Skip to main content

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. 



Comments

Post a Comment

Popular posts from this blog

WEISS RATING.

BITCOIN has been ranked by the weiss cryptocurrency rating for the first time . But what grade did bitcoin get? Weiss rating has published has published the first bitcoin & crypto currency grades by any rating agency in the world. Synopsis: The new Weiss Cryptocurrency Ratings are the first by a financial rating agency. They are based on a original model that analyzes multiples of data points on each coin’s trading design, technology, and usage. The new global platform of cryptocurrencies has provided amazing profits to investors and holds great promise for the future. Millions of new investors have entered  in. Hundreds of self-declared experts have appeared to advise them. But the market suffers from lax standards, murky operators, marketing hype, and periodic market crashes.  Financial service rating company has first time ever rated 74 crypto currency on their basis of technology , usable pattern , design . BITCOIN , popularly known and gl...
Post a Comment
Read more

HOW CRYPTO MARKET WILL RECOVER?

We may not think that's a very long time, but given how fast the cryptocoin market moves. Today also bitcoin is still largest crptocurrency in the market & still leading the market .The reason for  downfall of price are abundant but natural it will take some time rise but still focusing on market & seeing their the growth rate after the downfall is tremendous as its nearly about  850% growth year by year.In early stage today also user can make a good space for profit.  Roughly an asset's price won't fall far below the market's assessment of a fair price — or at least it won't stay there too long.if company stock fall on news due to their product but if company's revenue is up , the same thing happens here in past last week , we haven't seen a lot"s of sell. Usually, when Bitcoin is rising, altcoins follow. Nevertheless, it is also the other way around; when Bitcoin drops the crypto market as a whole takes a hit.Although their had been num...
Post a Comment
Read more

MYTHS ABOUT CRYPTOCURENCIES

On Feb 1st 2018  finance minister of India produce his annual budget of session 2018-2019 various important part was discussed , among all this important topic one of the craziest topic for now a days was also discussed i.e of Cryptocurrency.  Finance minister in his statement told "The government doesn't considered cryptocurrency as a legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or part of a payment system ". Does this statement show anything new or tells anything new about cryptocurrency ? form this perception answer is NO as government from the first day is saying this only.. Despite this various media centre and public created lots of myths about the use of cryptocurrency. Myths created  by media centre about cryptocurrency . limited knowledge of media centre has created panic in public about crypto currency ,looking back during a session in Rajya sabha on  Jan 2 ...
Post a Comment
Read more