The Crypto Bloodbath
As we all noticed the bitcoin price and almost all the other cryptos are down in a massive way...
The price of SBD and Steem are also getting a hit.There are many factors that might be responsible for this, first we look at today's coinmarketcap of top 10 cryptos
As we can see top 8 out of the 10 is significantly down , except for bch and eth which are well known hedges against btc, so no surprise there.We all seen before if bitcoin goes down it takes almost all others alts with it. The primary two reason i think of this is,first the China putting restrictions or a gradual ban on BTC mining and the decision of coinmarketcap.com and other similar websites not showing korean and some asian market prices in their page.
China Banning BTC mining
About the China banning the mining of bitcoin, which currently provides 2/3 of all hash power for btc mining, that is a major bad news for bitcoin which has affected the price of btc. But the thing is,...the rumored decision to stop mining operation in china,was said to be gradual and steady and most of the mining centers are already moving to others countries. If there is any effect of this if any on the bitcoin blockchain will be gradual and will be in coalition with the bitcoin mining difficulty adjustment period.So maybe now it seems a bad news for bitcoin but even if this operation fully undergoes there will be virtual no effect on the bitcoin blockchain.
For more information about this you can search online about the news or you can read this article,
https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world
There are more articles you can find online which goes more in depth.
Websites excluding prices
The biggest website to show coinmarketcap is coinmarketcap.com, and if you have seen recently they with other similar websites decided to exclude the prices of certain exchanges.This happened for a bunch of coins for this example we will focus on ripple. Ripple was well over $3 only a few days ago but suddenly it came down overnight.
If you check the markets section of the site you can see clearly certain exchanges where excluded
As 31% of all market volume of ripple was traded on bithumb,this really affected the total market cap of all cryptos significantly.But again it's only the website not showing the prices,my opinion is the panic sell of ripple by people seeing the prices on coinmarket.com without getting in depth about the situation,actually affected the most on the price of ripple.
Final Thoughts
Cryptocurrency is called decentralized for a reason, their prices are controlled by all of us. Whatever bad news we may get,we never should lose faith on the coins we are holding and panic sell them driving down their prices. This also applies to pumps too, people should do more research and be more informative before going into crypto trading,holding,buying and selling. I know most of the people who are into crypto are well informed and done their research, but there are many people who just panic sell and buy on fomo (fear of missing out). So at the end we are responsible for this bloodbath of cryptos these few days. But as we all know it will again bounce back,this type of things happened dozens if not hundreds of times before.So i will suggest to hold on to every coin you have.
I want to hear from you about this whole matter please comment down below your thoughts.
If you like any of my contents follows will be lovely and as always....
Aw, this was a very good post. Finding the time and actual effort to make a great article… but what can I say… I put things off a lot and never manage to get anything done.
I’m impressed, I have to admit. Rarely do I come across a blog that’s both educative and amusing, and let me tell you, you've hit the nail on the head.
The issue is something which not enough folks are speaking intelligently about. I am very happy I stumbled across this in my search for something regarding this.
Amazing article dude! Many thanks @kazish
Thanks man :)
you Welcome @kazish . its really great piece of info.
again nice work as usual :)
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Welcome ! Thank you .
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