Daily: "Korean Exchange Ban" causes Crash
Korean Exchange news got reported on mainstream media with sensationalist titles causes major drips in altcoins. Chinese Mining Ban also gets blown out of proportion.
0:55 Market “Crash” & “Korea Exchange Ban”
5:48 Goldman Sachs Admits Bitcoin is Real Money, Cites Use Cases in Developing World
7:10 Bitmain Looks to Europe as China Cools to Bitcoin Miners
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The media just love to spread FUD in the crypto world. Wonder why they don't talk about the collapse of the $....
Just another bump in the road! Nothing can stop crypto!
It's unfortunate and infuriating that fake news can result in sharp drops that take away millions in market cap value. Many people - especially those who are overextended or/and bought at the higher end - would have panicked and sold to cut loss. And thereby creating a cascading effect.
But since we can't do much about how others react, the next best thing to do is to try and benefit. This may sound opportunistic but it's more of trying to make lemonade from the fake news lemon. We should have a list of quality coins and tokens we have researched beforehand. During sudden sharp drops, that's an opportunity to buy. Based on previous observations, the coins tend to rebound after that. But set a stop-loss level too, in case the market continues to drop. Preserving capital is paramount.
Here is an overview of the most important headlines on some major news outlets. I looked them up for you:
Over $100 billion wiped off global cryptocurrency market following talk of South Korea trading ban: https://www.cnbc.com/2018/01/11/bitcoin-ripple-ethereum-prices-fall-after-south-korea-trading-ban-talk.html
South Korea plans to ban cryptocurrency trading, rattles market: https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002A
Bitcoin drops $2,000 in value as South Korea announces planned trading ban: https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling
There are also some news that South Korea might want to introduce joint regulations on cryptocurrencies with China: https://www.google.at/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=3&cad=rja&uact=8&ved=0ahUKEwjL-bWagNDYAhWKKJoKHZCMDwwQqQIIRCgAMAI&url=https%3A%2F%2Fwww.coindesk.com%2Freport-south-korea-eyes-joint-crypto-regulations-with-china-japan%2F&usg=AOvVaw0p0GfyC0kXQV4HQ7mVVB6j
Mainstream media up to their old tricks again...🤦♂️
Goldman's comment is reassuring in these bad days. I see a ray of hope.
Bitcoin is our future.i will hope many dream from it.
Thank you for your sharing
keep it up.
go ahead...@boxmining
Not sure at this point anything can cause bitcoins to die
love your stuff @boxmining I feel as though China's stance is always changing! - would love it if you could check out Crypto Nights - https://steemit.com/tron/@alexmavor/is-tron-trx-the-altcoin-to-look-out-for-in-2018-crypto-nights-episode-23
good post friends, please upvote my blog once friends ya