The BTC rollercoaster train ride
If one was to speculate on the reasons behind the rollercoaster almost pump&dump scenario we have seen with BTC some recent articles could help highlight the reasons.
- Firstly India has a ban on cryptos, which is now being called a scam in terms of the overreach of regulations.
Result market confusion in one of the most populated countries on the planet.
- Next we have Trump & his tweets that can be read in several ways in regards to the Fed & BTC.
A ban by Trump sounds implausible, but is possible, at least for the USA, but given that is only ~4% of the global population it may or may not effect global prices.
https://cryptodaily.co.uk/2019/07/food-for-thought-could-trump-issue-bitcoin-ban-in-the-future
- And lastly we have France who are looking at self controls for the Crypto world. As long as companies agree to KYC & other tax rules then France seems to be OK with cryptos. What happens when I buy a coffee with BTC or AlT's is not really clear at the moment. Will the Barista or merchant have to declare the income, pay tax on it etc etc.
No wonder the Crypto Express is a rollercoaster, it seems the regulators can't decide if they want to be Martha or Arther.
Time will tell
Cryptocurrency will surely face many bumps on the way. Humans have a tendency to oppose everything in the beginning until it is well understood and accepted by all.