The Cryptocurrency Blood Bath
The Crypto Currency market is down and still dropping as Alt-Coins like Ripple XRP and IOTA showed about 23% and 14% loss in price respectively
There is a significant loss across all the cryptocurrencies and one would ask what the possible cause for the downward trend in price movement
Bitcoin is down by almost 12% in the last 24hours with trades around the $13,300 range
Could this fall be attributed to South Korea's clamp down on Exchanges and its intention to regulate the Crypto Currency Exchanges in the country. On Sunday 14th January 2018, the Korean authorities require Exchanges to use their real names for Trading accounts and fines will be imposed on those who do not qualify.
In recent past huge volumes of trade has been known to come from South Korean Exchanges, could this be the cause of low volatility and price fall? its something to ponder upon.
Some crypto traders will see this as the best time to get in on trades and also HODL (Hold CryptoCurrency) their position until the recovery of the market.
Thank you for reading.
https://twitter.com/Bitkfactor7
I always wonder why people panic when there is bloodshed in the MKT.... personally, it makes me happy.... I mean, if there are no times like this in the #MKT when can new people come in - on the green #candlesticks? definitely not! If no bloody streets in #Space, when can people who short coins re-enter the MKT - on green grass? Hell no!
I love bloody #Crypto MKT - cos after the #bloodbath you get bloody rich when the fied turns green! That's how you roll here!
@mikedestiney you absolutely right.....great insights you have on the market price movement.
Too many speculators are in the crypto market for a quick buck and most of them don't care if they are trading BTC or wheat. The moment there are a few bad news on the market, these folks will dump their holdings in a heartbeat.
the crypto space is certainly not for the faint hearted...