CryptoCurrency Market Stays Low - Awaiting Clarification from China
(Jiddu Krishnamurti)
Bitcoin at 4k - Ready to move both ways
(Source - Analysis based on Coinmarketcap.com Data)Since all the News on an eventual end of the Chinese CrypoCurrency Exchanges got spread within the last 3 days the Market lost about $20 Billion of it´s whole value. Bitcoin stayed around a price of $4.000 and seems to be stuck there until some further or final clarification on the situation will be released by the Chinese officials.
But as I´ve already mentioned in my last Post, there isn´t any evidence available at all and the Exchanges are still up and running at the time being. The whole panic is therefore at the moment just based on unconfirmed statements and rumors.
Steem suffers less than BTC
Something interesting that I´ve noticed during this downtrend is that Steem actually isn´t concerned as much as other CryptoCurrencies. Of course the Price went down due to the fact that its Dollar Value is still connected to Bitcoin itself but while Bitcoin lost more than 6% the last 24 hours, Steem only lost about 4% towards BTC.
It might be just one of those small indicators that the Value of Steem isn´t totally dependent on Bitcoin anymore. Sure, their Charts still look pretty much the same but in the beginning of a revolution there are always just some small changes to be seen.
What is your Opinion on the Situation?
I´m following the News pretty closely right now and am as well very interested into your Opinions on the whole situation. So please leave a comment and let me know what you think about all this.
(A Proud German Ambassador from & for Teamaustralia!)
10k incoming
PERSONALLY, I am not moved by short term BTC or STEEM moves.
To me - STEEMIT is the road to independence from a slavery system of unlawful taxes and private bankster control.
PS:// The Chinse rulers are a criminal power that is evil to its core.
The Blockchain is a great technology and for the time being we can expect that emergent nature of the community will overcome all the bans, governments and restrictions and to continuously change technology on its way.
Having said this it's very difficult to bet on the right crypto, which one will be the one that will solve the specific issue of the moment?
My suggestion would be to:
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The thing about steem that i don't really understand is it's inflationary model ( i.e not a maximum number of coins). Could this mean steem will not break out above the $2 level?
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Honestly, there's still too much confusion in the mix regarding China's blocking of ICO's.
Your post yesterday was one of the few I saw calling it an inaccurate report, and sites like CoinDeck, where the majority of "mainstream crypto" people get their news, still has articles up about the banning of ICO's. Because of this, people are still writing about the news, and it continues to circulate.
I, personally, still have no idea whether ICO's were banned in China. And it's that kind of confusion that will leave the market at a level more volitle than is usual.
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