Is CRYPTOCURRENCY dying? What is happening to Bitcoin?-Here is an insight
Many people have been asking themselves this question "is bitcoin dying, what's happening to all cryptocurrencies". Unfortunately our precious steem dollars is affected by this fluctuation.
Well here's a research I made on what's happening.
As of Friday all coins rallied, after a two day bloodbath that saw bitcoin falling below $10,000 mark where it was on Thursday dropping down to $7,700. But later on Friday everything was about to get back to normal after one bitcoin traded for $9,500 this continued until Sunday as prices went down again.
So what is the cause of this?
The crypto traders are in panic after what happened in Korea and India last week.
There was news on Friday that major US Banks would not support crypto purchases Banks like; JPMorgan Chase, Bank of America, and Citigroup.
That was just minor bad news that hardly dented the market. The big blows came from Asia on Sunday morning, CoinTelegraph explains.
China wants to further increase regulations in the country, Chinese-language site Sina reported quoting The Financial Times. After an initial ban on crypto exchanges and ICOs went into effect last September, some exchanges still operated from Hong Kong and Japan. But the Chinese government wants to ban access to all exchange platforms as well as ICOs in the future, whether they’re local or international, according to the report.
Reports coming from South China Morning Post has it that China's major social media network and search engines had banned all ads for bitcoin, other crytocurrencies and ICOs in the future, whether they're local or international.
So what do you think about the whole Bitcoin fight against the government? The coin is currently trading around $6000. It is really dragging our steem dollars and steem down with it.
Thanks for reading this report as more will be coming soon
Follow me:@lifeofdarlington
This post has received a 69.10 % upvote from @steemfeed thanks to: @lifeofdarlington.
I think we'll find out after Chinese New Year what the total effect is on the crypto market. I don't think it will be too severe.
I note that nobody is saying the NYSE is failing after it's day yesterday. :)
Yes sir after the Chinese New Year everything will become certain.
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