If you're looking at the crypto market, you're seeing another bloodbath again. That's twice in 2 days! WTF is going on?!?!?!
Well that seems to be a signal to sell... Negative news? SELL SELL SELL!
Here is a post from ZeroHedge on that:
The Treasury has just announced a new set of rules about reporting crypto transfers because, they claim...
“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”
“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.
The Treasury said that comprehensive reporting is necessary “to minimize the incentives and opportunity to shift income out of the new information reporting regime.” It noted that cryptocurrency is a small share of current business transactions.
But that's BS. USD has more illicit criminal activity and laundering than all of crypto.
Is that all?
No, China is adding more FUD, and the mainstream is loving it:
https://www.zerohedge.com/markets/cryptos-tumble-after-china-again-vows-crackdown-mining-and-trading
From Reuters:
CHINA'S VICE PREMIER LIU HE SAYS TO CRACK DOWN ON BITCOIN MINING AND TRADING ACTIVITIES
And From Bloomberg
CHINA REITERATES CALL FOR CRACKDOWN ON BITCOIN MINING, TRADING
FUD watchers got a glimpse of an old favorite as three government bodies in China, including the China Internet Finance Association, the China Banking Association and the China Payment and Clearing Association re-warned the public about the risks of investing in cryptocurrencies. This dates back to a 2017 ruling that all exchanges must close and a 2018 ruling on ICOs. But is it actually illegal?
For starters, these types of announcements are a good indication that cryptocurrencies are starting to flare up in popularity. Whenever speculative digital assets begin to grab headlines and seep into more mainstream culture, these warnings and reminders are common as a method of discouraging more open adoption.
Last year it was established that owning virtual currencies was not in itself illegal, only that virtual currencies could not be used as legal tender. Even though exchanges are supposed to be illegal, numerous exchanges operate within the country, even partnering with government organizations in free trade zones and hosting large events. There is very much an understanding of being free to innovate, as long as it doesn’t start breaking other laws, such as money laundering, fraud or aiding capital flight. If not for this convenient truth, there probably wouldn’t be much of a column left for Our Man in Shanghai to write about.
Where does that leave us? People selling off in fear of regulations and government intervention. Fear is driving the selling.
Will it last? No. It's all temporary FUD. There are plenty of corps who play the legal game and won't have any problems with all the regulations. They are looking at BTC anyways. It gives them a nice entry point. Those who already had BTC probably started the sell off to just buy back in lower.
If not this year, wait 4 years and see where BTC is at.
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Very very strange, definitely playing a game here. Scared of the possibilities of future finance too I bet.
Yes, crypto and defi will take them out in time.
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I'm waiting for it to go down some more so I can start buying again. It's still £1k too high for me. 😂
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Well I guess you will get your wish, as the bull is still sleeping.
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it seems so! 😂
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What's funny is this is the same exact thing they said in 2017 and guess what they bought MORE bitcoin when the sell off happened. It's all part of the game I wish people where smarter but most aren't.
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History is deemed to repeat itself, I remember when this happened.....
Hehe, the FUD is wild, easy to manipulate the market.
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