Bitcoin Drops Under $8,000 USD For The 2nd Time In Three Days. Whats Going On? Morning Coffee With Jane | Article
Last week was a rough week for the cryptocurrency market with Facebook Ads being banned, regulatory crackdowns, and the US investigation on Tether. Today, what is directly correlating the markets fall is the US banks not allowing credit cards to be used to purchase cryptocurrencies. The banks that are applying the bans are JP Morgan Chase, Bank of America, and Citigroup. Lloyds Banking Group in the UK is expected to do the same on Monday.
Confidence in Bitcoin keeps wavering as China plans on banning websites related to ICOs and other forms of cryptocurrency trading. Authorities in China reported that the ban on ICOs and shut down of domestic exchanges did not solve the issue of people accessing foreign servers in the country. However, bitcoin is still being traded in over the counter markets, which proves to be slower process that increases credit risk. China, you suck.
The fall is not only limited to Bitcoin as other coins such as Ethereum, Ripple, Bitcoin Cash, and Litecoin are all taking some hits as they all have fallen over 12% each in the last 24 hours alone. This may be a little slice of what is actually going on in the cryptocurrency world, but this was just to give you all an idea of why the market is STILL unfortunately acting funky. A lot of rules, regulations, bans and bed press going on for the Crypto-World, however everyone is adjusting and there is a lot of faith and loyalty in this market, only time will tell what this will lead to.
It was great to have you all tuned into the article version of Morning Coffee With Jane as I recover from this wisdom tooth removal pain/swelling. Everything should be back to normal Wednesday (I’m hoping)!
With Love,
Jane
❤️☕️
I think the positivity level overall is lost, and all the noobs got so burnt, that they may never touch a cryptocurrency again, so we are going to be dropping for some time now in my opinion unfortunately.
I totally agree with you. The majority of people are during this drop like ...
Yeah, it is crazy! But as you said, a lot of factors have to be considered. I was shocked too when I saw the fall in the crypto-world and then I actually have to think about Warren Buffet said "Cryptocurrencies will have a bad ending". What do you actually think to this?
Winny out...for now ;)
A lot of people have a lot of things to say when they aren't experts in the field and don't even know how blockchain technology works... I'm also no expert haha so the only thing I can say to that is I doubt that cryptos will have a bad ending, and only time will tell!
Cryptocurrency will do to Finance, what the Internet (.com) did for Communications. It will probably take way more time than what we expect. Mass adoption is necessary. The market is Bearish for the time being. Just Hodl.
Easy peasy.
Thanks for this boosting post, and yes we are seeing the volatility and dynamic nature price of Bitcoin through uptrends and downtrends, in my opinion in future the dominance of Bitcoin should be decrease on Altcoins because in my opinion it's pulling back the prices of Altcoins, specially Steem.
Stay Blessed.
They definitely do correlate with each other, its one of my biggest annoyances about cryptos. It is what it is!
Agreed. 🙂
Under 7,000. Someone draw a fancy chart.
Ill draw another when its under 6,000 for ya
Crazy could we see 5k again?
Im no analyst haha
well the however much the downfall is alarming, i dont think people can tell the fate of cryptos, who knew they would get so much power while being initiated, i think we just need to be positive about them rising again.
For sure! I agree with you.
And me clicking on the image waiting on the Dtube video to open.. where's the video... oh wait... forgot about the tooth... :D
Hope your recovery goes well. And the crypto market recovery as well of course.
here the news about the cryptocurrency
https://steemit.com/cryptocurrency/@salma20/virtual-currency-swim-in-a-bath-of-blood-after-the-bitcoin-rope-on-the-tractor
Bit coin is felling so whats the next possibly it go high ???
Im no crypto analyst! We could probably see a high when some actual good news comes out.
@paolajane
Nice article, not so nice that cryptos are taking a hit, but maybe I should buy some more now...Or wait... I think anyone who has faith in cryptos and keep up to date will have a chance of making money in the future...
But it will probably be a bumpy ride...
Its always been this way, but the more people involved the more panic involved as well!