Bad news for crypto world?
Red, sea of red with FUD from
USA
https://www.cnbc.com/2018/01/30/cryptocurrency-and-taxes-what-you-need-to-know.html
Wherever you read the news, it seems fud is everywhere..
People are panicking.. But why? Because many people are simply speculating in this space..
Traders are calling the bottom specifying btc now 8600k is reaching the 200MA line...
Some saying this is the awaited "correction" ( i personally disagree with this term and prefer pull back instead) of the last ridiculous Bull Run in the market..
Early December 2017
Late December 2017
And pull back
Before the next Crazy Run Up in Early January
(All figures are from https://coinmarketcap.com/charts/ )
My take on this crazy bull run is due to simplistic optimism which are simply not based on reality for the year of 2018.
So, many new money who have sat by in 2016 and 2017 simply "watching" become pressured by their psychology of Fear of Missing Out jump into the bandwagon when they see BTC finally break the psychological barrier of $10k and holding above it..
Coupled with "printing" and pouring of ludicrous amount of USDT into the market totalling 775million pushing the BTC price to ATH just shy of $20k
https://news.bitcoin.com/bitfinex-printed-one-third-usdt-receiving-subpoena/
"Since receiving the subpoena, Tether increased the number of USDT by 775 million, comprising a 52.5% increase in the total supply from December 6th, 2017. "
Those who bought at the top would be loosing more then half of their holding. Such extreme volatility cannot be comprehend by traditional market investor or trader.. With many calling bitcoin as a bubble..
For now just stay strong and hodl