Fake Bad News are hammering Bitcoin and Cryptos
It has been a depressing fortnight for anybody reading various mainstream headlines touting the ‘end of Bitcoin’ and the arrival of the ‘crypto bubble’ crash.
South Korea-A wave of uncertainty in South Korea led to massive sell-off of cryptocurrencies last week, as traders unloaded amid fears of regulatory clamp downs from the government. Those fears were led by misleading reports of an all out cryptocurrency trading ban in a country which accounts for 20 percent of global trades.
It is now understood that South Korea will only ban anonymous trading - meaning people wishing to trade cryptocurrencies need to do so through authorised exchanges using a registered bank account. Furthermore, foreigners and minors in the country are now prohibited from cryptocurrency trading, while the government will tax exchanges in line with existing policies.
China- This was coupled with murmurs of further regulatory moves in China, which has already banned cryptocurrency exchanges in the country. Unsurprisingly, the markets reacted as they would with any hint of bad news, which has led to bearish attitude.
India-Bitcoin markets are reacting to fresh regulatory comments on crypto from India’s finance minister Arun Jaitley, made during his most recent budget speech in the Parliament today, Feb.1.
After Jaitley noted in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activities” involving crypto, a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media.
Markets in turn fell in trading on Thursday, Bitcoin dipping below $9,512 after breaking $10,300 Wednesday, Jan. 31.
Please stop doing negative publicity of Bitcoin and crypto,it has huge potential of future.
Reference:https://cointelegraph.com/news/what-the-fud-bitcoin-market-beset-by-january-woes
Crypto market has been falling lately, people are panicking. This has caused a lot of FUD in the crypto space. I think people need to understand that crypto space and blockchain technology are in the infancy stage. Some people believe that by getting the government involved and shutting down crypto is the answer. This is not the answer because crypto will continue to evolve.
Will crypto have the giant gains we witness a couple months ago, I don’t know the answer to that. But we can look at history and I can say that I beleive crypto is the financial future. If you go back 60 years and think how common place were credit cards? Credit cards were not common place they were new way of transferring currency around. Now everyone has a credit card, teenagers get credit cards when they open a bank account that is how common place they are now.
This will be the evolution of crypto, will it be controlled by governments? Proabably will in some shape, form or fashion. But I don’t think we should look at it as a negative but a positive because then it will become more mainstream. Five to ten years from now all of us that got into crypto now or even before now will be looking back on this and saying “remember when they tried to ban crypto” as we are paying for goods and services from our mobile wallets or some other technology that’s availble to send and receive crypto currency!
True.Media is making thing worse.