Rumors Of China Shutting Down Exchanges Send Bitcoin, Altcoin Prices In Red - Just The Usual Crypto Friday FUD
According to cointelegraph, a piece published in Chinese social media website Caixin revealed that China plans to shut down a few exchanges, as part of their plan to ban ICOs. As a result, the entire market is in red again.
If I would be in this thing just for a few months, I would probably have the same knee-jerk reaction, selling in panic. But given the fact that I've already seen similar approaches from the land of the silk, I just think to myself: "whatta wonderful time is this to buy...".
So, for those who are a bit more worried: China has a consistent track of pushing the crypto market in various ways, only to release the pressure a few days, weeks or months after. I have yet to know the reasons it does that, but that's how it plays. A similar exchange ban happened this spring, when OKCoin was stopped. Activity resumed after a couple of months, and one of the results of this ban was actually positive: wash trades (trading your own money, anonymously, to manipulate the market) got the eyebrow, so the price followed a more predictable pattern.
So, even if STEEM lost about 13% in just a couple of hours and Bitcoin almost 8%, I dare to consider this just FUD.
Which, if you don't know, comes from: Fear, Uncertainty and Doubt.
Or, in our case, Friday Usual Dump.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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You are absolutely right. Just the usual crypto Friday !
people love to panic, and if they see something they sell fast because they have no guts to keep calm and wait.
You have the true mindset of an investor.
It is a Friday,so this is a usual crypto weekend!
Its like every Thursday some big or influential organization/government meets and decides which exchange or cryptocurrency they should mess with. Then on Friday, markets go red and by Monday we're back to normal.
@dragosroua, I wish I had more fiat to buy up crypto on the dip!
this is freaking bad news :(
Haha, I am with you. Time to buy more xD
It is times like these I wish I had some of those "$" things.
Then I could trade them for more cryptos.
And then I would be out of $s.
This won't work... :-(
Its a very helpful post!!!,,,,,,
This is indeed bad news, but nothing to worry about in the long run. It would suck for the Chinese community if this is true, though. But hopefully it was just that social media platform who wanted to buy some cheap Bitcoin and found a way to play with the price :))