China initiates crypto ban! Bitcoin price plummets
The title says it all. China is at it again, banning things it doesn't like or understand. Well, to that I say: Good riddance to bad rubbish!
2017 was plagued with FUD from China, which kept crashing the crypto market. It got real old, real quick. So, while the markets will suffer in the short term, this can only be a good thing in the long run. With the erratic Chinese government out of the market, they can no longer influence prices, and the determined Chinese citizens who appreciate the good crypto can do will simply find ways around the ban.
Now might be a good time to pick up some discounted coins. Everything is on sale.
You can read about the ban here: https://cointelegraph.com/news/ban-complete-china-blocks-foreign-crypto-exchanges-to-counter-financial-risks
(image from CCN)
Dear dame-lily,
I agree with you my friend. Good post. China is just trying to dump it again. So awkward. Definitely buy now or just wait a bit more but not too long. Many coins are quite low right now. Btc is a good buy option.
I did post that on my #gtwca series anyway.
Hodl and buy, but do not sell!
Yours truly,
Gandalf The White!
Yep, it's a time to buy or hodl, but not to sell. What crazy person would sell in such a huge dip? I might pick up some XRP. That will be at least double the price a month from now.
A newbie looking for quick profits - or a trader on margin (ouch.)
Dear nxtblg,
Of course there are people who might need to sell cause of their trading plan but you know what he means - if you are a longterm holder and not going short or anything like that, then you should buy now and not sell (generally).
Yours truly,
Gandalf The White.
Oh yes, I know what he means. With the possible exception of selling a little to pay down debt, I'm HODLing myself.
K, just saying. Have a good one my friend.
Absolutely. Yeah, you should not sell - except you are going short or your strategy says that you should sell (whatever strategy this might be haha).
I am not a fan of xrp - still holding a bit. I made profit with it but there are way better coins like eg. btc, eth, dash, xmr,...
Have a nice day my friend!
So that caused the sea of red...Are they serious this time? Didn't see anything about this at CoinDesk
Here's the article about the ban: https://cointelegraph.com/news/ban-complete-china-blocks-foreign-crypto-exchanges-to-counter-financial-risks
This does seem to be the real deal, and I have to say I'm glad. Not because I don't want Chinese citizens to be able to buy crypto, but because this government and its FUD has been the cause of a number of dips. If they're out of the market, we won't have to deal with this mess again. Not from them, anyway.
At the very least, they're out of the way.
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