CRYPTO IS ALL HUMAN PHYCOLOGY , RIGHT NOW IT'S A MASS PANIC AS IMPACT OF ASIAN MARKET AFFECT THE CRYPTO...

Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies. Today's market cap for all bitcoin (abbreviated BTC or, less frequently, XBT) in circulation exceeds $7 billion.

Too often over the past couple of years, whenever the price of bitcoin sank, even by 5%, mainstream media would rush to call it a“crash.” Due to it's volatile feature bitcoin, the price would frequently regain its losses within a day or two, making the scaremonger headlines looks silly.

But this time, it’s a bonafide crash.

The entire cryptocurrency market is facing deep red from last 2-3 weeks with most of the top coins down by more than 15%, . Bitcoin fell below $10,000 for the first time since before Thanksgiving, and is down nearly 50% in the past month; ether, the token of the Ethereum blockchain, fell below $1,000; and XRP, the token of the Ripple payment network, erased $32 billion of its market cap in a few weeks.

This time Bitcoin is facing a huge impact of Asian market on it"s growth as the three major countries at times was having major impact on Bitcoin value .

Just a few months ago, China was the world’s biggest  market for bitcoin trading . The China was the closest participant after The United States with the percentage of participants 29 percent. After that the third country is United Kingdom come with the participants 16 percent. That was the fewer amounts but definitely it was rising the percentage will increase with more participants and investors. China was having  the biggest impact on the trading of Bitcoin because it has more exchanges and is technologically savvy country. China is one of the leaders because it has massive miners. The wallets for the Cryptocurrency has been increasing from 5.8 million to 11.5 million that was active and working.

Then came bad news, followed by extreme  bad news.

In September, China banned initial coin offerings (ICOs), a red-hot but risky new method for cryptocurrency startups to raise money in a token sale. Two weeks later, Chinese government officials shut down local bitcoin exchanges like OKcoin and Huobi, at that time two of the largest exchanges in the world.

SOUTH KOREA, Gives a neutral signal.

Last week, a South Korean official said that the country is preparing a bill to ban bitcoin trading. The major coins plummeted.“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Justice Minister Park Sang-ki said at a press conference, according to Reuters.

This is not the first time that cryptocurrencies are responding in such a manner especially after some resistive measures by governments.