The Market Is Tanking Right Now, And For A Stupid Reason....
Apparently, the reason people are currently selling their coins is because CoinMarketCap decided to exclude the higher prices from the Korean exchanges from their listings. So people saw those lower prices and I guess they decided to sell, and more people see the even lower prices and get scared and sell too.
It's pretty ridiculous if you consider just how fragile and fickle the entire market is. And just watch how this gets reported in the major publications, because I won't be surprised at all if they just say that BTC started going down and everything else did too, without even citing the reason behind it.
Meanwhile, I'm just sitting here HODL'ing. I bet people are going to feel pretty stupid when they realize what happened.
That's actually funny, I just posted yesterday how to not mistaken what your XRP are worth.. maybe coinmarketcap saw my post ;).
Weird, lol.
Thanks for this report.
What happened in the Korean exchanges???
Lol I woke up this morning like, whoa, how is everything tanking??
Considering going all into SP anyways..
Thanks. As far as I'm aware, nothing happened to those Korean exchanges themselves, but Coinmarketcap just decided to exclude the prices from those exchanges in the average price listing for tokens. I don't know if this was done for every single token, or just some of them.
I've thought about putting a good amount of my holdings into SP, but i guess for me it wouldn't pay off in terms of Steemit earnings from posts for a very longs time. However, I can see doing that if I can get more subscribers.
Maybe for you it would be worth it, but it's hard to say. However, if it were me I might just go like 50% Steem Power instead of everything. Thanks for commenting.
A plan to tax cryptocurrency was announced.
In the USA? But it's been taxable for years. Is there something in addition to that?
Not in the US. In South Korea, new regulations are being rolled out.
Ah, okay. I do remember seeing something about regulations in Korea. Some people are also saying the drop was due to fears over China banning bitcoin mining. I'm not 100% sure if that's happened yet or not.
Realistically the market is influenced by many factors, and uncertainty with regard to China has been a constant in my opinion ... whereas BTC and many other coins were due for a correction, and the South Korea situation may have tipped things in that direction this week.
Thanks for the advice.- I only got 200 invested so aint too worried about it.
You're welcome - I am glad to see your article.
People are responding to numbers and graphs, without understanding the underlying nature of the cryptocurrency market. I doubt that it is coincidental that Bitcoin is largely shorted on the futures market. It is hard to believe that CoinMarketCap could not foresee the consequences of their action. Surely they could have given advance warning of the change, or at the very minimum implemented an entry page explaining the sudden drop was an artifact of changes made to the averaging algorithm.