Market correction & the resilient Cryptocurrency Market

in #investment7 years ago (edited)


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In recent times, there has been serious panic among investors in Cryptocurrency due to sharp price deep caused by various factors. One of the major factor leading to bloody market is due to market "Correction".

What then is a 'Correction'
According to Investopedia;

A correction is a reverse movement, usually negative, of at least 10% in a stock, bond, commodity or index to adjust for an overvaluation. Corrections are generally temporary price declines interrupting an uptrend in the market or an asset. A correction has a shorter duration than a bear market or a recession, but it can be a precursor to either.
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What may have caused the Market corrections?

Apart from most companies selling shit coins and scams to the public which are basically pump and dump and or overvalued coins with no visible team and real project, for Mashable, the market corrections is likely due to;

-The onslaught of bad news regarding cryptocurrencies in the last couple of months. China has banned cryptocurrency trading in September. South Korea implemented stricter cryptocurrency trading rules this week. India's finance minister said Thursday the country's government will take measures against cryptocurrencies being used as payments
Moreso,

-There's also mounting doubt whether Tether, a cryptocoin that's pegged to the price of U.S. dollar and allegedly backed in U.S. dollars at a 1:1 ratio, is in fact a scam. Potentially scammy Bitconnect was shut down in January. Weeks ago, hackers made away with more than $420 million worth of cryptocurrency, stolen from Japanese exchange Coincheck. And a lot of prominent investors, from Warren Buffett to Peter Boockvar, recently expressed skepticism towards cryptocurrencies.
Add to that the fact that cryptocurrencies typically fare bad in January, and that the Chinese might be selling their coins ahead of the Chinese new year, and you've got a perfect storm of news that can cause even the most resilient cryptocurrency to plummet.
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Is there any future hope going forward?
The good news however is that with huge amounts of money invested in cryptocurrency and so much great brains and reputable hardworking folks backing up decentralized blockchain and Bitcoin known to always bounce back stronger after any correction and market deep, there has always been a ray of hope and good news. However, the recent market recovery came after the recent Cryptocurrency Senate Hearing Testimony with chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, where CFTC is to Take 'Do No Harm' Approach on Crypto Regulation.
According to an article By LUCINDA SHEN published in Fortune, titled "Bitcoin Traders Are Relieved at CFTC and SEC Cryptocurrency Senate Hearing Testimony"

With major banks blocking customers from buying Bitcoin with credit cards and governments cracking down on cryptocurrencies, a Senate hearing on the topic Tuesday was a surprising respite for HODLers (hold on for dear lifers).
The Senate Banking Committee heard testimony from the chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, on the potential dangers of digital currencies as investments. Their testimony, amid a crackdown on Bitcoin exchanges in China and South Korea, wasn’t as negative as many cyrptocurrency investors had feared.

As a result, Bitcoin prices rose to $7,650 on Tuesday, after dipping below $6,000 just a day earlier.
In his own remarks
“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balance response, and not a dismissive one,” Giancarlo said.
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Watch this


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After the hearing, the market started picking up and many haters who were spreading dooms day news are already worried that Bitcoin, Steem, EOS, Elyte (elyte.io) are bouncing back in speed. However, those haters forgot to understand one thing, Cryptocurrencies are here to stay for the longest term.

My advise

Never be in a hurry to jump into any new coin, Avoid scam and shitty coins with no visible team and products, avoid pump and dump coins, HYIP and concentrate on real coins with future like Steem, EOS and new comer Elyte (elyte.io) so as to secure your future.

My question is, do you agree that cryptocurrency is here to stay? Send in your opinions in comment section.

If you like my post, do kindly give an upvote, follow for more and resteem for others to learn.

Read this vital health tip on Banana peel uses
Using Banana tea to treat Seasonal Affective Disorder (SAD) or The Winter Blues.

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Bounty: we will pay bounty winners before the end of next week (so
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Good News / New Location: Cryptocurrencies are fraught with scams ie
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INCORPORATION https://main.elyte.biz/?page_id=621
Thus this will add confidence and improve trust among future investors
(feel free to visit our crowdsale , buy and join our white list before
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Feel free to share this information with all your contacts. On behalf
of elyte team, I Wish you all a blessed weekend.

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So much valuable info and insights to learn from here. Thank you for this update and am gonna join HODLers of steem and Elyte 💪

Great advice! Crypto is def here to stay and a correction apparently happens every year around this time... no panic... and take advantage of the low price to wisely invest in some more crypto before it starts to go up again! have a great day my friend!

thanks my lovely lady. amazing to know you are also very knowledgeable about the happenings in crypto

Hehe.. I live with a crypto and computer nerd. He started mining and getting involved in crypto projects so many years ago.

Ahhh. That's the secret exposed. Which token do you owe?
Have you looked into
Elyte ?

We stopped mining since we moved to cambodia.. electricity too expensive here ;( But we owe a lot of coins found in top 10-20 and some other less yet very cool projects. Elyte keeps popping up... should have a look at it.

Sure. You can visit their telegram too. 👌

"panic among investors in Cryptocurrency" and in the stock markets too
Last monday is already called the black monday all types of markets are going down in a generalized way.

This news from the US regulatory authorities pushed the markets for a little bit, which had impact for about 1 day, more or less... Now we are going back to find a new support line and test it, possible around the $6K for BTC. (probably below).

sure, we will all survive.

Yes, whatever you mentioned is correct. Now the market is going down rapidly and we can see slight increase sometimes and after that follows a big dip.Is this all bring controlled by traders, mostly whales who are holding large amount of crypto.

The market is very delicate to news and speculations as such controlled by fake news media, big cooperations and govt who may want to cash into the fud they create.

maybe. remember, this period is also propelled by asian new year festivities where a lot of withdrawals from crypto are taken place due to largest human migration. buying of gifts etc. so its a very slow period. Hodlers are patiently waiting

I agree with you @kenhudoy, crypto has come to stay.

💪 Roger that. Sure

You got a 1.74% upvote from @buildawhale courtesy of @kenhudoy!
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I quite like this article and the video ay, I belive the cryptos are here to stay. Its a shame that we here of cryptos being stolen from exchanges I guess an exchange like bitshares becomes really handy as it is decentralized and running on its blockchain which is really cool. I was blown away to learn that the derivatives market is worth like 700 trillion i think which was crazy and bitshares is offering a more efficient system in this market. I wonder which will moon higher betwwen ETH and BTS in the longterm

nice insights. i think steem will moon pass all when we implement the smt and after the next hard fork. thanks for the comment

We wanna more of this theme please!

sure. thanks

Thank you for posting this day, science is very good for us steemitian. made me more in love with steemit.saya strongly agree with your idea. please vote for me @kenhudoy

welcome as always

This post has received gratitude of 4.60 % from @appreciator thanks to: @kenhudoy.

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