Re: Big Governments Are Crushing Cryptocurrencies -- Bitcoin Down 10 Percent
Well it's really only China. ICOs are still legal basically anywhere else in the world.
But yeah, this move from the Chinese government has significantly undermined the current pump. Price was almost at $5000 before the correction came that brought it down to around $4700, and when the news came out again the price went down to sub-$4000 territory.
Though price seems to be rebounding back and i think that this is going to be the start of another bull wave - albeit the new regulations. Even though this brought crypto investors nothing but bad news, it actually helped bitcoin get out of a pretty big bubble that was just waiting to be popped.
But yeah, this move from the Chinese government has significantly undermined the current pump. Price was almost at $5000 before the correction came that brought it down to around $4700, and when the news came out again the price went down to sub-$4000 territory.
Though price seems to be rebounding back and i think that this is going to be the start of another bull wave - albeit the new regulations. Even though this brought crypto investors nothing but bad news, it actually helped bitcoin get out of a pretty big bubble that was just waiting to be popped.
Some people tend to forget that Bitcoin is a global market, unlike Forex and the rest of the markets. For this reason, it needs a good 48 hours post-news in order for market participants to make their decisions about what they are going to do. I predict that somewhere mid week or friday as of late, the correction will end and we'll see a clear recovery marching back towards new all time highs, this time to kill the damn $5000 psychological barrier.
So let's give the market a couple of days to absorb the news and realize the fact that these news are irrelevant to Bitcoin, and there's no reason to sell at all.
100% !! thank you !
thats how new people lose money, as soon as it goes down... panic sell..only be greedy when others are nervous and be nervous when others are greedy
-Warren Buffett