, and with news of such a ban by the nation would definitely weaken the demand. Let's remember that the price of Bitcoin is much higher on Korean exchanges. As a result of the news, markets reacted negatively causing a huge dip in value. Similar things have happened in other more stable markets and this is just the news we need in emerging markets to add an extra layer of stability to move forward.
A similar drop happened recently when CoinMarketCap decided to abruptly remove South Korean rates from its site. Cryptocurrency traders misinterpreted the price changes as a sell-off and as a result, threw the market into a state of frenzy causing a vast number of people to dump their assets. The market then slightly recovered until again, more news hit the market. It is just back-to-back FUD and eventually at some point, all of the FUD will dry up or more likely traders, including the new ones, will no longer listen to all of the negative press, and BTC and other cryptocurrencies will go up again and the market will steady itself.
We may continue to see some ups and downs, but eventually, the market will stabilize and everything will return to normal. My recommendation is to go with the flow, and if you feel so inclined, sell the highs, buy the lows, and ride it out.
I'm in it for the long haul and small market scares will not make me give up any of my longterm holdings in cryptocurrencies. If you want to check out my current cryptocurrency holdings and the currencies I support, feel free to check out my previous post These are the cryptocurrencies I HODL and continue to watch and why
Thank You again for Reading and your continued support. Let me know what you think and if you have any questions, inputs, or feedback, please feel free to let me know in the comments below. I would also appreciate your continued support in the form of an Upvote, Follow, and/or Resteem if you feel this post was interesting. I'm excited to see where the market ends up. The only way to go is up!
yes trueeee, never follow the fud!!
Right on! Just sit tight and all will be well again!
Thank for good present post...
You are good man...
And thank again for shared...
Anytime. Thanks for reading and thanks for the support!
sbd is going down @cloh76
That is ok. It will go back up eventually. It was down even lower last night
STEEM WitnessYou got a 0.93% upvote from @upme requested by: @cloh76. Send at least 2.5 SBD to @upme with a post link in the memo field to receive upvote next round. To support our activity, please vote for my master @suggeelson, as a
turns out that there were some fakenews reported by CNBC regarding the banning of Cryptotrading. i bought some coins yesterday during the SALE. 😁 I hope we could see sbd and steem go up in value again.
yep and a ton of other news outlets who followed causing a panic. Good time to buy!
This is so true. We know and understand that cryptocurrency is more strong than they would have us believe. HODL them for time and see it for yourself.
Yep. HODL for the long run. your investments will pay out even more in the future!
This is the time to invest. No better time than now. BUY, BUY, BUY.
That is so true. Everything is up for grabs. Nowhere to go but back up!