The 3 Reason Behind the Crash

Hi, Dear Steemian Friends. Yesterday I made a post about the recent issues from Coinmarketcap website and their new way of counting the coins prices and the overall market cap. In the post I was telling you that was the reason that triggers the fall of the market but there is also two other factors to look at. The first of the 2 other factors are the FUD coming from China about the future for the Bitcoins mining farms in China and the FUD coming from South Korea to ban exchanges. The Chinese FUD as started nearly a week before the change in the coinmarketcap. China today is the first country in the world for Bitcoin mining facilities and until today they were no real regulation behind the Bitcoin mining as it brings a lot of money into the country. During the exchanges ban in China at the beginning of November the all market has fall and had takes time to come back. But today and especially after the Chinese Communist party meeting at the end of the year 2017 the subject of mining as surfaced and the government is now about to regulate the mining facilities and taxes it, as it can be a great income for the government. Not only the mining facilities are under the radar but also the factories that build the ASIC miners as well. Today it seems that the biggest like Bitmain have already make a deal with other countries like Switzerland to move their facilities in Europe with some advantages deal made with governments in Europe. So many people are fear of the bitcoin price to be affected but it seems and mostly the newbies are now selling in an attempt to not losing too much but the reality is whatever China will do the big facilities will find a way to escape it. Maybe by just saying to the local province official we will close it all and get some advantage to not doing it or by simply moving out of China. For the Korean FUD it is different. The Korean government wants to regulate the exchange platform and they want to know who is investing in cryptocurrency (possibly to take them in a near future). All this regulation will be implemented under the so-called Anti-Money-Laundry Law to prevent drug and terrorist money to be cleaned. After this little FUD another Fud come yesterday in the voice of the minister of Justice calling the all crypto market a crypto gambling. In South Korea the gambling is strictly forbidden and you can go to jail sometime longer than if you have kill someone. Of course, when it comes to attacking the crypto world the mainstream media are the first to relay the news and make it even more dramatic. But South Korea is one of the biggest market in the world for crypto and there is a big community of users there. So quickly after the announcement of the minister of Justice "saying crypto is a gambling and by the facts against the law". Tens of thousands of crypto users have taken the street in a peaceful protest in front of the government house,making a lot of noise in the government office. The President of South Korea ask his cabinet what this big protest is about and they told him about the announcement of the minister of Justice calling crypto a gambling game. So the president make an intervention and criticized his minister of justice. He say South Korea is one of the top country in the world in term of Hight Technology and it is so stupid to say such a thing about crypto currency which is a very high tech thing and will brings some good to many sectors of industries. If all the highest political figure in the world can be like the president of South Korea crypto will have a very bright future. So, for now things have come down a little and investments are starting again. Tell me what do you think about it.

@ricko66