The World of Cryptocurrency - Crackdown Continues
Currently, there's a lot of reds and the market is down to 515 billion dollars and we've lost almost a hundred billion dollars in just a few days. This is how volatile the crypto market is and many people were afraid to engage in this kind of business. There are several factors that affect the stability of bitcoin but the limelight was focused on several countries that banned cryptocurrency in their land. Some country treats as a criminal activity to trade in cryptocurrency and can end up in prison. But in spite of these, there are still risk takers who continue investing in crypto regardless of several warnings coming from their government.
Indian Banks just recently join the wagon of several countries that banned cryptocurrency in their land. They were suspending Bitcoin exchanges and putting restrictions on it unless they can provide a collateral on their holdings at a rate of 1:1 ratio. Nation's top banks have suspended or greatly curtailed functionality on exchange accounts. This scenario raised a bad signal for our fellow Indian cryptonians and the entire cryptoworld was affected. As we can see the trend of coinmarketcap, there was a bloodshed everywhere and some speculations that bitcoin will drop as much as $8k this few days. Only time will tell what crypto can bring us in the near future. I do hope it will be a bright and greener future that we are heading to - the financial freedom.
Yeah it will recover. It's a great time to buy some cheap coins. More on this in my latest post:
Digibyte (DGB) - Analysis (400% POTENTIAL PROFIT) — Steemit https://steemit.com/bitcoin/@benkalashnikov/digibyte-dgb-analysis-400-potential-profit
I hope it will recover soon. i just bought my DGB yesterday, im so excited for the next few days :)
Be wary of anyone telling you it WILL recover guys. Remember, this is a very, very risky game. Do NOT put in money you can not afford to lose because nothing is set in stone.
Yes I am bullish solid cryptocurrencies long-term, but the keyword is "solid". I think 95% of cryptos will die off just like companies during the dot com bubble (just my opinion remember do your own research please guys).
When Banks say that cryptocurrency is not a proper form of payment they are basically saying that crypto currencies are things that they're not able to control your finances with therefore we don't want you using them. As simple as that. All the more to use them even more
Threadrippers killing it!!!!!! Nice post!!
simple as 1 cent coin: buy during FUD, Sell during FOMO! ))
this volatility is only for HODLers with steel balls:
When it's all said and done, do you REALLY think countries will be able to control crypto? They'll make it so you have a hard time cashing out or even using it as a currency for instore purchases but I don't think they can regulate person to person transactions.
Wasn't the original vision to take the power out of the hands of the ruling elite? Now we're waiting for their approval? Nah, the only problem is going to be it won't be as popular for speculation and investing as it currently is.
yup i agree that the government cant control crypto and they cant even regulate person to person transactions but through banning this crypto and to a point to file a bill for making it a crime in trading with crypto will somehow discourage many of our fellow cryptonians to continue in trading with this coins and as a result, there will be decline on the number of investors and surely the market cap will be hurt.
True, but I suppose this all depends on what our end goals are. I'm okay with black market currencies.
It will recover a little bit but then it will go down again. The crypto market was damaged through the manipulations at the end of 2017 and it has not recovered until today. It annot recover because currencies have been invented to improve the trade in goods and services. Unless crypto currencies are not used to trade at least services there will be no recovery as exchanging crypto currencies against cryptos or fiat currencies makes no economic sense at all. You have to look at the gold price in the next days. If the gold price is going up in the next weeks significantly then the bitcoin will drop below the 10.000 Dollar benchmark. And then it will take some time to see much higher prices for all crypto currencies. But in the end the cryptos will not only survive. The cryptos will defeat the central bank systems in this decade and create more wealth for more people than ever before.
I totally agree with you. after this tragedy, bitcoin will get back again to its track and start to skyrocket. Currently, government and central banks declared war against crypto, they are trying their best to eradicate virtual currency in their lands. but i firmly believe that crypto will end up a winner in this battle of supremacy.
You mean like PayPal and their absolute LIE CAMPAIGN!!!??? "PayPal Is New Money"!!! Really? I thought it was an archaic platform for sending and receiving money for the type of things you stated! Oh yeah and since it's break with E-Bay it's a cesspool of scammers, ALWAYS siding with the buyers!!!!
People get scared of the dips, but envy missing out on the peaks. People should invest a little, but nothing major. The gains are historical. Better than anything you will see in the stock market. And crypto allows people to put in just a little money and double it easily. If you put $100 in stocks, you probably wont even see a 10% increase in a month. It would probably take longer. Stocks are for people who have a lot of money. Like a million. If the stock goes up 1% they make a lot of money. Crypto is more of an everybody thing. But dont get me wrong, stocks are a lot more stable than crypto and a better store of value.
veteran investors see a positive opportunity everytime the coin dipped. They just simply bought a considerable quantity of coin and take advantage of its low price and wait for the coin to recover and rise again. But the newbie sees it otherwise, lol :)
Exactly. You just need to be patient and wait. Buy some dips and watch the money stack up. But also never be afraid to get out and take profits. A lot of people worry they will miss the peak. Who cares. Take your profit and live with it. It’s all about making profits and building the coin value and fiat value at the same time.
I honestly believe the market will recover, might take some time of course
for sure it will recover but it will took several week or maybe months to skyrocket again. it need whales and a huge number of both traders and investors to get back to ins track.
I am very worried about the cryptocurrency market. I do not understand when that is the happens.
dont worry for it but instead take advantage of its very low price - buy some coins and wait for it to rise again
I agree.
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will you earn in referring new members in binance? by how much?
Well. You get 20% cashback for every transaction fee made by the people you referred. I only have 20 referrals now. So I only made pennies. But free coins are free coins. So it's all good. :)
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Good chance we will recover :) and some!
Hopefully btc will recover
Give it a few weeks :) we will for sure.
Thanks
You're most welcome.
Seems like another day in the exciting world of crypto. Nobody said changing the world was going to be a smooth ride.
Trading and investing in crypto is like riding a roller coaster. lol