Crypto Market Crash - China clamps down further on cryptocurrencies
While checking out what made the market collapse again I found this article, I don't agree on the vision of this guy regarding cryptocurrencies, just sharing what made the market crash.
Here is the content:
The cryptocurrencies can’t catch a break as China makes it even harder to transact.
According to Bloomberg, China is targeting online platforms and mobile apps that offer exchange-like services according to people familiar with the matter. China had already banned cryptocurrency exchanges last year.
China is also going to focus on individuals and companies that provide market-making, settlement and clearing services for centralised trading. Bloomberg’s sources said that small peer-to-peer transactions aren’t being targeted.
The bad news just keeps on coming for cryptocurrencies. CoinMarketCap’s decision to exclude Korean price averages caused the industry to dip and then news that South Korean officials would crackdown on cryptocurrencies sent further shockwaves through the markets.
Surprisingly, Bitcoin’s price is up 1.15% over the last 24 hours. However, Ethereum is down 4.48%, Ripple is down 9.61% and Bitcoin Cash is down 4.68%.
I’m not sure what will turn things around for the cryptocurrencies at this stage. The more that governments ban exchanges in various countries the more likely these cryptocurrencies will only be used by people dealing in the black market, which is where the cryptocurrencies got their original ‘bad’ reputations to begin with.
Source: https://www.fool.com.au/2018/01/16/china-clamps-down-further-on-cryptocurrencies/
OMG! This is SUCH an AMAZING post! Thank you for sharing! I gave you a vote!!
I really hate when I see a dip like this, especially because of just a rumor or announcement by some high influence folks.
But looking at the bright side, this is a general cleanup and an opportunity for those who believe in the future of cryptocurrencies.