BLOODY TUESDAY IN THE CRYPTOS MARKETS AFTER CHINA (allegedly!!!) MOVES FURTHER IN WITCH HUNT
Good morning Steemers, or not so good for us crypto traders
By press time the whole crypto market was down in average, 15-20%. As seen in the screenshot below from coin market cap, all is in red in the top 20 in exception for NEO.
Looks like CHINA has moved further into this crypto ban, so after Korea making clear it was not a generalized ban, now China is looking to constraint even further the whole crypto market by also cracking down on market-makers and the whole exchange as a service, even some rumors state that could follow on localbitcoins (peer to peer service).
According to several media outlets some anonymous sources stated that Chinese government “plans to block domestic access to homegrown and offshore platforms that enable centralized trading” while remaining silent on ”how policy makers define such platforms.”
So, again as with Korea we are following some rumors, and as last time this is costly and really negative for the whole environment, it looks like some whales know the way already and are liking the "Modus Operandi" of sending some shocking news and then buying cheaper.
Please try to look for more information before following into the selling frenzy, this is nothing new, China is on the same mood since last year, do not fall into the FUD.
original article on https://www.bloomberg.com/news/articles/2018-01-15/china-is-said-to-escalate-crackdown-on-cryptocurrency-trading
Interesting, though I doubt Bloomberg sources their Chinese government and market insights from bad-acting whales, more likely sources within the party/bureaucracy, and wouldn't be surprised if these leaks were controlled in the first place. The narrative fits the reality perfectly: China has been trying to stop capital outflows for years and crypto is a huge thorn in the side of those efforts.
Thing with China is that for being "communist" they highly value the real economy, productive people, etc. hence, block chain is seen by them as something not real and highly speculative. Actually Mining could be considering a productive job, transforming hardware computing to coins. The problem with them is a cultural thing, and of course to not forget that is a closed economy ruled by an authoritarian party which does not want to lose the grip.
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So it's another attempt of market manipulation by the big guys -sheesh.
we are today in the panic zone I would say
1.33% @pushup from @santana33
it was a total massacre